Asian shares retreat as US-China tensions sour July 24, 2020 Asian shares sunk overnight from six-month highs as tensions between the US and China worsened, following the closure of the US consulate in Chengdu. China announced the closure of the US consulate in Chengdu, just days after Washington told Beijing to close its Houston consulate. Beijing said it notified the US embassy in Beijing and [...]
We can’t tax our way out of the Covid-19 crisis — instead, the chancellor must drive growth July 24, 2020 There has never been a time to my knowledge when, in the run up to a Budget or other fiscal event, the Treasury has not highlighted the pressures on public finances which made the option for significant (or, indeed, any) net tax cuts unwise. Typically, projected shortfalls in the state’s annual budgets have been in [...]
Ovo strikes tech sharing deal with Italian energy giant Eni July 23, 2020 Challenger energy brand Ovo today signed its first international partnership licensing Italian giant Eni gas e luce to use its technology platform. The energy supplier has set its sights on doubling its 10m customer base by 2050, while also transitioning to a zero carbon energy system. Financial details of the new partnership were not disclosed. [...]
Petropavlovsk gold sales surge amid boardroom strife July 23, 2020 Gold miner Petropavlovsk said that total sales had risen 39 per cent in the first half of the year despite an ongoing battle for control of the Russia-focused firm’s board. Shares shot up over 20 per cent on the back of the results, which the firm said was down to the performance of a new [...]
Kibo Energy subsidiary seeks London IPO by end of the year July 23, 2020 Sloane Developments, the UK-based subsidiary of Irish firm Kibo Energy, is seeking a London IPO by the end of the financial year. The company, which will change its name to Mast Energy Developments (MED), is aiming for admission to the London Stock Exchange’s standard list. MED’s IPO is just the second floatation to be announced [...]
FTSE 100 slips as doubts set in about new US stimulus July 22, 2020 The FTSE 100 continued to trade in the red on Wednesday afternoon as US coronavirus cases continued to rise and investors doubted Congress would pass another stimulus bill within two weeks. London’s blue-chip index shed 0.59 per cent by 3pm to 6,232 points. The FTSE 250 edged up 0.15 per cent however. It came after [...]
How badly will the UK unemployment rate spike when furlough ends? July 22, 2020 Chancellor Rishi Sunak’s furlough scheme has so far saved the UK unemployment rate from sharp increases during the coronavirus lockdown, but it is drawing to an end. Consequently job losses are set to spike after furlough concludes in October, according to economists. Currently the government is paying 80 per cent of over 9m British workers’ [...]
‘Euphoria’: Silver price surges and gold nears all-time high July 22, 2020 Silver hit its highest price in seven years and gold surged close to an all-time record as investors bought up the commodities in anticipation of yet more economic stimulus from the world’s biggest economies. Silver rose as much as seven per cent to around $22.80 per ounce in morning trading. However, it then slipped back [...]
Why you should read the small print on alarmist Covid-19 death projections July 22, 2020 Another day, another lurid, headline-grabbing number of deaths to expect from Covid-19. This time, it was a study from the Academy of Medical Sciences. A second wave, we were warned, could kill 120,000 this winter in hospitals alone. To be fair, this study was a projection rather than a forecast. A forecast is what is [...]
Rishi Sunak launches spending review and warns of ‘tough choices’ July 21, 2020 Chancellor Rishi Sunak has warned that “tough choices” will have to be made over government spending from 2021 onwards as he launched a comprehensive review of public sector budgets. The spending review comes as Sunak revises the overall spending plans made in the March Budget to reflect the huge impact coronavirus has had on the [...]