Brace yourselves: According to The Writer this is going to be the defining business word of 2017 December 24, 2016 It's not long now before we'll be popping champagne, ushering in 2017… and dealing with a fresh new batch of business jargon. While "post-truth" may have becoming the defining overall word of 2016, at least according to Oxford Dictionaries, for the business crowd the catchphrases are usually a bit stuffier and, let's face it, a [...]
Bitcoin price surges past $900 mark for first time since December 2013 December 23, 2016 The Bitcoin price has been given a boost of Christmas cheer today after blasting through the $900 barrier after rising more than $100 in the last two days. The price of a single Bitcoin has risen more than 14 per cent in the last three days and only surged past $800 on Wednesday. Yesterday, its market capitalisation smashed [...]
Oil prices: Brent crude slips below $55 a barrel as stronger dollar and expected Libya output increase weigh on market December 23, 2016 There's been little Christmas cheer for oil today, with Brent crude has slipping below $55 a barrel after a stronger US dollar and higher estimated oil output from Libya weighed on the market. The global benchmark has slipped 0.54 per cent to $54.74 a barrel, while US sweet crude is down 0.59 per cent to $52.64. [...]
Berlin Christmas market attacker killed in Milan after shootout with Italian security forces December 23, 2016 The 24-year-old Tunisian suspected of killing 12 people at a Berlin Christmas market on Monday has been shot dead by Italian police in a suburb of Milan. Italy's interior minister has said the man killed was without doubt the Berlin lorry attack suspect. Amri was fatally shot after firing at police who had stopped his car [...]
AstraZeneca lands initial $550m from sale of small-molecule antibiotics business to Pfizer December 23, 2016 Pharmaceutical giant AstraZeneca has bagged $550m (£446m) in an initial payment from the sale of its late-stage small molecule antibiotics business to Pfizer. The sale, which completed today, includes the approved antibiotics Merrem, Zinforo and Zavicefta, as well as two antibiotics still in clinical development, ATM-AVI and CXL. Pfizer will pay a further $175m in January 2019, up to [...]
Monte dei Paschi suspends bond, stock and derivatives trading after Italian government gives green light to bailout December 23, 2016 Trading in Monte dei Paschi shares, derivatives and bonds has been suspended today after it was confirmed the bank has requested state aid from the Italian government. Paolo Gentiloni, the new Italian prime minister, announced in the early hours of this morning that the country will dip into a €20bn (£16bn) fund to help the world's oldest bank. [...]
Deutsche Bank and Credit Suisse share prices rise after multi-billion pound settlements with US Department of Justice December 23, 2016 Deutsche Bank and Credit Suisse's share prices have risen this morning after the two lenders agreed to multi-billion dollar settlements with the US Department of Justice (DoJ). Deutsche Bank announced it had reached a $7.2bn (£5.8bn) agreement in principle with the US authorities early this morning over the sale and pooling of mortgage-backed securities in the run-up [...]
US sues Barclays bank and two former executives for mortgage securities fraud December 23, 2016 The US department of justice has sued Barclays and two former executives on civil charges of fraud relating to the sale of mortgage-backed securities during the run-up to the 2008-9 financial crisis. Several major US banks, including JP Morgan Chase and Bank of America have already paid millions of dollars to settle similar claims. Deutsche Bank [...]
Shell offloads Malaysian refining business for £53.6m in latest string of disposals December 22, 2016 Shell has completed the sale of its Malaysian oil refining company to Malaysia Hengyuan International Limited (MHIL) for $66.3m (£53.6m). The blue-chip oil and gas group had a 51 per cent stake in Shell Refining Company. The business includes a 125,000 barrels per day refinery in Port Dickson, south of Kuala Lumpur. Malaysia remains "an important [...]
Standard Chartered Bank’s Thai unit offloads retail banking arm to Tisco Bank and All-Ways December 22, 2016 Standard Chartered's Thai unit has agreed to offload its retail banking business to Tisco Bank and All-Ways Company, both units of Thai group Tisco Financial. The move continues chief executive Bill Winters' plan to boost earnings through restructuring. Standard Chartered announced in November last year that it would divest businesses that lacked a competitive advantage in a [...]
