Finance

latest news headlines

New top dog confirmed for the competition watchdog.

Andrea Coscelli has been confirmed as the new chief executive officer of the Competition and Markets Authority . Coscelli has held the position of acting CEO since July 2016, taking on the role from  Alex Chisholm, who departed the CMA to join the department of energy and climate change. He has been an executive director ...

- City AM - UK

Hungary debuts in China with renminbi debt.

- Financial Times - US

Market Snapshot: U.S. stock futures steady as market waits for Fed decision, earnings rush.

U.S. stock futures indicate a muted open Wednesday, as traders brace for fresh signals from the Federal Reserve and another round of earnings reports from big names such as Ford and Facebook.

- Marketwatch - US

Senate rejects repeal and replace proposal.

- CNNMoney - US

World's biggest catering firm Compass chews over tricky quarter.

Compass Group, the world's largest catering business, reported 3.7 per cent organic revenue growth for the nine months to 30 June on the back of success in America.

- City AM - UK

Fin24.com | R1.3m tax discount for Molefe, SCORPIO claims.

Investigation unit SCORPIO claims to have evidence that former Eskom CEO Brian Molefe had received a "tax discount" of R1.3m, apart from his R30m Eskom pension.

- Fin24 - SA

Fin24.com | BlackBerry's latest with full keypad hits SA next week.

In an age when most smartphones are in slate form, Canadian smartphone maker BlackBerry is set to launch a device in South Africa with full physical QWERTY keyboard.

- Fin24 - SA

Fin24.com | Iron Ore CEO who predicted crash, sees further slump.

Kumba Iron Ore's Themba Mkhwanazi correctly predicted in February that his company's commodity would plunge by 40%. After a recent recovery, he has predicted it will fall again.

- Fin24 - SA

London currency trading swells by 10% in a year.

- Financial Times - US

Skype billionaire backs UK fintech startup's bank app-killing AI chatbot.

The billionaire co-founder of Skype and one of the UK's top startup venture capital investors are backing a UK fintech behind a chatbot helping people with their finances that could kill off banking apps. Niklas Zennström along with Robin and Saul Klein's LocalGlobe have invested £2m in a seed stage funding round ...

- City AM - UK

Boeing: Talk About Flying!.

Shares of Boeing are on track for their biggest gain in almost eight years after reporting Street beating earnings today. One analyst urges caution.

- Barrons - US

The Wall Street Journal: Amazon hosting job fair for 50,000 positions amid logistics hiring squeeze

Amazon.com Inc. aims to fill 50,000 new open positions in the U.S. by hosting a giant job fair next month, where it will be making offers on the spot.

- Marketwatch - US

Bank hit by security breach affecting 400,000 customers

UniCredit has been hit by a data attack, the Italian bank said this morning. Approximately 400,000 customers are thought to have been affected by two breaches. UniCredit admitted that some personal data and IBAN numbers might have been accessed. The bank said it had launched an audit and informed the relevant authorities. ...

- City AM - UK

Jupiter hikes dividend by 51 per cent as profits climb and inflows recover

Shareholders in Jupiter Fund Management will be celebrating this morning, as the asset manager posted a 51 per cent rise in dividends to 6.8p per share. Underlying earnings per share increased by 16 per cent to 16.7p, while the firm announced in its interim results that profits before tax were up eight per cent to £93.9m. ...

- City AM - UK

Monaco ready to resist new bid for Thomas Lemar from Arsenal

Arsenal have been told to forget about signing prime target Thomas Lemar this summer, with Monaco’s vice president Vadim Vasilyev insisting they will not sell the France midfielder. The Gunners are expected to test Monaco’s resolve again before the transfer window closes, having already seen two bids of more ...

- City AM - UK

Copper prices hit a two-year high on rising demand from China

Copper prices on the London Metal Exchange jumped to the highest level seen in more than two years today on easing worries about the Chinese economy and reports of a Chinese ban on scrap metal imports. London copper prices hit $6,400 a tonne, which was the highest level since May 2015. Copper prices have gained more ...

