Boris Johnson’s Article 50 comments send sterling sliding September 23, 2016 Sterling has drifted against the euro and the dollar today, as currency analysts blamed foreign secretary Boris Johnson for spilling the beans on the government's latest Brexit plans. The pound was down 0.9 per cent against the US dollar at $1.2961 at lunchtime, below the crucial $1.30 mark which the currency has settled around in recent weeks. [...]
Anglo American nabs new finance director from Fortescue Metals September 23, 2016 Anglo American said today it has nabbed its new finance director from Australian rival Fortescue Metals. Stephen Pearce will join the miner as finance director next year, replacing current finance director René Médori, who announced his decision to retire in April. Pearce will join Anglo's management committee on 30 January, before joining the board and taking over as finance director with effect [...]
Shell’s North Sea assets eyed by Maersk Oil ahead of split September 23, 2016 Maersk is reportedly in talks to buy Royal Dutch Shell's portfolio of North Sea assets as the Copenhagen-based shipping giant mulls splitting itself in two. The conglomerate said yesterday it will split its energy and transport divisions, enabling them to focus on their respective markets. The former has suffered amid a two-year oil price rout, while transport [...]
Eurozone growth hits slowest pace since 2014 September 23, 2016 Economic growth in the Eurozone is crawling along at its slowest pace since the end of 2014, a leading economic indicator has shown. The closely-watched purchasing managers' index (PMI) for activity across the 19-member bloc has dipped to its lowest level in 20 months, raising yet more concerns about sluggish growth on the continent. On an index [...]
France set to bounce back from second quarter economic contraction September 23, 2016 The French economy contracted in the second quarter of the year, new figures have revealed, though a strong bounceback should help the economy avoid a recession. The size of the economy shrunk 0.1 per cent between April and June, French stats body Insee declared this morning. That was worse than earlier estimates, which suggested the economy flat-lined [...]
City finance jobs tumble after Brexit vote September 23, 2016 Job openings in the City dried up over the summer as finance firms put hiring on hold while they assess the damage of the UK's vote to leave the EU, according to new research. The number of advertised vacancies in financial services dropped by 13.6 per cent in the capital in July and August, according [...]
Far from finding it difficult to strike trade deals post-Brexit, the UK is in a prime position. Here’s why September 23, 2016 In the weeks since the referendum there has been much gnashing of the teeth over the UK’s future trade relationship with both the EU and the rest of the world. Much of the negativity expressed by commentators is exaggerated or misguided. The UK remains in a strong position, and can in fact prosper under existing [...]
City hopeful of IPO recovery, but figures highlight 2016 struggles September 22, 2016 The City is feeling increasingly optimistic about the London flotation market, with Hollywood Bowl listing this week and other high-profile companies expected to follow. But, with EU referendum and then Brexit vote uncertainty, 2016 has been a slow year. Read more: Hollywood Bowl float set to kick off strong period for London IPO market Dealogic figures [...]
China told to combat debt problem or face banking crisis September 22, 2016 Ratings agency Fitch has added its voice to mounting concerns about financial instability in the Chinese economy. Hot off the back of a Bank for International Settlements (BIS) report which suggested the banking system was crippling under the most excessive credit burden faced by any country in the world, Fitch has told the Chinese authorities [...]
Mario Draghi tells banks to stop complaining about negative interest rates September 22, 2016 Mario Draghi has issued a robust defence of his negative interest policy in a conference designed to address threats to financial stability across the Eurozone. The era of ultra-low interest rates has been cited as one reason for the woes of banking sectors across the world, since lower rates squeeze the profits of financial institutions [...]