Markets

Markets

US pulls back from applying fresh tariffs to Chinese tech goods

The Trump administration has pulled back from slapping tariffs on certain products from China such as laptops and mobile phones, providing relief for jittery global investors. Read more: Tariffs hurting US manufacturers, says Trumps ex-economic adviser At the start of the month the US announced it would apply 10 per cent tariffs to $300bn of Chinese goods, meaning nearly all imports from China are levied following a ramping up of tariffs in May. Yet the US trade representatives office said today in a statement that tariffs would be delayed until mid-December for products such as “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing”. “Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent,” it said. The announcement sent US stocks rocketing after they opened lower. The tech-heavy Nasdaq index ro..

Markets

Muddy Waters says Burford has same illness that doomed Enron

Muddy Waters redoubled its assault on litigation funder Burford Capital today, accusing the company of having the “same illness” that brought Enron down. The activist shortseller accused Burford of “addiction to mark-to-model gains financed by debt”. In mark-to-model or fair value accounting, unrealised gains are included on a companys balance sheet. Muddy Waters said: “We believe Burford is effectively sprinting on a treadmill whereby it is growing its portfolio aggressively not because there are so many great opportunities; but, rather because it has so aggressively taken fair value gains that sap the business of future earnings power, and it therefore needs to add litigation assets to the balance sheet in order to take more fair value gains.” Read more: Burford Capital alleges market manipulation ahead of Muddy Waters short attack US energy company Enron used aggressive mark-to-market accounting, as well as false and fraudulent accounting, and went bust in 2001. Muddy Waters s..

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Open outcry trading sessions to be extended by London Metal Exchange

The London Metal Exchange is set to extend its final open outcry trading sessions, backing its historic method of buying and selling on the floor over a potential shift towards electronic platforms. Frenzied five-minute dealing windows are to be doubled to 10 minutes on the trading floor of the worlds oldest and largest market for industrial metals. Read more: LME introduces alcohol ban on trading floor The move came after volumes soared by more than 50 per cent in a three-month trial period for zinc. The 142-year-old LMEs ring, known for its red-leather sofas, is the last open-outcry trading venue in Europe, with other exchanges shifting to electronic trading in recent years. “The LME believes the longer PM kerb period for zinc has provided market participants who use the ring with more time to place orders and then to react to price moves,” the group said. Read more:

Markets

Yen and bonds bullish as trade war fears weigh on global stocks

Concerns that US-China trade tensions and a no-deal Brexit could spark a recession boosted the yen and bond markets today, while stock markets suffered once again. Early gains for European and Asian stocks soon faded and Wall Street futures were already in the red as traders geared up for another potentially volatile week. Read more: European stock markets bounce after rough week The pound fell to a 10-year low against the euro this morning following a report from the Institute for Government (IfG) think tank that said MPs are unlikely to be able to stop a no-deal Brexit. However, sterling staged a comeback later in the day against both the euro and the dollar. Argentinian markets were also braced for a crash and the peso opened down almost 25 per cent after President Maurico Macri was trounced in yesterdays primary election. Chinese stocks rallied more than one per cent after financial regulators relaxed margin financing rules late last week. Overall, however, investors turned ..

Markets

Gold retouches all-time high mark of Rs 38,470 on jewellers’ buying

Gold prices on Monday retouched the all-time high mark of Rs 38,470 per 10 gram in the national capital after the precious metal advanced by Rs 50 on fresh buying from jewellers amid positive overseas trend, according to the All India Sarafa Association. On Thursday, gold had hit record high price of Rs 38,470 per 10 gram in the national capital. Silver, however, plunged Rs 1,150 to Rs 43,000 per kg on reduced offtake by industrial units and coin makers. According to analysts, the rise in local demand, along with positive global trend, mainly led to the upward movement in gold prices. Globally, gold was trading higher at USD 1,503.30 an ounce in New York amid growing Sino-US trade tensions after US President Donald Trump on Friday reiterated that he was not ready for a deal with China, prompting investors to move towards safe-haven assets like gold. The yellow metal has made considerable gains in the past few days due to ongoing trade conflict. In the national capital, gold o..

