Let America’s radical socialists be a warning to British politics February 12, 2019 It is said that when America sneezes, the world catches a cold. Let us hope that the American left’s recent publication of its “Green New Deal” (GND) won’t be contagious enough to infect Labour here. Just over a week ago, Jeremy Corbyn had an in-depth phone conversation with Alexandria Ocasio-Cortez, the rising socialist congresswoman. The aim, it [...]
Plus500 shares plunge 30 per cent as broker warns of 2019 earnings hit February 12, 2019 Plus500's share price collapsed in early trading despite almost doubling profits in 2018, as it issued a major profit warning for the current year. The online broker's stock fell by as much as 36 per cent in early trading, from 1,635p at yesterday's close to 1,053p this morning, as it warned that stricter regulations will [...]
The stakes are high in the global 5G race February 12, 2019 High up in the Swiss Alps in Davos last month, it was clear that most of the town was pessimistic because of the outlook on trade and the global economy. But what should concern investors more is the breaking up of the global web through the arrival of what’s known as the “splinternet”. It’s increasingly likely [...]
Post-Brexit immigration plans will stifle London’s economy, says CBI February 11, 2019 The government’s post-Brexit immigration plans will stifle London’s economy due to restrictions placed on overseas workers earning less than £30,000 a year, an influential business group has said. The new visa system, which would prevent firms employing workers under the income limit for more than a year, would particularly affect the accommodation and hospitality sector [...]
Iron ore prices soar as Chinese investors fear Vale output cut February 11, 2019 Iron prices hit record highs in China yesterday as investors got jittery over Brazilian supply after a burst dam killed hundreds. Iron ore futures for May delivery rose to 652 yuan (£75) a tonne on the Dalian Commodity Exchange. Read more: Going for gold: When Venezuela's crisis came to the City It comes as the [...]
‘No winners’ from spat with Tanzanian government says Acacia boss February 11, 2019 There will be “no winner” in the dispute between Acacia Mining and Tanzania’s leaders, chief executive Peter Geleta said today as the company returned to profitability. Acacia’s shares closed down around 1.1 per cent despite profit before tax reaching $97m (£75m) last year after the company lost $710m in 2017, hit by a $850m impairment [...]
Central Bank of Ireland governor Philip Lane to be next European Central Bank chief economist February 11, 2019 Ireland’s Central Bank governor Philip Lane has received backing from eurozone finance ministers to become the European Central Bank’s chief economist. Lane was the only candidate put forward for the job and his role will be confirmed by EU leaders at a meeting next month. Read more: European Central Bank leaves interest rates unchanged He [...]
Busting the millennial myth February 11, 2019 | City Talk Last month I was invited to present at a conference in Berlin; I spent a couple of days preparing and got up at 4am to fly over. The speaker before me confidently told the audience that millennials lacked their elders’ work ethic so would drag down productivity and GDP growth. As I took to the [...]
Petrofac faces potential £400m lawsuit following ex-employee’s bribery conviction February 11, 2019 Oil field services company Petrofac is facing a potential £400m lawsuit from angry investors after its shares crashed when one of its former executives pleaded guilty to bribery and corruption charges. The former global head of sales at Petrofac, David Lufkin, pleaded guilty last Thursday to offering corrupt payments in an attempt to secure contracts [...]
Smith & Nephew is today’s biggest FTSE 100 faller on reports of $3bn US deal February 11, 2019 Smith & Nephew was the biggest faller on the FTSE 100 this morning with shares down more than four per cent on reports it is in talks to buy US spine technology Nuvasive in a $3bn (£2.32bn) deal. Shares fell 4.39 per cent to 1,448p today, having closed on Friday at 1,515p. The Financial Times [...]