Glencore head of oil Alex Beard retires amid US investigations June 3, 2019 Glencore parted ways with another of its top brass today, as the man who helped make it an oil trading giant announced he would step down amid US probes into its activities. Alex Beard, 52, who has been head of oil since 2007, will leave at the end of the month. Read more: Australian weather [...]
Shares fall in Google parent Alphabet as Justice Department probe looms June 3, 2019 Shares in Google parent Alphabet took a beating this afternoon after reports that the company is about to be hit with a competition investigation. The company tumbled more than six per cent as markets opened in New York, its biggest drop since 30 April when it showed low revenues in its financial results. Read more: [...]
London fintech player Worldremit raises $175m in series D funding June 3, 2019 London fintech startup Worldremit has raised $175m (£138m) in a series D funding round led by TCV, Accel and Leapfrog Investments. The cash will fund Worldremit’s plans to grab a greater share of the world remittance market, which was worth $689bn last year. Read more: Fintech startup Worldremit poaches former Paddy Power chief as its new boss [...]
Law firm DWF announces revenue bump in first results since listing June 3, 2019 Law firm DWF said today it grew revenue 15 per cent in 2019 in its first trading update since it went public in March. DWF became the first law firm to float on the main market of the London Stock Exchange, raising £95m in a listing that valued the business at £366m. The firm said [...]
Softbank struggles to raise cash for its second $100bn Vision Fund June 3, 2019 Japanese technology giant Softbank has received a chilly reception from some of the world’s biggest investors as it seeks to raise cash for a second $100bn (£79bn) mega fund. The firm’s chief executive, Masayoshi Son, announced Softbank's Vision Fund II in May, saying that many existing investors had expressed interest in the new fund. Read more: Softbank gears [...]
‘Return of the CDO’ – how scary could that sequel prove? June 3, 2019 | City Talk CDOs 2 (complete, of course, with the tagline ‘Just when you thought it was safe to go back into collateral debt obligations’) is unlikely to have filmgoers queuing round the block – and yet ‘Overconfident group reckon they can do better than previous set of unfortunates in the face of all warnings and evidence to [...]
Retail investors could lose millions as risky forex trading firm crashes into liquidation June 2, 2019 An unregulated forex trading firm is set to go into liquidation leaving retail investors millions of pounds out of pocket. Hudspiths, which recently established ventures in Dubai and Luxembourg, has appointed insolvency practitioners UHY Hacker Young to oversee a creditors' voluntary liquidation. This follows attempts by creditors to wind the company up after it stopped [...]
Easyjet and Marks and Spencer candidates for relegation in FTSE reshuffle June 2, 2019 Easyjet looks set to be the next company to fall out of the FTSE 100, with several others, including Marks and Spencer, nervously eyeing the drop ahead of the blue chip list’s reshuffle on Wednesday. The budget carrier has faced a turbulent time, which has pushed shares down 22 per cent in the last six [...]
Oil prices slump three per cent to post biggest monthly loss of 2019 June 1, 2019 Oil prices fell by more than three per cent on Friday, posting its biggest monthly drop of the year. It came in the wake of Donald Trump’s threats to impose tariffs on Mexico, a major supplier of crude oil. Read more: Oil prices fall on fears of escalating US-China trade war Brent crude prices fell $2.38 [...]
Pound stumbles towards biggest monthly fall in two years May 31, 2019 Sterling was set to complete its biggest monthly fall against the euro in two years today as trade wars and Brexit chaos continued to send investors fleeing the pound for safer assets. Read more: European stock markets bleed red as Trump takes trade war to Mexico The pound dropped 0.1 per cent against the euro by 4.40pm UK [...]