- City AM - UK

Apple supplier mum on potential U.S. factory

President Trump says Apple supplier Foxconn is considering opening a factory in Wisconsin. Foxconn says it can't confirm potential locations at this stage.

- CNNMoney - US

Fin24.com | Govt rakes in R7.9m from Durban man flying to Dubai

The SA Revenue Service has seized R54m in currency since June last year, with the state's coffers getting a cash injection of R7.9m from a single passenger travelling to Dubai.

- Fin24 - SA

Fin24.com | SA's average real take-home pay increase highest in 15 months

Seasonally adjusted average real take home pay in SA were slightly higher in June compared to May, shows the latest BankservAfrica Economic Transaction Index.

- Fin24 - SA

Europe Markets: Dollar steadies as investors await Fed's policy signals

The U.S. dollar is steady Wednesday, with investors largely expecting the Federal Reserve to say it remains on course to raise interest rates again this year and offer additional clarity on its intention to shrink its massive asset portfolio.

- Marketwatch - US

Markets Live: Wednesday, 26th July, 2017

- Financial Times - US

Amazon will make thousands of job offers next week

Amazon is holding a jobs fair August 2 at 10 of its centers across the U.S. It plans to make thousands of "on-the-spot" offers to candidates who apply on-site.

- CNNMoney - US

Trump torments loyal proponent of America First

Attorney-general publicly humiliated as president's personal standing takes precedence

- Financial Times - US

Fin24.com | REVEALED: The mental illnesses costing SA billions

Discovery Health's mental health spend reached R2bn in 2016 with hospitalisation claims amounting to R32m more than predicted, says CEO Dr Jonathan Broomberg.

- Fin24 - SA

Fin24.com | Gupta lieutenant Essa pulls out of Trillian

Gupta lieutenant Salim Essa's Trillian Holdings, which owned 60% of Trillian Capital Partners, has sold all of its shares to Trillian CEO Eric Wood.

- Fin24 - SA

NewsWatch: 'Stealth' Trump factors are lifting stocks, these strategists say

Markets realize that the likelihood of President Trump 'raising' taxes is nil,' say Voya Investment Management's strategists.

- Marketwatch - US

Here's a look inside Crossrail stations taking shape for the Elizabeth Line

The first Elizabeth Line train may have entered passenger service last month, but there's still a whole host of work going on to complete the mammoth Crossrail project before it's fully open. And now, Crossrail has released its newest batch of pictures of progress, with a proper look inside the Elizabeth Line stations ...

- City AM - UK

Obamacare repeal effort clears early hurdle in US Senate vote

Republican relief as 50 out of 52 senators help to carry the ballot

- Financial Times - US

Trump: Apple promises to build 3 plants in U.S.

President Trump said Tuesday that Apple CEO Tim Cook has "promised" him the company will build "three big plants, beautiful plants" in the US.

- CNNMoney - US

British housing market slows as mortgage approvals sag to nine-month low

The British mortgage market fell to its weakest in nine months in June, with approvals for house purchases now 9.3 per cent lower than their peak in January. The number of house purchase mortgage approvals fell to 40,200 in June, down from 40,350 in the previous month, according to British Bankers’ Association figures ...

- City AM - UK

Swiss franc sinks to 18-month low against euro

- Financial Times - US

Fin24.com | NUM urges Zwane to withdraw moratorium notice

NUM has joined in criticism levelled against Mines Minister Mosebenzi Zwane's proposal to place a moratorium on mining deals, rights and prospecting licences.

- Fin24 - SA

Earnings Outlook: UPS earnings: How much will Prime packages cut into margins?

Analysts are expecting muted revenue growth as United Parcel continues to invest in infrastructure for more efficient deliveries to consumers.

- Marketwatch - US

Metro Bank's shares are flying after its £278m capital raise

Metro Bank’s share price leapt up six per cent today after the challenger completed a £278m capital raise and laid out its half-year results. The lender said the “significantly oversubscribed” share placement “secures fresh capital which will allow the phenomenal momentum in Metro Bank’s ...

