Anglo American sees production grow 24 per cent in third quarter October 22, 2020 Mining giant Anglo American said it had seen a “strong operational recovery” in the third quarter, with a 24 per cent increase in production compared to the previous quarter. “We are currently operating at about 95 per cent of our normal capacity,” Anglo American chief executive Mark Cutifani said in the company’s latest production report. [...]
BoE deputy says the ‘time is not right’ for negative interest rates October 21, 2020 High levels of economic uncertainty and a bruised banking system mean now is not the time to experiment with negative interest rates, a deputy governor of the Bank of England has said. Sir Dave Ramsden today struck a more cautious tone on the novel monetary policy than his colleague Gertjan Vlieghe did yesterday. Vlieghe said [...]
UK public borrowing unexpectedly picks up to hit record £209bn this year October 21, 2020 UK government borrowing rose unexpectedly in September, pushing the budget deficit to a new record high of just under £210bn and the total debt pile to its biggest level as a proportion of GDP since 1960. The government borrowed £36.1bn last month, according to the Office for National Statistics’s (ONS) best estimate. That comfortably beat [...]
William Hill warns new lockdowns will hit profit October 21, 2020 Bookmaker William Hill (WMH) has warned that the UK’s new coronavirus restrictions could hit profits as it posted a nine per cent drop in third-quarter revenue. The bookie said it had an “encouraging” third quarter, with a “rapid recovery in UK retail” as footfall grew. But it cautioned that new restrictions would set it back. [...]
Exclusive: London restaurant spend topped 2019 before new restrictions October 21, 2020 Spending at restaurants, pubs and bars in London climbed above 2019 levels for the first time during the coronavirus pandemic before new restrictions were put in place, data provided exclusively to City A.M has shown. Food and beverage spending was 1.7 per cent higher in September than a year earlier, according to Fable Data, which [...]
FTSE 100 drops as pound surges and Covid worries grow October 21, 2020 The FTSE 100 dropped as investors worried over new coronavirus restrictions and the pound soared amid hopes of a Brexit deal, hurting firms’ overseas earnings. London’s blue-chip index opened flat but had tumbled 1.3 per cent by late morning to 5,814 points. The FTSE 250 was down 0.3 per cent. Read more: UK inflation climbs [...]
FTSE 100 closes higher after upbeat UK earnings October 20, 2020 The FTSE 100 recovered from an early fall to close in the green after a day of positive quarterly earnings, although residual fears over coronavirus and new restrictions remain. London’s blue-chip index fell 0.3 per cent but crept back through the day to close up by the same margin at 5,899 points. The FTSE 250 [...]
EU sees record demand for social bonds as it ramps up borrowing October 20, 2020 The European Union received a record level of demand for bonds it is selling to support its recovery from coronavirus, in a positive sign for the bloc as it plans to massively ramp up issuance. The EU attracted bids of more than €233bn (£213bn) for the €17bn it sought to raise to fund its Sure [...]
BoE policymaker: New Covid slowdown could require more stimulus October 20, 2020 The resurgence in coronavirus cases in the UK is likely to set back the economic recovery and could require more monetary stimulus, a Bank of England policymaker has said. Monetary policy committee (MPC) member Gertjan Vlieghe said that the growth in new cases meant there could well be more job losses than the Bank initially [...]
UBS profit soars 99 per cent on trading boom October 20, 2020 UBS reaped the benefits of the rebound in global markets in the third quarter, with its investment banking arm helping the overall business achieve a 99 per cent jump in profit. The Swiss lender’s wealth management arm – which has been a focus of departing chief executive Sergio Ermotti – also expanded despite the coronavirus [...]
