At the close: Opec uncertainty holds the FTSE 100 down June 2, 2016 What was a volatile day on the markets ended rather flat. Big European Central Bank (ECB) and Opec meetings in Vienna failed to move the FTSE 100 far in either direction and it ended down 0.1 per cent at 6,185.61 points. The ECB decided, as expected, to keep interest rates on hold. Though it did raise growth and [...]
Big pharma and the government are failing to tackle corruption despite recent scandals, report claims June 2, 2016 Corruption, price hikes, and tax dodging – welcome to the world of big pharma. The global pharmaceutical sector is being ravaged by corruption abuse according to new research from Transparency International. The report found both governments and companies are not doing enough to address corruption risks, which is sapping $300m (£207m) of annual global health expenditure. The industry is also [...]
A vote to leave the EU could send the FTSE 100 south by 10 per cent over 12 months, bankers at UBS have warned June 2, 2016 Quitting the EU could knock the FTSE 100 back by 10 per cent over the next 12 months, to levels last recorded in February this year, UBS Wealth Management has warned. The pound would also take a hit, dropping to $1.25 and €1.20. In February the FTSE fell as low as 5536.97, 10 per cent off its current 6,185.79. The fall would [...]
Before the bell: What you need to know before the US market open June 2, 2016 The European Central Bank (ECB) and the Organization of the Petroleum Exporting Countries (Opec) are both in Vienna today to decide on their respective policies and could add an extra kick of volatility to global markets. Here's what you need to know before the market open at 14:30 London time. US futures are struggling ahead of the opening bell. [...]
Revealed: The UK’s thriftiest small companies – from Match.com to the Royal Collection Trust June 2, 2016 Dating site Match.com, White Dark – the artistic company of sculptor Anish Kapoor, and the Royal Collection Trust, have all been named as some of the UK's thriftiest small companies. The research, carried out by company intelligence provider DueDil, named 156 companies in the UK with positive net assets and a turnover between £30m-£50m, and who hold [...]
Brits splash out two and a half months’ salary on family hols June 2, 2016 The average British family will spend two and half months’ wages on their summer holiday, according to new research. A family of four will spend an average of £1,074.40 per person on an annual break – equal to one breadwinner’s after-tax pay total for two and a half months’, based on the average wage of [...]
Tata Steel set to reveal shortlist of bidders for remainder of UK business following Scunthorpe sale June 1, 2016 Tata Steel is expected to release a shortlist of bidders for its UK business before the end of the week, City A.M. understands. The three companies tipped to be named are commodities trader Liberty House, management buyout team Excalibur, and Leeds-based private equity fund Endless. The Indian steel conglomerate has been reviewing up to seven bids [...]
Brexit bustle: European business chiefs call for the UK to vote to stay in the EU ahead of referendum June 1, 2016 Business leaders from across Europe have called for UK citizens to vote to remain in the Union. BusinessEurope issued a statement from its annual summit today saying its members “firmly wish” to see the UK stay an “active and positive” EU member. “The UK has played a crucial role over the past forty years in [...]
Private equity giants storm into MBNA credit card auction June 1, 2016 The auction of credit card giant MBNA is getting crowded as three of the world's biggest private equity firms prepare bids. Cerberus, Cinven, and TPG are considering bidding for MBNA, potentially putting them up against high street banks Lloyds Banking Group and Virgin Money who emerged as likely suitors last week. MBNA has a 11 per cent [...]
Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
