Metro Bank shares jump on soft float, despite earlier fears over market volatility forced the bank to downgrade its share price March 7, 2016 Metro Bank shares have jumped by 7.5 per cent since their so-called introduction to the London Stock Exchange this morning. The bank had lowered its share price to £20 from £24 previously due to market volatility and a sell off of banking stocks since the beginning of the year. Prices have now mostly recovered however. [...]
City lobby group warns on risk of emerging market slowdown March 6, 2016 The boss of City lobby group TheCityUK has warned that slowing emerging markets pose a rising risk to London’s financial sector. “Emerging market risk is featuring more on firms’ balance sheets,” chief executive of TheCityUK Chris Cummings told City A.M. The warning comes after ONS numbers showed the combined gross value added to the UK [...]
Lloyds share price bounce back prompts sale restart speculation March 6, 2016 A rebound in the value of Lloyds Banking Group shares has sparked speculation the sale of the remaining government stake could still happen this year. The final tranche were due to be sold in February but the sale was postponed by chancellor George Osborne after worries over of the health of some of the world’s biggest [...]
Old Mutual could be broken up amid private equity takeover bids March 6, 2016 Old Mutual, the FTSE 100 insurance group, is reviewing options for a breakup following a joint takeover attempt for its wealth management division from private equity firms Cinven and Warburg Pincus. A breakup is one option being considered in a review of Old Mutual’s operations, and an update will be given on Friday along with [...]
Oil eyes yearly highs despite high stockpiles, and denials Opec will cut production March 6, 2016 NULL
Oil eyes yearly price highs despite US stockpiles rising, and denials Opec will cut production March 6, 2016 The price of oil is set to record fresh highs for 2016 this week, despite comments from the Saudi Arabian oil minister that the de facto Organization of the Petroleum Exporting Countries (Opec) leader will not cut its production and stubbornly high reserves of oil in the US. Saudi Arabia will maintain its oil market [...]
Npower to slash 2,500 jobs amid ongoing financial difficulties March 6, 2016 Big six energy supplier Npower is gearing up to axe 2,500 jobs this week, as the firm's German owner RWE attempts to turn around the ailing company. The announcement of the cuts across the RWE group and its partners is due this week, it was first reported by Sky News. Npower employees 11,500 people in Britain people, meaning the [...]
Oil producers set time and place for second production freeze meeting – Nigeria’s oil minister March 3, 2016 The second meeting of the Organization of Petroleum Exporting Countries (Opec) and non-Opec producers are planning to meet in Russia on 20 March to continue talks on freezing oil output, according to Nigeria’s oil minister Emmanuel Kachikwu. At the first meeting in February, brokered by de facto Opec leader Saudi Arabia; Russia, Qatar and Venezuela agreed they would cap their [...]
Travis Perkins’ share price pushed higher despite a disappointing summer and an impairment charge over its plumbing business March 3, 2016 Building material supplier Travis Perkins has posted a 7.6 per cent rise in core profits and forecast a better year than last in 2016, after warning earnings would be at the lower end of expectations in October. Pre-tax profits in 2015 were down 30 per cent to £224m, negatively impacted by a £141m impairment charge to its plumbing business due to “challenging market conditions”. [...]
Admiral’s share price hits record highs and leads the FTSE 100 higher after strong results March 3, 2016 Insurance group Admiral has posted a six per cent rise in pre-tax profit to £377m which sending its shares to a record high and leading the FTSE 100 to fresh highs for the year. Higher car insurance rates were one of the biggest drivers of profit for the company, as Admiral pulled in more customers but lowing its prices to [...]
