Oil prices fall two per cent on fears of escalating US-China trade war May 29, 2019 Oil prices fell this morning, losing around two per cent of their value and dipping below the $70 per barrel line as worries over the US-China trade war spooked investors. International standard Brent Crude dropped around two per cent to $68.74 at just before midday after reaching day-lows of $68.47 per cent earlier. Read more: [...]
Libor broker banned by regulator for dishonest trades May 29, 2019 A broker who was acquitted of helping jailed former UBS trader Tom Hayes rig the Libor benchmark has today been banned by the regulator for dishonesty. Terry Farr, who was formerly a manager on the Japanese Yen desk at brokerage Martins, has been banned by the Financial Conduct Authority (FCA) from regulated financial activity. Read [...]
UK regulators cautiously welcome EU backtrack on no-deal share trading rules May 29, 2019 UK regulators have welcomed a move by their EU counterparts to backtrack on rules that would have stopped European investors from trading shares in some of the biggest British companies in London after a no-deal Brexit. Read more: EU leaders tell UK the Brexit deal cannot be renegotiated However, the Financial Conduct Authority (FCA) said [...]
Fintech expert: London needs its own digital currency May 29, 2019 | City Talk By Ian Hall (City AM, for CFA Institute) Powerhouse cities such as London should have their own digital currencies, according to a global fintech expert. David Birch, principal at 15Mb as well as being a well-known consultant and commentator on digital financial services, told an audience at the 72nd CFA Institute Annual Conference that “it really is time [...]
Trainline IPO: Rail app seeks to raise £75m from June float May 29, 2019 Trainline hopes to raise at least £75m when it floats on the London Stock Exchange next month, it said today. Read more: Trainline confirms intention to float in London IPO The ticket-booking app expects to launch its initial public offering (IPO) next month, when it is confident of raising enough capital for a listing on [...]
Lonmin shareholders vote for £226m sale to Sibanye-Stillwater May 28, 2019 Shareholders in Lonmin today passed a lower bid from Sibanye-Stillwater which will create the world’s second-largest producer of platinum. Investors owning nearly 99 per cent of the stock in Lonmin voted for the £226m deal, which was £60m lower than the original proposal. Read more: Lonmin's chief operating officer has resigned The all-share deal gives [...]
Miners lift London Stock Exchange’s FTSE 100 as iron price hits record in China May 28, 2019 A rising iron ore price pushed up London-listed miners today, helping lift the FTSE 100. Rio Tinto rose 3.3 per cent by the early afternoon, while Fresnillo was up 2.8 per cent, putting both in the top five blue-chip risers. Read more: Charged: Chinese giant takes £14m stake in London lithium miner Bacanora It comes [...]
Airtel Africa planning to raise $1bn in London listing May 28, 2019 Africa’s second-largest mobile operator Airtel Africa today said it is considering a London listing to cut its debt. The telecoms group, which is owned by Bharti Airtel of India, could raise up to $1bn (£790m), Reuters reported, in a float that could value the business at around $5bn. The company said today that it was targeting [...]
London takes second place in Schroders Global Cities 30 index despite Brexit uncertainty May 28, 2019 | City Talk London has overtaken Hong Kong to be ranked second in the latest Schroders Global Cities 30 index, despite economic and political uncertainty in the UK. The ranking reinforces London’s position as a significant contributor of the UK economy and highlights the UK capital’s attraction as a location for real asset investing. London remains the highest-positioned [...]
Jack Ma’s Alibaba chases ‘$20bn Hong Kong float’ May 28, 2019 Alibaba is seeking to raise up to $20bn (£15.8bn) in a Hong Kong float, it is reported. Read more: DEBATE: Does Jack Ma deserve criticism for backing the ‘996’ working week? The listing would be its second after a 2014 $25bn initial public offering (IPO) on the New York Stock Exchange. The online retail and cloud [...]