Old Mutual nearing US sale to pave way for UK business flotation May 24, 2016 Old Mutual is close to selling its US asset management business, paving the way for an initial public offering (IPO) of its UK wealth management arm. The group’s board has reportedly endorsed a deal that would see Affiliated Managers Group acquire the US business, OM Asset Management (OMAM). Read more: Six reasons this Old Mutual spin off might [...]
At the close: Traders looking up on bumper day for the FTSE 100 May 24, 2016 The markets were up today, the pound was up today and oil was up today, as buyers outnumbered sellers across the board. The FTSE 100 closed up 1.4 per cent at 6,219.26, with greens dominating screens, defying logic as economic data pointed to a looming US rate rise and UK public sector finances disappointed. Tesco was the [...]
US new home sales figures lay foundations for June rate hike May 24, 2016 Sales of new homes in the United States jumped to their highest level since before the crisis, as the US economy picks up momentum in the second quarter. The number of newly-built homes sold – on an annual basis – hit 619,000, a jump of 16.6 per cent on last month and around 100,000 ahead of [...]
The price of gold has just melted as rate rise expectations soared May 24, 2016 It's been anything but mellow yellow in the last few months, but today the price of gold skidded lower as investors showed their nerves over a potential US rate rise in the next few weeks. Yep – having hovered near a 15-month high just a few weeks ago, today gold fell 1.4 per cent to $1,233 [...]
Long day and night ahead for Eurozone ministers as they discuss Greek debt crisis May 24, 2016 One of the key players in the latest Greek bailout talks has warned there is a long way to go to strike a deal to unlock another €11bn (£8.4bn) of loans. The Slovakian finance minister, Peter Kazimir, said talks currently underway in Brussels between the Eurozone finance ministers could last all night, pointing to a host of [...]
The income gap between the richest and poorest Britons remained stubbornly wide last year May 24, 2016 The income inequality gap stayed pretty much flat in 2015, according to data released today by the Office for National Statistics – despite reports suggesting inequality has fallen in recent years. Once the impact of taxes and benefits were taken into account, any changes in the inequality gap were negligible, despite a slight narrowing in gross average incomes. [...]
Think tank warns lower levels of immigration will mean higher taxes May 24, 2016 A post-Brexit fall in migration would hit growth across the UK and result in higher taxes for UK citizens, according to a new think tank report. If net migration from the European Union were to drop – as it might should the UK vote to leave the European Union – the National Institute of Economic [...]
Before the bell: What you need to know before the US market open May 24, 2016 China is trying to smooth US trade ties after threats of a tax hike on imports from Republican presidential nominee Donald Trump and the European Commission could decide today whether to allow ABInBev to buy SABMiller. Here's what you need to know before the open at 2:30pm London time. In the pre-market futures are pointing up. The [...]
Brent crude and WTI: Oil falls for fifth day in a row to hover around $48 May 24, 2016 Oil prices fell for the fifth day in a row to hover around the $48 per barrel mark today. Brent crude, the global benchmark, fell 0.4 per cent to $48.2 per barrel this afternoon. West Texas Intermediate crude, the US benchmark, also slumped 0.3 per cent to $48. Read more: Canada's oil heartland has some evacuation orders [...]
Mark Carney and George Osborne have been asked to reveal the details of their Brexit discussions May 24, 2016 Mark Carney has come under pressure to reveal details of his meetings with George Osborne in the run-up to the EU referendum. Jacob Rees-Mogg, the Conservative MP who sits on the Treasury Select Committee (TSC), asked the governor of the Bank of England whether he had notes, documents or minutes from his conversations with the [...]