FTSE 250 miner Ferrexpo appoints new auditor after Deloitte quit over charity probe July 3, 2019 Ferrexpo has appointed a new auditor to check its books months after Deloitte quit over alleged wrongdoing. MHA MacIntyre Hudson, which is part of Baker Tilly International, will not review the company’s half-year results, due on 2 August. Read more: Shares in FTSE 250 miner Ferrexpo plunge after it delays its financial results amid Ukrainian [...]
Funding Circle share crash ‘brutally punishes’ IPO investors July 2, 2019 Analysts have accused Funding Circle of failing to deliver on the promises of its IPO after the lender’s shares crashed today following a revenue warning. Small business lending platform Funding Circle’s shares slumped today after it halved its revenue growth projection to 20 per cent following poor demand for its loans. Read more: Funding Circle [...]
The cost of taking down oil rigs is dropping July 2, 2019 The price of decommissioning the UK’s oil and gas infrastructure is dropping as engineers become more efficient, new figures show. The Oil and Gas authority said the cost of future decommissioning fell to £51bn in 2019, from £59.7bn in 2017. It came even as the OGA expects operators will take down more assets and infrastructure. [...]
Sirius Minerals on course to finish fundraising in September July 2, 2019 Fundraising for a major fertilizer mine project in the north of England is on course to be finished this autumn, the company behind it has said. Sirius Minerals said it would likely complete the $3.8bn (£3bn) raise before the end of September. Read more: Sirius Minerals set to unveil £2.5bn equity and debt package So [...]
Saudi Aramco holds talks to restart IPO plans July 2, 2019 Saudi Arabia has restarted plans to float its biggest asset, it has been reported, after the Saudi Aramco IPO was put on hold last year. The company, which is the world’s most profitable, has discussed a potential initial public offering (IPO) with bankers, according to Bloomberg. Read more: Saudi Aramco beats records as investors bid [...]
China wants to create a tech landscape where the US can no longer hurt it July 2, 2019 Global markets have rallied on the reignition of trade talks between the US and China, after the meeting between President Donald Trump and President Xi Jinping at the weekend. But analysts say China is already adapting to the changing business landscape, and that trade – and particularly, technological – relations will never be the same again. Meeting [...]
Facebook’s cryptocurrency Libra could run into tax trouble say lawyers July 1, 2019 Facebook’s new cryptocurrency Libra could face serious tax issues that could hamper its widespread takeup, according to City lawyers. Earlier this month, the social media giant confirmed plans to launch Libra which is intended to be a new global currency that can improve access to the financial system. Tax lawyers from Magic Circle law firm [...]
Investors ignore Japan at their peril July 1, 2019 In the seventeenth century, Japan experienced a long period of isolation from the outside world, known as sakoku. Now it is contending with a different type of seclusion, as international investors continue to ignore the archipelago. Japan is unloved and oversold by investors. The average exposure of 318 funds in the Investment Association’s global sector [...]
Opec agrees to extend oil supply cuts by nine months July 1, 2019 Oil cartel Opec agreed to extend supply cuts by nine months today, in an attempt to maintain the price of oil in face of soaring US production and fears of a global economic slowdown. Opec is meeting today in Vienna and is holding a further meeting tomorrow with Russia and other allies. Opec and its [...]
Senior women in finance call for female-led IPOs to triple July 1, 2019 Senior women from top financial institutions have called for the number of female-led businesses going public to triple by 2025. Leading women from major banks, law firms and insurance companies gathered at the opening of the London Stock Exchange this morning to call for change as part of a campaign by the WealthiHer Network. Read [...]