South32 Sees Coal Rally Threatened If China Increases Work Days

South32 Sees Coal Rally Threatened If China Increases Work Days

    A surge in coal prices driven by Chinese demand would be jeopardized should the nation reverse restrictions on working days, boosting domestic production, according to South32 Ltd. “We had the Chinese government start cracking down on the factories and mines and restricting work days” to 276 a year, Chief Operating Officer for Australia Ricus Grimbeek told reporters in Perth on Thursday. “It could easily go back to 365 (days) depending on how they…

Read More

U.K. Oil Shares Up Most in 7 Months to Lift Market on OPEC Deal

U.K. Oil Shares Up Most in 7 Months to Lift Market on OPEC Deal

Energy producers in the U.K. surged after OPEC agreed to cut output for the first time in eight years, sending the FTSE 100 Index to a second day of gains. Royal Dutch Shell Plc and BP Plc rose more than 4.5 percent, sending a gauge of oil-and-gas stocks to their biggest advance since February. The OPEC agreement yesterday surprised traders who had expected members to maintain output, spurring a rally in crude prices. Commodity producers…

Read More

Italian Consumer Confidence Falls to Lowest in More Than a Year

Italian Consumer Confidence Falls to Lowest in More Than a Year

Renzi government cuts growth forecast for 2016, 2017 Manufacturing confidence rose in September on recovery hopes Share on FacebookShare on Twitter  Share on LinkedInShare on RedditShare on Google+E-mail Italian consumer confidence fell to the lowest since July 2015 as the government is forced to cut its economic growth forecasts for this year and next. Manufacturing confidence rose. The consumer gauge measured 108.7 in September down from a revised 109.1 the month before. The median estimate…

Read More

Deutsche Bank Slumps to Fresh Record Low on Capital Concerns

Deutsche Bank Slumps to Fresh Record Low on Capital Concerns

Deutsche Bank AG shares dropped to a record low amid concerns that mounting legal bills, including a looming fine over its pre-crisis mortgage bond business, may force the lender to raise capital. The shares dropped 6.3 percent to 10.70 euros at 10:14 a.m. in Frankfurt. The 38-member Bloomberg Europe Banks and Financial Services Index slipped 1.5 percent, with Deutsche Bank the worst performer.

Read More

Naira Falls to N436/$ on Parallel Market as Dollar Scarcity Worsens

Naira Falls to N436/$ on Parallel Market as Dollar Scarcity Worsens

• Nigeria needs $15bn to stabilise, says Dangote • Lagos, Kaduna top list of most indebted states Obinna Chima with agency reports The naira fell to an all-time low of N436 to the dollar on the parallel market yesterday, as against N428 to the dollar from the previous day, as the perennial scarcity of the greenback in the market took a turn for the worse. The effect of the dollar shortage was also felt on the…

Read More

Nigeria’s Debt Increased By N4trillion

Nigeria’s  Debt Increased By N4trillion

Nigeria’s debt burden has increased by nearly N4trillion in the past six months, with potentials of hurting the chances of securing the much-needed foreign loans for implementing 2016 budget. According to the Debt Management Office (DMO) data on the country’s debt released on Tuesday, Nigeria’s debt profile rose from N12.6 trillion at the end of 2015 to N16.3 trillion as at June 30, 2016. The country’s total external debt stock, owed by states and the…

Read More

Shoppers Boast

Shoppers Boast

Shoppers have shrugged off post-Brexit fears as retail sales increased by more than expected in July, according to official figures. Retail sales volumes, including fuel, increased by 1.4% in July compared with June, the Office for National Statistics (ONS) said, exceeding all forecasts that pointed towards a 0.2% rise. It comes after retail sales fell by a worse-than-expected 0.9% in June as poor weather dampened demand for summer fashions and footwear, “These are strong numbers…

Read More
1 27 28 29