Eurozone industrial production accelerates to five-month high September 14, 2015 Eurozone industrial production beat economists' expectations in July, rising to a five-month high, amid a higher volume of energy, capital and durable consumer goods. Data from Eurostat has shown industrial output in the single currency bloc rose 0.6 per cent compared to June, and 1.9 per cent year-on-year. Economists polled by Reuters had been expecting a [...]
Quindell share price falls after distressed companies investor Hedge fund Beach Point Capital Management beefs ups stake September 14, 2015 A US-based hedge fund has beefed up its stake in insurance group Quindell, which is being investigated by the Serious Fraud Office (SFO). Beach Point Capital Management now has a five per cent stake in Quindell, after buying more than 420,000 shares in the company on 10 September. Beach Point, whose clients include large public and corporate pension [...]
UK drug company Acacia Pharma plans £150m flotation on London Stock Exchange September 14, 2015 The UK's life sciences sector received yet another boost this morning, when Cambridge-based drug company Acacia Pharma announced its plan to float on the London Stock Exchange next month. The firm, which specialises in developing new treatments for debilitating conditions arising from surgery, intends to sell a 25 per cent stake of the company [...]
Alibaba hits back at Barron’s article which suggests share price could plunge 50 per cent September 14, 2015 Alibaba has struck back at mounting criticism of its stock's performance, taking aim at a recent Barron's cover story, which suggested its share price could drop by 50 per cent from current levels. The Barron's article describes China's struggling economy and rising competition in the e-commerce market as cause for concern and argued Alibaba's price-to-earnings ratio and [...]
Shanghai Composite Index shares suffer amid disappointing Chinese economic data September 14, 2015 Chinese shares came under pressure again today, after disappointing economic data stoked concerns that the world's second-largest economy is losing momentum. The Shanghai Composite Index closed down 2.7 per cent, taking it to 3,114.80 points, also constituting the sharpest one-day drop since late August. Mainland Chinese shares have shed nearly 40 per cent since its [...]
Bank of England chief economist Andy Haldane will answer questions on Twitter today September 14, 2015 A member of the Bank of England's rate-setting committee, chief economist Andy Haldane, will be answering questions about how the central bank should regulate financial markets in the UK on Twitter today. Haldane, who has been touted as a possible replace to ousted Financial Conduct Authority boss Martin Wheatley, will conduct the Twitter Q&A from the [...]
Trinity Mirror share price jumps as it nears £200m deal to buy Local World September 14, 2015 Shares in Trinity Mirror jumped on Monday morning, after it confirmed reports it was close to completing a takeover of regional newspaper group Local World for £200m, in a deal that will add more than 100 titles to its media empire. Trinity Mirror’s stock was up seven per cent to 148.75p per share in mid-morning [...]
Federal Reserve’s US interest rates decision sets alarm bells ringing over global debt timebomb September 13, 2015 Global debt levels have hit dangerous heights, a top financial group has warned, leaving many countries vulnerable to a US rate hike which could come as early as this week. Recent swings in global stock markets are reflective of deep underlying problems in the global economy, the Bank of International Settlements (BIS) said yesterday. [...]
British retailer Next is the latest FTSE giant to invite companies to compete for its audit contract September 13, 2015 Recent regulatory changes have seen blue-chip companies enter an audit merry-go-round, with big names like Shell, British American Tobacco, Vodafone and RBS changing accountants. PwC, the market leader, is expected to lose out under the new rules, but chairman Ian Powell commented: “It’s obviously a challenge to the business, but actually our experience so far [...]
UK firms suffer a widespread dip in growth September 13, 2015 The UK economy looks to have cooled off over summer with new survey data showing businesses growing at their slowest for two years in August. The figures will add to concerns over the economy’s growth which were fed by a slew of negative data last week. Lloyds Bank’s purchasing managers’ index fell to a score [...]