CMC Markets doubles operating income as coronavirus fuels higher trading activity June 11, 2020 Online trading platform CMC Markets has nearly doubled its income, bolstered by the coronavirus-induced selloff in March. CMC’s net operating income jumped a staggering 93 per cent to £252m in the first quarter. While profit before tax grew from £6.3m in the first quarter of 2019 to £98.7m in the same period this year. The [...]
British Gas owner Centrica to cut 5,000 jobs June 11, 2020 British Gas owner Centrica has said that it will cut 5,000 jobs this year as it seeks to restructure its business model after coronavirus. More than half of the cuts, which account for 20 per cent of its workforce, come from managerial positions. Today’s announcement comes on top of 2018’s plans for 4,000 redundancies by [...]
Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
What can the Covid-19 crisis teach us about tackling climate change? June 11, 2020 | City Talk We already know how devastating climate change could be for the planet, so let’s ensure we learn the lessons from the current crisis. Covid-19 caught most of the world’s institutions and governments by surprise, leading to a global health and economic crisis unprecedented in modern times. Few people would disagree with the notion that most [...]
Asian shares lose grip of winning streak on Fed meeting June 11, 2020 Asian shares failed to hold on to their 10-day winning streak today, swinging lower after a glum economic outlook from the US Federal Reserve fuelled fears that it would have to provide further support to an already record high level of stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent, marking [...]
US Federal Reserve keeps interest rates near zero through 2022 June 10, 2020 The US Federal Reserve has said it will not raise near-zero interest rates until at least 2022, as it predicted a decline in growth. Along with the rate decisions, central bankers projected a 6.5 per cent fall in GDP this year and a 9.3 per cent unemployment rate by the end of the year. “The [...]
Oil prices slip as US crude inventories hit record highs June 10, 2020 Global oil prices slipped today after US crude stocks breached all-time highs after an unexpected surge in inventories. According to the Energy Information Administration, crude inventories rose 5.7m barrels in the week to June 5 to 538.1m barrels, the most in history. In response, worldwide standard Brent crude fell 1.2 per cent back to $40.60, [...]
Covid-19 recession will be ‘different’ to others, says BoE’s Andrew Bailey June 10, 2020 The recession triggered by the coronavirus pandemic will be “different” to others, but some early signs of recovery are already apparent, Bank of England governor Andrew Bailey said. Speaking at a panel discussion today, Bailey said he could already see some signs of economic recovery as lockdown restrictions are lifted in the UK, but warned [...]
Goldman Sachs generates over $1bn after oil price collapse June 10, 2020 Goldman Sachs’ commodities business reportedly generated more than $1bn in revenue this year after the collapse in oil prices in April. The unit benefited from the turbulent market and generated more than $1bn to May, its best start in a decade, according to Bloomberg. Most of the boost reportedly came from oil trading overseen by [...]
ECB may expand bond buying in future but no need yet, says board member June 10, 2020 The European Central Bank (ECB) may expand its crisis-fighting toolkit in the future but is not planning to do so imminently, a board member said, playing down the possibility of the central bank buying bonds issued by banks or by junk-rated companies. The ECB last week boosted its Pandemic Emergency Purchase Programme to €1.35 trillion [...]