American Airlines share price rises three per cent as it beats expectations helped by cheaper fuel as a result of weak oil price July 22, 2016 Shares in American Airlines were up by over three per cent in early US trading after the carrier reported a better-than-expected profit in the three months to 30 June, boosted by lower fuel prices. Net income plunged 44 per cent to $950m (£726m) as provisions for income tax surged to $543m from $15m, and excluding exceptional items, [...]
French appeals court rules IMF chief Christine Lagarde must face Bernard Tapie payout trial July 22, 2016 The French appeals court ruled today that IMF boss Christine Lagarde must stand trial over allegations that she was negligent in her handling of a controversial payout during her time as French finance minister. The trial relates to a €404m (£340m) payment made to French business tycoon Bernard Tapie in 2008, when Lagarde was finance minister under [...]
Trump won the nomination battle – but Ted Cruz’s remarkable speech kicked off the war for the soul of conservatism July 21, 2016 "Vote your conscience”, senator Ted Cruz asked of the crowd at the Republican National Convention in Cleveland, Ohio on Wednesday night. That’s when the boos started rolling in. “Vote for candidates up and down the ticket who you trust to defend our freedom and to be faithful to the Constitution,” the former candidate for the [...]
Swedish group trumps Trump with UK offshore wind farm near his golf resort July 21, 2016 A wind farm, which had been opposed by controversial US presidential candidate Donald Trump, got given the go-ahead today. Swedish energy firm Vattenfall confirmed it will invest £300m in the 11-turbine wind farm off the coast of Aberdeen. It will take 100 per cent ownership of the project, having bought Aberdeen Renewable Energy Group's 25 per cent [...]
Volkswagen shares jump on surprise trading update showing operating result ahead of expectations July 20, 2016 Motor manufacturer Volkswagen boosted its share price today with an ad-hoc trading update containing positive profit news. The company said its operating results before special items is "significantly higher than market expectations for the first half of 2016" at €7.5bn (£6.3bn), "despite the ongoing economic impact from the diesel issue". Volkswagen was engulfed in scandal last [...]
Turkish lira crashes following Ministry of Education purge – as powerful explosion is reported in Ankara July 19, 2016 The Turkish lira was already down more than two per cent against the dollar today, before a large explosion was reported in the Altındağ district of Ankara late this afternoon. The currency was down 2.2 per cent against the dollar at $0.32850, its lowest since Saturday night when an attempted coup sent the currency plummeting. However, [...]
IMF revises growth forecasts downwards and says global outlook has worsened after Brexit vote July 19, 2016 The UK's vote for Brexit has added "significant uncertainty to an already fragile global recovery", the International Monetary Fund (IMF) said in its World Economic Outlook (WEO) today – as it warned that Britain could potentially go into recession if negotiations with the EU do not proceed smoothly. The IMF said the result of the EU [...]
Turkish stock market investors flee as Erdogan crackdown continues after failed coup July 18, 2016 The Turkish stock market suffered its sharpest one-day fall in more than three years today in the first day of trading since Friday's failed military coup. All but one of the top 100 stocks on the Borsa Istanbul were in the red today as the index slid by 7.1 per cent as political uncertainty lingered following [...]
Oil slips as key chokepoint reopens after failed Turkey coup July 18, 2016 Oil markets shrugged off an attempted coup in Turkey late last week after a vital global shipping route was re-opened. Brent crude, the global benchmark, fell 1.85 per cent to $46.73 per barrel this afternoon. Meanwhile, the US benchmark, West Texas Intermediate crude, slumped 1.78 per cent to $45.13. Read more: The grand edifice of President [...]
New Prime Minister Theresa May says all foreign takeover bids will be assessed to determine whether they’re in the national interest July 18, 2016 Prime Minister Theresa May has said foreign takeover bids for British firms must be assessed to determine whether they're in the national interest. Her comments come hours after Cambridge-based tech firm Arm Holdings revealed it had received a £24.3bn offer from Japan's SoftBank – sending the British chipmaker's stock up by over 45 per cent. [...]