At the close: FTSE 100 slips on the falling oil price as poor China data weighs heavy May 9, 2016 The FTSE 100 has managed to erase all its earlier gains to close down, adding to the worst weekly performance since February and marking the third straight week of losses. The blue-chip index finished 0.2 per cent lower at 6,114.81 after falling 1.9 per cent last week. The index is down around two per cent so far this year and 15 per [...]
Singapore-listed Cosco Corporation’s profits tank in first quarter May 9, 2016 Singapore-listed Cosco Corporation posted a loss of $14.4m (£10m) in the first quarter of 2016. The figures The corporation, which is a subsidiary of the Chinese state-owned Cosco shipping firm, reported a loss of $14.4m compared with a profit of $800,000 in the same period of last year. Group turnover fell 27 per cent to $722.3m, [...]
EU ambassador to China urges it to do more to cut steel output May 9, 2016 The EU ambassador to China urged it to do more to curb the slew of steel which is flooding global markets and causing widespread pain in the industry. Speaking at a briefing, Hans Dietmar Schweisgut, said its current measures to address overcapacity were "not going quite far enough". "Overcapacity, especially in the steel sector, is one of [...]
Before the bell: What you need to know before the US market open May 5, 2016 Oil has steamed ahead so far today, with West Texas Intermediate crude oil higher by three per cent at $45.70 a barrel after wildfires in Canada, as well as fighting in Libya dragged on production. International benchmark Brent crude added 2.6 per cent to $45.75 a barrel. Yesterday the latest US inventories posted a higher than expected addition to stockpiles [...]
Carry on shopping: Alibaba defies China slowdown with fourth quarter revenue May 5, 2016 Alibaba, the Chinese ecommerce giant, has defied the country's economic slowdown, reporting expectation-busting revenue. The Amazon of China's sales rose 39 per cent in the fourth quarter to 24.2bn yuan (£2.55bn) smashing estimates of around 23bn yuan, while income came in at 5.3bn yuan, a rise of 81 per cent. "Whatever they are doing must be working, and [...]
Crowdfunding platforms beware: The banks – and others – are eating your lunch May 5, 2016 European crowdfunding platforms could be left fighting for their piece of the pie. Incumbent financial players, including asset managers and banks, not-for-profit organisations, and non-financial firms are entering the crowdfunding business in increasing numbers. Recent research that I conducted with Politecnico di Milano’s Massimiliano Guerini, Evila Piva and Cristina Rossi-Lamastrais analysed the proliferation of crowdfunding across [...]
Market economy status for China could kill Britain’s steel industry May 4, 2016 The government has been accused of supporting a policy that would deal a final blow to the British steel industry, already thought to be in its death throes. Axel Eggert, director general of European steel association Eurofer, told City A.M. at the World Manufacturing Forum: "Market economy status for China would most likely be the [...]
Glencore could net $2bn from sale of Vasilkovskoye gold mine in Kazakhstan May 3, 2016 Embattled mining and commodities firm Glencore was yesterday reported to be considering the sale of its Vasilkovskoye gold mine in Kazakhstan. A source told Reuters that “a sale is one of the options,” confirming an earlier report in the Financial Times. Two other sources, speaking on condition of anonymity, said $2bn (£1.45bn) worth of assets [...]
Forget Brexit: The real drivers of corporate decision-making lie way beyond Britain’s borders May 3, 2016 There has, understandably, been a great deal of attention paid to the EU referendum debate, both in the UK and in many other economies with an interest in sterling. But while the referendum is certainly a highly significant constitutional event, and one which warrants the attention it has been receiving, it is just one of [...]
Businesses rattled as latest survey points to an economic slowdown May 3, 2016 Business confidence has plummeted during the last few months due to severe volatility on the financial markets, the approaching EU referendum and the introduction of the national living wage, according to a new survey out today. The latest confidence monitor from the Institute of Chartered Accountants in England and Wales (ICAEW) and Grant Thornton, fell [...]