The International Monetary Fund concluded its annual meeting in Lima with a warning to central bankers that the world economy risks another crash unless they continue to support growth with low interest rates. The Washington-based lender of last resort said in its final communiqué that uncertainty and financial market volatility have increased, and medium-term growth prospects have weakened. - Guardian
Embattled African oil company Afren, which earlier in July suspended its shares amid uncertainty over its financial position, has been placed into administration as it failed to agree a refinancing with its Pimco-led group of lenders.
Embattled oil explorer Afren suspended its shares amidst uncertainty over its financial position, though analysts were sceptical about the real reasons for the move.
Independent exploration group Afren has reshuffled its board of directors ahead of its annual general meeting.
Afren's shares tumbled on Friday afternoon after the oil and gas company's finance director resigned.
Oil and gas explorer Afren said on Friday that it has secured additional debt funding, as it posted a drop in first-quarter revenue.
Lloyds Banking Group is facing a legal attack over its calamitous takeover of HBOS in 2008. A class action lawsuit, bringing together more than 6,000 investors that owned shares at the time, has been planned to force the company to release emails and other documents dating back to the deal, "to find out who knew what", according to an inside source cited by the Sunday Times. The claimants, including major UK pension funds and asset managers, believe they lost £400m through the acquisition as they were duped into approving the merger as crucial information about the health of HBOS was withheld to ensure the deal went ahead.
Shell's £47bn takeover offer for BG Group not only sent shares in the natural gas outfit soaring on Wednesday, but gave other stocks in the sector a big boost.
Natural resources shares led the London market with mining companies reversing pre-Easter declines in the first day of trading after the festive period.
Oil explorer and producer Afren confirmed on Tuesday the appointment of Alan Linn as its new chief executive.
Struggling oil production company Afren has reportedly selected its new chief executive and will unveil the appointment this week.
Embattled Africa-focused oil company Afren on Monday released a statement of its notification to the UK's Serious Fraud Office over concerns about expense payments expressed by the company's legal advisers.
Bodycote: N+1 Singer downgrades to hold.
Afren's share price was extending Friday's losses when the company proposed a debt-for-equity swap with lenders to keep it afloat. The deal will lead to a substantial dilution of shareholders' interests.
Bargain hunting and hopes for stimulus measures in China gave UK stocks a lift on Monday, as investors readied for a busy week for financial markets worldwide.
UK stocks gained on Monday as investors hunted for bargains following a sharp slide in the value of the FTSE 100 over the last week.
A fall in oil prices was hitting shares in the energy sector on Friday after the International Energy Agency (IEA) warned that crude may have further to fall.
UK stocks bounced off their lowest levels of the day by the close but still ended in the red as falling mining, energy and utility shares provided a drag.
Shares in Afren tumbled after the struggling oil and gas group proposed a debt-for-equity swap with creditors to address its funding needs and recapitalise . The company said it "will result in substantial dilution for existing shareholders", and if shareholders don't approve the plan, the company will have no choice but to initiate a sale.
Stocks in London dipped into the red on Friday morning after data showed an unexpected decline in UK construction output, while utility shares weakened on political uncertainty.