Lower oil prices hit Saudi Aramco earnings August 12, 2019 Saudi Aramco is still the world’s most profitable company, it revealed today, despite a drop in revenue brought on by lower oil prices. The formerly secretive Saudi oil giant said that pre-tax income had fallen during the first half of the year. The results were part of Aramco’s first half-year report. Read more: Oil price [...]
US stock markets fall with Donald Trump ‘not ready’ for deal with China August 9, 2019 US stock markets have fallen today after President Donald Trump said his administration was “not ready to make a deal” with China. Read more: Italian markets in turmoil as government edges closer to collapse The tech-heavy Nasdaq stock index had fallen 1.2 per cent, the S&P 500 had dropped one per cent, and the Dow [...]
Italian markets in turmoil as government edges closer to collapse August 9, 2019 Traders have sold off Italian bonds and the country’s stock market has plunged as the government teeters on the verge of collapse after League party leader Matteo Salvini called for a snap election. Read more: Italy could face €3bn fine over high levels of public debt Yields on 10-year Italian debt have hit a one-month [...]
German government mulls sale of stake in struggling Commerzbank August 9, 2019 The German government is weighing up the sale of its 16 per cent share in Commerzbank, the country’s second-biggest lender, and is seeking expert advice on the future of its stake. Read more: Commerzbank warns its 2019 profit target now looks ‘ambitious’ Shares in Commerzbank have fallen almost 40 per cent over the last year. [...]
Sterling spirals to near $1.20 as UK economy comes close to recession August 9, 2019 Sterling has tumbled to fresh two-year lows after official figures showed Britain’s economy contracted in the second quarter, raising fears of a recession and adding to no-deal Brexit worries. Read more: Sterling to tumble further as no-deal Brexit worries intensify The pound had fallen 0.6 per cent against the dollar by 1.45pm to buy $1.207, [...]
Businesses vent fury at handling of Brexit after economy shrinks August 9, 2019 UK business organisations have condemned the continuation of Brexit uncertainty after it helped push the economy into contraction in the second quarter. They called for “decisive action” to turn the situation around. Read more: UK economy shrinks for first time in six years GDP fell by 0.2 per cent in the first quarter, data from [...]
Into the red: UK economy shrinks for first time in seven years August 9, 2019 The UK economy contracted for the first time since 2012 in the second quarter of the year as the unwinding of Brexit stockpiling and global trade tensions damaged growth, official figures showed today. UK GDP shrank by 0.2 per cent in the second quarter compared to the previous quarter, the Office for National Statistics (ONS) [...]
Italy’s political crisis triggers bond sell-off and shakes European markets August 9, 2019 Traders have sold off Italian government bonds and European stock markets are in the red after League party leader Matteo Salvini called for a snap election, saying his ruling coalition was unworkable. Read more: Investor confidence in Eurozone hits five-year low Yields on two-year Italian government had risen 18 basis points (0.18 percentage points) to [...]
UK travel company On The Beach share price slumps after profit warning August 9, 2019 Shares in UK travel company On The Beach have tumbled by over 16 per cent this morning after it warned its profits this year will be lower than expected. It said the tumbling pound and Brexit uncertainty are hurting its business model. Read more: Thomas Cook: How did it end up like this? As a [...]
G4S to spin off cash handling business as it posts profit fall August 9, 2019 G4S has said it will spin off its cash handling business, a move which could see its armoured vans come off British streets, as the UK contractor posted a fall in pre-tax profit in half-year results today. The firm will now focus solely on its security business, through which it runs prisons and detention centres [...]