Markets

Century Textiles and Industries’ Q1 net profit rises 11% to Rs 180.62 crore

NEW DELHI: Century Textiles and Industries (CTIL) on Monday reported a 11.06 per cent rise in consolidated net profit at Rs 180.62 crore for the quarter ended June 30, 2019. It had posted a net profit of Rs 162.62 crore in the corresponding quarter a year ago. The company's total income during the quarter under review was Rs 881.08 crore, down 10.37 per cent as against Rs 983.07 crore in the corresponding quarter of the previous fiscal, Century Textiles said in a BSE filing. Total expenses Read More – Source [contf] [contfnew] ET Markets [contfnewc] [contfnewc]

Markets

Shares rise as Tullow Oil strikes black gold in South America

Tullow Oil today hailed an “excellent start” to a South American drilling campaign as the company made a major discovery off the coast of Guyana. The discovery shows that the Jethro-1 well will likely hold over 100m barrels of oil, chief executive PaulMcDade said. The discovery is ahead of expectations. Read more: Tullow facing delays at Kenyan projects “This substantial and high value oil discovery in Guyana is an outcome of the significant technical and commercial focus which has underpinned the reset of our exploration portfolio,” McDade said. The discovery mean that the Orinduik licence is much less risky, the company said. The licence includes another well which Tullow expects to start drilling later this month. The discovery was at Jethro-1, a 4,400 metre deep well in 1,350 metres of water. Read more: Tullow Oil promises dividend as it records first profit in five years Tullow holds a 60 per cent stake in Orinduik, with Total and Eco Atlantic owning the rest. McDade ..

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Saudi Aramco Indian investment ‘among biggest ever’

Saudi Aramco is set to take a 20 per cent stake in the oil to chemicals arm of Indias Reliance Industries, a deal which is being touted as the among the biggest inward investments in Indian history. The deal, which values the business at $75bn (£62bn) including debt, is the third major investment by the Saudi oil giant this year as it looks forward to a listing. Read more: Lower oil prices hit Saudi Aramco earnings “[This is] the biggest foreign investment in the history of Reliance,” said Reliance chair Mukesh Ambani, Asias richest man. “It is also amongst the largest foreign investments ever in India.” He was speaking at the companys annual general meting in Mumbai. The deal also includes a supply of 500,000 barrels of crude oil a day for Reliances Jamnagar refinery, he added. “This signifies perfect synergy between the worlds largest oil producer and the worlds largest integrated refinery and petrochemicals complex.” Read more: Oil price falls to lowest point in eight mo..

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RIL announces India’s biggest FDI deal; Saudi Aramco to pick 20% stake in its OTC biz

Reliance Industries (RIL) Chairman Mukesh Ambani on Monday announced a deal with Saudi Aramco, which he termed as India's largest foreign direct investment till date. As per the deal, Saudi Aramco will acquire a 20 per cent stake in Reliance's oil-to-chemicals (OTC) business at an enterprise value of $75 billion. Oil-to-chemicals division, formed by combining refining and petrochemicals businesses, coverts petroleum into chemicals and achieved Rs 5.7 lakh crore revenue in FY19. Ambani was addressing shareholders at the 42nd AGM of the company in Mumbai. He said the Saudi Aramco deal will take place at an enterprise value of $75 billion, subject to regulatory clearance. Saudi Aramco will also supply 5,00,000 barrels per day of crude oil on a long-term basis to RILs Jamnagar Refinery, the worlds largest refining facility as per the deal. Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national petroleum and natural gas company based in Dhahran..

Markets

Shortseller Gotham City piles pressure on under-fire Burford Capital with further criticism

Shortseller Gotham City Research has added to the pressure on litigation funder Burford Capital which it described today as “inappropriately financed”. Burfords market value fell by nearly half last week before regaining some of those losses after it was savaged in a report by hedge fund Muddy Waters which has taken a short position in the litigation funder. Fellow shortseller Gotham City today added to the criticism levelled at Burford, arguing that litigation assets should not be financed with debt because their cash flows are “notoriously unpredictable”. Read more: Burford Capital share price surges as it blasts shortseller Muddy Waters Gotham City said this “poses a real risk of an eventual asset/liability mismatch nightmare”. In 2014 professional services firm Quindell lost half its value in a day after Gotham City launched a scathing attack on its business model. Its founder, Daniel Yu, said in his note on Burford that Gotham City had shorted Burford last year as Burfords s..

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