Bank of America chief Brian Moynihan approved as chairman after shareholder vote September 22, 2015 Bank of America shareholders have voted in favour of chief executive Brian Moynihan retaining his chairman title, reversing a company bylaw that called for an independent chair. The vote was cast 63 per cent in his favour after a special meeting, despite attempts by some shareholders urging a vote against. Glass Lewis had argued that the [...]
Glencore share price closes sharply lower amid commodities rout, China and Credit Suisse downgrade September 22, 2015 Glencore shares closed down 10.6 per cent to 106.35p this afternoon, as commodity prices careered downwards amid concerns over China's slowing economy. Earlier today, the commodities trader and miner fell below the 100p per share mark for the first time since it listed, sliding 14 per cent to 99.9p per share. Commodities such as copper and [...]
FTSE 100 slides below 6,000 mark as Glencore, Antofagasta and Anglo American share price falls September 22, 2015 Britain's blue-chip index slid below the 6,000 mark this afternoon, the first time since August, as a rout in commodity prices weighed on miners. The FTSE 100 closed down 2.8 per cent to 5,940.72, as copper prices which struck a two-week low and Credit Suisse downgraded the sector. "Until China demand and emerging market currencies find [...]
Lloyd Blankfein, Goldman Sachs chief executive: “I have lymphoma” September 22, 2015 The chief executive of Goldman Sachs, Lloyd Blankfein has been diagnosed with lymphoma. He said he will be undergoing treatment for the cancer, continuing to work as normal except for reducing his travel, and that he expects to be cured. In an update Blankfein, who has been chief executive and chairman of Goldman since 2006, said: [...]
Interest-only loans are going out of fashion, as number of current loans drop 16 per cent September 22, 2015 Repeated warnings that interest-only mortgages are a "ticking time bomb" appear to be filtering through to the market, with figures out this morning showing a 16 per cent drop in the number of such loans outstanding. A quarter of the reduction is the result of loans reaching maturity and being redeemed while a further 40 [...]
Sainsbury’s beats Tesco, Asda and Morrisons as only top supermarket in growth while Kantar warns of impact Amazon Fresh will have on sector September 22, 2015 Yet more bad data for the Big Four was released today – plus a hint that there could be a fresh problem facing the UK's supermarket sector, in the form of Amazon Fresh. Sainsbury was the only supermarket among the Big Four to keep pace with the sector's growth over the last quarter, with Asda's [...]
Volkswagen’s emissions scandal spreads to South Korea as experts warn “millions” of European cars could be affected September 22, 2015 There was no let up from the scandal engulfing the world's largest car manufacturer Volkswagen this morning as it emerged that the emissions-rigged cars could have been sold around the world. Experts have warned that "millions" of cars on British roads could be recalled on the back of the claims that it had installed a [...]
AA share price falls as company reports pre-tax loss and warns of future bumps in the road September 22, 2015 AA's share price tumbled this morning after the car group revealed a £63.6m loss following its refinancing. The figures The so-called fourth emergency service, which in March raised £935m to cut down its debt mountain, has had a difficult first half, with revenues down 1.4 per cent to £484.6m in the six months to the end [...]
RSA Insurance Group’s share price plunges as Zurich tells RSA: It’s not you, it’s us September 22, 2015 RSA Insurance Group’s share price plunged yesterday after rival firm Zurich revealed it was walking away from a £5.6bn takeover bid. RSA’s share price closed down 20.84 per cent as investors digested the shock news. Zurich’s share price was also down, albeit a less remarkable 2.79 per cent. Zurich said it was abandoning [...]
Rollercoaster day for bonds in Portugal, just two weeks before national elections September 21, 2015 Portuguese government bonds went on a rollercoaster ride yesterday as the country gears up for national elections in two weeks. The interest rate on Portugal’s 10-year government bond dropped to a one-month low of 2.46 per cent early in the morning. But later in the day the rate rose as high as 2.56 per cent. [...]