FOMC minutes: Federal Reserve hints US rate hike in December is looking likely November 18, 2015 Get ready for lift-off. Barring “unanticipated shocks” the Federal Reserve looks set to raise US interest rates for the first time in nearly a decade before the year is out, show the minutes from the central bank’s latest rate-setting meeting in October. Interest rates have been at a record low since 2006, but with US jobs [...]
Silicon Valley and Wall Street eye Square’s IPO price in litmus test for tech unicorns November 18, 2015 It’s the moment of truth for Square, as the mobile payments company is set to price its IPO in a highly-anticipated deal that will act as a litmus test for tech unicorns, showing how close Silicon Valley's tech bubble is to bursting. The official price for the company, which is listing tomorrow, won't be announced [...]
Oil prices: US crude WTI falls below $40 for first time since August November 18, 2015 US benchmark West Texas Intermediate (WTI) plunged below $40 a barrel for the first time since August, as a global supply glut continues to weigh heavily on oil prices. WTI dipped to trade below the $40 a barrel mark in late-afternoon trading, before recouping somewhat to $40.15. This puts WTI at its lowest point since [...]
Private sector workers are optimistic about the next 12 months but public sector employees think they will be worse off November 18, 2015 Brits’ optimism on their finances has risen this month with a strong outlook for private sector workers lifting overall confidence while those in the public sector were more downbeat, according to new survey figures released today. Markit's index for financial wellbeing over the next 12 months increased this month, rising to a score of 50.4 from 49.1 and [...]
NewRiver Retail shares boosted by record 217 per cent jump in profits November 18, 2015 NewRiver Retail said profits leapt by a record 217 per cent in the first half of the year, boosted by a frenzied acquisition spree that saw the retail and pub landlord’s assets under management hit £1bn for the first time. The company, which owns shopping centres including Regents Court in Leamington Spa, reported pre-tax profits [...]
Barclays investors unfazed as bank slapped with $150m forex fine by New York State Department of Financial Services November 18, 2015 Barclays has just been slapped with an additional $150m (£98m) fine for its manipulation of the Forex markets by the New York State Department of Financial Services. The British bank has also agreed to "terminate" its global head of electronic fixed income, currencies and commodities as part of the settlement. The fine owes specifically to misconduct on [...]
Valeant’s “female viagra” pill flops with just 227 prescriptions in first month November 18, 2015 After a turbulent few weeks of allegations relating to its pricing and sales techniques, Canadian pharmaceutical giant Valeant has suffered yet another setback. Its new female libido-enhancing drug Addyi, dubbed the “female viagra”, was prescribed just 227 times during its first month on the US market, according to reports. Valeant was not immediately available to comment [...]
Billionaire Dermot Desmond throws spanner in the works of Ladbrokes’ merger with Coral November 18, 2015 Billionaire financier Dermot Desmond has today thrown a spanner in the works of bookmaker Ladbrokes’ merger with rival Coral by asking other shareholders to vote against the deal and lashing out at the company's management in the process. In a letter to his fellow Ladbrokes owners he said: Shareholders should instruct the Board to properly evaluate [...]
Flood Re secures £1.29bn in first phase of reinsurance tender process, putting it on track to accept first policy in April 2016 November 18, 2015 Flood Re, a reinsurance body aimed at limiting the cost of flood insurance for high-risk households, has secured £1.29bn in phase one of its reinsurance tender process, it was announced today. This figure means the project is on track to secure £2.1bn by early 2016, allowing it to accept its first policy in April 2016. “Flood [...]
Shares in Greek banks hit record lows as investors brace themselves for bank recapitalisation November 18, 2015 Shares in Greece’s biggest banks plummeted today with three of the big four hitting record lows as the country's parliament prepares to pass reforms that will unlock cash for their recapitalisation. Piraeus Bank’s share price is down 16.67 per cent and Alpha bank’s share price is down 4.69 per cent. The National Bank of Greece’s [...]