Philip Hammond ‘may quit Downing Street’ before new PM takes power if Boris wins July 18, 2019 Philip Hammond may be set to jump before he is pushed out of office by Boris Johnson, it is reported. The chancellor of the Exchequer could order removal vans to 11 Downing Street as early as today, according to the Daily Mail, which reported that Hammond has told friends he is set to quit. Read [...]
Michel Barnier: UK will ‘face consequences’ of no-deal Brexit July 18, 2019 The EU’s chief Brexit negotiator has warned that the UK will have to “face the consequences” if it ends up leaving without a deal. Michel Barnier told the BBC that Theresa May’s deal, which was rejected three times by parliament, was the only way for Britain to exit the EU in “an orderly manner”. Read [...]
Pension savings are being left in cash after M&G property fund blocks withdrawals July 17, 2019 M&G, which is owned by Prudential, insists that the deferral is not related to Brexit or the wider property market
Tepid Eurozone inflation stays well below ECB target July 17, 2019 Eurozone inflation rose to 1.3 per cent in the year to the end of June, official figures showed today, but was still well off the European Central Bank’s (ECB) two per cent target. Read more: Eurozone retail sales see surprise fall in May The weak rise in prices will bolster market expectations that the ECB [...]
Fresnillo shares fall as it slashes production guidance July 17, 2019 Shares in miner Fresnillo fell today as the firm lowered production guidance for the year after hitting delays and poor-quality ore. The company said that production of silver in the second quarter hit 14.4m ounces, down six per cent year-on-year. Read more: BHP iron production rebounds after cyclone hit third quarter Meanwhile gold production fell [...]
France joins US and UK in warning over Facebook’s libra July 17, 2019 France has joined the US and UK in saying strong regulations must be in place before Facebook goes ahead with creating its proposed libra digital currency. Read more: US senators grill top exec over Facebook’s libra cryptocurrency The warning came as G7 finance ministers converged on the French town of Chantilly for a two-day meeting [...]
Acacia told to stop using waste site at Tanzania mine July 17, 2019 The government of Tanzania has told Acacia Mining to stop using a mining waste facility at one of its gold mines, as a tax dispute between the two drags on. The Tanzanian National Environment Management Council shut down the facility after the authorities found seepage coming from the site. Read more: Deadline extended for Barrick’s [...]
BHP iron production rebounds after cyclone hit third quarter July 17, 2019 Anglo-Australian miner BHP saw iron ore output rebound in the fourth quarter of the year, and forecast even higher production going forward. Iron ore production hit 63m tonnes in the three months to June, a 12 per cent increase on the quarter before. Read more: Rio Tinto faces delays and up to $1.9bn added costs [...]
Will the Bank of England raise or cut interest rates after UK inflation data? July 17, 2019 UK inflation has grown at an annual rate of two per cent for the second month in a row, official statistics confirmed today. Read more: UK inflation stays at Bank of England two per cent target The consumer price index (CPI) figure is bang on the Bank of England’s target. It thinks two per cent [...]
Stranger Things vs Mickey Mouse: How the media old guard is adapting to disruption July 17, 2019 | City Talk As I discussed earlier this month, disruption is everywhere (see Five things every investor needs to know about disruption). Incumbent companies have a choice: they can either deny the changes are happening, or they can adapt to the new regime. Faced with the seemingly inexorable rise of streaming services such as Netflix and Amazon Prime Video, [...]