Plus500 shares plummet as revenues collapse but bosses’ salaries double April 12, 2019 Shares in online trading platform Plus500 crashed today after it predicted revenue would plummet 82 per cent in the first quarter of 2019 compared to a year before. Read more: More than £900m wiped off value of Plus500 as shares continue to plunge The company, which specialises in contracts-for-difference (CFDs), a high-risk currency instrument, issued [...]
Turkish lira continues its fall as country’s foreign reserves dwindle April 12, 2019 The Turkish lira continued its slide today following the news that the country’s foreign reserves fell in March and lukewarm reaction to its new economic plan. Read more: Turkish lira falls against dollar as US suspends fighter jet delivery The lira fell 0.8 per cent against the dollar today, meaning the dollar bought 5.777 lira. The [...]
Chair of troubled energy supplier URE Energy blasted by ex-investors April 11, 2019 The chairman of one of Britain's troubled energy challengers has left a string of dissolved businesses and angry investors in his wake. URE Energy, chaired by prolific businessman John Coombs, was ordered by regulator Ofgem to pay a £209,000 fine by 31 March after it failed to make payments required because not enough of the [...]
BP becomes last western firm to exit Chinese shale market April 11, 2019 Oil major BP is set to become the last international company to withdraw its Chinese fracking projects, as results fail to live up to expectations, according to reports. The firm follows Shell, Exxon Mobil, Conocophillips and ENI in pulling out of the country, leaving only domestic companies in charge of the sector. Read more: Igas [...]
Oil major Shell sells $965m stake in Gulf of Mexico oilfield April 11, 2019 Shell is set to sell a $965m (£740m) stake in a US oilfield to Israeli oil firm Delek as the major continues to divest to prioritise long-term growth. Delek CT Investment, a subsidiary of one of Israel’s biggest companies, will buy Shell’s 22 per cent stake in the Caesar-Tonga field, which extracts around 70,000 barrels [...]
Newmont investors get behind world’s largest gold deal, sealing bid for Goldcorp April 11, 2019 Shareholders in Newmont Mining have given the thumbs up to chief executive Gary Goldberg’s $10bn (£7.6bn) bid for rival Goldcorp. The deal is set to create the world’s biggest gold miner, leapfrogging Barrick Gold, which clinched the top spot last year after another megamerger with Randgold. Read more: Miner Barrick drops hostile bid for Newmont [...]
Ultra-clear 302 carat cut diamond sets new record, London jewellers say April 11, 2019 Jewellers yesterday revealed a massive 302.37 carat diamond, cut from a 1,109 carat beast which was discovered in Botswana. Graff, which cut the stone, said it is the biggest square emerald cut diamond in the world. “It is the highest colour, highest clarity diamond ever graded” by the Gemological Institute of America, the firm said [...]
FTSE 250 hits six-month high as no-deal Brexit kicked down the road April 11, 2019 The FTSE 250, the UK’s stock index of medium-sized firms, hit a six-month high today following the extension of Brexit until 31 October. Read more: FTSE 100 ends week strong with biggest gain in two months Dixons Carphone, WH Smith, Card Factory, and Royal Mail were among the UK-focused companies that saw their shares rise [...]
Nouriel Roubini interview (Part II): ‘Most crypto people are totally clueless’ April 11, 2019 | City Talk When Nouriel Roubini talks, it’s worth a listen. Not known for his optimism, the well-known American economist bears the moniker ‘Dr Doom’. CFA Institute spoke to him about the prospects for global growth (see Part I). In Part II, we focus on cryptocurrencies. CFA Institute: Bitcoin and cryptocurrencies grew out of distrust for central bankers. [...]
Sterling unmoved by Halloween Brexit delay as investors ‘desensitised to Brexit shambles’ April 11, 2019 Sterling investors have become “desensitised to the Brexit shambles” as the currency remained broadly unmoved by EU leaders granting an extension to Article 50 until 31 October. The pound remained steady at $1.308 this morning despite the announcement that Brexit would be delayed until Halloween in the early hours of the morning. Read more: Pound [...]