UK spending rules should focus on investments rather than debt, economists say October 29, 2019 The UK needs new rules on taxing and spending in order to adequately tackle the major economic challenges the country looks set to face over the next decade, a new report has said. Read more: Hey, big spender: IFS boss Paul Johnson on the end of economic orthodoxy Rather than simply focusing on public debt [...]
GFG Alliance launches $15bn Liberty Steel Group October 29, 2019 GFG Alliance, Sanjeev Gupta’s family-owned conglomerate, today announced plans to merge its worldwide steel plants into one global business worth $15bn (£11.7bn). The Liberty Steel Group, which will combine operations in the UK, Europe, USA and Australia, will be incorporated by the end of the year. Read more: Sanjeev Gupta in fresh talks over British [...]
S&P 500 hits all-time high on trade and Fed optimism October 28, 2019 The US’s benchmark S&P 500 stock index hit an all-time high today as investors were cheered by a possible breakthrough in the US-China trade negotiations and with the Federal Reserve likely to cut interest rates on Wednesday. Read more: Microsoft beats Amazon to Pentagon’s $10bn cloud computing contract The index was also lifted by Microsoft [...]
Virgin Galactic shares blast off as Sir Richard Branson’s firm makes New York Stock Exchange debut October 28, 2019 Sir Richard Branson’s space tourism venture, Virgin Galactic, has taken off on the New York Stock Exchange this afternoon, with shares soaring more than eight per cent in early trading. The company completed a merger with a US investment vehicle late on Friday, making it the first commercial space venture to go public. Branson, who [...]
SolGold set to soar as flagship copper mine strikes gold October 28, 2019 SolGold have raised their outlook for their flagship copper mine after metallurgical testing showed a potential extra $8.7bn (£6.8bn) in revenues over its life. The Primary Economic Assessment initially indicated total revenues of $74bn over the life of the mine. The Australian company’s Alpala project, which has been labelled as a future tier one copper [...]
European gas companies resilient amid lowest prices in a decade October 28, 2019 European gas producers are well placed to withstand the downturn in prices for at least a year, according to a new report from Standard & Poor Global Ratings (S&P). The analysis comes as a welcome boost to the industry, which saw prices fall to their lowest in a decade in early September. Read more: Equinor [...]
EDF will take on bust supplier Toto Energy’s customers, Ofgem confirms October 28, 2019 EDF Energy will take on failed supplier Toto Energy’s 134,000 customers, Ofgem has announced. For those of Toto’s customers who were acquired in August when Solarplicity ceased to trade, it is the second such change in a number of months. Read more: Toto Energy collapses with 134,000 customers affected However, customers should expect to see [...]
Cairn Energy share price drops as it ditches Mexico oil well October 28, 2019 Shares in Cairn Energy slumped more than 10 per cent this morning after the oil company revealed that it was abandoning a well in Mexico. The FTSE 250 company is on track for its worst day since the financial crisis. At one point, shares fell to a low of £1.57, down nearly 18 per cent [...]
The six biggest bull runs since 1962 (and their corrections) October 28, 2019 | City Talk The current bull market in US stocks started in March 2009 at the height of the global financial crisis and is the longest in recent history, beating the rally between July 1962 and May 1970 by over four years. At the time of writing, the bull market is still going. US stocks are up more [...]
HSBC weighs down FTSE 100 as election vote looms October 28, 2019 Britain’s FTSE 100 index has opened down this morning ahead of a crucial vote in the Commons on the government’s motion to hold a general election on 12 December. The blue-chip index dropped 0.39 per cent in early trading. Opposition parties have indicated they won’t support the government in the vote, which is scheduled for [...]