Mike Lynch $5bn fraud trial enters final stages December 11, 2019 British businessman Mike Lynch will face renewed scrutiny tomorrow as Hewlett-Packard kicks off its closing submissions in a $5.1bn fraud trial centred on its acquisition of software firm Autonomy. Hewlett-Packard is suing Lynch, the founder of software company Autonomy, and the firm’s former finance chief Sushovan Hussain, accusing the company of falsely inflating its revenue [...]
Coronavirus threat plagues Eurozone factory output March 2, 2020 Italy’s factory output slumped for the 17th month in a row in February, it emerged today, as economists warned the coronavirus outbreak could deepen the Eurozone’s manufacturing downturn. The embattled economy’s manufacturing industry activity fell from 48.9 in January to 48.7, according to IHS Markit’s purchasing managers’ index (PMI). Anything below 50 represents a contraction. [...]
Oil prices surge but global stocks drop over coronavirus fears April 3, 2020 Global stocks have slipped lower even as oil prices have rebounded, as investors focus on the economic fallout from coronavirus. Oil prices have jumped after US President Donald Trump yesterday announced Saudi Arabia and Russia would cut production. Brent crude rose 10.8 per cent to $33.18 per barrel. US crude rose 4.4 per cent to [...]
US stocks plummet again as traders shrug off coronavirus stimulus March 18, 2020 Wall Street plunged once again today despite the prospect of a $1 trillion (£850bn) fiscal stimulus package to support the economy during the coronavirus outbreak and yet more action from the Federal Reserve. The Dow Jones industrial average index was last down 10.7 per cent, the S&P 500 had shed 9.7 per cent, and the [...]
Eurozone bond yields jump after another ECB blunder March 18, 2020 Italian bond yields suffered a big intraday spike today after a European Central Bank (ECB) council member suggested monetary policy was at its limits amid the coronavirus outbreak. Yields on Italy’s 10-year bond shot up as much as 60 basis points (0.6 percentage points) to touch three per cent before falling back to around 2.296 [...]
NMC Health shares tumble on double downgrade from Societe Generale February 13, 2020 Shares in NMC Health fell as much as 11 per cent on Thursday after the embattled hospital operator was hit with a double rating downgrade from Societe Generale. Analysts at the French bank slashed NMC’s price target by 85 per cent, saying that confidence in the company, the biggest healthcare operator in the United Arab [...]
US stocks rebound after Donald Trump announces oil deal April 2, 2020 US stocks have rebounded after President Donald Trump said Saudi Arabia and Russia have agreed to cut oil production, boosting prices and helping energy companies in the middle of the coronavirus slowdown. The rise on Wall Street came despite US jobless claims surging. The number of Americans claiming unemployment benefits for the first time hit [...]
Coronavirus live: Second Brit ‘dies from Covid-19’ as UK cases number 163 March 6, 2020 UK coronavirus cases have hit 163, the government confirmed today, as reports emerged of a second Brit who has died from Covid-19. London’s total number of cases has climbed to 29, up four from yesterday’s 25. England has 147 cases overall, with 13 in the north east and Yokshire, 21 in the north west. There [...]
China reports weakest growth in 29 years as trade war bites January 17, 2020 China’s economic growth sunk to its weakest in almost 30 years in 2019 amid a bruising trade war with the US and anaemic domestic demand, with more stimulus from Beijing expected this year. Stocks held firm following the release of the data, which showed that the world’s second largest economy ended the year on a [...]
BT scraps dividend as Covid-19 and full-fibre rollout hit profit May 7, 2020 BT today scrapped its dividend as the coronavirus crisis and full-fibre broadband costs weighed on profit. The telecoms giant said it had taken the “exceptionally difficult” decision to suspend the payout until 2022, when it will be reduced 50 per cent to 7.7p per share. It came as BT posted a two per cent dip [...]