Argentina strikes deal with creditors over $65bn debt in major breakthrough August 4, 2020 Argentina has reached a deal with its largest creditors to restructure $65bn (£50bn) in defaulted sovereign debt, in a major step forward in long-running talks. The South American country’s government hailed the breakthrough, saying in a statement that it will “grant Argentina significant debt relief”. Argentina’s economy has been battered in recent years by high [...]
Government-backed coronavirus lending tops £50bn August 4, 2020 Banks have now lent £50.7bn to companies through the various government-backed coronavirus loan schemes, official figures showed today. By far the biggest programme is the bounce back loans scheme (BBLS), which had seen banks lend out £34.34 to small businesses as of yesterday, the Treasury said. It comes with a 100 per cent government guarantee [...]
No longer superheroes? Twilight of the bonds August 4, 2020 | City Talk Superman not only has the best superpowers – he is also handsome and humble. No-one can outmatch him, except perhaps someone who brings the proverbial gun to a knife fight. In this case, that gun is Kryptonite, Superman’s only known weakness. The substance renders his powers useless. In the investment world, fixed-income instruments have their [...]
Fuel prices rise for second consecutive month as oil price steadies August 4, 2020 The average price of petrol and diesel rose for the second consecutive month in July, adding nearly £2 to a fill up, according to RAC Fuel Watch data. The second consecutive month of price rises means unleaded is now 7p a litre more expensive than it was at the end of May, while diesel is [...]
United Oil and Gas takes over Jamaica field from Tullow August 3, 2020 United Oil and Gas has taken over the running of Jamaica’s Walton Morant oil field from fellow explorer Tullow Oil, it was announced today. This morning, the firm announced that the Jamaican government had given it permission to take forward the reserve on a 100 per cent basis. The deal will give United 18 months [...]
FTSE 100 breaks 6,000 and US stocks rise amid economic optimism August 3, 2020 The FTSE 100 rose sharply, surpassing 6,000 points, as investors looked past rising coronavirus cases and cheered positive economic data. London’s blue-chip index was 2.2 per cent higher in afternoon trading at 6,028 points. The mid-cap FTSE 250 was up 1.2 per cent. Read more: HSBC profit plummets due to coronavirus pandemic On Wall Street, [...]
Working from home costs London hospitality sector £2.3bn, economists say August 3, 2020 The coronavirus pandemic has caused £2.3bn of spending to be lost or displaced in shops, pubs and cafes near London employment hubs, according to new analysis by a think tank. The Centre for Economics and Business Research (Cebr) also estimated that the capital will lose out on roughly £178m a month of spending compared to [...]
UK manufacturing output grows at quickest pace since 2017 August 3, 2020 UK manufacturing output grew at its fastest rate in almost three years in July as the sector continued to grow after it was all but shut down due to coronavirus in April, according to survey data. The IHS Markit/Cips UK manufacturing purchasing managers’ index (PMI) – a gauge of the health of the sector – [...]
Eurozone manufacturing sector returns to growth but worries remain August 3, 2020 The Eurozone manufacturing sector performed better than expected as it returned to growth in July as the currency bloc continued to recover from the spring’s coronavirus crash, survey data showed today. The IHS Markit Eurozone manufacturing purchasing managers’ index (PMI) rose to 51.8 in July from 47.4 in June. It was above a flash estimate [...]
Markets live: FTSE 100 slips and dollar suffers worst month in a decade July 31, 2020 The FTSE 100 fell in early afternoon trading as investors weighed up weak company earnings and the dollar was set for its worst month in a decade as US coronavirus cases continued to rise. London’s premier stock index was down 0.3 per cent at 5,969 points. The FTSE 250 of mid-cap stocks rose 0.4 per [...]