Old Mutual nearing US sale to pave way for UK business flotation May 24, 2016 Old Mutual is close to selling its US asset management business, paving the way for an initial public offering (IPO) of its UK wealth management arm. The group’s board has reportedly endorsed a deal that would see Affiliated Managers Group acquire the US business, OM Asset Management (OMAM). Read more: Six reasons this Old Mutual spin off might [...]
At the close: Traders looking up on bumper day for the FTSE 100 May 24, 2016 The markets were up today, the pound was up today and oil was up today, as buyers outnumbered sellers across the board. The FTSE 100 closed up 1.4 per cent at 6,219.26, with greens dominating screens, defying logic as economic data pointed to a looming US rate rise and UK public sector finances disappointed. Tesco was the [...]
The price of gold has just melted as rate rise expectations soared May 24, 2016 It's been anything but mellow yellow in the last few months, but today the price of gold skidded lower as investors showed their nerves over a potential US rate rise in the next few weeks. Yep – having hovered near a 15-month high just a few weeks ago, today gold fell 1.4 per cent to $1,233 [...]
Before the bell: What you need to know before the US market open May 24, 2016 China is trying to smooth US trade ties after threats of a tax hike on imports from Republican presidential nominee Donald Trump and the European Commission could decide today whether to allow ABInBev to buy SABMiller. Here's what you need to know before the open at 2:30pm London time. In the pre-market futures are pointing up. The [...]
Brent crude and WTI: Oil falls for fifth day in a row to hover around $48 May 24, 2016 Oil prices fell for the fifth day in a row to hover around the $48 per barrel mark today. Brent crude, the global benchmark, fell 0.4 per cent to $48.2 per barrel this afternoon. West Texas Intermediate crude, the US benchmark, also slumped 0.3 per cent to $48. Read more: Canada's oil heartland has some evacuation orders [...]
Bayer’s $62bn Monsanto bid: Are European firms about to take over the world? May 24, 2016 Just when you thought the dearth of outbound M&A in Europe was here to stay, Germany’s Bayer sweeps in with a $62bn bid for US agrichemicals giant Monsanto. Not only would the tie-up create the world’s largest agricultural supplier, more significantly for Europe, it would be the biggest outbound takeover by a German corporate on [...]
Investment manager Dragon wants fund to breathe fire with London float May 23, 2016 Investment management company Dragon Capital is planning to float its flagship fund on the London Stock Exchange. Dragon wants Vietnam Enterprise Investments Limited (VEIL), which has a net asset value (NAV) of $850m (£587m), to list on the main market of the exchange from July. Read more: London set for IPO market recovery… but not just [...]
At the close: FTSE falls after oil price drop erases earlier gains May 23, 2016 A meandering start to the week saw the FTSE 100 climb strongly shortly after the open only to fall back before lunch time. The blue-chip index ended the day at 6,136.43, down 0.32 per cent from yesterday's close price. The falling oil price, down over one per cent and moving away from the psychologically important $50 per [...]
BlackRock bets on lithium with stake in Aim-listed Bacanora Minerals May 23, 2016 The world's largest asset manager BlackRock has taken a bet on lithium, the so-called "white petroleum", with a stake in Aim-listed miner Bacanora Minerals. Lithium is a small but irreplaceable component of rechargeable batteries for small-scale devices such as mobile phones. Prices have already risen this year, and analysts predict tremendous growth in the future, mainly due to [...]
Aim-listed Lansdowne Oil & Gas sounds alarm over funding May 23, 2016 Aim-listed Lansdowne Oil & Gas has warned shareholders it must raise additional funds to "continue its ongoing business". The oil and gas explorer will seek shareholder approval at a general meeting next month for a capital reorganisation and an issue of up to 350m shares, potentially representing more than 200 per cent of its current share [...]