BP and Glencore struggling to offload contaminated Russian oil August 21, 2019 BP and Glencore are still trying to offload huge reserves of tainted Russian crude oil several months after problems were discovered. The UK-listed giants have around 600,000 tonnes of the oil which they are struggling to sell off, several traders told Reuters. Read more: Opec agrees to extend oil supply cuts by nine months A [...]
Is now the time to invest in gold? August 21, 2019 | City Talk In this short video Schroders fund manager James Luke gives three reasons why he believes now is the right time to think about increasing gold exposure. There are three reasons why we believe that now is the right time to think about increasing gold exposure. The first would be that broadly market valuations are high, [...]
European stock markets rise as traders look to the Fed August 21, 2019 European stock markets have risen this morning as investors hope for dovish signals from the US Federal Reserve, which is due to release the minutes from its last meeting later today. The Fed will also meet for its yearly symposium in Jackson Hole, Wyoming on Friday, where chair Jay Powell is expected to hint at [...]
Gulf Marine jettisons boss in stormy waters August 21, 2019 The boss of Gulf Marine Services stepped down today, becoming the third major casualty of the firm’s pains as it warned on profits. Duncan Anderson resigned with immediate effect as the chief executive and director of the board. Read more: Gulf Marine sinks like a stone as shares drop 75 per cent He follows the [...]
Saudi Aramco hires bankers for megalisting August 20, 2019 Saudi Aramco has hired investment banks Lazard and Moelis to advise on its plans for its megalisting, expected to be the largest in history. The two banks have started preparing the initial public offering (IPO), Bloomberg reported, citing sources. Read more: Lower oil prices hit Saudi Aramco earnings It comes as a boost to Lazard, [...]
Germany to sell 30-year bonds with zero interest for first time August 20, 2019 The German government will tomorrow offer investors the chance to hand over their money to the finance ministry for 30 years – and receive no interest for the privilege. Read more: German central bank warns economy could already be in recession In a sign of ballooning global demand for ultra-safe assets, Germany will auction 30-year [...]
Travelex-owner Finablr profit rise bolsters shares above float levels August 20, 2019 Travelex-owner Finablr enjoyed a nearly 10 per cent rise in half-year profits, in its second financial report since floating on the London stock exchange earlier this year. Shares in the United Arab Emirates-based payment solutions firm jumped as much as nine per cent this morning, above its original initial public offering price of 175p in [...]
“Equity” or “Debt”? Standard-setters must draw a clear line August 20, 2019 | City Talk The concepts of “debt” and “equity” are as old as human conversation. The concepts are not only used in business dealings but also are very much part and parcel of our day-to-day musings, for example, the question “Can I borrow your book?” or the phrase “I loved the gift you gave me on my birthday!” both [...]
Bond yields fall as Trump calls for cut and ECB hints at stimulus August 20, 2019 Yields on global bonds have fallen following a renewed call for interest rate cuts from US President Donald Trump and dovish words from European Central Bank (ECB) board member Olli Rehn. Read more: Eurozone inflation falls to well below ECB target in July Trump yesterday evening called for a 100 basis point (one percentage point) [...]
BHP owners pocket record dividend August 20, 2019 BHP shareholders will pocket a record payout, the company announced this morning, bringing the total dividend to $6.7bn (£5.5bn). The miner announced this morning that it would give shareholders an ordinary dividend of $1.33 per share. However, the payout comes on top of a special dividend earlier this year, of $1.02 per share as the [...]