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 [...]
Oil services deals fail to take off even years after downturn September 6, 2019 The amount of consolidation in the oil services sector is slowing, experts warned today, as companies in the sector face difficulties. The number of mergers or acquisitions (M&A) allowed to 37 in the first half of 2019, new data shows, a reduction from 64 in the same period last year. Read more: Creditors of Gulf [...]
Equinor unveils $5bn share buyback and starts production from massive oil field early September 5, 2019 Norwegian state oil giant Equinor today launched a $5bn (£4bn) share buyback as it also promised to bring a massive new oil field online earlier than expected. The firm said that it would immediately start repurchasing $1.5bn in shares, and will complete that first tranche before the end of February. Read more: Equinor joins Shell [...]
Global stock markets climb after US and China agree to talks September 5, 2019 Stock markets have risen around the world today after the US and China agreed to resume talks over their trade war. Read more: Donald Trump says China talks going well as he turns fire on EU China’s commerce ministry today said high-level negotiations will begin in October, with preparatory meetings scheduled for the middle of [...]
Engie fined £2m for rigging gas prices September 5, 2019 French energy giant Engie was fined this morning after regulator Ofgem found it had manipulated gas prices in 2016. A trader at the company had spoofed the market between June and August that year, Ofgem found. Read more: Ofgem slaps suppliers Economy Energy and E with £850,000 fine for competition breaches The trader had placed [...]
Sterling rallies against dollar to pass $1.23 as Boris grapples with Brexit September 5, 2019 Sterling has broken through the $1.23 barrier today as traders’ shorts are being squeezed amid a GBP rally. Read more: Prime Minister’s election plan scuppered as Labour holds out until Halloween Confidence in the currency has reversed over the last two days as it recovers from hitting a 34-year low earlier this week. The pound [...]
Ten things every investor needs to know about offshore wind power September 5, 2019 | City Talk The solar and onshore wind industries have long been areas of focus for climate change investors, but offshore wind has always lagged behind because of its higher cost. However, that is set to change, with substantial growth likely in the sector over the coming years, as offshore wind approaches cost competitiveness with conventional electricity generation. [...]
Sterling surges above $1.22 after MPs rip up Boris Johnson’s Brexit strategy September 4, 2019 The pound hit $1.22 against the dollar as it continued to rise after MPs defeated Prime Minister Boris Johnson’s Brexit strategy in Parliament last night. Sterling hit $1.22 by lunchtime, helped by poor US manufacturing data, before falling back slightly. The pound is now hovering around $1.293, an increase of 0.89 per cent. Read more: [...]
August was awful for stocks, but September could be worse September 4, 2019 | City Talk Trade tensions caused havoc for global stocks, making August only the second month of 2019 where the market closed lower. But September traditions could mean that more pain is still to come. Traditionally, September is a bad month for stocks. Starting in 1937, the S&P 500 and Dow have closed the month 1 per cent lower on [...]
Marks and Spencer set to be ejected from FTSE 100 for first time in 35 years September 3, 2019 Marks & Spencer is set to lose its place in the FTSE 100 list of the UK’s biggest companies tomorrow after 35 years, ending its long-held membership as one of 28 original firms. Read more: Marks and Spencer to shut seven stores for final time in restructuring The troubled retailer will drop down to the [...]