London Report: Iraq fighting pushes up price of oil and lifts energy stocks June 12, 2014 ENERGY companies kept the FTSE out of the red yesterday, as oil prices were lifted by violence in Iraq. But the market was treading water as heavyweight mining stocks dropped sharply after worries about declining Chinese demand sent copper prices to a one-month low. The FTSE 100 ended up 4.24 points, or 0.1 per cent, [...]
Chinese insurer in talks to buy Canary Wharf tower for £780m June 11, 2014 A state-back Chinese insurance firm is thought to be in advanced talks to purchase law firm Clifford Chance’s headquarters in Canary Wharf for £780m. China Life, China’s largest life insurer, is understood to have been on the hunt for trophy assets to buy in London, providing further evidence of mounting interest from Chinese investors in [...]
IEA says Chinese gas demand set to double in next five years June 10, 2014 CHINESE demand for gas was set to almost double over the next five years, offsetting a slowdown in growth in other parts of the world, said the International Energy Agency today. Air quality concerns were pushing the Chinese government to reduce pollution, with gas emerging as a key part of the solution, said the independent [...]
Bitcoin businesses welcomed in the Isle of Man June 10, 2014 Digital currencies have received a ringing endorsement from the government of the Isle of Man. The crown dependency has announced it will be taking specific measures to protect businesses and customers utilising digital currencies, such as Bitcoin. “Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good [...]
Bitcoin receives red carpet welcome in the Isle of Man June 10, 2014 Digital currencies have received a ringing endorsement from the government of the Isle of Man. The crown dependency has announced it will be taking specific measures to protect businesses and customers utilising digital currencies, such as Bitcoin. "Our stance is intended to welcome those who can meet the necessary standards while also preserving the Island’s good [...]
Asian markets make gains after Chinese inflation data June 10, 2014 Asian markets have made moderate gains after data showed China's annual consumer inflation climbed 2.5 per cent in May, faster than the median estimate of 2.4 per cent. "Today's inflation data confirm our view that broader price pressures are stable and that concerns about deflation, sparked by a short-lived fall in headline inflation in April, were overplayed", [...]
S&P forecasts Chinese property prices will fall as market cools June 9, 2014 CHINESE property prices are forecast to fall five per cent this year as the property market cools, according to a new report by Standard & Poor’s. The predicted decline marks a significant correction from the 11.5 per cent increase in prices in 2013, with prices in some top tier cities rising over 20 per cent [...]
Asian markets make gains on upbeat Chinese data June 9, 2014 Asian markets are on the rise after data from China showed a rise in the May trade surplus, with exports jumping seven per cent on year. The rise in exports can partly be attributed to the easing of distortions caused by over-invoicing. On Friday, the Dow Jones and the S&P 500 rose to record highs after [...]
What the other papers say this morning – 09 June 2014 June 9, 2014 FINANCIAL TIMES Swedes hit Juncker’s EU hopes Jean-Claude Juncker’s ambitions to be the next European Commission president have been dealt a further blow after Sweden’s prime minister Fredrik Reinfeldt raised questions about the credibility of the process for filling the top job in Brussels. Russian companies to trade renminbi Russian companies are preparing to switch [...]
Luxury brands’ share prices are falling today. Here’s why June 6, 2014 Yesterday's shock results from luxury stalwart Prada have had a knock-on effect this morning. The brand lost over six per cent, hitting a two-year low, after announcing a surprise fall in quarterly sales and suggesting a possible slashing of its full-year guidance. And this morning, it's dragging down other major luxury retailers with it. Shares [...]