Bitcoin surges towards $13,000 as Facebook Libra boosts bullish market June 26, 2019 Bitcoin has surged to its highest level since January 2018 as its recent boom continues to gather pace. The cryptocurrency rose to just shy of $13,000 (£10,300) yesterday before dipping slightly to just over $12,500, according to data from Bitstamp. Read more: Bitcoin pulls back from 18-month high as cryptocurrency catches Libra fever Bitcoin is [...]
Is the financials sector priced for disruption? June 26, 2019 | City Talk We think all industries are likely to be vulnerable to disruption in the coming years. We’ve seen it already in retail and media, for example, and this is likely to be a growing theme in markets for the long term. Financials, and banks in particular, are currently facing disruption to their business models. We can [...]
FCA chief Andrew Bailey says Woodford debacle a failure of rules not regulation June 25, 2019 Andrew Bailey, the head of Britain’s Financial Conduct Authority (FCA), said the dramatic suspension of Neil Woodford’s flagship fund was due to a failure of rules rather than of regulation. Read more: Hargreaves Lansdpwm execs to defer bonuses amid Woodford fund troubles Speaking in front of the Treasury Committee, Bailey said that Woodford was “using [...]
Up in smoke: Is it time to stub out your exposure to tobacco stocks? June 25, 2019 “Blow in her face and she’ll follow you anywhere.” That was how one advert tried to sell cigarettes back in the 1960s. More than half a century later, the glamorous, seductive veneer of the cigarette industry has gone up in smoke. Gone is the attractive packaging, which has been replaced by ugly images of tarred [...]
Swiss to ban EU exchanges in row that could have implications for City post-Brexit June 24, 2019 The Swiss government said today it was ready to ban stock exchanges in the European Union from trading Swiss shares, in a row that could have repercussions for the City post-Brexit. The move follows the EU refusing to extend stock market equivalence for Switzerland after Brussels grew frustrated with a lack of movement on an [...]
Italian bonds rally amid hopes EU will halt deficit crackdown June 24, 2019 The cost of Italian government borrowing today neared one-year lows reached last week after weekend reports that the European Union will halt plans to discipline the country over its high levels of public debt. Read more: Italy could face €3bn fine over high levels of public debt Italy’s 10-year bond yield – which moves inversely [...]
Shareholder Barrick ‘undermined’ our efforts to negotiate $190bn tax bill, Acacia says June 24, 2019 Acacia Mining hit out at Barrick Gold today as the firms trade jibes over a potential takeover bid. Acacia, a Tanzania-focused gold company, accused Barrick of undermining its attempts to negotiate with the country’s government. Read more: Barrick Gold mulls $787m bid for Acacia amid spat with Tanzania Taxing problems The miner has faced a [...]
Bitcoin retreats from 18-month high as cryptocurrency catches Facebook libra fever June 24, 2019 Bitcoin pulled back from an 18-month high today after breaking the $11,000 barrier over the weekend, with many attributing the rise to the launch of Facebook libra. Read more: Bitcoin rallies to $11,000: Is it different this time? The world’s biggest cryptocurrency reached $11,248 (£8,822) on Sunday night, according to the Bitstamp exchange. Bitcoin then [...]
Brexit three years on: markets and the economy in six charts June 24, 2019 | City Talk On 23 June 2016, the UK public voted on whether or not to stay in the European Union (EU). Many expected the UK to remain in the EU, but by a majority of 52% to 48% the Leave campaign won. The UK was scheduled to leave the EU at 23:00 UK time on 29 March [...]
Turkish lira rallies as President Erdogan’s AK Party concedes Istanbul defeat June 24, 2019 The Turkish lira and other assets have climbed in value after the country’s opposition beat President Recep Tayyip Erdogan’s ruling AK Party (AKP) in the re-run Istanbul mayoral election on Sunday. Read more: Turkish lira continues its falls as country’s reserves dwindle The Turkish lira had climbed 0.5 per cent against the dollar shortly before [...]