Oil prices rally as rockets damage Iranian oil tanker in Red Sea – reports October 11, 2019 Two rockets have hit an Iranian oil tanker near a Saudi Arabian port city, according to state news, sending oil prices climbing. Oil is spilling into the Red Sea after the reported attack on the Sabity, which Iranian news agency ISNA said belonged to the National Iranian Oil Company (NIOC). Read more: Saudi Aramco could [...]
Broker TP ICAP fined £15m for past ‘improper trading’ October 11, 2019 Tullett Prebon, now part of TP ICAP, has today been fined £15.4m by the City watchdog for lax controls which allowed “improper trading” to occur. The Financial Conduct Authority (FCA) said Tullett Prebon failed to conduct its business with due skill, care and diligence, failed to have adequate risk management in place and failed to [...]
Why the Bank of England isn’t topping up the punch bowl October 9, 2019 | City Talk Many economists will remember 2019 as the year of the monetary policy U-turn by central bankers around the world. At the end of 2018, the US Federal Reserve, which tends to lead the herd, signaled multiple rate hikes in the year ahead. Just three months on, its forecasts were cut sharply to zero and by [...]
Saving early in life – you must be joking! October 9, 2019 | City Talk As adults, we all wish we had saved and invested more, especially earlier on in life. How much easier retirement would be for most of us had we only paid in an extra few pounds a month into the retirement pot. The wisdom of age is a wonderful thing, but in reality, the young do [...]
African trade finance group Afreximbank eyes London listing October 9, 2019 The African Export-Import Bank, is considering an initial public offering (IPO) of global depositary receipts on the London Stock Exchange (LSE), in what could be a rare boost for the UK’s stock market. The bank, which is also known as Afreximbank, said it was weighing a listing on London’s main exchange. It is already listed [...]
Asian stocks fall after US-China trade war anxiety sees Wall Street bleed October 9, 2019 Asia stocks recorded their biggest drop in a week overnight after US-China trade tensions left American stocks bleeding red yesterday. The Nikkei 225 fell 0.6 per cent to 21,456 while Hang Seng sank 0.6 per cent to 25,741 after US markets tumbled amid rising anxiety before crunch talks between Washington and Beijing. Read more: Global [...]
Why your ethical fund may not be so ethical after all October 9, 2019 The launch of an ethical investment fund used to be a far rarer occasion than it is today. Around 21 ethical funds have been launched in the UK already this year, according to exclusive figures given to City A.M. by research house FE. Compare this to 2014, when just seven ethical funds were launched all [...]
Sterling tumbles as Brexit deal hopes ‘snuffed out’ October 8, 2019 Sterling has fallen to a one-month low against the euro after German Chancellor Angela Merkel said a Brexit deal without Northern Ireland staying in the customs union is “overwhelmingly unlikely”. Read more: Brexit deal ‘overwhelmingly unlikely’, Angela Merkel tells PM The pound had shed 0.76 per cent of its value by 1.50pm to stand at [...]
Kaspi.kz IPO: Kazakh fintech postpones London float October 7, 2019 The London float of Kazakh fintech group Kaspi.kz has been postponed due to “unfavourable market conditions” in the technology sector. Read more: Fund veteran Martin Gilbert leaves Standard Life Aberdeen to join Revolut The initial public offering (IPO) was set to be the largest by a Central Asian company on the London Stock Exchange (LSE) [...]
Angling Direct records 21 per cent rise in H1 sales October 7, 2019 The UK’s largest fishing retailer Angling Direct has defied High Street trends by recording a significant rise in first-half sales. Angling Direct recorded £26.6m of sales in the six months to September, which represented a 21 per cent annual increase. Read more: Angling Direct pushes ahead with expansion plans This was underpinned by a 41 [...]