Sirius shares crash after warning Yorkshire mine costs climb by $600m September 6, 2018 Shares in Sirius Minerals have fallen sharply after the miner said it may need an extra $600m (£464m) to construct its new mine in Yorkshire. The company said the initial $3bn funding for its project to build the Woodsmith polyhalite mine under the North York Moors would also take longer to arrive than previously expected [...]
Bitcoin takes fresh dive in two-day cryptocurrency crash September 6, 2018 The value of bitcoin has continued to slide today after a crash sparked by yesterday's rumours that Goldman Sachs has scrapped plans for a cryptocurrency trading desk. Bitcoin value slumped 15 per cent over two days to $6,405 (£4,950) after the investment bank reportedly cancelled plans to open the new desk. Read more: Goldman Sachs reportedly ditches [...]
Is a rise in this niche borrowing a red-flag indicator for the stock market? September 6, 2018 | City Talk “There can be few fields of human endeavour in which history counts for so little as in the world of finance.” John Kenneth Galbraith On The Value Perspective blog, we have a folder of what we call ‘red-flag market indicators’. It has started to bulge as investor confidence, a decade into an equity bull market, continues [...]
Weir Group share price falls on ‘softening’ industry demand September 6, 2018 FTSE 250 firm Weir Group’s share price sunk up to six per cent on news of “softening” demand for original equipment this morning. Shares fell to £16.76 in early morning trading, as the engineering firm issued an unwelcome update about its North American oil and gas market activity. “There was a considerable softening in demand [...]
FTSE 100 trades at five-month low as emerging markets continue to fall and US-China trade war looms September 6, 2018 The FTSE 100 is trading around a five-month low as emerging markets continue to fall and the trade war between the US and China threatens to escalate. Uncertainty surrounding emerging markets – including Turkey, South Africa and Argentina – and the potential escalation of a trade war between the US and China has led to [...]
Ofgem is set to cap energy bills September 6, 2018 Households stand to save up to £120 a year following the introduction of a proposed cap on energy bills. Energy regulator Ofgem plans to cap tariffs at £1,136, saving 11m households around £75, and £120 for those on the most expensive gas and electricity deals. Read more: Eurozone producer price inflation spikes due to [...]
Sterling jumps on report Germany and UK could offer key Brexit concessions September 5, 2018 The pound jumped today on reports that Germany and the UK may be prepared to offer key concessions in the Brexit negotiations. Germany and the UK will accept a less detailed deal on the future trading relationship between the UK and the EU in order to secure a withdrawal agreement and avoid a no-deal Brexit, [...]
Foreign exchange trading volumes rise as global currencies remain volatile September 5, 2018 Foreign exchange trading volumes have risen more than 7 per cent, NEX Group said, as global currencies remain volatile. NEX, which runs one of the largest FX trading platforms, said average daily trading volumes rose to $84.7bn in August from $83bn in the same month last year. For the year ending 31 August average daily [...]
Oil prices fall as Gulf of Mexico rigs survive tropical storm September 5, 2018 Oil prices have fallen after production resumed on platforms in the Gulf of Mexico as a predicted hurricane avoided the area. Prices had jumped yesterday as a number of oil platforms in the Gulf of Mexico were evacuated in preparation for a forecasted hurricane, with Brent Crude oil reaching close to $80 per barrel – its [...]
Man Group buys Sanlam Four’s strategic bond business September 5, 2018 Hedge fund manager Man Group has acquired Sanlam Four's strategic bond business and team. Portfolio managers Craig Veysey and Francois Kotze will move the Sanlam Strategic Bond fund to Man Group's discretionary investment management arm GLG. Read more: Why Coca-Cola’s acquisition of Costa makes sense for consumers The top-performing fund, which was set up by Veysey when he joined Sanlam in 2009, seeks [...]