Tag Archives: of

Wall Street slips as solid data raises prospect of rate hike

Wall Street opened lower on Tuesday as data showed U.S. consumer prices recorded their biggest increase in more than three years in April, raising the chances of an interest rate hike this year. The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. That took ... Read More »

Chinese bank buys secret London vault which can store $80bn of gold

A secret London vault, which can store more than $80bn (£57bn) in gold bullion, is being sold by Barclays to China’s ICBC Standard bank for an undisclosed sum. The facility is located inside the M25 and has the capacity to store 2,000 tonnes of gold. And while further details about the vault are scarce, it is said to be one ... Read More »

Costs of overdrafts to fall as part of UK banks overhaul

A package of measures intended to save bank customers £1bn over five years has been widely criticised for failing to provide a robust approach to breaking the stranglehold of the “big four” on the high street. Even as the Competition and Markets Authority pledged to halve the £1.2bn customers pay in unauthorised overdraft fees each year, consumer bodies, challenger banks ... Read More »

Allergan profit beats on strong sales of Botox and Restasis

Allergan Plc (AGN.N), whose $160 billion merger with Pfizer Inc (PFE.N) fell apart last month, reported a better-than-expected quarterly profit on Tuesday, led by strong sales of wrinkle treatment Botox and eye drug Restasis. Allergan, known as Actavis Inc until it bought Botox-maker Allergan Inc last year and took on its name, also said its board had authorized a new ... Read More »

Exclusive: U.S. investigates market-making operations of Citadel, KCG

Federal authorities are investigating the market-making arms of Citadel LLC and KCG Holdings Inc, looking into the possibility that the two giants of electronic trading are giving small investors a poor deal when executing stock transactions on their behalf. The Justice Department has subpoenaed information from Citadel and KCG (KCG.N) related to the firms’ execution of stock trades on behalf ... Read More »

Tata Steel says seven firms in frame to bid for rest of UK operations

Seven firms are weighing up bids for Tata Steel’s entire UK business, the company has revealed, raising hopes of a rescue deal that could save up to 12,000 jobs. Indian conglomerate Tata has been seeking a buyer since it said in March that a turnaround plan for its Port Talbot steelworks was “unaffordable”. Tata Steel UK received letters of intent ... Read More »

Former Deutsche Bank boss guilty of insider dealing

A former adviser to Sir Philip Green, along with a one-time managing director ofDeutsche Bank, have been found guilty of insider dealing in one of the UK’s most high-profile cases. Eight years after the investigation began, Andrew Hind, 56, ex-finance director at Topshop, part of Green’s Arcadia Group, and his friend Martyn Dodgson, 44, who used to work in corporate ... Read More »

Reserve Bank cuts cash rate by 0.25% to record low of 1.75%

The Reserve Bank of Australia has cut the cash rate by 0.25% to a record low of 1.75%, flagging concerns about the state of the economy on the same day the treasurer delivers the federal budget. The RBA governor, Glenn Stevens, said, “In Australia, the available information suggests that the economy is continuing to rebalance following the mining investment boom. ... Read More »

Bank of England busy preparing for Brexit vote

The Bank of England is consumed with preparing contingency plans for Britain to leave the EU, with staff across its financial stability, monetary policy and regulatory wings ready to calm any turmoil. In the days leading up to the June 23 poll, the Bank will hold additional auctions of sterling to ensure the banking system has sufficient funds to operate ... Read More »

State of the States report: Queensland rises to fifth

Queensland has leap-frogged Australia’s other mining-heavy state to wedge itself firmly in the middle of the nation’s state economies. The state replaced Western Australia in fifth place on the latest CommSec State of the States report, released Monday, but remained a long way off the powerhouses of New South Wales and Victoria and just behind the Northern Territory. Queensland Treasurer Curtis ... Read More »