North Sea oil workers back strike action as tensions mount July 13, 2016 The North Sea came closer to strike action today after workers voted largely in favour of a walkout. Two ballots from the Unite and RMT trade unions were well over the 50 per cent turnout threshold for walkouts at Shell's Brent oilfield. Read more: Oil slide leads to call from RAC for savings on the forecourt Unite said the next [...]
Copper charges through $5,000 mark ahead of Bank of England rate decision tomorrow July 13, 2016 Expectations for some long-awaited action over at the Bank of England helped copper surge past $5,000 per tonne today. Copper on the London Metal Exchange jumped as high as $5,032 a tonne, its strongest since 29 April, before falling back to $4,869 in mid-afternoon trading. Read more: Say what? Gold isn't a good hedge against economic crashes, [...]
China agrees to EU deal as steel industry crisis rumbles on July 13, 2016 EU leaders said today that they'd struck a deal with Beijing to discuss its flood of steel exports which have been blamed for the industry's crisis. It came as Chinese President Xi Jinping met European Council President, Donald Tusk, and European Commission President, Jean Claude Juncker, today. Juncker said the EU would use everything at its disposal [...]
Say what? Gold isn’t a good hedge against economic crashes, study says July 13, 2016 Anyone who snapped up gold to weather the recent market turmoil might want to stop reading now. New research suggests that the precious metal's widespread reputation as a safe-haven is not entirely correct. In fact, it's actually a poor punt for investors who want to protect their portfolios from economic meltdowns and stock market sell-offs. It comes just weeks after Britain's [...]
Brexit fallout: Currency market bloodbath was a boon for broker Icap July 13, 2016 The market turmoil that followed Britain's shock decision to leave the European Union was a boon for broker Icap – but that wasn't enough to offset the wider difficulties facing its electronic trading division. The firm, which will soon be called Nex Group, said today that currency trading volume jumped to $200bn on 24 June. It came after [...]
Playtech plays ball with rival Best Gaming Technology July 13, 2016 Playtech has taken a punt on rival operator Best Gaming Technology (BGT) as it strives to digitise. Playtech said today that it had bought 90 per cent of BGT for €138m (£114.8m), with the option to buy the firm's remaining shares at a later date. It comes eight months after firm, which was founded by Israeli billionaire Teddy Sagi, was [...]
Poundland gives green light to takeover offer by South Africa’s Steinhoff July 13, 2016 Poundland share jumped today after its board accepted what had been a surprise takeover offer from South African conglomerate Steinhoff. The 222p per share offer values the bargain retailer at around £597m, according to the statement issued today. It represents a premium of 39 per cent from 13 June, before the Bensons for Beds and Harveys owner revealed its interest. Darren Shapland, chairman [...]
Asian markets ride wave of relief towards 2016 peak July 13, 2016 Soothed investor nerves helped Asian shares climb towards a 2016 high today. It came as strong US growth prospects, as well as the appointment of a new prime minister in Britain, dampened worries about the Brexit vote. MSCI's broadest index of Asia-Pacific shares outside Japan swelled as much as 0.4 per cent to 427.83 points, just [...]
Premier Oil jumps as it identifies a Brexit vote silver lining due to weak sterling July 12, 2016 Premier Oil shares jumped today, after the firm said it expects to receive a multi-million-dollar windfall as a result of the Brexit vote. "We will be the beneficiary of Brexit, dare I mention it," Premier Oil chief executive, Tony Durrant, told Reuters. This contrasts with a large number of British businesses who expect to be worse [...]
