UK debt to soar to financial crisis levels over next five years November 13, 2018 UK debt could rise to £6.7 trillion by 2023, from £5.1 trillion in 2017, according to new research. The UK’s debt as a percentage of gross domestic product (GDP) is predicted to rise to nearly 260 per cent of GDP, a level not seen since the financial crisis. The debt increase is expected to largely [...]
Apple loses $50bn in market valuation as fears grow of slowing iPhone sales November 12, 2018 Apple's shares fell five percent tonight after a major supplier cut its financial outlook, leading to fears demand for the iPhone has plateaued. The fall slashed $50bn (£38.9bn) from Apple’s market valuation with shares falling $20.30 to $194.17. The losses mean Apple’s market capitalisation has fallen $190bn since October, more than the entire market value [...]
Fishing Republic on the hook as it tries to land extra finance November 12, 2018 Angling retailer Fishing Republic warned today its future is uncertain as it works to raise extra finance. The Aim-listed business said there was “material uncertainty regarding the group’s financial position” and said “the group continues to trade only with the short-term support of key creditors”. Shares in the group were suspended on 16 October after [...]
Saudi Aramco boss says listing will take place within three years November 12, 2018 The boss of Saudi Arabia’s national oil company Saudi Aramco said today that its long-awaited float was still in the pipeline. Chief executive Amin Nasser said the initial public offering (IPO) would “certainly” happen when conditions are right. Speaking in Abu Dhabi, Nasser said crown prince Mohammed Bin Salman and energy minister Khalid al-Falih were [...]
Euro falls ahead of crunch deadline over Italy’s budget plan November 12, 2018 The euro has fallen ahead of a crunch deadline for Italy to revise its rejected budget plan. Italy's finance minister Giovanni Tria is reportedly set to revise the budget's growth forecast to reach a compromise with the European Commission. But the currency has dropped 0.6 per cent against the dollar to $1.126, led by a [...]
Pound falls to 11-day low on uncertainty over Brexit deal November 12, 2018 The pound was hit by fears over Brexit this morning, as it dropped almost one per cent against the dollar to an 11-day low. The currency slumped by 0.94 per cent to $1.285 in the early morning, after a three-week high of $1.316 last Wednesday. Sterling took a hit on Friday after transport minister Jo [...]
Rio Tinto shares soar after $2.1bn share buyback completed November 12, 2018 Rio Tinto shares have soared this morning after the miner completed a $2.1bn (£1.62bn) buyback and finalised the $576m sale of land in British Columbia. The miner said it completed its off-market buyback of 41.2m shares in its Australian division Rio Tinto Ltd at a discount of 14 per cent to the market price – [...]
Oil prices rebound as Saudi Arabia pledges to cut production by 500,000 barrels per day November 12, 2018 Saudi Arabia has pledged to cut oil production in December, sending oil prices surging this morning. Energy minister Khalid al-Falih said the kingdom would reduce oil supply to global markets by 500,000 barrels per day in December compared with November. Brent crude oil rose more than two per cent to $71.69 per barrel, having sunk [...]
DEBATE: Bitcoin volatility has been falling recently – is this a good sign for the crypto craze? November 12, 2018 Bitcoin volatility has been falling recently – is this a good sign for the crypto craze? George Zarya, chief executive at BeQuant, says YES. The cooling of the crypto market is a hugely positive sign and not at all unsurprising. It is common to see immature markets and asset classes experience high levels of volatility at [...]
The Conservatives must not be afraid to stand up for free markets November 12, 2018 Today’s younger voters were born after the Berlin Wall had fallen and the battle of ideas over economics and the role of the state had been won for a generation. Since then, the world has changed. The Labour party has fallen under the control of people who do not believe in markets, free enterprise, or business. [...]