Ineos E&P makes profit despite £120m hit from failed deal July 14, 2019 Ineos’s oil and gas arm last year made profits of £523m even as it wrote off around £120m in a failed deal. The figures show a vast improvement from 2017’s £438m operating loss, recently released figures show. Read more: Chrysaor takes another big chunk in the North Sea with $2.7bn deal for Conoco Phillips oilfields [...]
UBS becomes first broker to upgrade Deutsche Bank after overhaul July 13, 2019 Investor caution has loomed large over Deutsche Bank since it unveiled its turnaround plans last weekend, but the troubled German lender has at least secured an upgraded rating from one broker. UBS has become the first broker to upgrade Deutsche’s stock since the radical overhaul was announced, moving its recommendation from “sell” to “neutral” in [...]
Hackers steal $32m from Tokyo cryptocurrency exchange July 12, 2019 Services have been suspended at a Tokyo cryptocurrency exchange after a further hack on virtual currency caused the loss of ¥3.5bn (£26m). Read more: Trump reveals why he is ‘not a fan’ of bitcoin Tokyo-based Remixpoint, which runs the Bipoint Japan exchange, issued an apology today saying it had confirmed the losses last night, after [...]
Sterling edges higher on UK no-deal Brexit preparations as FTSE 100 sheds gains July 11, 2019 The pound rose 0.35 per cent against the dollar as the greenback slipped again today after falling on yesterday’s comments from Federal Reserve chair Jerome Powell. Powell said “trade tensions and concerns about global growth” have weighed on the US’ economic outlook, making a rate cut more likely. Read more: Mark Carney is ‘too busy’ [...]
Euro falls as meeting minutes show ECB ready to ease rates July 11, 2019 The euro has fallen against the pound after minutes from the European Central Bank (ECB)’s last meeting showed board members were leaning towards an interest rate cut in June. Read more: Euro plunges as ECB president Mario Draghi signals more stimulus The account released today showed ECB governing council members were in “broad agreement” that [...]
World markets rally amid growing hopes of Fed interest rate cut July 11, 2019 FTSE and other European markets enjoyed a bump this morning as expectations of an interest rate cut in the US mounted. Caution expressed yesterday by the chairman of the US Federal Reserve, Jay Powell, has been interpreted as a likely nod that rate cuts would happen at the end of this month. Read more: Powell [...]
Cuadrilla to restart fracking at Lancashire site July 11, 2019 Fracking will restart at Cuadrilla’s Lancashire site soon, the company confirmed today, as it continues to press for looser regulation. Chief executive Francis Egan said his firm will gather more data from the site, and test the flow of natural gas. Read more: Anti-fracking protesters deal blow against Ineos in court The Preston New Road [...]
Bitcoin extends losses after Fed chair criticises Facebook’s Libra July 11, 2019 Bitcoin has fallen over five per cent this morning following comments from US Federal reserve chair Jay Powell that Facebook’s Libra currency should be halted. Read more: US stocks hit record highs after Fed chair hints at rate cuts Powell told a congressional committee yesterday that Libra, which Facebook labels a cryptocurrency, “cannot go forward” [...]
Oil prices rise as stormy weather hits production July 10, 2019 Oil prices climbed higher today, passing the $65 per barrel mark for the first time in a week, as markets reacted to lower-than-expected US crude stocks and a brewing storm. International standard Brent crude had added more than 2.7 per cent by the mid-afternoon, while WTI, the US measure, was up nearly 2.8 per cent [...]
Accounting Cashflows and the Quirk of “Factoring” July 10, 2019 | City Talk Creditor factoring delays payments to creditors to fund a company’s operations; often it is used as a last resort to manage liquidity problems.