Markets in Peru climb higher as free-market candidates move on to election second round April 11, 2016 Peru's markets have recorded their sharpest jump since 2008 after voting results showed two free-market candidates have moved on to the second round of presidential elections. In early afternoon trading the Peru General Index was up more than eight per cent, falling back from highs of over 10 per cent in earlier trading. The Peruvian sol currency added 2.68 per cent [...]
Libor trial: Barclays trader thought compliance team knew of rate setting emails, court hears April 11, 2016 One of the former Barclays traders standing trial over conspiracy to manipulate the US dollar Libor rate says he thought the bank's compliance department had access to emails between traders and rate setters, a court heard today. Defence lawyers for Stylianos Contogoulas told the court: "These messages were not transmitted with a nod and a wink." The Serious Fraud Office (SFO) has alleged that [...]
Qatar invites all Opec members to April talks April 10, 2016 Qatar has extended invitations to all members of the Organization of the Petroleum Exporting Countries (Opec) to join talks over freezing output at January levels. The meeting, set for 17 April, will also be attended by non-Opec Russia, with other major producers also invited. “The need has become an urgent matter to bring back balance [...]
Steel group warns over China’s continued steel production April 10, 2016 The government must do more to combat the flood of cheap steel coming from China, the director of sector trade body UK Steel has warned, after it was revealed China's planned cuts will not remove an on-going supply glut. “This puts into stark focus the need for the UK government to work with Brussels in helping [...]
Copper records worst price fall since January April 10, 2016 Concerns are rising over the outlook for metal prices after copper last week recorded its biggest weekly loss since January due to fears demand in China will fail to return. The slip has hurt miners bottom lines in recent months. Rising stockpiles of metal at exchanges have added to worries, compounding the impact of souring [...]
Libor scandal: Former Barclays banker did not benefit from changing the Libor rate and was only doing as he was told, court told April 8, 2016 One of the five former Barclays bank employees standing trial for manipulating Libor interest rates only did what he was told to by his boss and received no financial reward, a court heard today. Junior banker at Barclays' Jonathan Mathew, who joined at the age of 19 after achieving three A-levels, did not stand to gain from the profit made by [...]
Liberty set to choose a financial adviser ahead of Tata sale opening on Monday, details of the adviser will be announced next week April 7, 2016 One of the potential bidders for the Port Talbot steelworks, Liberty House, is expected to finalise a deal with a financial adviser tomorrow ahead of the official sales process for the plant starting on Monday. City A.M. understands details of the adviser will be released once Liberty engages with India based Tata next week. Liberty House [...]
Oil price sinks as Keystone shutdown fails to prevent US stockpile build at key Cushing hub April 7, 2016 The price of a barrel of oil has slid by around two per cent today after the shutdown of the Keystone pipeline last week failed to hold back the rising tide of oil. Inventories at the Cushing, Oklahoma delivery hub added 255,804 barrels according to market intelligence firm Genscape. Brent crude was trading at $38.81 at the [...]
Valeant has been given an extension to get its annual report squared away, pushing up its share price in premarket trading April 7, 2016 Embattled Canadian drugmaker Valeant Pharmaceuticals has been given an extension by its lenders to push back its deadline for filing its annual report by an extra month. Valeant's lenders have granted the company an amendment and waiver to its credit facility, allowing the company until 31 May to fill its annual report. It's also been given an [...]
Defence giant BAE Systems has won an $118m government contract April 7, 2016 BAE Systems, the global defence giant, has picked up an £118m contract for construction of an RAF engineering and training base in Marham Norfolk. The work is in preparation for the delivery of the UK's first F-35 Lightning II fighter aircraft in 2018. The work on the base will kick off this month and set [...]
