“Fantastic Four” prepare to face off against the tax avoiders in new multinational initiative – so we don’t have to April 19, 2016 Four of the world’s foremost international bodies are to team up to launch a fresh fight against tax avoidance in the wake of the Panama Papers. The revelations have claimed the scalp of one global leader so far, embroiled hundreds of others and left a trail of metaphorical destruction in their path. Now, the multinational [...]
Ashmore’s share price climbs as it stems outflows on improved emerging market confidence April 19, 2016 Ashmore Group has posted outflows of $1.1bn (£764m) in the three months to the end of March, making it the emerging market focused asset manager's seventh consecutive quarter of net outflows. Assets under management rose by $1.9bn to $51.3bn, beating analyst expectations. This time last year the manager was looking after assets totalling $61.1bn, however. Ashmore's blended debt, external debt, corporate debt, [...]
Why has business confidence fallen to its lowest level since 2012? Brexit, of course April 19, 2016 The Association of Chartered Certified Accountants (ACCA) has become the latest organisation to warn that the prospect of Brexit has put UK businesses on the back foot, in a new report out this morning. In its global economic outlook, ACCA said that confidence among UK businesses sank from minus 5.7 at the end of 2015 [...]
Next chief executive Lord Wolfson’s bonus halved last year as retailer fails to meet top earnings target April 19, 2016 Next chief executive Lord Wolfson's bonus fell to half the amount received the previous year after the retailer failed to meet its top earnings target. The Tory peer, who has been at the helm of the company for the past 15 years, was paid £4.76m in cash and shares last year, including a £503,000 bonus. Although that was still higher [...]
Brexit and China fears weigh on German investors as confidence edges back up April 19, 2016 German investors are feeling a little more cheerful than they were this time last month, according to the Centre for European Economic Research (ZEW) indicator of economic sentiment, which climbed for the second month in a row. The barometer, widely watched by financial markets, came in at a reading of 11.2, up from 4.3 in March, where [...]
What to expect Mark Carney to be grilled about by the House of Lords today – from Brexit to current account, inflation and Panama Papers April 19, 2016 The most watched man in Threadneedle Street will trundle over to SW1 today to face his annual grilling from the House of Lords Economic Affairs Committee. That’s right, the governor of the Bank of England, Mark Carney, will be up against 13 of the Lords’ sharpest minds, all desperate to peer into the soul of [...]
Lending standards dip in the Eurozone as banks open up their coffers in response to the European Central Bank’s negative interest rates April 19, 2016 Businesses across the Eurozone are finding it easier to secure bank loans, according to the European Central Bank (ECB)’s quarterly lending survey, released this morning, which also shows that negative interest rates are encouraging banks to lend more. Banks across the single currency bloc said they were loosening their standards for businesses applying for loans [...]
The FTSE 100 just hit a 2016 high April 19, 2016 Is this a sign stock market volatility has begun to ebb? The FTSE 100 hit its highest level in 2016 this morning, as a strike in Kuwait continued to do what this weekend's Opec summit in Doha couldn't: push oil prices up. The FTSE rose 0.5 per cent to 6,382 points in the first half-hour of trading, [...]
Oil continues its mighty ascent as Kuwait strike helps shake off Doha disappointment April 19, 2016 Oil is proving to be not so slippery after all this week, as the benchmark commodity extended yesterday’s gains to climb even further above $40 (£27.90) a barrel this morning. Brent Crude is now trading at $43.26, up 0.82 per cent and back to levels seen last Friday before the weekend’s shenanigans in Doha, where the [...]
IBM revenue drops for 16th consecutive quarter but beats expectations April 18, 2016 While software giant IBM 's revenue fell for the 16th consecutive quarter, its results beat analysts' expectations. The New York-based firm's operating earnings per share fell 19 per cent to $2.35 in the three months ended 31 March, but this still beat analysts' estimates for $2.09. The company's shares slumped slightly in early after-hours trading. Read more: Software giant IBM posts [...]