Morgan Stanley hikes risk of global recession to 30 per cent amid low growth and lack of faith in central banks March 14, 2016 Economists at Morgan Stanley are becoming increasingly worried the global economy is teetering on the brink of recession. They've placed the likelihood of the world economy falling back into recession at 30 per cent in 2016, blaming low oil prices and decreasing effects of central banks' extraordinary monetary stimulus measures to support economies. Experts at the US investment bank [...]
Opec is predicting lower demand for oil in 2016, resulting in an increase in excess supply in the market March 14, 2016 Global demand for oil is expected to be less than previously thought in 2016, according to the Organization of the Petroleum Exporting Countries (Opec). Opec has put demand for crude at an average of 31.52m barrels per day in 2016, down 90,000 from last month's forecast. In its latest month report Opec has also predicted that supply from non-Opec [...]
Former Anglo Irish chief executive David Drumm charged with fraud and forgery in Dublin after extradition to Ireland March 14, 2016 The ex-chief executive of failed bank Anglo Irish, David Drumm, has been formally charged with 33 offences relating to the bank's collapse in Dublin after a three year extradition battle in the US. The charges include forgery, conspiracy to defraud, provision of unlawful financial assistance, false accounting, and falsification of loan facilities, some of which carry sentences of up to [...]
US hotel chain Starwood’s share price jumps in pre-market trading after unsolicited takeover approach March 14, 2016 Starwood Hotels and Resorts has received a $12.8bn (£8.9bn) takeover offer from a group led by China’s Anbang Insurance Group, potentially throwing a spanner in the works for the tie up between Starwood and Marriott agreed last November. The terms of the deal with Marriott includes a period during which Starwood can consider other offers and expires [...]
Fever-Tree’s share price sparkles as it toasts strong sales for its first full year as a listed company March 14, 2016 Premium mixers brand Fever-Tree, has reported revenue up 71 per cent to £59.3m for the year to 31 December, while pre-tax profits soared to a whopping £16.7m, from just £2.5m the year before. After listing in October 2014, shares have climbed by around 250 per cent, giving Fever-Tree a market capitalisation of around £680m. The company is also offering a substantial hike [...]
Cambridge & Counties bank reports fourfold increase in profit March 13, 2016 Small business lender Cambridge & Counties Bank has reported profit before tax of £10.2m, up fourfold on the £2.5m posted the year before. The bank’s loan book grew by 66 per cent to reach £416m, while deposits increased by 21 per cent to £472m. The bank, owned by the University of Cambridge’s Trinity Hall and [...]
Steel sector jobs could be saved by government March 13, 2016 The government is working with private equity fund Greybull on a deal to save 4,000 jobs at Tata’s Scunthorpe steelworks. The department for business, innovation and skills (BIS) is negotiating with both Tata Steel and Greybull to finalise a deal ahead of a 31 March deadline that could see the government taking a stake in [...]
Iran will join output cap talks once it hits four million barrels per day March 13, 2016 Opec rebel Iran has said fellow members of the oil cartel should leave the country alone until it has raised production to over four million barrels per day. The country, which wants to rebuild its market share after a trade embargo, indicated it would then be interested in attending historic talks between Opec and Russia to [...]
Norwegian oil fund parts with Pimco amid market volatility March 13, 2016 The world's largest sovereign wealth fund has parted ways with bond giant Pimco as it seeks to overhaul its investment strategy. The Norwegian Sovereign Wealth Fund pulled its money last year amid widespread investor concerns over underperformance at some of Pimco’s largest fixed income funds. The loss of the fund as an investor is the latest [...]
The rise of the robots means job losses at Royal Bank of Scotland March 13, 2016 Royal Bank of Scotland is axing 550 jobs and replacing them with so-called robo-advisers, in the company's latest move to cut costs. The axe is set to fall on RBS's investment advice division as well as its protection advice team, with the bank blaming falling demand for face-to-face services for the job losses. Robo-advice, popularised [...]
