EU to set up special payment channel to bypass Trump’s sanctions on Iran September 25, 2018 The European Union will establish a special payment channel to allow companies to continue to trade with Iran and avoid US sanctions. The 'special purpose vehicle' (SPV) to facilitate payments related to Iran's exports, notably oil, and imports was unveiled following a ministerial meeting at the UN in New York. Britain, China, France, Germany, [...]
Former UBS trader Kweku Adoboli denied bail as deportation order reconsidered September 25, 2018 Former UBS rogue trader Kweku Adoboli has been denied bail and will remain in a detention centre while his deportation order is reconsidered. The 38-year-old was spared deportation just hours before his scheduled flight to his birth country, Ghana, last week after a legal intervention triggered a judicial review. But Adoboli's application for bail, [...]
Intensifying trade war could devastate global growth and cost jobs, WTO chief warns September 25, 2018 Continued escalation of the trade war between the US and China could cut global growth by 70 per cent and cost jobs, the director-general of the World Trade Organization (WTO) has said. WTO chief Roberto Azevedo said the “warning lights are flashing” amid the growing trade tensions between the world's two largest economies. The [...]
Shares in online spread betting platform CMC Markets tumble due to increased regulation September 25, 2018 Shares in online spread betting company CMC Markets have tumbled after it said tighter regulation and low market volatility had hit trading activity. The company's share price dropped more than 12 per cent after the trading update warned income for 2019 would be lower than expected. European regulators tightened controls on the retail online [...]
British American Tobacco names company man as new boss September 25, 2018 British American Tobacco has named company man Jack Bowles as the successor to outgoing chief executive Nicandro Durante. Last week Durante announced his intention to step down as boss of the tobacco giant after 37 years in charge. Bowles, currently chief operation officer of BAT's international business, will take over in March but become chief [...]
Euro zone banks led by Germany in hoarding more cash, European Central Bank says September 24, 2018 Banks in the euro zone, led by Germany, have been storing more and more money to avoid European Central Bank (ECB) charges. In a research bulletin, the ECB said the amount of vault cash held by Europe's major banks had increased by €21.1bn – to between March 2016 and December 2017, having been at €50.1bn [...]
China accuses US of ‘trade bullying’ as tariffs kick in and Wall Street shares fall September 24, 2018 China has accused the US of “trade bullyism” as new tariffs kicked in and shares on Wall Street fell. The world's two largest economies showed no signs of cooling off their fiery trade war and pressed ahead with further duties on each other's products on Monday. Donald Trump hit China with 25 per cent [...]
Volvo ends Iran truck operations over US sanctions September 24, 2018 Swedish truck maker AB Volvo has ended operations in Iran because newly imposed US sanctions have stopped the company from getting paid. Volvo has stopped truck assembly in the country, having previously earmarked Iran as its main export hub for the Gulf and North American markets. It comes after US sanctions were reimposed last month [...]
Oil prices hit four-year high after Opec defy Trump’s calls for production boost September 24, 2018 Oil prices have hit a four-year high after Opec ruled out a production increase and analysts predicted it would continue to rise towards $100 per barrel. Brent Crude Oil reached $81.17 per barrel, up more than 2 per cent, on Monday – its highest since 2014 – after Saudi Arabia and Russia led the way [...]
Travelodge gets revenue boost as budget room demand remains strong September 24, 2018 Hotel chain Travelodge has increased revenue by eight per cent as it said that demand for budget rooms was strong despite economic uncertainty. It reported a total revenue growth of eight per cent for the year to date, climbing to £317.2m. The company's underlying earnings increased by £1.3m from the previous year to £43.3m [...]
