“Flash Boys” heroes aiming to create new gold exchange using blockchain technology September 7, 2016 The hero in financial journalist Michael Lewis' bombshell "Flash Boys" book, exchange IEX, is turning its watchful eye to the gold market which it wants to revolutionise with the help of blockchain technology. IEX shot to fame as the private trading venue, also known as a dark pool, which challenged high frequency traders who it believed were rigging the $24 trillion [...]
Barratt Developments defies Brexit doomsayers with “confident” outlook September 7, 2016 The figures Barratt Developments' completions swelled by 5.3 per cent to 17,319 homes in the year ended 30 June, meaning it delivered completion volumes for eight years. This helped the housebuilder's pre-tax profit jump 20.7 per cent to a record £682.3m during this period, up from £565.5m a year earlier. The company also significantly strengthened its balance sheet, with Barratt's cash [...]
City lobby group kicks off talks with chancellor over Brexit plans September 7, 2016 City heavyweights will meet with chancellor Philip Hammond today to discuss Brexit, the first in a series of industry roundtables due to take place over the coming months. It will involve several members of the newly-created trade body European Financial Services Chairman’s Advisory Committee, including Baroness Vadera, the chairwoman of Santander UK and a former Treasury minister. Read [...]
Government greenlights extension to offshore wind farm subsidies September 6, 2016 The government has approved an extension to millions of pounds worth of subsidies for offshore wind farms, enabling projects to be sponsored beyond the current cut-off of 2020. Whitehall said today that its Contracts for Difference (CfD) scheme will now cover projects for delivery to 31 March 2026. It encourages renewables generation by paying companies a fixed income [...]
Oil majors’ profits to pass $1 trillion mark this year September 6, 2016 The world's six largest oil companies are on course to pass the $1 trillion (£479bn) profit market this year, despite the recent commodities downturn which has riled the industry. Broker Canaccord Genuity's report released today said that BP, Chevron, Exxon, Royal Dutch Shell, Statoil and Total are expected to clear this mark by 31 December 2016, based [...]
All that glitters: Anglo American’s diamond business De Beers reports higher sales on pre-Christmas demand September 6, 2016 Anglo American said today sales at De Beers, its diamond unit, rose as manufacturers snapped up the precious gems ahead of the holiday season. The world's largest diamond producer by value reported rough diamond sales generated $630m (£472.65m) in its seventh offering this year, up from $528m in the previous round. Read more: How this digital-focused jewellery retailer is shaking [...]
London is no longer the leading hub for this financial product September 6, 2016 London has lost its interest rate derivatives crown for the first time in a survey's 21-year history — and rival financial hub New York has wrestled it from the top spot. Investors and companies use the popular financial product to bet or hedge against unexpected moves in interest rates by central banks. Read more: Global investors back London to retain financial centre crown [...]
Brent crude heads back towards $47 despite Saudi Arabia-Russia cooperation September 6, 2016 Brude crude turned lower this morning, despite yesterday's cooperation pledge by two of the world's biggest oil producers. Brent crude, the global benchmark, fell as much as 0.61 per cent to 47.34 per barrel in early morning trading. Its US counterpart, West Texas Intermediate, fared better swelling 1.35 per cent to $45.04. Read more: Experts warn North Sea corporation [...]
Tata Sons appeals court ruling risking seizure of its UK assets by DoCoMo September 5, 2016 Indian conglomerate Tata's holding company has lodged an appeal against a London court ruling which could pave the way for the seizure of its UK assets by Japanese telecoms giant DoCoMo. It comes after a ruling by the London Commercial Court in favour of DoCoMo regarding an unpaid $1.2bn (£0.9bn) arbitration award. While DoCoMo believes the ruling could allow it to grab [...]
RBS and Lloyds shares tumble after Deutsche downgrade September 5, 2016 Shares in banks RBS and Lloyds tumbled to the bottom of Britain's blue-chip index today following a downgrade by analysts over at Deutsche Bank. RBS slumped 2.99 per cent to 198.30p per share in mid-afternoon trading, while its peer Lloyds fell 1.92 per cent to 59.79p. Read more: Standard and Poor's attacks negative interest rates as desperate and damaging [...]
