Oil falls back from 2016 highs as Opec ramps up production in April May 2, 2016 Global oil prices lost ground today after data from the Organization of the Petroleum Exporting Countries (Opec) showed production continued to climb. At the end of last week oil closed its biggest monthly gain in seven years as the weak dollar and falling US production helped offset concerns. Opec data, seen by Reuters, revealed that in [...]
Before the bell: What you need to know before the US market open May 2, 2016 US stock futures are edging higher (S&P up 0.3 per cent, Nasdaq up 0.2 per cent, and Dow up 0.2 per cent), while in Europe equities were rising on the bourses that opened for business on May Day. The UK market is closed along with China and Hong Kong. Big export stocks are leading the pack in Europe but in [...]
Gold prices surge as weak dollar pushes precious metal above $1,300 May 2, 2016 Gold prices reached a 15-month high today as concerns around the strength of the US dollar and general volatility in the currency markets pushed up the price of the safe haven asset. The price of an ounce of gold broke through the $1,300 (£888) mark for the first time since January 2015 on Monday morning – [...]
Latest PMI survey suggests Eurozone’s manufacturers are not feeling the economic recovery May 2, 2016 Europe's manufacturing industry struggled for momentum last month, as the purchasing managers' index (PMI), which measures output in the sector, remained weak despite strong economic growth during the first quarter of the year. The PMI – where scores above 50 indicate expansion – came in at 51.7, a slight increase on March's score of 51.6, though one [...]
Tech entrepreneurs aim higher than alternative investment market despite increasing investor demand May 2, 2016 Technology companies are aiming away from the London Stock Exchange's alternative investment market (Aim) despite strong demand from investors, new research suggests. Less than a quarter of UK technology entrepreneurs are planning to use Aim as an exit strategy, according to research from law firm Nabarro out today. Although 82 per cent of tech entrepreneurs [...]
BHS was “crashed into a cliff” says top Labour MP and BIS committee chair May 2, 2016 BHS was "crashed into a cliff" by its owners, the chairman of the Business, Innovation and Skills (BIS) Committee, Iain Wright told the BBC this morning. Wright said the troubled retailer, which was placed into administration a week ago, was sold to "tried and untested people", referring to Retail Acquisitions, the consortium which bought BHS for £1 from [...]
Italy’s banking crisis deepens as failed capital offering sends stocks plunging across the industry May 2, 2016 The Italian banking sector took yet another blow over the weekend as one of its lenders failed to raise extra capital from shareholders causing stocks to plunge on Monday morning. Private sector investors agreed to buy just 7.7 per cent of the €1.5bn (£1.18bn) capital offering from Banca Popolare di Vicenza, which had been told by the European Central [...]
Do you live in these areas paying the most income tax in Britain? May 2, 2016 Residents of Elmbridge in Surrey, dubbed the Beverly Hills of Britain, are paying more income tax than any spot in the country, new research reveals. Home to high profile celebrities such as Elton John and sports star Andy Murray, those living in the area are paying £17,800 in income tax each year, on average, and five [...]
Clocks in Venezuela go forward to save electricity May 1, 2016 The electricity crisis in Venezuela is going from bad to worse. The country lost half an hour of sleep on Sunday as clocks moved forward to save power. The time change was ordered by President Nicolas Maduro, as the government implements a series of measures to help deal with the electricity shortage and deep economic crisis. The [...]
Time Out magazine plots flotation to value company at £200m April 30, 2016 Magazine publisher Time Out is planning a flotation on the London Stock Exchange. The listing, planned for June on the alternative investment market, would value the company at more than £200m. Oakley Capital, Time Out's controlling shareholder since 2011, has confirmed “it has commenced a process of review of the investment in Time Out”. Read more: Saudi [...]