Cairn Energy at centre of HSBC rate-rigging allegations July 21, 2016 Cairn Energy is the client at the centre of a US investigation into rate-rigging, currency fixing and market manipulation, City A.M understands. US prosecutors allege two senior HSBC employees artificially boosted sterling ahead of a $3.5bn deal (£2.7bn in today's prices), netting the bank around $8m in profit. Bloomberg reported that the oil explorer had hired HSBC in 2011 to convert the sales proceeds of [...]
London-listed miner Kennedy Ventures to raise £2m towards lithium project July 20, 2016 Kennedy Ventures is raising £2m to help fund the miner's potential lithium project in Africa. The Aim-listed firm will issue 66.7m shares at 3p each, nearly 40 per cent below its closing price on Tuesday. Read more: General Electric backs German renewable battery start-up Sonnen The cash will be used by its 75 per cent [...]
FTSE 250 approaches pre-referendum highs as equities bounce continues July 20, 2016 Stock markets have surged again today on the back of strong employment data, as the closely-watched FTSE 250 hits a new post-referendum high. The mid-cap index, which is seen as a better gauge of the UK economy than the larger FTSE 100, climbed back above the 17,000 mark this afternoon, and is now down by [...]
BHP shares fall as iron ore output disappoints due to Samarco shutdown July 20, 2016 Shares in BHP Billiton fell today, after iron ore output from the world's biggest miner came in below expectations. Iron ore output fell 2.58 per cent on an annual basis to 227m metric tonnes in the year ended 30 June, below its original estimate of 247m metric tonnes. Read more: Industry veteran to head firm formed from Tata's [...]
Four European hidden gem stocks for your portfolio July 20, 2016 Europe's investment markets are wallowing in an unprecedented level of support from the European Central Bank (ECB). They are being cossetted by a massive €1.7 trillion QE programme, much of which is likely to find its way into stock markets and raise share prices. Negative interest rates are also encouraging banks to invest and the ECB [...]
Anglo American shares slip as bad weather takes shine off copper target July 20, 2016 Anglo American cut its annual target for copper output today, after severe winter weather chilled the miner’s operation in Chile. Its full-year guidance for copper output was slashed to between 570,000 and 600,000 tonnes for 2016, down from as much as 630,000 tonnes. The 2017 target was also revised lower. This year's output target for [...]
Rio Tinto sinks to bottom of the FTSE 100 as output misses estimates July 19, 2016 Rio Tinto tumbled yesterday, as the miner's second quarter production results came in below expectations. Rio continued to feed the global glut of iron ore, as production in Australia swelled eight per cent annually to 80.9m metric tonnes in the second quarter. Meanwhile, the group's global copper output rose five per cent to 141,000 tonnes. Read more: Rio Tinto lowers 2017 iron ore [...]
Turkish lira crashes following Ministry of Education purge – as powerful explosion is reported in Ankara July 19, 2016 The Turkish lira was already down more than two per cent against the dollar today, before a large explosion was reported in the Altındağ district of Ankara late this afternoon. The currency was down 2.2 per cent against the dollar at $0.32850, its lowest since Saturday night when an attempted coup sent the currency plummeting. However, [...]
Oil wavers as traders weigh glut fears against supply disruptions July 19, 2016 Oil prices dipped in and out of positive territory yesterday, as traders weighed fresh output disruptions against persistent oversupply fears. Brent crude, the global benchmark, remained flat at $46.96 in afternoon trading, having fallen 1.4 per cent yesterday. And US crude, known as West Texas Intermediate, dipped 0.46 per cent to $45.03, after settling about 1.6 [...]
Oil slips as key chokepoint reopens after failed Turkey coup July 18, 2016 Oil markets shrugged off an attempted coup in Turkey late last week after a vital global shipping route was re-opened. Brent crude, the global benchmark, fell 1.85 per cent to $46.73 per barrel this afternoon. Meanwhile, the US benchmark, West Texas Intermediate crude, slumped 1.78 per cent to $45.13. Read more: The grand edifice of President [...]