Euro at six-month high after Merkel’s surplus comments
Angela Merkel said that the “too weak” euro was behind her
country’s massive trade surplus, sending the currency to a
six-month high. The German chancellor said that large export
earnings were being powered by the euro’s exchange rate and the
price of oil. Her remarks will increase pressure on the European
Central Bank to tighten its benchmark interest rate.
RBS: Fred Goodwin may be off the hook
Fred Goodwin may be spared days of court grilling as Royal Bank of
Scotland closes in on a £200m-plus settlement with investors over
its disastrous 2008 cash call. RBS has now offered the investors
82p a share, almost twice its previous offer. The legal action has
been adjourned for 24 hours. The lender and its former directors
deny any wrongdoing.
How directors cleaned up after Brexit vote
Directors have “bagged” £5.2m by “snapping up” stock in their own
companies as markets struggled after the EU referendum result,
reports the Daily Mail. The Brexit vote sparked a sharp sell-off,
with finance companies and housebuilders particularly affected. But
chief executives grabbed stock at bargain prices, with a total of
177 FTSE 350 directors spending £18.5m on shares in the four
weeks after the vote.
Droughts to send olive oil prices rocketing
The price of olive oil is set to soar as droughts in the
Mediterranean hit the consumer in the pocket. Weather conditions
are expected to cause a dramatic fall in production from major
players such as Greece and Italy. The cost of olive oil has risen
15% in the last year to $4,434.15 (£3,410.36) per tonne. Over the
last five years it has jumped 63%.
Ford axes boss as share price plunges
Ford has parted company with boss Mark Fields as part of a wider
shake-up, reports Sky News. Amid growing investor unease about the
carmaker’s share price and prospects, Fields is retiring after
nearly three decades at the company. The firm’s share price has
fallen almost 40% in the three years he has been in the driving
seat. He will be replaced by Jim Hackett – currently head of the
unit developing self-driving cars.
Quote of the day… The slippery truth about Theresa May’s oil
donations
“It’s worrying to think that Theresa May made a number of
manifesto pledges to the oil and gas industry – including active
support of new oil and gas facilities – after she and her
cabinet ministers have been liaising with, and taking money from,
the industry’s top bosses.” Labour’s Jon Trickett after
The Guardian revealed that oil bosses have given £390,000 to Tories
under Theresa May.
THE NUMBERS… AT 0711 GMT
Dow Jones: up +0.43 to 20894.83
Dax: down -0.15 to 12619.46
Cac 40: down -0.03 to 5322.88
Nikkei: down -0.26 to 19626.42
Hang Seng: up +0.16 to 25432.38
US dollar: buys €0.88940 and £0.76970
Sterling: buys $1.29890 and €1.15540
Oil: $53.77 up +0.3
Get A Domain Name And Hosting On Dotifi.com.uk Today Click Link to get 10percent Off ! http://www.theweek.co.uk/am/tuesday-23-may-2017
Spread the love & Comment on Social Media !