Optimism pervades as Opec prepares to meet in Algiers September 26, 2016 A wave of optimism swept through global oil markets this morning as the world's biggest producers prepare to meet on the sidelines of an international conference in Algeria later this week. Positive comments made by the country's energy minister helped send Brent crude, the global benchmark, up as much as 1.15 per cent to $46.42 per barrel. [...]
Forex broker Oanda targets data and payments expansion September 25, 2016 US-based foreign exchange broker Oanda is making a push in to data and payments services. The business traditionally makes the majority of its revenue from trading but it’s expecting a significant proportion of its revenue could eventually come from data and payments. “I don’t think of our platform as a trading platform, I think of [...]
EU funds for 600 startups have been unfrozen after Brexit pause September 25, 2016 Millions of pounds in funding for startups from the European Union that were put on hold after the vote to leave Europe have been unfrozen. Cash from the EU Regional Development Fund was paused by the Treasury almost immediately following the vote for Brexit putting at risk a shot in the arm for the country's tech [...]
Saudi Arabia offers to cut production by 1m barrels if Iran freezes output September 23, 2016 Reports suggest Saudi Arabia has offered to cut production by 1m barrels if its regional rival Iran agrees to freeze output. The de facto Opec leader's offer comes ahead of widely anticipated talks between the world's biggest oil producers taking place in Algeria next week. Sources told Reuters that the offer, which is yet to be accepted [...]
Goldman Sachs holds onto its commodities crown September 23, 2016 Goldman Sachs is still king of the investment banks when it comes to commodities trading. Data from analytics firm Coalition showed that the Wall Street stalwart made the most money from trading commodities such as oil, coal and metals after coming top in the past two years, Bloomberg reported. JP Morgan and Citigroup took second and third place [...]
Boris Johnson’s Article 50 comments send sterling sliding September 23, 2016 Sterling has drifted against the euro and the dollar today, as currency analysts blamed foreign secretary Boris Johnson for spilling the beans on the government's latest Brexit plans. The pound was down 0.9 per cent against the US dollar at $1.2961 at lunchtime, below the crucial $1.30 mark which the currency has settled around in recent weeks. [...]
Anglo American nabs new finance director from Fortescue Metals September 23, 2016 Anglo American said today it has nabbed its new finance director from Australian rival Fortescue Metals. Stephen Pearce will join the miner as finance director next year, replacing current finance director René Médori, who announced his decision to retire in April. Pearce will join Anglo's management committee on 30 January, before joining the board and taking over as finance director with effect [...]
Shell’s North Sea assets eyed by Maersk Oil ahead of split September 23, 2016 Maersk is reportedly in talks to buy Royal Dutch Shell's portfolio of North Sea assets as the Copenhagen-based shipping giant mulls splitting itself in two. The conglomerate said yesterday it will split its energy and transport divisions, enabling them to focus on their respective markets. The former has suffered amid a two-year oil price rout, while transport [...]
City hopeful of IPO recovery, but figures highlight 2016 struggles September 22, 2016 The City is feeling increasingly optimistic about the London flotation market, with Hollywood Bowl listing this week and other high-profile companies expected to follow. But, with EU referendum and then Brexit vote uncertainty, 2016 has been a slow year. Read more: Hollywood Bowl float set to kick off strong period for London IPO market Dealogic figures [...]
Before the bell: What you need to know before the US market open September 22, 2016 A divided Federal Reserve has voted to leave interest rates on hold, queuing up a hike before the end of 2016 and markets couldn't be happier. Here's what you need to know before the US market open at 2:30pm London time. Markets climbed yesterday following the Fed announcement and Janet Yellen's frank press conference. The S&P is [...]