The UK’s 2017-18 budget deficit hits an 11-year low August 21, 2018 The UK recorded its largest July surplus for 18 years last month, standing at £2bn, as ONS figures revealed robust deficit reduction in Britain’s finances. July’s surplus was double that from a year ago, with economic growth and high employment credited with fuelling the increase, handing Chancellor Philip Hammond cash he can put towards his [...]
Angling Direct shares rise as it reels in revenue growth August 21, 2018 Angling Direct beat its own expectations to reveal revenue growth had grown by more than 50 per cent year-on-year in a trading update today. The figures The fishing products retailer saw a 56 per cent year-on-year revenue increase to £22m, citing strong store and online sales despite the summer heatwave. E-commerce sales were up 60 per cent [...]
Luxury retail app Farfetch is heading to Wall Street for a multi-billion dollar listing August 20, 2018 E-commerce marketplace Farfetch, which is based in the UK and specialises in luxury brands and high-end fashion, today filed an intention to list on the New York Stock Exchange. No details were given on the amount it expects to raise or the offer price per share, however analytics firm Pitchbook valued the listing to take [...]
French oil giant Total pulls out of Iran over US sanctions August 20, 2018 French oil giant Total has officially pulled out of Iran after the US threatened to impose sanctions on companies doing business in the country, according to Iranian state TV. The country's oil minister Bijan Zanganeh said the process to replace Total – due to develop phase 11 of the South Pars gas field project – was [...]
Polymetal ships first 2,000 tonnes of gold from Kazakhstan mine August 20, 2018 Precious metals miner Polymetal has shipped the first 2,000 tonnes from its new gold mine in Kazakhstan to China. Polymetal International acquired the Kyzyl mine in 2014 for $618.5m and has taken a significant step towards its first cash flow from the project. Approximately 2,000 tonnes of gold concentrate were shipped by rail to an off-taker in [...]
EU reveals huge trade surplus over the US August 17, 2018 The EU recorded a gaping trade surplus of €67bn over the US in the six months to June yesterday, potentially adding grist to the mill for US President Donald Trump, whose tariffs against the bloc threatened to take the pair into trade war territory earlier this summer. EU exports to the US grew four per cent to [...]
LBX Weekly Market Overview 14th August: A ride on the crypto carousel with LBX, The London Block Exchange August 14, 2018 Crypto investors always question token prices, with Bitcoin’s price attracting the most attention as it commands the longest history. The news that ICE (NYSE) is creating Bakkt – a new exchange that will open the gates for institutional investors to buy bitcoin – along with the multiple filings for Bitcoin ETFs, are both strong positive [...]
Cold Turkey for European banks as lira slides further August 10, 2018 | City Talk For some time now investors have been looking at the unfolding currency crisis in Turkey as a local difficulty, however the accelerating speed of the declines appears to be raising concerns about European banks exposure to the Turkish banking system. Reports that the European Central Bank is concerned that some banks in France, Italy and [...]
Turkish lira plummets to record low August 9, 2018 The Turkish lira plunged to a record low today against the US dollar as investors questioned the ability of the Erdogan regime to stop a deepening currency crisis. One dollar bought as much as 5.5678 lira in evening trading, as the troubled Turkish currency fell by almost five per cent in the course of the [...]
Cineworld helped by US ticket sales August 9, 2018 | City Talk Cineworld shares are in demand for the company reported a solid set of first-half numbers. The announcement today includes the numbers from Regal Entertainment – which Cineworld acquired earlier this year. Revenue and adjusted earnings jumped by 252.4% and 284.7% respectively, and on a pro-forma basis revenue jumped by 10.8%, while earnings rose by 14.1%. [...]