How artificial intelligence is re-coding the way we manage our money March 14, 2018 It was 1950 when Alan Turing developed a test which looked at a machine’s ability to generate responses that were so human-like that you wouldn’t be able to tell it was a computer. Fast forward almost seven decades, and we are now at a tipping point in tech, as artificial intelligence (AI) nudges us [...]
Despite what Trump says, trade deficits don’t actually have to be a problem March 14, 2018 Do trade deficits matter? President Donald Trump certainly thinks they do. Since his campaign, he has tweeted frequently about his unhappiness with America’s trade deficit, and last week he announced tariffs on imported steel and aluminium. Trump once observed that the problem was that there were a lot of Mercedes-Benz in New York and not [...]
Record-breaking Chinese tourists in the UK inspires schemes to continue the momentum March 13, 2018 The UK is trying to build on its momentum of record-breaking Chinese visitors — and money — into the country. Nearly 532,000 visitor visas for the UK were issued to Chinese residents last year, and Global Blue, a tourism tax refund company, found that Chinese visitors accounted for 25 per cent of all the tax-free [...]
London beats New York as top real estate investment destination for Norway’s massive sovereign wealth fund March 13, 2018 London has overtaken New York as the top real estate investment spot for Norway's massive $1 trillion (£715bn) sovereign wealth fund. The fund, which is one of the biggest investors in the UK and co-owns Regent Street, bought almost £200m worth of London property last year in partnership with the Queen's Crown Estate. These included [...]
Oxford Street pedestrianisation on track to tie-in with Elizabeth Line launch after public backs proposals March 13, 2018 The radical plans to pedestrianise Oxford Street tying in with the Elizabeth Line launch in December were given a boost today, as the results of a massive consultation revealed public backing for the project. More than 22,000 responses were received on the plans to switch up the capital's famous shopping street, with nearly two-thirds of [...]
‘Trump could be the best president since Reagan’: US ambassador Woody Johnson on trade deals, tariffs, Brexit and London’s ‘surprisingly good’ restaurants March 13, 2018 Six months into his term as Donald Trump’s ambassador to the UK, and newly installed south of the river in a fortress-like embassy, Woody Johnson is enjoying himself. “I’m loving it,” he tells me, in his first interview with a business newspaper since arriving in London last August. At a reception for journalists in the [...]
Ex-Barclays trader Alex Pabon loses appeal against conviction for Libor rigging March 13, 2018 Former Barclays trader Alex Pabon has lost an appeal against his Libor rigging sentence after a court found that doubts surrounding the credibility of an expert witness did not merit his conviction being overturned. Pabon was among three traders to be convicted by the Serious Fraud Office (SFO) in 2016 for their roles in [...]
Canada finance minister: UK and Canada should aim for better trade deal than Ceta March 12, 2018 Canada and the UK should aim for a post-Brexit trade deal which is better than the current arrangement, according to finance minister Bill Morneau. Morneau said the deal agreed in late 2016 with the EU, the Comprehensive Economic and Trade Agreement (Ceta), will be the model for “replication” with the UK once it leaves, but [...]
Melrose has just announced a final offer for GKN of £8.1bn and warns against “hasty fire-sale” of GKN businesses March 12, 2018 Melrose confirmed this morning it has increased its offer for FTSE 100 giant GKN to £8.1bn. It said this will be a final offer of 467p per share and would mean GKN shareholders would own 60 per cent of Melrose – up from 57 per cent, and receive £1.4bn in cash. Shares in GKN were [...]
Tech friend or foe? Sadiq on why going up against Uber isn’t bad for London’s business March 12, 2018 Sadiq Khan pledged to be the most “business-friendly” mayor to lead London when he was elected almost two years ago. But in September last year, he shocked the business community by backing Transport for London’s (TfL) decision to revoke Uber’s licence. Uber is not known for its good corporate governance, but Khan was criticised for [...]