Rio Tinto says $1.3bn sale of stake in Guinea iron mine has lapsed October 29, 2018 A deal for Rio Tinto to sell its stake in a Guinea iron ore project for $1.3bn (£1bn) has fallen through. The global miner had signed a non-binding agreement for China's Chinalco to buy its 45.05 per cent stake in the Simandou project in October 2016. On Monday it said the agreement had lapsed and it [...]
Happy birthday, bitcoin: Onwards to a brave new crypto-fulled world October 29, 2018 A decde ago this Wednesday, just weeks after the collapse of Lehman Brothers and the start of the financial crisis, an anonymous figure published the famous essay – “Bitcoin: a peer-to-peer electronic cash system”. Bitcoin’s mysterious creator, known under the pseudonym Satoshi Nakamoto, has to this day never been unmasked, but his invention has since [...]
The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Fracking paused in Lancashire after fourth seismic event in four days October 27, 2018 Fracking has been paused at British shale gas company Cuadrilla's Lancashire site after a fourth “micro seismic” event in four days. Cuadrilla said it recorded the 0.8ML tremor at its Preston New Road site on Saturday morning and would continue to monitor seismic activity until before resuming on Monday. The company said the activity did [...]
Tech firms lead the drop as US stock markets head for worst month in nine years October 27, 2018 The US stock market took another hit on Friday as the S&P 500 was "on the cusp of despair" after it fell by almost 2 per cent. The market was on the edge of correction territory after disappointing forecasts from leading technology groups triggered a wider sell-off as investors continued their retreat from risky assets. The [...]
Market falls: cause for alarm or calm? October 26, 2018 | City Talk Stock markets globally have been falling since the end of September. Economic worries including a potential trade war between the US and China, currency crises in Turkey and Argentina, debt problems in Italy and rising interest rates have seen stocks globally begin to fall from record highs. As the chart shows, since 31 August emerging [...]
Stock market slide continues after Amazon fails to deliver the goods October 26, 2018 The UK stock market slide has continued this morning after disappointing overnight results from US tech giants Google and Amazon. Joshua Mahony, market analyst at IG, said: “European markets are in decline yet again, with the stock market rout that has dominated throughout the month of October showing little signs of letting up.” The FTSE [...]
Total profits soar on record production and higher oil prices October 26, 2018 French oil giant Total saw profits soar in the third quarter on higher oil prices and raised its production growth target for the year. The company reported its net income rose by 48 per cent to $4bn (£3.1bn) in the third quarter compared with the previous year. Chief executive Patrick Pouyanne said oil prices increased [...]
The carbon tax cost my company millions – and I’m calling on the chancellor to raise it on Monday October 26, 2018 Normally in the week before a Budget, you would expect businesses like mine to be making last-minute pitches to the chancellor for less regulation and a cut in taxes. Yet here I am about to make a case in favour of the carbon tax – a tax which in the past cost my company millions [...]
Royal Mint freezes plans for a gold digital currency on the blockchain October 25, 2018 The Royal Mint has suspended plans to launch a gold digital token, after the government blocked its attempt to list the asset on a cryptocurrency exchange. Royal Mint Gold (RMG) was first floated as a project to place digital tokens, similar to a gold-backed cryptocurrency, worth up to £1bn on a US-based trading platform run by CME in 2016. [...]