Labour MP Anna Turley and steel workers union Community call for Business Minister Anna Soubry to oppose China’s bid for market economy status January 18, 2016 A trade union and a Labour MP today urged the government to oppose China's bid to become a market economy in the light of the damage it could cause to the UK's steel industry. The Labour MP for Redcar, Anna Turley, whose constituency has been affected by the job losses in the steel industry, told City A.M. [...]
HSBC expansion curtailed by China slowdown January 18, 2016 London based HSBC has had its expansion plans throughout Asia dashed by slowing economic growth in China and increased market volatility throughout the region, according to Moody's Investors Service. The bank, which is still considering whether to move its headquarters to Hong Kong or possibly the US, pulled in around 60 per cent of pre-tax [...]
From retail mania and the Tube strike to oil prices and the Chinese economy: Here’s what got us talking this week January 15, 2016 We all got invited to a very special birthday party, while someone else got an early birthday present. Meanwhile, the details of Boris Johnson's Iraq antics were leaked. Oh no, BoJo. Here's what got us talking this week 1) Ground control to major Tim The world mourned as we digested the news that David Bowie had died [...]
FTSE 100 closes lower on mining stocks as US markets tumble following a sharp drop in Chinese markets and oil prices January 15, 2016 You probably saw this one coming: The FTSE 100 finished the week 1.92 per cent lower, closing under 6,000 points for the second Friday running, as US markets tumbled. The FTSE 100 finished at 5,804 points, pushed down by miners including Anglo American, which finished the day 11.5 per cent lower at 232.7p, Glencore, which fell 6.5 per [...]
Chinese economy: Chinese markets including Shanghai Composite and Shenzhen Composite fall on oil price volatility with knock-on effect for Nikkei, Hang Seng, ASX January 15, 2016 Here we go again. After some sense volatility had subsided (even a little) in Chinese markets in morning trading, the Shanghai Composite tumbled in the afternoon, leading Asian markets into the red. Volatility in oil prices contributed to a late spell of sell-offs in China, leading the Shanghai Composite to finish 3.55 per cent lower at 2,900 points in [...]
Global volatility fuels short interest with more than $100bn worth of shares on loan, up 14 per cent January 14, 2016 Global markets got off to a shaky start in 2016, with last year's fears, of the Chinese slowdown and the ongoing energy and commodities rout, ever present. The winners in all this are the short sellers: demand to borrow shares grew 14 per cent over the last 12 months and the value of shares on loan at [...]
Staff at RBS brace the cold and find contentment without possessions January 14, 2016 Frozen City workers were cornered by well-meaning yoga buffs on Wednesday, giving them the opportunity to rid themselves of material woes. Conference call providers Powwownow put mats down outside Liverpool Street Station with a view to convincing City workers that stripping off and stretching in near freezing temperatures would be fun. Incredibly, they succeeded. The lycra-clad instructors got [...]
FTSE 100 index falters as the price of oil slides January 14, 2016 The FTSE 100 index opened down this morning as the price of oil continued to linger around $30 a barrel. The UK's blue-chip index opened 1.68 per cent down at 5,860 points. "For the first time this year the FTSE 100 managed to post two positive days in a row yesterday, buoyed by a rebound in [...]
Burberry share price jumps on third quarter sales rise with China bounce January 14, 2016 Burberry has cheered investors with a bounce in troubled China. The figures Burberry's revenue inched up in the third quarter by one per cent to £603m, with like-for-like sales flat year-on-year, in line with analyst expectation. That compares to four per cent decline in the previous quarter. Shares in the designer brand jumped as much [...]
Sell everything? Broad money growth suggests the Goldilocks Love-In isn’t over yet January 14, 2016 The year has started with a whole swathe of negative speculation about economic prospects. George Osborne has spoken of the “dangerous cocktail” of threats (from China, the impact of low oil prices on producer economies, and the potential normalisation of monetary policy) facing the UK economy. US economist Larry Summers has argued that it would [...]