Saudi Aramco IPO to be largest in history at $25.6bn December 5, 2019 Saudi Aramco is set to raise a record $25.6bn (£19.5bn) in the largest initial public offering (IPO) in history, as it was reported that the oil giant would price its shares at 32 riyals (£6.50) per share, the top end of its range. The sale price will see Aramco knock Chinese e-commerce giant Alibaba off [...]
Japan approves $122bn stimulus package as governments start spending December 5, 2019 Japan’s cabinet has approved a huge $122bn (£92bn) stimulus package to combat stalling growth and insure against global trade tensions. The government expects the 13.2 trillion yen package to push up growth by 1.4 per cent by the end of the 2021 fiscal year. Economists have cautioned the effects could be lower, however. Read more: [...]
Glencore shares tumble on Serious Fraud Office bribery investigation December 5, 2019 Shares in mining giant Glencore fell more than five per cent today after the company said it was being investigated by the Serious Fraud Office (SFO). In a statement to the stock market, the company said: “Glencore has been notified today that the Serious Fraud Office has opened an investigation into suspicions of bribery in [...]
Opec and allies expected to deepen oil production cuts December 5, 2019 Oil producer group Opec has begun its two-day meeting in Vienna, with expectations that the cartel and its allies will deepen oil supply cuts next year. Opec+, a wider grouping that involves countries such as Russia, has curbed production by 1.2m barrels per day since 2017 in a bid to counter the rise of the [...]
Pound hits 31-month high against euro ahead of General Election December 5, 2019 The pound hit a 31-month high against the euro this morning as the Conservatives edged closer to victory in the 12 December General Election. The latest poll, from Savanta Com Res last night, put the Tories ten points ahead of Labour, boosting traders hopes’ that a Boris Johnson-led government would leave the European Union with [...]
Society doesn’t need any more unicorns December 5, 2019 In 2016, an American healthtech startup named Theranos completed what would be its final funding round, raising a jaw dropping $700m in investment. Just two years later, the company collapsed after a sensational scandal. The story of Theranos is bizarre. At one point, its paper valuation exceeded $9bn, and when the scandal broke, its founder [...]
Global growth to pick up next year despite US and China slowdowns, says report December 4, 2019 Global economic growth is set to pick up in 2020 despite the world’s two biggest economies slowing, according to asset manager Investec. The world economy will expand 3.3 per cent in 2020, Investec said, picking up from a post-crisis low of 2.9 per cent growth this year. Read more: FTSE 100 slumps as Trump suggests [...]
Oil prices soar ahead of Opec meeting December 4, 2019 Oil prices shot up today ahead of Thursday’s Opec meeting, which is expected to yield an extension to oil production cuts. West Texas Intermediate rose 4.1 per cent to $58.4 a barrel, with Brent Crude up 3.9 per cent to $63.16 per barrel. Read more: Saudi Arabia pushing Opec for deeper oil production cuts Expectations [...]
‘Clearance to take off’: Tory majority to propel UK economy, report says December 4, 2019 A convincing Tory majority at the upcoming election will send the pound surging to a three-year high and put rocket boosters under the UK economy, according to asset manager Toscafund. In a new poll shared exclusively with City A.M., Toscafund predicted Boris Johnson’s Conservatives will win a majority of about 30 in the 12 December [...]
BP faces complaint over ‘misleading’ ad campaign December 4, 2019 Environmental law charity Clientearth has accused BP of “misleading” the public regarding its low-carbon credentials with its multimillion pound advertising campaign. Yesterday the non-profit group lodged an official complaint under international guidelines regarding the campaign, which is BP’s first in 10 years. Read more: Spanish oil giant Repsol pledges to cut emissions to zero by [...]