Christine Lagarde hits back at criticism of IMF’s Brexit warnings October 6, 2016 The head of the International Monetary Fund has hit back at criticism of the organisation's warnings about the dire impact of Brexit ahead of the vote. Christine Lagarde, managing director of the IMF, said that its forecasts, which included Britain falling into a recession and a stock market crash, had been mitigated by action central bank worldwide. [...]
Mars gobbles up Buffett’s stake in Wrigley chewing gum business October 6, 2016 Mars has bought billionaire investor Warren Buffett's minority stake in its subsidiary Wrigley, giving it full control of the chewing gum company. Buffett's Berkshire Hathaway bought into Wrigley in 2008, spending $2.1bn (£1.7bn) to help Mars buy Wrigley for $23bn. Berkshire had a 19.4 percent stake in the business, the Financial Times reported. Terms of the deal were [...]
Brent crude and WTI: US oil breaks $50 per barrel mark for the first time since June October 6, 2016 US oil swung through the $50 per barrel mark today for the first time since June. West Texas Intermediate crude, the US benchmark, rose 1.12 per cent to $50.39 per barrel in early evening trading. Brent crude, the global benchmark, rose 1.31 per cent to $52.54 per barrel, also hitting a four week high. Read [...]
Citi says it’s “time to buy” European banks October 6, 2016 Citi analysts have said it is time to buy Europe's beleaguered banks. In their analysis across 285 global sector and regional combinations, European banks are among the worst performing over the past decade, Citi said, adding that buying them would be "the world's most contrarian trade". Read more: ECB sees no risk of banking crisis in the Eurozone, [...]
Yum Brands blames drop in Chinese sales on South China Sea crisis October 5, 2016 KFC parent company Yum Brands said today that its earnings and revenues missed analysts' expectations in the third quarter. Its adjusted earnings per share of $1.09 on revenues of about $3.3bn. Both measures missed analysts' forecasts for $1.10 per share and $3.5bn respectively. Read more: Hungry suitors circle Pizza Hut as owners put the restaurant chain up [...]
IMF warns global debt has hit a record $152 trillion October 5, 2016 The International Monetary Fund (IMF) warned today that global debt has hit a record $152 trillion (£119.2 trillion). The figure, more than twice the size of the global economy, was released in the Washington-based organisation's latest Fiscal Monitor. The IMF added about $100 trillion, or two thirds of global debt, belongs to companies or households which "can carry great [...]
Portugal’s Antonio Guterres set to be the next UN Secretary General October 5, 2016 Portugal's Antonio Guterres is set to be the next United Nations Secretary-General. It comes after none of the five UN Security Council veto powers — China, France, Russia, the UK, and the US — voted against him in a secret ballot today. Read more: Theresa May tells UN summit UK will remain outward-facing after Brexit vote It paved the way [...]
Ukip leader Diane James stands down after just 18 days October 4, 2016 Ukip leader Diane James has stepped down as the party's leader after just 18 days at the helm. Ukip sources have told CityAM that James had "cited her husband's ill health", while others said she had been reluctant to stand for leader from the beginning. The news was first reported by the Sun newspaper. Read more: Nigel [...]
SVG Capital to sell half of its assets in bid to fend off hostile takeover October 4, 2016 SVG Capital has agreed to sell half of its assets to two private equity firms and wind itself down, in a complex bid to fend off a hostile takeover by US rival HarbourVest. The FTSE-250 firm has been scrambling to find alternatives to HarbourVest's £1bn bid announced last month, which it believes undervalued itself and its assets. SVG said [...]
