News

Glencore has been hit by falling commodity prices, reporting a drop in pre-tax earnings of a quarter in the first half of the year, but will forge ahead with Xstrata merger plans despite a challenging backdrop.

A former investment banker and his wife have been ordered to pay more than £1.5m for their benefits from insider dealing and warned they may have to serve extra jail time if they fail to do so.

George Soros and John Paulson are among the investors buying gold in anticipation of an uptick in price driven by more QE in developed economies this year.

Her Majesty's Revenue & Customs (HMRC) said it has prevented some £200m from being diverted from the Exchequer after winning three court decisions against tax avoidance schemes.

BNY Mellon has expanded its distribution team with three hires including RSM Tenon's Adrian Gough.

Francis Brooke, manager of the Troy Income & Growth trust and £780m Troy Trojan Income fund, said his trust is positioning for further mergers following its takeover of two rivals.

Chinese equities have slumped to a three and a half year low, amid concerns additional monetary easing stimulus will be shelved as property prices in the region soared to a fourteen month high.

Fidelity Worldwide Investment has named Raymond Ma (pictured) as lead manager on the group's offshore $391m Greater China fund.

Shares in platinum miner Lonmin fell sharply into the red on opening this morning, down more than 4%, as the group warned its 3,000 striking employees will be dismissed if they do not return to work today.

The Retail Distribution Review (RDR) will have "clear detrimental effects" on the accessibility of financial advice and lower overall savings rates, Lord Flight has warned.