Irish oil explorer Providence Resources shares to restart trading as it eyes $74m rights issue June 21, 2016 Providence Resources is seeking to raise more than twice its market cap, and the Irish oil and gas explorer has also applied for its shares to restart trading tomorrow morning. The firm wants to raise $74m (£50.5m) from a rights issue to new and existing investors, more than two times its market cap of £19.26m. The cash [...]
At the close: Calm before the storm for FTSE 100 and sterling June 21, 2016 Referendum news was – unsurprisingly – talk of the town today, though there was no repeat of the violent volatility witnessed on the financial markets in recent days. The FTSE 100 extended its winning run, shaking off losses at the start of the session to close up 0.4 per cent at 6,226. Meanwhile, after a [...]
US Federal Reserve chair Janet Yellen says Brexit is delaying prospects for US rate hike June 21, 2016 Janet Yellen has reiterated her view that the US Federal Reserve will move slowly and steadily when it comes to raising interest rates, citing fears over the UK’s EU referendum as one potential drag on the US economy. In her appearance before the Senate Banking Committee this afternoon, the Fed chair pointed to “considerable uncertainty about [...]
Banks reject offer to snap up Threadneedle Street’s pre-referendum emergency cash June 21, 2016 UK lenders have shunned the latest offer from the Bank of England for emergency liquidity ahead of the EU referendum, just two days before voters head to the polls. In the second of the Bank's extraordinary auctions of short-term financing, where banks can swap assets for cash, only £370m was taken up by City institutions – the [...]
Going for gold: Transactions for bullion soar ahead of Brexit vote June 21, 2016 The flight to safe havens ahead of the EU referendum has led to a surge in transactions for gold bullion as the 23 June approaches. According to the Royal Mint there has been a 32 per cent jump in the number of transactions compared to last month, as sharp volatility on the stock markets and [...]
EU referendum: Sterling hits five-month high against the dollar June 21, 2016 The pound has soared to its highest level against the dollar since David Cameron set the date for the EU referendum, as Brexit fears eased and banks shunned the offer of emergency cash from the Bank of England. Sterling hit a high of $1.4783 this morning – well up on the lows of $1.41 plumbed [...]
George Osborne accused of ignoring the deficit as government borrowing remains high June 21, 2016 The government's cash shortfall edged down slightly in May, though not enough to put a significant dent in its still-hefty budget deficit. Public sector net borrowing – the amount the government has to borrow to cover the difference between its income and spending – was £9.7bn in May, four per cent down on the same [...]
EU referendum: Brexit fallout could be as bad as Lehman Brothers collapse according to financial markets June 21, 2016 Financial markets are pricing in a fallout on the scale of the Lehman Brothers collapse if the UK votes to leave the European Union, researchers have said, after the FTSE 100 and sterling soared following growing support for the Remain camp. Analysts at Oxford Economics said market behaviour over the last few weeks in response the the swinging [...]
George Soros warns Brexit would be worse than Black Wednesday June 21, 2016 Star investor George Soros has said there will be "serious consequences" for the UK economy if the country votes to leave the EU this week. Soros warned sterling would "decline precipitously" if the Vote Leave campaign triumphs in the EU referendum and said Brexit would be even more destructive than Black Wednesday in 1992, when Britain left the [...]
London needs to up its quality of life to compete internationally June 21, 2016 Londoners interact with different elements of the city, and seemingly different centuries, on a daily basis. On one hand, London is the tech capital of Europe. Since 2010, the number of digital businesses in east London's Tech City alone has soared from 250 to over 3,000 according to Gerard Grech, chief exec of Tech City [...]