Deutsche Bank US share price plunges after reports suggest funds have lost faith in the lender September 29, 2016 Troubled financial giant Deutsche Bank saw its shares plummet again in New York last night, dragging Wall Street into the red. The German lender's New York-listed stock dived after reports emerged that several key funds have slashed their exposure to the bank. The news sent shivers through banking sector equity markets, with the S&P 500's financial [...]
Oil prices waver as doubts circulate over Opec production cut September 29, 2016 The brief oil price rally stalled this afternoon as doubts mounted over Opec's provisional agreement to cut oil output for the first time since 2008. Ranko Berich, head of market analysis at Monex Europe, said: "It appears that market participants remain sceptical of Opec’s mettle, and if the cuts announced will be sufficient to clear [...]
London startup Lystable lands another Paypal mafia investor September 29, 2016 London startup Lystable, fresh from raising millions from Paypal founder Peter Thiel's venture firm, has raised new cash from another member of the so-called Paypal mafia. Max Levchin's HVF, a data focused lab which is also the umbrella for two of his companies, has jumped on board adding to the $11m series A funding first revealed in [...]
Genel Energy boss – and former BP chief exec – Tony Hayward to step down next year September 29, 2016 Genel Energy chairman Tony Hayward, who previously led BP, is rumoured to be stepping down next year. According to Reuters, Hayward has said in closed discussions in recent weeks that he plans to quit his post in the second half of next year. However, a spokesman for the company said today: "Genel Energy is committed to having [...]
Before the bell: What you need to know before the US market open September 29, 2016 Oil has given up some of its gains after the first Opec deal to curb supply in eight years sent it higher last night and it's not just Deutsche Bank that's in trouble as Commerzbank announces nearly 10,000 jobs are set to go. Here's what you need to know before the US market open at 2:30pm [...]
Everything you need to know about Opec’s output cut agreement September 29, 2016 Markets swung wildly this morning after Opec provisionally agreed to cut oil output for the first time since 2008, as it tries to accelerate the stricken market's recovery. What the agreement entails The Organisation of the Petroleum Exporting Countries (Opec) said yesterday that it would cut output to a range of 32.5-33m barrels per day. But how much each country [...]
Oil prices surge as Opec reaches historic deal to curb production September 28, 2016 The Organisation of Petroleum Exporting Countries (Opec) has tonight reached an agreement to limit oil production in a bid to bolster prices, and it's had an immediate effect. Brent crude, the global benchmark for oil prices, has soared to $48.74 per barrel, a rise of $2.77 or six per cent. Meanwhile, West Texas Intermediate, its US [...]
Before the bell: What you need to know before the US market open September 28, 2016 Germany has been forced to deny reports of a possible Deutsche Bank bailout after investors abandoned the troubled bank and megabrew is on after investors voted to approve the deal. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing up ahead of the open, though not by [...]
Cambridge biotech firm sees shares jump over 100 per cent on US pharma deal September 27, 2016 Shares in Cambridge-based pharma firm Sareum have shot up by 130 per cent after it announced its up-coming cancer drug has been licensed to North American firm ProNai Therapeutics. Sareum will collect $1.9m (£1.45m) as an up-front payment and is in line for up to $88.4m over the next eight to 10 years provided the [...]
Randgold Resources boss warns gold industry faces a supply crunch September 27, 2016 The boss of FTSE-listed miner Randgold Resources has warned that the gold industry is facing a supply crunch. Speaking in Johannesburg, South Africa yesterday, Mark Bristow told local mediathat global gold output was likely to peak in 2019 before coming down sharply. He attributed this to a dearth of new discoveries alongside cost cutting measures which mean miners are not replacing their [...]