Falling crude oil prices drop Canada into its first recession since 2009 September 2, 2015 Canada has officially entered a recession, after their economy shrank again in the second quarter of this year, by 0.5 per cent. Plunging oil prices were blamed for putting the country back into recession for the first time since the financial crisis, though the 0.5 per cent GDP contraction beat forecasts. Lower oil [...]
City Moves for 3 September 2015 | Who’s switching jobs September 2, 2015 M&G Investments Ominder Dhillon has been appointed global head of institutional distribution at the active asset management firm. He joins from Impax Asset Management, where he was managing director, global business development and client service. Dhillon has also previously held positions at Fidelity International, Scottish Widows Investment Partnership, Legg Mason and John Morrell & Co. [...]
Deutsche Bank’s fixed-income chief departs for market maker September 2, 2015 DEUTSCHE Bank’s former co-head of fixed-income and currencies (FIC) trading has formally left the bank to join British forex market maker XTX Markets. Zar Amrolia stepped down as head of FIC in November last year to advise Deutsche Bank’s investment banking arm on its digitalisation strategy. Widely credited with turning Germany’s largest bank into a global [...]
Steelmaker Severfield on track for the year due to pipeline of London projects September 2, 2015 SEVERFIELD, the structural steel specialist behind iconic London projects The Shard, the Cheesegrater and the Olympic Stadium, yesterday said that it is on track for the year thanks to a buoyant UK market. “The UK order book of £188m remains strong with the London commercial markets and large industrial distribution centres in particular continuing to [...]
Low commodity prices hit Edge Resources revenue September 2, 2015 REVENUE at Aim-listed Edge Resources more than halved in the three months to 30 June, compared to the same period of last year. The oil firm’s sales, net royalties, were down to CA$1.3m (£640,000) from $2.8m in the first three months of 2014. The company also recorded a loss of CA$800,000 for the period, against [...]
Wall St rises, but fears grow over volatility – New York Report September 2, 2015 Wall Street shares jumped almost two per cent yesterday in the latest volatile session as investors weighed the impact of a stumbling Chinese economy and global market turmoil on the Federal Reserve’s impending decision about when to raise interest rates. The Dow Jones industrial average jumped 1.82 per cent to end at 16,351.31 points.The S&P [...]
Fossil Fuel divestment: The feel-good climate change policy that would undermine public pension funds September 2, 2015 Most would agree that climate change could pose a threat to the economy. However, measures to combat it will ultimately prove counter-productive if they conflict with the interests of the taxpayer. Forcing government to pursue losses from taxpayer-funded investments in the name of environmentalism, for example, would be an obvious misuse of public [...]
Labour must be a credible government-in-waiting to win over City A.M. readers September 2, 2015 The first speech I gave in the Labour leadership contest was on the economy and business. I acknowledged that, despite many pro-growth policies, too many businesses, their owners and employees looked at the Labour Party in recent years and did not see a party that understood their challenges or was on their side. This [...]
EU referendum: Anti-Europeans do UK voters a disservice by obsessing about process not policy September 2, 2015 With the Rugby World Cup due to kick off in just a couple of weeks, fans are already desperate to see their teams and the world’s best players competing on the pitch. What they do not want is for the beginning of the tournament to be dominated by debate over the refereeing and rules [...]
As the Walkie Talkie is awarded the Carbuncle Cup, is it really the UK’s worst new building? September 2, 2015 James Hughes, conservation adviser at The Victorian Society, says Yes The Walkie Talkie’s “victory” in this year’s Carbuncle Cup is a vindication of our director’s argument in City A.M. in January that it is London’s ugliest building. It was the most nominated entry and its crowning demonstrates that it’s not just conservationists who feel that [...]
