Petropavlovsk swings into profit as processing plant comes online September 10, 2019 Russian gold miner Petropavlovsk put a bruising boardroom battle aside to swing into profitability in the first half of the year. The company said today that profit before tax hit $16.8m (£13.6m) in the first six months of the year, versus a loss of $33.1m over the same period in 2018. Read more: Petropavlovsk investor [...]
Debate: With its valuation in question, is WeWork’s IPO really a good idea? September 10, 2019 With its valuation in question, is WeWork’s IPO really a good idea? Yes – Andrew Boyle is founder and chief executive of LGB & Co. WeWork’s objectives of establishing a dominant market position and global brand demand substantial funding, so an IPO makes sense from the firm’s perspective. For investors, it offers a chance to [...]
How did banks get their PPI sums so wrong? September 9, 2019 | City Talk Lloyds, RBS and CYBG have all had to admit they’ll take much larger hits for PPI claims than originally thought. The end is in sight for banks and PPI claims, but what’s been made abundantly clear is just how badly they estimated the losses. The total cost to Britain’s banks from PPI is now a cool £50bn. These [...]
How will global disruption affect small cap stocks? September 9, 2019 | City Talk Small capitalisation stocks, or small caps, can offer the potential for higher returns compared with investing in larger companies, although they are not without risks. As with all equities, investors may not get back the amount they originally invested. As well as the potential for higher returns, investors are also being drawn to the sector [...]
JP Morgan set to pip rivals for Saudi Aramco mega-float September 8, 2019 Bankers at JP Morgan Chase could get bragging rights by leading history’s biggest public float, it was revealed. The company is close to winning the role as adviser to Saudi Aramco as it looks to hit stock markets potentially as early as November, Reuters reported, citing sources. The decision is not final, and could be [...]
Hell for Leaither: DWF boss on the firm’s post-float fortunes September 8, 2019 DWF is a firm that lawyers at rival firms love to hate. Founded in Liverpool 40 years ago, DWF has expanded at a rapid pace, growing from a regional player to an international firm, swallowing rivals along the way. Over the last decade its revenue grew nearly 350 per cent to £272m, and in March, [...]
Swiss stock exchange boss urges London to protect itself in EU negotiations September 8, 2019 The boss of Switzerland’s biggest stock exchange has warned Britain to be ready to protect its financial services industry against measures from the European Union. Read more: Swiss minister says country unlikely to sign EU deal soon Jos Dijsselhof’s Zurich-based Six exchange is at the centre of the EU’s row with Switzerland over trading that [...]
Cuadrilla owners look for exit September 6, 2019 The owners of Britain’s only active fracking company are reportedly looking to exit the business after a series of setbacks to the struggling industry. Riverstone and Kerogen, two of the investors in Cuadrilla, have hired bankers at the Royal Bank of Canada to help facilitate the exit, Bloomberg reported. Cuadrilla declined to comment when contacted [...]
Sterling falls back to $1.23 as investors remain cautious ahead of US jobs data release September 6, 2019 Sterling was down against both the dollar and euro in early morning trading as traders await the US non-farm payroll report and key US jobs data. The pound was down by 0.21 per cent against the dollar at 1.229 and against the euro, sterling was behind by 0.35 per cent at 1.113. Read more: Sterling [...]
China’s new digital currency will be similar to Facebook’s Libra, officials say September 6, 2019 China’s proposed new digital currency would be similar to Facebook’s Libra and be able to used across major payment platforms, a senior official from Beijing’s central bank has said. “Why is the central bank still doing such a digital currency today when electronic payment methods are so developed?” said Mu Changchun, deputy director of the [...]