Markets in turmoil as Chinese currency falls to financial crisis levels August 5, 2019 China’s currency the renminbi has fallen to its lowest level against the dollar since the financial crisis, crashing through the seven-per-dollar threshold after an escalation in the US-China trade war. By 8.30am UK time the onshore traded renminbi had fallen 1.3 per cent to 7.030 per dollar. The drop prompted investors to sell so-called risk [...]
Chinese aluminium giant seeks advice over $1.8bn US probe August 4, 2019 One of the world’s largest aluminium companies is consulting with lawyers after it was indicted in the US for smuggling into ports around Los Angeles. China’s Zhongwang Holdings said it, and controlling shareholder Liu Zhongtian who was named on the indictment, have not been served any notice. But in a statement to the Hong Kong [...]
Iran seizes another tanker over fuel smuggling, state media reports August 4, 2019 Iranian authorities have boarded another international oil tanker after weeks of tensions around one of the world’s most important shipping routes. The Revolutionary Guard said today that it had seized a tanker in the Persian Gulf on Wednesday night, according to Iran’s Press TV. “The foreign vessel was receiving fuel from other ships and was [...]
Global markets recoil and China warns of retaliation after Trump trade war threat August 2, 2019 Stock markets around the world have fallen after a sharp escalation in the United States’ trade war with China. Indices in the US fell after the open, amid fears of an economic slowdown if President Donald Trump follows through on his threat to impose a further 10 per cent tariff on $300bn worth of Chinese [...]
FTSE 100 sinks into red on Trump’s threat to impose fresh China tariffs August 2, 2019 The FTSE 100 has slumped 1.7 per cent this morning, putting it on course for its worst day in more than four months after US President Donald Trump threatened to impose more tariffs on China. Trump’s threatened escalation in the trade war, plus tumbling shares in Royal Bank of Scotland (RBS) on the back of [...]
Oil prices bounce back after Donald Trump’s China tariffs send them plummeting August 2, 2019 Oil prices rebounded by around two per cent on Friday as they recovered some ground following the biggest falls in recent years on Thursday in the wake of US President Donald Trump imposing more tariffs on Chinese imports. As the trade war intensified, the price of World Texas Intermediate and Brent Crude suffered its steepest [...]
Mike Ashley-backed Goals Soccer Centres to delist from stock market after ‘improper’ accounting August 2, 2019 Goals Soccer Centres said today it will delist from the stock market after it discovered “improper behaviour” going back to 2010 that means it will be unable to file its accounts. The move will be a blow to Mike Ashley’s Sports Direct which owns an 18 per cent stake in the company. Goals said today [...]
US health firm Centene invests in digital health startup Babylon August 1, 2019 US healthcare giant Centene Corporation is said to be investing tens of millions of pounds in British startup Babylon Health. The Missouri-based health company will inject $50m (£41m) into the tech firm as part of a fresh funding round, Sky News reported. Read more: Saudi Arabian wealth fund set to invest in digital health startup [...]
London Stock Exchange seals $27bn Refinitiv deal in bid to build Bloomberg rival August 1, 2019 London Stock Exchange Group (LSEG) said today it had sealed a deal to buy data business Refinitiv in a transaction worth $27bn (£22.3bn). LSEG is buying the business in an all-share transaction from Thomson Reuters and a consortium led by private equity firm Blackstone which includes an affiliate of Canada Pension Plan Investment Board and [...]
Cryptocurrencies have ‘no intrinsic value’, warns FCA July 31, 2019 Investors should be cautious over cryptocurrencies such as Bitcoin as they have “no intrinsic value”, the City regulator has warned. In a statement released today, the Financial Conduct Authority (FCA) said consumers must ensure they understand and can bear the risks of volatile digital currencies. Read more: US senators grill top exec over Facebook’s Libra [...]