Sterling hits fresh four-month low as Tories turn on May’s Brexit deal May 22, 2019 The pound has fallen to a fresh four-month low today as political crisis over Brexit mounts in Westminster. Read more: May loses support for Brexit deal after offering vote on second referendum Sterling had fallen 0.4 per cent against shortly before 12.30pm to buy $1.265, its lowest price since the start of January. Investors sold [...]
Barrick Gold mulls $787m bid for Acacia Mining as it makes ‘significant progress’ in spat with Tanzania May 22, 2019 Acacia Mining today hit out at its largest shareholder Barrick Gold for keeping it frozen out of negotiations with the Tanzanian government, after the Canadian giant yesterday revealed it was mulling a bid to take Acacia private. Barrick said last night it has presented a proposal to Acaica’s board to take the London-listed miner off [...]
Watches of Switzerland targets £660m London listing May 21, 2019 Luxury retailer Watches of Switzerland said today it is targeting a London float that could hit a valuation of £660m. The company sells luxury watch brands such as Rolex, Patek Philippe, Cartier and Hublot. Read more: Jaguar sues watchmaker Christopher Ward over D-Type watches It has 125 shops in the UK and 21 in the [...]
Are emerging markets ready to fight back? May 21, 2019 You know there’s an underlying problem when investment firms start to cut exposure to a particular asset class. Goldman Sachs’ decision last week to slash exposure to emerging markets is an indication of the current situation for these economies. The bank’s asset management arm said that it had scaled back its “overweight” exposure to emerging [...]
No slacker: Messaging app Slack targets $196.5m in New York Stock Exchange float May 21, 2019 Work messaging app Slack expects to net $196.5m when it goes public on the New York Stock Exchange in the next few weeks. Read more: Slack files for IPO: Everything you need to know The collaboration firm, which changed its stock ticker from ‘SK’ to ‘WORK’ yesterday, will float nearly 117m shares on the stock [...]
More than £27m lost in forex and crypto investment scams last year May 21, 2019 Over £27m was reported lost to cryptocurrency and forex investment scams in the last financial year, figures published today show. Victims lost an average of £14,600 according to the Financial Conduct Authority (FCA) and Action Fraud. Reports tripled compared to the previous year to over 1,800. The FCA said fraudsters use social media to promote [...]
Life after Algy Cluff: North Sea doyen’s company looks for new licenses after founder leaves May 20, 2019 London-listed North Sea explorer Cluff Natural Resources is hoping to win more drilling licenses as it looks to a future without its eponymous founder. Chief executive Graham Swindells told City A.M. his firm is hoping to replicate its success from the government’s last licensing round when it won six licenses. Read more: Oil baron warns Brexit [...]
Solgold chief executive encouraged by new study May 20, 2019 The chief executive of a London-listed company that runs a promising gold and copper mine said he is encouraged by a new study showing the project will cost between $2.4bn (£1.9bn) and $2.8bn before it starts to produce. An assessment, released today, shows the president net value of Solgold’s Alpala project is estimated at between [...]
Stocks tumble as Google’s Huawei block stokes trade tensions May 20, 2019 Global stocks slumped today after Google blocked parts of its business with Huawei, sparking fears of an escalation in the trade war between the US and China. Google today confirmed it had suspended Huawei’s access to its Android operating system after US President Donald Trump blacklisted the Chinese company over fears it could be a [...]
What will happen to the Eurozone when Mario Draghi steps down? May 20, 2019 Back in 2012, Mario Draghi committed to do “whatever it takes” to put the euro back on track. This influential statement brought the euro crisis to an end, and proved so powerful that precautions to safeguard the Eurozone, such as the Outright Monetary Transactions facility, did not need to be used. With Draghi’s term as [...]