Asian markets wary after east Ukraine vote May 12, 2014 Asian shares outside of Japan are on the rise as investors drew hope from the possibility of the Chinese government taking further action to boost the economy. Last week, President Xi Jinping said the world's second largest economy needed to readjust to a "new normal". Restrictions on foreign investment in listed Chinese companies have been [...]
Tullett Prebon snaps up PVM Oil May 9, 2014 City brokerage Tullett Prebon has reached an agreement to acquire independent broker of oil instruments PVM Oil Associates. PVM's customers include oil companies, independent refiners and producers, banks and investment funds. PVM reported revenue of $107.5m (£63.4m) and profit before tax of $18.2m for the year ended 31 July 2013, with consolidated gross assets of [...]
Ukraine referendum fails to spook Asian markets May 9, 2014 Asian markets are on the rise despite escalating tensions in Ukraine after pro-Russian separatists rejected Vladimir Putin's call to postpone a referendum on independence. Set for Sunday, the referendum follows some of bloodiest fighting seen during the crisis, with 30 pro-Russian separatists and four Ukrainian soldiers reported to have been killed in the last week. [...]
London faces chaos as black cabs go head to head with Uber May 8, 2014 London's black cabs are on the war path against innovative taxi app service Uber, promising to cause widespread disruption across the capital in early June. The Licensed Taxi Drivers Association (LTDA) argue that Uber's drivers are using an app to calculate fares. It is currently illegal for private vehicles to be equipped with taximeters. However, [...]
BT shares jump as consumer revenue grows for the first time in a decade May 8, 2014 BT shares have climbed over three per cent after the telecoms giant reported its first growth in consumer revenues for over ten years. The company enjoyed a rise in profit before tax of six per cent to £2.8bn for the year ended 31 March. The group benefitted from a healthy demand for fibre broadband. BT [...]
Barclays to slash 20,000 jobs May 8, 2014 Barclays shares are up three per cent as the bank confirmed plans to cut up to 20,000 jobs, equivalent to 15 per cent of the workforce. 14,000 jobs are set to go this year, higher than the 10-12,000 than was expected. Roughly half of these positions are in the UK. A further 7,000 jobs at [...]
Chinese trade data and dovish Yellen boost Asian markets May 8, 2014 Asian markets have been boosted by a recovery in Chinese exports and imports as well as Federal Reserve chairman Janet Yellen's commitment that the Fed will continue to support the US economy. Chinese export growth rose from -6.6 per cent year-on-year in March to 0.9 per cent in April, outperforming Bloomberg's median estimate of minus [...]
Is the EU about to outclass America on free trade? May 7, 2014 Japanese Prime Minister Shinzo Abe has concluded meetings with the most powerful players in the European Union at the 22nd EU-Japan summit. The occasion marked the culmination of a nine-day European tour by the Japanese PM, who visited six EU member states. Front and centre of the summit were the ongoing negotiations for an EU-Japan [...]
Why is ITV investing in Pawn Stars? May 7, 2014 Over the last 12 months ITV has spent nearly £300m on buying six television producers in a push to bolster its content creation arm, ITV Studios. Today the studio took an 80 per cent stake in Leftfield – the producer behind hit US reality TV shows including Pawn Stars, Real Housewives of New Jersey, and [...]
Ball in Co-op’s court as Myners slams “dysfunctional group board” May 7, 2014 Former city minister Lord Myners has said the Co-operative Group needs radical reform including smaller boards and greater attention to profitability. Lord Myners' report slammed the Co-op's governance structure, concluding it had a "manifestly dysfunctional group board." In what would be a significant departure from the Group's 150-year history, the report recommended that a smaller [...]