- City AM - UK

Tullow Oil swings to a loss in the first half as weak oil prices bite

Shares in Tullow Oil rose as much as 10 per cent today as the company reduced debt and freed up cash despite a drop in profit in the first half. The figures The Africa-focused oil and gas firm announced a pre-tax loss of $519m  for the six months to the end of June compared with a profit of $24m the previous ...

- City AM - UK

Boeing raises its full-year earnings forecast after profits top expectation

Boeing has flown to a quarterly profit and bumped up its full-year earnings outlook as a result. 

- City AM - UK

GSK moves to streamline drug research and boost its core pharma division

GlaxoSmithKline  narrowed its losses in the second quarter as it works to streamline drug research. The figures The pharmaceuticals giant revealed a loss before tax of £178m in the second quarter of 2017 compared with a loss of £318m the same quarter the previous year. The FTSE 100 firm said adjusted earnings per share ...

- City AM - UK

Ford shares sink as full-year profits are snipped

Shares in Ford slumped this afternoon, with better-than-expected second quarter earnings failing to soothe investor concerns about a lowering of full-year pre-tax profit forecasts. The US motor giant revealed earnings per share of 56 cents, ahead of consensus expectations of 43 cents. And full-year earnings would be in the ...

- City AM - UK

Europe Markets: European stocks log gains as earnings roll in

Stocks across Europe moved higher Wednesday, as investors sifted through the latest round of corporate earnings reports ahead of the Federal Reserve's policy decision.

- Marketwatch - US

Tesla Model S back at the top at Consumer Reports

Tesla's luxury sedan regains top safety marks with Consumer Reports after ADAS braking feature activated at highway speeds.

- Marketwatch - US

British economy suffers 'notable slowdown'

Britain's economy grew by just 0.3% in the second quarter, confirming fears of a marked slowdown as the country prepares to exit the European Union.

- CNNMoney - US

Corning Falls 6%: Gorilla Glass is the Star as Display Struggles

Corning stock is down 6% as the Street ponders the duality of raging sales for "Gorilla Glass" in mobile devices like Samsung's "Galaxy 8" and sluggish sales of display glass in general.

- Barrons - US

Britain bans gasoline and diesel cars starting in 2040

Britain will ban sales of new gasoline and diesel cars starting in 2040 as part of a bid to clean up the country's air.

- CNNMoney - US

Here are the 12 most irritating bits of office jargon as ranked by workers

Some emails will make you hit the delete button a sentence in. And you're probably much more likely to bin the message in question should it feature phrases like "touch base", "blue sky thinking" or "we're on a journey". That's according to a Glassdoor survey of 2,000 people to find out just what employees find most ...

- City AM - UK

Copper prices leap to two-year high on China import ban fears

- Financial Times - US

What you need to know before the open

Today's top story: Car and tech giants back Brexit Britain as BMW and Amazon signal investment Today's leader: Is the lease fee fix just the first of Sajid Javid's renovations? Top companies backed investment in the UK yesterday, as BMW confirmed it would build the new Mini in Britain, while tech giant Amazon said it ...

- City AM - UK

Capitol Report: What Republican health proposals remain after one vote failed | Ousting Mueller would be inappropriate: poll

Senate Republicans' remaining health-care proposals; voters say in poll that ousting special counsel Robert Mueller would be inappropriate; House to vote on cutting CBO funding; and more.

- Marketwatch - US

Fin24.com | Not quite dead: MS Paint rises from the ashes

Microsoft Paint is brought back from the dead after an outpouring of love.

- Fin24 - SA

Why Brent Cross owner Hammerson still has confidence in UK retail

Record leasing activity helped retail property firm Hammerson increase profits in the first half despite a weaker shopping landscape. The company said retailers still want prime locations to tie in with multichannel strategies, and that customer engagement programmes at Hammerson's shopping centres help facilitate this.

- City AM - UK