Ferrari share price rises on George Soros stake disclosure February 17, 2016 Shares in Ferrari have gone into overdrive, rising more than five per cent after it was revealed George Soros owns a stake in the luxury car maker. The billionaire's fund disclosed a €28m (£21.8m) stake which places him among Ferrari's top 10 shareholders, according to Bloomberg analysis. The biggest shareholders in Ferrari are the Agnelli family and Piero Ferrari, the [...]
Morgan Stanley: Negative interest rates are a dangerous experiment that will hit bank lending February 17, 2016 Negative interest rates are a “dangerous experiment” that will punish banks and cause lending to contract, Morgan Stanley has warned today. Analysts at the investment bank warned the pressure on lending margins could make borrowing more expensive. "With rates set to remain lower for longer, margin pressure is set to be one of the biggest [...]
Economic think tank calls for Openreach to be carved out from BT as Ofcom deadline looms February 17, 2016 BT faces fresh calls for its broadband infrastructure arm Openreach to be hived off today, after economists at the Centre for Policy Studies (CPS) found the UK is falling behind international competitors. The CPS also has warned Britain's current broadband infrastructure market appears anti-competitive and Ofcom should refer the issue to the Competition and Markets Authority [...]
Arla Foods claims robust performance despite milk price woes February 17, 2016 Arla Foods said full-year revenue declined by 3.3 per cent following a tough year for the industry, as increased milk supply in Europe combined with China’s slowdown in demand sent global prices tumbling. The Danish-based dairy giant behind brands including Lurpak, Castello and Arla, said total revenue dropped to €10.3bn (£3.73bn) in 2015, which Arla described as "robust" given the difficult market [...]
Eurozone construction falls one per cent over 2015 February 17, 2016 Construction activity in the Eurozone fell sharply in December, confirming the sector shrank over 2015. Output in the construction sector dropped 0.6 per cent from November to December, according to figures released this morning by Eurostat, the statistical office of the EU. The amount of construction undertaken in the Eurozone throughout 2015 was one per cent lower [...]
Glencore share prices rises as it launches refinancing of $8.45bn loan February 17, 2016 Shares in commodities miner and trader Glencore soared to the top of the FTSE 100 today, after it announced a refinancing deal to replace its $8.45bn one-year revolving credit facility that it initially signed in May 2015. In this initial pre-syndication phase, the company said it's received commitments from senior banks for $8.4bn, representing an increase from [...]
US recession risks are rising, so where does that leave the Federal Reserve? February 17, 2016 Since the Federal Reserve in the United States raised interest rates in December (albeit by a very modest 0.25 per cent), concerns have been mounting that the momentum of the US economy is fading, and that the US is in fact facing recession in 2016. What is clear from recent data releases is that the [...]
London house prices: Chelsea garage sells at auction for £360,000 – the price of a three-bedroom flat in Camberwell February 17, 2016 It's cosy and well-located – but doesn't come with a lot of natural light. Still, such is the madness for property in London that a 146 sq ft garage in Chelsea has just sold at auction for £360,000 – just shy of the price of a three-bedroom flat in Camberwell. The garage, just off Brompton Road, [...]
FTSE 100 index trades higher ahead of Federal Reserve minutes and UK employment and wage data as Glencore, Anglo American, Rolls-Royce and tourism companies share prices rise February 17, 2016 The FTSE 100 index traded higher this morning as all eyes turn to UK employment and wage data, as well as the latest Federal Reserve minutes. The UK's blue-chip index rose 1.27 per cent to 5,936 points in mid-morning trade, led higher by Glencore, Anglo American and Rolls-Royce despite the price of oil falling back slightly. "Despite yesterday’s slide [...]
Oil production freeze deal: All eyes of Iran as Opec members try for its participation February 17, 2016 International attention will fall on Iran today, as Opec members try to secure its participation in what will be the first global oil deal in 15 years, potentially by offering its special terms. Today’s outcome is crucial because Saudi Arabia and Russia have said that the agreement to freeze production at January levels is contingent [...]