Transglobe Energy reports loss as oil turmoil continues March 12, 2020 Transglobe Energy was the latest company to post a difficult set of results today as turmoil on the world oil market continues. The Canadian company, which also has extensive operations in Egypt, reported a net loss of $4m (£3.1m) for 2019 swinging from a $15m profit in 2018. That included a $7.9m non-cash impairment loss [...]
ECB stimulus measures underwhelms investors disappointed by lack of rate cut March 12, 2020 The European Central Bank has unveiled a fresh stimulus package to help fight the economic impact of the coronavirus pandemic , but markets were left dismayed as the ECB unexpectedly stopped short of an interest rate cut. With millions of European citizens under lockdown and equities across the continent in freefall, the ECB had come [...]
US stocks regain some ground after Fed pumps trillions into markets March 12, 2020 US stocks pared some of their losses in afternoon trading after the New York Federal Reserve said it would pump more than a trillion dollars into the short-term funding markets. Stocks crashed in early trading after President Donald Trump banned all travel to and from Europe in an effort to contain coronavirus, with the falls [...]
Coronavirus: Sterling plunges as investors flock to dollar safe haven March 12, 2020 Sterling has plunged to its lowest level against the US dollar (GBP/USD) since October last year on the back of global coronavirus-related uncertainty. The pound crashed as low as 2.36 per cent against the dollar today to fall to just $1.2517, as traders flocked to the greenback. By 5.35pm it stood 1.63 per cent down [...]
FTSE 100 crashes 10.9 per cent in worst one-day fall since 1987 March 12, 2020 The FTSE 100 suffered its second biggest one day fall in the history of the index, and the worst day since 1987, as it closed down 10.87 per cent. London’s blue-chip index plunged 639 points to close at 5,237 points, as global stocks suffered yet another meltdown after Donald Trump imposed a travel ban on [...]
Burford Capital delays its results blaming coronavirus disruption March 12, 2020 Burford Capital today said it was delaying its financial results after disruption from the coronavirus outbreak. The litigation funder said it had closed its New York office and was delaying its results by two-to-three weeks because of the disruption. Burford said two of its finance staff, who are mainly based in its New York office, [...]
Oil giants slump as Trump EU travel ban makes COVID-19 and price war effect worse March 12, 2020 Oil company shares have sunk today after the Brent crude price sunk below $34 a barrel, as the market absorbs news of President Trump’s travel ban. Shares in BP have fallen 11.18 per cent to 280p and those of Shell are also down 11.15 per cent at 1,165p. Tullow oil and TransGlobe Energy released results [...]
2020 Budget: ‘Borrowing to skyrocket’ despite £7bn tax bill March 12, 2020 Chancellor Rishi Sunak is unlikely to be able to deliver the huge spending growth he promised in his 2020 Budget given that his pledges were not supported by tax increases, Britain’s top fiscal think tank has said. Sunak yesterday unveiled the biggest Budget since 1992 as he seeks to tackle the fallout from coronavirus and [...]
Bank of England weighs pros and cons of central bank digital currencies March 12, 2020 The Bank of England has asked for people’s views on the creation of a central bank digital currency (CBDC) as it weighs the pros and cons of launching its own. Governor Mark Carney said in a discussion paper published today that although “the creation of a CBDC poses a number of opportunities, it could raise [...]
Budget 2020: Growth forecasts ‘incredibly grim and far too optimistic’ March 12, 2020 The forecasts produced yesterday by the UK’s Budget watchdog managed to be both “incredibly grim and far too optimistic,” according to a leading think tank. The Resolution Foundation warned that the Office for Budget Responsibility’s (OBR) growth writedown – which did not even factor in the full effect of coronavirus – would make households in [...]