Afren share price nightmare: Day of reckoning is here January 30, 2015 Embattled oil producer Afren will today find out if it's been thrown a lifeline by rival company Seplat, a move that could provide one possible solution to the company's funding crisis. Nigerian oil and gas explorer Seplat recently extended the deadline for its informal takeover offer – but at 5pm tonight its time will be [...]
Rouble plummets against the dollar as Russian central bank makes shock cut to interest rates January 30, 2015 Russia's central bank has made a shock two percentage point cut to its benchmark rates of, lowering it to 15 per cent, which caused the rouble to plummet against the dollar, The currency slumped 1.2 per cent, sending it past the 70 per dollar mark. It's the first time it has slipped past that since December's [...]
Why tomorrow will be crucial for embattled Afren January 29, 2015 Tomorrow could be the day of reckoning for beleaguered oil and gas company Afren, whose shares crashed 72 per cent just two days. Nigerian rival Seplat has until tomorrow to make an offer, although it could ask for another extension, as it did … . throw it a lifeline … "We see low likelihood of an [...]
Deflation has arrived in Germany: Inflation rate falls to -0.5 per cent in January January 29, 2015 Germany has slipped into deflation for the first time since the global financial crisis, supporting the European Central bank's recent decision to unleash its biggest "bazooka" on the ailing Eurozone. Consumer prices fell -0.5 per cent on an annual basis in January, according to flash estimates from Germany's statistics office. This meant they had fallen [...]
Saga share price boosted by a £26m acquisition of Bennetts motorbike insurer January 28, 2015 Shares in insurance group Saga shot up by 10.8 per cent yesterday after the firm announced it had bought motorbike insurer Bennetts for £26.26m. Saga, which specialises in cover for the over-50s, said the deal was in line with its strategy to expand its offering via broker services. Bennetts, which was previously owned by BGL [...]
Russia to launch £22bn economy rescue package January 28, 2015 RUSSIA is to commit 2.3 trillion roubles (£22bn) to a plan to support its sanction-hit economy. It comes just days after its debt was downgraded to a “junk” rating by Standard and Poor’s ratings agency. The government also plans to set up a bad bank to take on troublesome loans from the banking sector. The [...]
Bank of England chief economist Andrew Haldane: There’s “no rush” to raise interest rates January 28, 2015 The Bank of England is in "no rush" to raise interest rates, and eventual increases will be by small increments, according to the central bank's chief economist Andy Haldane. "We are in no rush to raise rates, the recovery is taking hold nicely," Haldane told the Daily Post. "The last thing we want to do is [...]
In pictures: Stunning images show the hidden world of workers at the front line of Britain’s night-time economy January 28, 2015 When Dolly Parton sang about the drudgery of Nine to Five, she probably hadn't taken into consideration that things could be much worse. While most of us spend our days slaving away at our desks, an estimated seven million people clock on at 6pm and work through the night. What does this "hidden" economy look [...]
Crunch time for Afren as board reviews funding requirements January 27, 2015 SHARES in troubled oil firm Afren lost over two thirds of their value yesterday, plummeting by 71.7 per cent after the firm announced that it is reviewing the funding and liquidity requirements of the business. The company said it was seeking to address how it manages the overall leverage position of the company “in light [...]
Low interest rates and less tax to fuel home demand January 27, 2015 The mortgage market saw a slowdown at the end of 2014 but is expected to stage a rebound this year. The number of house purchase approvals was nine per cent higher in 2014 compared to 2013, according to figures released yesterday by the British Bankers’ Association (BBA). However, the value of mortgages for house purchase [...]