Turkish lira soars after central bank defies Erdogan and raises interest rates September 13, 2018 The Turkish lira has soared after the country's central bank defied President Recep Tayyip Erdogan and increased interest rates. The currency, which had dropped to 6.54 per dollar earlier today, rose to 6.06 per dollar after the bank's monetary policy committee decided to increase interest rates from 17.75 per cent to 24 per cent. It [...]
Not what the customer ordered: Chinese hotpot chain suffers crash in stocks after rodent is found in soup September 13, 2018 For many restaurant owners there is nothing worse than a bad food review. Yet one Chinese hotpot outlet is proving that the consequences of a bad dish can be much more severe, after a dead rat in a pregnant customer’s soup has wiped $190m (£145m) off of the chain’s market value. Stock in China’s fast food [...]
Turkish lira falls as Erdogan calls for lower interest rates ahead of central bank decision September 13, 2018 The Turkish lira slumped this morning after President Recep Tayyip Erdogan called for lower interest rates ahead of a crunch central bank decision. The troubled currency dropped to 6.54 per dollar from a high of 6.35 as Erdogan made his position clear just hours before the Turkish central bank's monetary policy committee meeting. Read more: [...]
JP Morgan reckon the next big financial crisis is only two years away September 13, 2018 It's been 10 years since the last major worldwide financial crash brought down Lehman Brothers, and according to JP Morgan the next crisis could be just round the corner. Strategists at the investment bank have created a model which predicts the timing and potential impact of the next financial crisis – and they reckon it'll happen [...]
Skripals suspects Alexander Petrov and Ruslan Boshirov claim they visited Salisbury for its ‘famous cathedral’ September 13, 2018 The two suspects in the Skripals poisoning case have said they visited Salisbury because friends said it was "a wonderful town with a famous cathedral". Alexander Petrov and Ruslan Boshirov told state-funded news channel RT their trip to the historic town had been short-lived "because it was covered in snow". "Our friends have been suggesting for a [...]
Michelin shares rise as tyre maker confirms guidance following growth in Europe and Americas September 13, 2018 Tyre maker Michelin has confirmed its guidance for the year and said strong growth in Europe and the Americas was offsetting a slowdown in China and emerging market currency troubles. The French company's shares rose 3.4 per cent on Thursday morning after confirming its financial outlook of sales volume growth and an increase in operating [...]
Morrisons turnaround gathers pace as supermarkets posts best sales quarter in nine years September 13, 2018 Morrisons continued its turnaround as sales at the country's fourth largest supermarket soared in its best quarter for nine years. The figures The group's like-for-like sales were up 6.3 per cent in the second quarter. Revenue for the first half of the year was also up 4.5 per cent to £8.8bn compared with the same [...]
Morrisons recovery continues September 13, 2018 | City Talk Morrisons shares are lower today despite the company reporting a strong set of first-half figures. Same-store-sales for the six-month period jumped by 4.9% and second-quarter sales jumped by 6.3% – a nine year high. Stripping out one-off adjustments, profit increased by 9% to £193 million. When you factor in debt restructuring costs and charges relating [...]
British Airways pension scheme strikes landmark £4.4bn deal with L&G September 13, 2018 British Airways (BA) has this morning struck a bumper deal to insure £4.4bn worth of pension liabilities in its Airways Pension Scheme (APS). Insurer Legal & General will cover the enormous pension buy-in, which represents the largest ever so called bulk annuity transfer with a UK pension scheme. The contract will see L&G agree to [...]
We speak to the head of Zopa about the FCA’s credit clampdown and how to survive another financial crisis September 13, 2018 In the grand scheme of financial services, the peer-to-peer lending industry is young. With the sector now in its early teens, it’s this immaturity that often seems to spark questions about resilience, particularly how peer-to-peer companies would cope during another economic downturn. Those in defence of the industry tend to use Zopa as an example: a [...]