Ring time: Open outcry trading sessions to be extended by London Metal Exchange August 12, 2019 The London Metal Exchange is set to extend its final open outcry trading sessions, backing its historic method of buying and selling on the floor over a potential shift towards electronic platforms. Frenzied five-minute dealing windows are to be doubled to 10 minutes on the trading floor of the world’s oldest and largest market for [...]
Yen and bonds bullish as trade war fears weigh on global stocks August 12, 2019 Concerns that US-China trade tensions and a no-deal Brexit could spark a recession boosted the yen and bond markets today, while stock markets suffered once again. Early gains for European and Asian stocks soon faded and Wall Street futures were already in the red as traders geared up for another potentially volatile week. Read more: [...]
Tanzania allows Acacia to restart gold exports, but bigger problems remain August 12, 2019 The Tanzanian government today lifted a ban which stopped Acacia Mining from exporting gold from its biggest mine, as a dispute between the two sides continues. The gold miner was slapped with the ban a month ago, facing claims that it had broken mining regulations in the country. Read more: Acacia accepts increased takeover bid [...]
Sterling recovers after tumbling to ten-year low against euro August 12, 2019 The pound has bounced after tumbling to a ten-year low against the euro this morning following a report from the Institute for Government (IfG) think tank that said MPs are unlikely to be able to stop a no-deal Brexit. Sterling dropped to €1.072 shortly after midnight. It fell to its lowest point since the depths [...]
Shares rise as Tullow Oil sees great start to Guyana drilling campaign August 12, 2019 Tullow Oil today hailed an “excellent start” to a South American drilling campaign as the company made a major discovery off the coast of Guyana. The discovery shows that the Jethro-1 well will likely hold over 100m barrels of oil, chief executive PaulMcDade said. The discovery is ahead of expectations. Read more: Tullow facing delays [...]
Saudi Aramco Indian investment ‘among biggest ever’ August 12, 2019 Saudi Aramco is set to take a 20 per cent stake in the oil to chemicals arm of India’s Reliance Industries, a deal which is being touted as the among the biggest inward investments in Indian history. The deal, which values the business at $75bn (£62bn) including debt, is the third major investment by the [...]
Lower oil prices hit Saudi Aramco earnings August 12, 2019 Saudi Aramco is still the world’s most profitable company, it revealed today, despite a drop in revenue brought on by lower oil prices. The formerly secretive Saudi oil giant said that pre-tax income had fallen during the first half of the year. The results were part of Aramco’s first half-year report. Read more: Oil price [...]
Shortseller Gotham City piles pressure on under-fire Burford Capital with further criticism August 11, 2019 Shortseller Gotham City Research has added to the pressure on litigation funder Burford Capital which it described today as “inappropriately financed”. Burford’s market value fell by nearly half last week before regaining some of those losses after it was savaged in a report by hedge fund Muddy Waters which has taken a short position in [...]
Window slams shut on litigation funder floats after Burford Capital’s terrible week August 11, 2019 The attack by shortseller Muddy Waters on Burford Capital last week has slammed shut the window on other litigation funders looking to go public. Muddy Waters criticised Burford’s use of fair value accounting – the inclusion of unrealised gains – and accused the funder of “aggressively marking” the value of the cases on its books, something Burford denied. The Aim darling-turned-lame-duck lost [...]
US stock markets fall with Donald Trump ‘not ready’ for deal with China August 9, 2019 US stock markets have fallen today after President Donald Trump said his administration was “not ready to make a deal” with China. Read more: Italian markets in turmoil as government edges closer to collapse The tech-heavy Nasdaq stock index had fallen 1.2 per cent, the S&P 500 had dropped one per cent, and the Dow [...]