Ramla Soni

Global stocks rise as more economies ease lockdown measures

12 May 2020 @ 02:44
The FTSE 100 climbed 0.9 per cent and the mid-cap FTSE 250 added 1.2 per cent Global stocks headed higher on Monday as more countries look to restarting their economies, although some reported an increase in new coronavirus cases. European markets headed north, with EUROSTOXX 50 futures and FTSE futures up about 1 per cent. […]

Saudi Arabia triples VAT after oil price plunge

12 May 2020 @ 02:42
Saudi government will also suspend its cost of living allowance for state workers Saudi Arabia is to increase its value added tax (VAT) by three times as part of austerity measures to support its economy hit by the coronavirus. The government also said it will suspend its cost of living allowance for state workers as […]

AngloGold Ashanti reports 231 per cent increase in cash flow despite production loss

12 May 2020 @ 02:40
Global gold mining company AngloGold Ashanti has reported an improved first-quarter cash flow from operating activities as key mines delivered solid performances, despite it losing 11,000 ounces of production due to coronavirus affecting its operations. With operations in Brazil, Argentina and South Africa coming to a halt, total production fell to 716,000 ounces in the […]

Airbnb to cut 25 per cent of workforce

07 May 2020 @ 00:08
Airbnb chief executive Brian Chesky has told staff that 1,900 of the company’s 7,500 workers will be dismissed to help stem coronavirus losses Airbnb is to cut 25 per cent of its workforce and scale back its efforts to attract high-end travellers as it looks to stem its losses from the coronavirus outbreak. CEO Brian […]

BMW lowers profit outlook for the year

07 May 2020 @ 00:06
BMW AG has said the impact of the coronavirus will likely hurt demand throughout the year, and has lowered its profit outlook for passenger cars. The Munich-based firm forecast its full-year automotive earnings before interest and taxes (EBIT) margin to fall to 0-3 per cent, versus the 2-4 per cent range estimated before demand was affected […]

UK stocks increase as economies slowly repopen

06 May 2020 @ 00:38
UK stock markets headed higher as investors hoped for improved economic activity with several countries lifting restrictions, while energy stocks tracked a jump in oil prices. The FTSE 100 was up 1.6 per cent, with BP Plc and Royal Dutch Shell Plc contributing to the biggest boost, while the domestically focussed FTSE 250 added 1.3 per cent. […]

Central banks inject almost $100 billion to help funds

06 May 2020 @ 00:30
Monetary authorities including the US Federal Reserve and the Reserve Bank of India stepped in to relieve stress on their fund markets Central banks have injected almost $100bn (€90.8bn, £79.8bn) to prop up investment funds affected by the coronavirus-led market turmoil. Monetary authorities including the US Federal Reserve and the Reserve Bank of India stepped […]

Volkswagen profits under strain as it warns of rising costs

06 May 2020 @ 00:22
Volkswagen has said the cost of crucial car components has increased sharply due to the coronavirus outbreak, putting further pressure on profits as the industry enters recession. The world’s largest carmaker, which restarted production at its Wolfsburg headquarters last week, revealed parts makers operating at a fraction of their capacities were passing on increased expenses. Carmakers...

Silver Lake invests $750m in India;s Reliance Jio

05 May 2020 @ 00:17
Private equity firm Silver Lake has agreed to invest $750m in India’s Reliance Jio, following Facebook’s steps which less than two weeks ago took a $5.7bn stake in Mukesh Ambani’s Indian digital services company. Jio, backed by Ambani’s oil-to-retail conglomerate Reliance Industries, has attracted 388 million 4G telecom subscribers since it was launched in 2016 […]

RBS prepares for steep rise in business loans

05 May 2020 @ 00:16
The bank’s net profit fell 59 per cent to £288 million Royal Bank of Scotland’s bad debt provisions increased almost tenfold in the first quarter, as it braced for a steep increase in pressured business customers. The bank, which is majority-owned by the UK government, put aside £802 million to deal with an expected increase […]
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