Low oil prices will push demand to a five-year high, says the IEA August 13, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today. However, prices could stay lower for a long period as producers opt against rapidly cutting back production. Global oil demand is set to grow by 1.6m barrels per day this year, [...]
Global markets feel aftershock of renminbi cut August 13, 2015 INVESTORS fled into safe haven assets yesterday after the impact of China’s devaluation of the yuan continued to weigh on markets. The decision by the People’s Bank of China (PBOC) to reduce the value of the currency sent Germany’s two-year yield on bonds to a new record low of minus 0.284 per cent as markets [...]
The Chinese love affair with life’s little luxuries August 13, 2015 The seemingly rampant early success of brands such as Louis Vuitton a decade ago was largely due to the novelty of designer goods in China. Angelica Cheung, Vogue China’s editor in chief, likened the first glut of luxury goods in China to food being given to the starving. The well-heeled are now extremely [...]
Investor worries over commodity markets drag the FTSE August 13, 2015 COPPER prices hit six-year lows this week, and mining stocks have tumbled over the past few days, with companies in the sector the biggest losers on the FTSE yesterday. Currency weakness in China has prompted concerns among commodity investors, who fear that import costs for Chinese firms could rise if prolonged weakness in the yuan [...]
Gemfields is a diamond in the rough August 13, 2015 AIM-LISTED mining firm Gemfields was hailed as a standout performer in the sector yesterday, as it reported improved production and sales in the second quarter. Shares fell, but at a much lower rate than those of other miners. Actress Mila Kunis is brand ambassador for the group, which specialises in emeralds and rubies.
Tesco shares hit on Dunnhumby discount fears August 13, 2015 SHARES in Tesco slid by 2.58 per cent yesterday over fears it may have to sell its data arm Dunnhumby for less than it had hoped after bidders discovered that the business was not as profitable as they had thought. Dunnhumby was put up for sale this year for around £2bn. But some bidders are [...]
M&S shake-up sparks chaos at troubled chain August 13, 2015 THE KNIVES are out at Marks & Spencer after a shake-up at the troubled high street chain that has claimed womenswear boss Frances Russell as its victim. Russell, who has led the womenswear business for three years, has been replaced by M&S lingerie boss Jo Jenkins, who has been promoted to the expanded role of [...]
End of an era: SunGard Data Systems finally sold by backers August 13, 2015 One of the biggest buyouts of the pre-crash US private equity boom has finally been sold, a decade after its audacious takeover. SunGard Data Systems, which makes trading software, has been offloaded for $9.2bn (£5.9bn) to US financial software company Fidelity National Information Services. New York-listed Fidelity will pay 45 per cent in cash and [...]
Eton to use £45m debt for scholarships August 13, 2015 Eton College, the alma mata of David Cameron and 18 of his predecessors, has borrowed £45m at a fixed interest rate of 3.63 per cent for 45 years, to help needy pupils with fees and build new facilities. Eton, which has no other debt, issued the private placement to British institutional investor Friends Life.
Finance ministers rush to pass Greek bailout deal August 13, 2015 EUROZONE finance ministers will gather in Brussels tomorrow to sign off a new bailout package for Greece, but German officials are sceptical, according to reports in the country. Greece hopes to receive some funding as part of the deal in time for a €3.5bn (£2.5bn) payment to the European Central Bank on 20 August. But [...]
