After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Burger King tax row hits Warren Buffett after Tim Hortons takeover announcement August 26, 2014 Burger King and US tycoon Warren Buffett were forced to defend a £7bn (£4.25bn) takeover of Canadian chain Tim Hortons yesterday amid mounting political tension in America over tax inversions. The Miami-based giant said it would buy the coffee and doughnut chain for $11.4bn and relocate to Ontario, Canada – seemingly to benefit from [...]
Europe will depend on Russian gas for decades, Fitch warns August 26, 2014 Europe will be reliant on Russian gas for at least the next decade with little alternative, analysts have claimed. Ratings agency Fitch issued a stark note yesterday, warning that Europe will continue to depend heavily on natural resources from President Vladimir Putin’s nation despite the race to diversify energy sources on the continent. “Any attempt [...]
Francois Hollande gives ex-Rothschild banker Emmanuel Macron top economics job August 26, 2014 Embattled French President Francois Hollande announced his new government yesterday, replacing his rebellious economy minister with former Rothschild banker Emmanuel Macron. The 36-year-old was previously Hollande’s economic adviser, and takes the place of Arnaud Montebourg, the firebrand socialist who trashed the government’s economic policies in a speech last weekend. Macron is viewed as a reformist [...]
Scottish rents rise as estate agents blame tenancy fees ban August 26, 2014 Scottish estate agents are blaming the country’s ban on tenancy fees for a recent rise in rents, indicating that the Labour party may face a similar challenge if it brings in the same rule for the UK after 2015. Your Move, a large network of Scottish estate agencies, argues today that a 2.7 per cent [...]
Surge in aircraft orders at Boeing lifts American recovery prospects August 26, 2014 A sharp uplift in goods orders and the highest consumer confidence in nearly seven years were recorded in the US yesterday, adding weight to evidence of the economy’s increasingly solid expansion. Orders of durable goods jumped by 22.6 per cent between June and July alone, driven primarily by a colossal 318 per cent rise in [...]
London Metal Exchange given immunity in aluminium lawsuit August 26, 2014 A US judge has dismissed the London Metal Exchange (LME) from a lawsuit in America which had accused it, along with a number of banks and commodities companies, of aluminium price-fixing. District judge Katherine Forrest concluded that the LME was an “organ” of the UK government and was therefore exempt from legal action under the [...]
London house price growth set to slow to nothing in two years August 26, 2014 London house price growth will slow to nothing in 2016, as interest rates rise and properties become increasingly unaffordable, according to research yesterday According to property firm Savills, prices will climb by 15 per cent in the capital this year, but a slowdown will mean no price growth by 2016, and slower-than-average increases in 2017 [...]
BNY Mellon hit as Argentina revokes licence August 26, 2014 Bank of New York Mellon was yesterday hit by a double whammy after Argentina stripped its licence to operate in the country. And it was revealed that George Soros had launched legal proceedings in London against it. Argentina’s Congress is due tomorrow to discuss a law that would replace BNY Mellon as intermediary for payments [...]
Don’t panic! Standard and Poor insists bonds blamed for credit crunch pain are safe August 26, 2014 The complex and opaque structured bonds blamed for exacerbating the credit crunch have turned out to be relatively safe investments, credit ratings agency Standard and Poor’s insisted yesterday. Banks were criticised for taking portfolios of bad loans and wrapping them up into mortgage-backed securities before the crunch. They were then given high-quality ratings by S&P and others, [...]
UK’s surge in renminbi trading cements European hub status August 26, 2014 The UK is fast become the dominant European hub for renminbi trading, with payments in the Chinese currency more than doubling in size over the last year. Data from currency trackers Swift show that renminbi trading in the UK has surged, rising by 123.6 per cent in the year to July. Activity in Germany has [...]