Brent crude and WTI: Oil price drop after Doha cushioned by Kuwaiti strikes April 18, 2016 The sharp drop in oil prices following the collapse of talks in Doha was cushioned by a Kuwaiti oil industry strike today. Brent crude, the global benchmark, tumbled more than seven per cent in early trading after oil majors, Opec (the Organisation of Petroleum Exporting Countries) and Russia failed to agree on a plan to freeze [...]
Citigroup says commodities rout is finally over April 18, 2016 Citigroup has called an end to the commodities rout which has sent shockwaves through the global economy, and pummelled the balance sheets of mining giants. "There is growing evidence that virtually all commodities have stared at a price bottom and are groping for a return to normal," Citigroup analysts wrote in a note received today. [...]
Online retail sales growth rate doubles in first quarter as shoppers ditch surfing on their tablets for smartphones April 18, 2016 Online retailers have enjoyed a strong start to the year after shoppers splurged almost twice as much on their sites as they did during the same period last year. The latest figures from industry analysts IMRG and Capgemini yesterday showed online sales, excluding travel, grew by 15 per cent in the first quarter compared with [...]
Brazil’s economic woes won’t end with Rousseff April 18, 2016 Brazil's stock market, the Bovespa, remained relatively unchanged in early trading, despite expectations it would rally following Sunday's congressional vote to impeach beleaguered president Dilma Rousseff. The surprise reaction may have signalled a balancing out of two conflicting influences affecting the oil-dependent country. News of Rousseff's impeachment had been expected to buoy markets, but the [...]
At the close: FTSE 100 closes flat after regaining ground from early losses, oil price pulls back after failed Doha talks April 18, 2016 UK equities closed slightly higher today, regaining ground from losses at the open. A late recovery in the oil price and metals gave a boost to commodity stocks. The blue-chip FTSE 100 index finished 0.2 per cent higher at 6,353.52 points, bouncing from a low of 6,261.71 shortly after the open as investors feared equity would follow [...]
Paint by numbers: Conran paint company launches £5m mini-bond through crowdfunding April 18, 2016 Master Paintmakers (MPL), the company behind design veteran Sir Terence Conran's eponymous paint brand, is to raise up to £5m using crowdfunding platform Karadoo. The 124-year old paint maker has launched a mini-bond through the site, offering investors an annual dividend of six per cent over five years, as well as an online discount on its paints. It will use the funds to help expand its range [...]
Argentina barrels back into the global bond market with plans to sell up to $15bn worth of debt April 18, 2016 Argentina, South America's third largest economy, has announced a multi-tranche bond sale worth between $10bn and $15bn (£10.5bn) as it looks to put to bed a long-running battle with investors following its $100bn default in 2001. It will be the country's first new bond in 15 years. President Mauricio Macri, who took office in December last [...]
BHP Billiton boss warns Brexit will plunge UK into “lost decade” April 18, 2016 Struggling miner BHP Billiton's chief executive, Andrew MacKenzie, will warn Britain risks plunging into a lost decade if it votes to leave the EU. MacKenzie, who has stints at commodities giants BP and Rio Tinto under his belt, will say a Brexit could spark 10 years of complex negotiations, ending in a deal which would actually leave Britain worse off. Read more: How Brexit would affect the UK's business [...]
Successive governments accused of being “wildly reckless” as report finds public sector pensions and unpaid student loans add up to create £1.85 trillion liabilities “timebomb” April 18, 2016 Successive governments have been accused of being "wildly reckless" as new research today warned state liabilities add up to a £1.85 trillion "timebomb". The UK national liability figure, compiling "debts waiting to happen", brings the nation's total debt to £3.45 trillion, according to the Adam Smith Institute. The report warned the liability, which includes £1.3 trillion in public [...]
Lidl steps up expansion with plans for giant distribution hub in Devon, creating 500 jobs April 18, 2016 Lidl has revealed plans to build a new distribution centre in Devon, as the fast-growing discounter presses ahead with its expansion in the south west of England. The supermarket chain bought the site in Clyst Honiton near Exeter airport in February from Sainsbury’s after the rival chain aborted its own plans for a depot. Read [...]