Sterling volatile ahead of no confidence vote on Theresa May December 12, 2018 The pound has been on a rollercoaster ride this morning as it reacts to a series of political shocks. Reports that the Conservative party were set to trigger a vote of no confidence in Prime Minister Theresa May – confirmed this morning – sent the pound to a fresh 20-month low against the dollar yesterday. [...]
Wood Group says 2018 performance in line with expectations but warns of future oil market volatility December 12, 2018 Ftse 250 oil field services company Wood Group said today that its 2018 performance has been in line with expectations, but warned of future market volatility. The company said it expects full-year revenue to be more than 10 per cent up on 2017, in the region of $10.9bn (£8.7bn) to $11.1bn. It said it expects [...]
Brussels to finally ease post-Brexit clearing fears with equivalence agreement December 11, 2018 Brussels is preparing to unveil concrete plans to grant EU financial institutions access to London's clearing houses in the event of a no deal Brexit, prompting relief in the City and among businesses across the continent. The draft proposals could be published as early as tomorrow. It comes after the Bank of England, trade bodies, and clearing [...]
UK fintech startup Weswap pulls the plug on 2018 London IPO plans December 11, 2018 Peer-to-peer currency exchange platform Weswap has scrapped plans to list on London’s Alternative Investment Market (Aim) this month, after investor interest fell flat. Sources told City A.M. that the initial public offering, which had been mooted for a December launch, had failed to garner sufficient attention in what was promised to be a relatively small [...]
Brent Crude price rises as protesters stop production at Libya field December 11, 2018 Oil ticked higher today as a protest at one of Libya’s biggest oil fields hit the country’s output. A local tribe demanding more development in their community shut down the 315,000 barrels-a-day El Sharara oilfield in the south west of the country. Plant authorities declared a so-called force majeure, saying they were unable to fulfil [...]
FTSE and sterling rebound from lows caused by Brexit deal vote delay December 11, 2018 The FTSE 100 has rebounded this morning after yesterday's decision to delay the Brexit deal vote sent the index tumbling. The blue chip index has risen 1.2 per cent this morning to 6,800 points – as high as it was before the vote was delayed – as markets began to stabilise after a tumultuous start [...]
Can Interserve clean up its mess, or is it destined for the same fate as its failed rival Carillion? December 11, 2018 It feels like we’ve been here before, doesn’t it? It was almost a year ago when outsourcing giant Carillion collapsed, and now there are some worrying signs that rival FTSE firm Interserve could wind up suffering the same fate, serving a huge blow to UK businesses and the livelihoods of its 75,000 employees. On Sunday [...]
EU urged to provide clarity over clearing as patience wears thin ahead of Brexit December 10, 2018 UK clearing houses and industry groups are growing increasingly impatient with the EU over the future of trillions of pounds worth of derivative contracts after Brexit. Trade groups have written to the European Commission “urgently requesting” legal certainty that EU-based firms will still be able to use London clearing houses in the event of a [...]
Interserve share price plummets as it admits rescue refinancing plan December 10, 2018 Interserve's shares more than halved today after the outsourcer confirmed it was in rescue refinancing talks with lenders as it battles a £650m debt pile. The embattled public sector outsourcing giant admitted at the weekend it was “engaged in constructive discussions regarding the agreement and implementation of a deleveraging plan”, causing a 53 per cent [...]
AJ Bell shares rocket by more than a third on stock market debut December 7, 2018 Investment platform AJ Bell saw its share price rise dramatically on its first day of trading, having initially been valued at £651m. The company announced last month that they would debut on the stock market today and earlier this week set its offer price at 160p per share. But investors sent the share price up by [...]