Syria activists urge oil boycott August 2, 2011 Syria’s opposition activists intensified their calls for a boycott of the regime’s oil exports yesterday, gaining support in the US as secretary of state Hillary Clinton met with representatives. Opponents of president Bashar al-Assad’s regime believe a global boycott of Syria’s oil would deprive it of vital foreign currency and revenues. But European authorities remain [...]
Pandora pain lands a fresh blow to IPOs August 2, 2011 JEWELLERY maker Pandora was deserted by investors yesterday just ten months after it listed as it admitted spiralling sales had caused it to rip up its profit forecasts for the year. Shares in Pandora, known for its charm bracelets, plunged a record 65 per cent after it said sales had slumped 30 per cent in [...]
Hargreaves hits back as FSA platform rules spook market August 2, 2011 PETER Hargreaves, the founder of Hargreaves Lansdown, hit back at the Financial Services Authority yesterday after its decision to ban some fund platform payments wiped about £280m off the firm’s market value. The fund manager’s share price closed down 12.7 per cent after the FSA banned platforms, which let investors manage their own portfolios, from [...]
Total set to face court over Iraq August 2, 2011 FRENCH oil giant Total is to face a trial on charges of corruption during the United Nations oil-for-food programme in Iraq, a French judicial source said yesterday. Total and its chief executive Christophe de Margerie are to face the French courts after a decision made by the case’s investigating magistrate, the source said. The oil-for-food [...]
Moody’s praises UK building socs August 2, 2011 RATINGS agency Moody’s raised its ratings on four UK building societies and upgraded the outlook on two more yesterday in recognition of their progress since the financial crisis. Nationwide, Yorkshire and Principality building societies were each upgraded two notches while Newcastle and Nottingham saw their outlooks raised to stable from negative. The societies’ performances, asset [...]
US austerity to hinder UK corporates August 2, 2011 WITH cuts of up to $850bn now priced into the US national security budget over the next decade, UK companies with exposure to the defence industry are feeling the effects. Defence giant BAE Systems has been hit particularly hard, with a downgrade from Oriel Securities yesterday contributing to a five per cent drop in its [...]
Japan may intervene to tame the surge in the yen August 2, 2011 JAPAN prepared financial markets for currency intervention yesterday after the yen tested record highs, signalling it may try to tame the currency with yen-selling and monetary easing. A near five per cent surge in the yen in the past month has raised concerns among exporters such that the currency’s strength will harm the economy, already [...]
UK’s cost of borrowing falls to a record low August 2, 2011 THE British government’s cost of borrowing fell to a record low yesterday, as investors piled into gilts while the Eurozone appeared to lurch towards a fresh sovereign debt crisis. While yields on Spanish and Italian debt spiked above six per cent – breaching the so-called crisis level – traders rushed to buy bonds from supposedly [...]
CITY VIEWS: DO YOU THINK THE US DEBT CRISIS IS OVER? August 2, 2011 PAUL SMITH | INCEPTA “No. As we don’t fully understand it, the options for solving the problems are unclear. The political thought that has gone into decisions and the timescale means there will be time for markets to settle down and those in control to reassess the economic situation.” ALEX GOURMAS | MAR RISK SERVICES [...]
Will the US still lose its triple-A rating despite debt ceiling deal? August 2, 2011 THIS week we’re asking members of our Voice of the City poll, run in association with PoliticsHome.com, whether the US debt crisis is really over. We also want to know whether the debt ceiling stand-off has damaged President Obama or hurt his chances of re-election in 2012. To answer these questions and more, readers should apply to join [...]
