US stocks rally as investors try to price coronavirus damage February 26, 2020 US stock markets rallied soon after the bell and European equities recovered from sharp early falls as investors weighed up the effect coronavirus on the global economy. The Nasdaq index, which is dominated by global tech companies, jumped 1.8 per cent soon after Wall Street opened. The S&P 500 followed suit with a 1.5 per [...]
Blackrock vice chair and co-founder Barbara Novick to step down February 26, 2020 Blackrock’s co-founder and vice chairman Barbara Novick will step down from her current role at the world’s largest asset manager, according to an internal memo. The 59-year-old will remain vice chair while she helps Blackrock find a successor, the memo said. She will then serve as a senior adviser to the company. Novick, who has [...]
IFS: Borrowing could surge to five-year high February 26, 2020 The UK’s borrowing could balloon to £63bn next year, a five-year high well above both the most recent forecast and this year’s borrowing figure, an influential think tank has said. The Institute for Fiscal Studies (IFS) also warned that the government would “undermine any credibility” in its spending rules if it ditches its pledge to [...]
Juul forces out two executives as struggles continue February 25, 2020 E-cigarette maker Juul has forced out two top executives as the company struggles to expand overseas and faces increased regulatory scrutiny. Grant Winterton, who was president of Juul Europe, Middle East, and Africa (EMEA), resigned, according to a memo sent to staff today. Ken Bishop, Juul’s president of Asia-Pacific South, also stepped down. Winterton wrote: [...]
US stocks in the red as coronavirus fears continue February 25, 2020 US stocks have fallen into the red as risk-off sentiment continues a day after equities plunged following a jump in the number of coronavirus cases outside China. The S&P 500, which had opened higher along with other major US indices, was down 1.4 per cent two hours after the bell. The Nasdaq was 1.5 per [...]
Activist Edward Bramson renews attack on Barclays amid Jeffrey Epstein probe February 25, 2020 Activist investor Edward Bramson has renewed his criticism of Barclays after the lender revealed the UK’s financial watchdogs are looking into the relationship between its chief executive and disgraced financier Jeffrey Epstein. In a letter to shareholders, Bramson – whose Sherborne Investors is the third-biggest Barclays shareholder – said the probe was “another example of [...]
Nissan Europe chairman casts fresh doubt on future of Sunderland plant February 24, 2020 The future of Nissan’s Sunderland factory remains in doubt amid the ongoing trade negotiations between the UK and the European Union, the car-maker’s European chairman said today. Britain has until the end of the year to reach a free-trade agreement with the EU. If it fails, a 10 per cent tariff would be applied to [...]
Ted Baker set to sell London HQ amid accounting crisis February 24, 2020 Beleaguered clothes retailer Ted Baker is close to selling its “Ugly Brown Building” headquarters in London in a move that could bolster its balance sheet amid an accounting crisis. Ted Baker is in talks with the British Airways’ pension scheme, which owns a nearby building, to sell a big stake in the office in north [...]
German business morale rises despite coronavirus outbreak February 24, 2020 Morale among Germany’s business leaders rose unexpectedly in February, a survey showed today, as the manufacturing sector improved despite global fears over the coronavirus outbreak. The Ifo Institute’s closely watched business climate index rose to 96.1 from 96 in January, beating predictions of a fall to 95.3. Ifo president Clemens Fuest said that along with [...]
Bank of England’s Andy Haldane suggests overhaul of corporate governance laws February 24, 2020 The chief economist of the Bank of England has suggested Britain should make “legislative change” to shift corporate governance rules away from a sole focus on shareholders to instead consider consumers, workers and social goals. Andy Haldane also said Britain needs a “rethink” about its banking sector, suggesting that regional, development and infrastructure banks could [...]
