European stocks head for fourth consecutive loss
Businessam Staff
May 31, 2017
European stocks dropped almost across the board on Tuesday, with banks leading the charge lower after a broker downgrade and concerns over a potential early election in Italy, MarketWatch reports. Renewed concerns that Greece may not make its next debt repayment also hit investor sentiment in Europe. The Stoxx Europe 600 index lost 0.4% to […]
Nigerian banking shares rally on recovery hopes
Businessam StaffMay 30, 2017
First Bank Holdings led a rally of Nigerian banking stocks on Tuesday, fuelled by hopes that Nigeria will emerge from recession soon, dealers said. First Bank Holdings, the parent company of Nigeria’s oldest commercial lender First Bank, rose 10.02 percent in early trade to 5.38 naira ($0.0171), a level last seen on Oct 10, 2015, […]
U.S. stock futures little changed ahead of economic data
Businessam StaffMay 30, 2017
U.S. stock index futures were little changed on Tuesday, after the three-day holiday weekend, as investors awaited economic data for clues regarding the health of the economy, Reuters reports. The S&P 500 and the Nasdaq Composite closed at record highs on Friday. The S&P 500 posted its seventh straight session of gains, matching a winning […]
Italian banks sink on early election worries
Businessam StaffMay 29, 2017
There is concern over Italy’s banks and Britain’s national election dominated holiday-thinned European financial markets on Monday, from back off two-year highs. Sterling, hammered by a slump for Prime Minister Theresa May’s Conservatives in opinion polls last week, recovered after weekend polls confirmed the trend but showed her still on course to win next week’s […]
A legendary hedge fund that raised $5 billion in 24 hours expects ‘all hell to break loose’
Businessam StaffMay 29, 2017
A hedge fund led by an investing legend expects “all hell to break loose.” Billionaire Paul Singer’s Elliott Management, which raised $5 billion in less than 24 hours earlier this month, says it has been building up its cash reserve to deploy during future market turmoil. The hedge fund has been sounding the alarm for […]
Ford’s fired CEO Mark Fields is in line for big payday
Businessam StaffMay 28, 2017
Mark Fields, the CEO of Ford who was ousted as the company’s stock price slid near 40% of its value during his tenure, could see a payout of $57.5 million, according to Bloomberg. The news service reported that Fields, who was replaced this week by former Steelcase CEO Jim Hackett, will receive unvested stock awards […]
Mideast stocks: Gulf bourses edge down after OPEC deal; Qatar’s Ezdan continues slide
Businessam StaffMay 28, 2017
Most Gulf stock markets edged down in early trade on Sunday after global oil producers agreed on Thursday to extend cuts in output by nine months to March 2018. Trading volumes were thin, partly because of the start of the holy month of Ramadan. Many in the markets had been hoping for stronger action by […]
Basel III reforms package closer to being finalised
Businessam StaffMay 26, 2017
A long-awaited package of reforms designed to stop banks gaming post-crisis rules will be finalised “in the near future”, according to the head of the committee that sets global standards. But Bill Coen, Secretary General of the Basel Committee on Banking Supervision, said after a speech in London that the reforms package would have a […]
Mobile money companies in Ghana to be merged by November 2017
Businessam StaffMay 26, 2017
The Ghana Interbank Payment and Settlement Systems (GhIPSS), a wholly owned subsidiary of the Bank of Ghana, has been tasked by government to interoperate all mobile money companies by November this year. When done, mobile money users could send and receive money across networks. “So we will fully interoperate the four mobile money companies by November so that we can […]
African markets – Factors to watch on May 25
Businessam StaffMay 25, 2017
May 25 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asian shares scaled two-year highs on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signaled a cautious approach […]