Lancashire Holdings share price drops as company reveals a fall in profits and chairman of nine years Martin Thomas announces departure February 18, 2016 Share price in Lancashire Holdings dropped as the chairman announced his departure and the company revealed a fall in profits today. The insurer reported profit before tax for the year ended December 2015 of $171.7m (£119.4m), down from $226.5m for the year ended December 2014, while gross premiums written dropped to $641.1m, compared with $907.6m [...]
FTSE 100 index drops below 6,000 mark as share prices in Anglo American, Shell and pharmaceuticals fall February 18, 2016 The FTSE 100 index traded lower in afternoon trading as investors continue to look to Brussels, where Prime Minister David Cameron hopes to make a deal with the rest of the European Council on his draft reforms. The UK's blue chip index traded 0.84 per cent down at 5,979 points. "Worried British investors have half an eye [...]
European Central Bank policy makers divided on further easing as one suggests allowing inflation to overshoot February 18, 2016 Rate setters at the European Central Bank were divided in their last meeting as to how they should respond to financial market turbulence and increased risks to growth. Some members thought acting preemptively to mitigate rising risks to growth and inflation would be appropriate while others warned against it. One member even suggested that the [...]
Moody’s gets gloomier on global economic growth as it warns of rising risks February 18, 2016 Risks to the global economy have increased, with growth in the US, Eurozone and China looking more precarious, a major credit ratings agency has said today. A steep drop in global share prices since the start of the year makes disappointing growth in the US more likely, Moody’s said. It believes the US economy will expand 2.3 [...]
Ukraine vows to “vigorously” defend itself after Russia takes it to London court over unpaid €3bn bond February 18, 2016 Ukraine has vowed to vigorously defend its interests as it gears up for a London legal battle with Russia over unpaid debt. Ukraine failed to repay a €3bn (£2.3bn) loan in December. The country argues it cannot repay the loan as it would favour Russia over other investors – Russia did not take part in a [...]
Morrisons takes £30m swipe at supermarket rival Asda…by improving staff tea areas February 18, 2016 The gloves have come off in the latest supermarket fight. Morrisons has announced it will splash out £30m on improving staff rest areas – at a time when it says Asda is doing the exact opposite. The retailer said the four year makeover will see dated decor and furniture thrown out and replaced with new [...]
OECD cuts UK growth forecast to 2.1 per cent as it warns “urgent” policy changes are needed to increase global growth February 18, 2016 One of the world's most influential economic think tanks has slashed the UK's growth by 0.3 percentage points, as it warned an "urgent" change to are needed from policymakers to push up global growth. The organisation said it expected UK growth to reach 2.1 per cent this year, compared with 2.4 per cent it previously expected, [...]
UK house prices: Mortgage lending has strongest start to the year since 2008 February 18, 2016 Mortgage lending had its strongest start to the year for eight years, according to figures released this morning. Gross mortgage lending hit £17.9bn in January, 21 per cent higher than the same month last year, the Council of Mortgage Lenders said. It is the largest amount of mortgage lending conducted in January since 2008 when £25.2bn [...]
Oil price rises again as Brent crude climbs – but Tullow Oil share price is hit February 18, 2016 Oil prices climbed again in early trading today, after Iran "welcomed" (but made no commitments to) a deal between Russia and Saudi Arabia to keep a lid on production. Brent crude climbed to $34.44 per barrel today, while WTI crude, the US benchmark, rose to $31.14. That puts Brent crude just shy of 25 per [...]
Vodafone launches £2.9bn convertible bond issue February 18, 2016 Fresh from its merger with Dutch telecoms giant Liberty, Vodafone has unveiled plans to raise £2.9bn through mandatory convertible bonds. In a statement this morning, the company said it will issue its bonds in two tranches – one with a maturity of 18 months, another with a three-year maturity. Their returns are expected to be between 1.2 [...]