FTSE 100 staggers as Lloyds and Shell profits tumble October 31, 2019 The FTSE 100 dropped sharply this morning as Lloyds and Shell weighed down London’s blue-chip index, which headed for its biggest fall since 2 October. The index fell roughly one per cent to 7,254 points, with the DAX and the CAC both down 0.7 per cent. Shell’s share price fell nearly 3.8 per cent to [...]
UK set to delay Huawei 5G decision until after election October 30, 2019 The UK government is set to once again delay a decision on whether Chinese telecoms giant Huawei should be part of the construction of the UK’s next-generation 5G networks until after the December General Election. Read more: Huawei revenue rises as US crackdown fails to halt growth A decision is now unlikely to be made [...]
US economic growth beats expectations but Fed still set to cut rates October 30, 2019 US economic growth slowed in the third quarter but beat expectations as consumer spending and higher exports offset a fall in business investment. Read more: S&P 500 hits all-time high on trade and Fed optimism The US economy grew at an annual rate of 1.9 per cent between July and September, the US Commerce Department [...]
Hong Kong stock exchange boss questions ‘one country, two systems’ October 30, 2019 Charles Li, head of the Hong Kong stock exchange (HKEX), has publicly questioned the “one country, two systems” framework governing the territory’s relationship with mainland China. In a speech in London last night, Li said the model had “fundamental flaws” in how it was implemented from the outset, the Financial Times reported. Read more: Carrie [...]
GFG Alliance launches $15bn Liberty Steel Group October 29, 2019 GFG Alliance, Sanjeev Gupta’s family-owned conglomerate, today announced plans to merge its worldwide steel plants into one global business worth $15bn (£11.7bn). The Liberty Steel Group, which will combine operations in the UK, Europe, USA and Australia, will be incorporated by the end of the year. Read more: Sanjeev Gupta in fresh talks over British [...]
Fitbit shares halted on reports of Google takeover bid October 28, 2019 Trading of shares in wearable device maker Fitbit was suspended today following a report that Google owner Alphabet has tabled a takeover bid. The Silicon Valley tech giant has held discussions with Fitbit, although there is no guarantee a deal will be secured, Reuters reported, citing people familiar with the matter. It is unclear how [...]
S&P 500 hits all-time high on trade and Fed optimism October 28, 2019 The US’s benchmark S&P 500 stock index hit an all-time high today as investors were cheered by a possible breakthrough in the US-China trade negotiations and with the Federal Reserve likely to cut interest rates on Wednesday. Read more: Microsoft beats Amazon to Pentagon’s $10bn cloud computing contract The index was also lifted by Microsoft [...]
Emerging markets need more say on digital currencies like Libra, says Chinese official October 28, 2019 Governments in emerging markets should be given a greater say in the regulation of digital currencies such as Facebook Libra that could facilitate illegal capital flows and disrupt foreign exchange management, said a senior Chinese official. China has been moving to embrace financial technologies such as blockchain, and is preparing to launch its own digital [...]
LVMH confirms Tiffany approach in largest bid in company’s history October 28, 2019 The French multinational behind brands such as Louis Vuitton, Dior and Moët & Chandon today confirmed it had approached Tiffany & Co about a possible takeover of the U.S. jeweller. In a statement, LVMH, which is the world’s largest luxury goods group, said: “In light of recent market rumours, LVMH Group confirms it has held [...]
HSBC weighs down FTSE 100 as election vote looms October 28, 2019 Britain’s FTSE 100 index has opened down this morning ahead of a crucial vote in the Commons on the government’s motion to hold a general election on 12 December. The blue-chip index dropped 0.39 per cent in early trading. Opposition parties have indicated they won’t support the government in the vote, which is scheduled for [...]