Tesla says its new mass-market car remains on track as it reports narrowing losses February 22, 2017 Tesla posted a smaller loss for the quarter to 31 December, as it declared that its new mass-market saloon was on track to enter production by September. Elon Musk's electric car maker reported net loss attributable to common shareholders of $121.3m (£97m) for the three months period, down from $320m in the same quarter of [...]
Google owner Alphabet has just been upgraded to AA+, S&P’s second highest rating level February 22, 2017 Google parent Alphabet has been upgraded by Standard and Poor's, with analysts citing strong operating performance and conservative financial policy. Alphabet now holds a rating of “AA+”, one notch below the rating agency's top level of AAA, which is held only by Microsoft and Johnson & Johnson. S&P said the rating was a function of [...]
Fed policymakers prepare to hike interest rates “fairly soon” February 22, 2017 Federal reserve policymakers have hinted that it may be time to raise US interest rates again – “fairly soon” – if jobs and inflation continue to meet expectations. Minutes from the 31 January meeting, which saw the American central bank keep rates unchanged, also reflected uncertainty, with some attendees raising concerns that it may be “some [...]
Clear off: City of London steps up fight to retain euro clearing after expert warnings against “currency nationalism” February 22, 2017 High-profile regulators, politicians and financial experts have warned that any move by the European Union to force euro clearing out of London could have grave consequences for global economic stability. Sir Jon Cunliffe, the deputy governor of the Bank of England who supervises financial stability, hit out at “currency nationalism” on Wednesday, saying: “Such a policy if [...]
Bank of England official lashes out at online “echo chambers” and “fake news” in defence of experts February 22, 2017 A top Bank of England official has hit out at the rise of “fake news” in a strident defence of the role of experts in society. Speaking at the Oxford Union, BoE deputy governor for markets and banking Minouche Shafik laid out the need for “an agenda for rebuilding trustworthiness”. Shafik said that the rise of [...]
Maintaining London’s euro-clearing crown is vital to EU as well as the UK, says City of London MP Mark Field February 22, 2017 London’s deep, liquid markets and the breadth of its financial and professional services mean that it stands unrivalled as a European financial centre, which is one of the reasons why it has dominated the foreign exchange market in such a decisive way. The City’s traders now sell more than twice as many euros as all the [...]
AO World founder John Roberts has stepped down as CEO – here’s who’s replacing him February 22, 2017 John Roberts, the founder of British online electrical retailer AO World, has stepped down as chief executive but will remain on the board. Steve Caunce, the retailer's chief operating officer, will replace Roberts as CEO. Earlier this week, Morgan Stanley downgraded AO World saying its overall growth in the UK will be weak over the next few [...]
The WTO’s trillion dollar trade deal has now come into force February 22, 2017 A new trade deal set to boost global trade by $1 trillion (£800bn) a year has come into force. The Trade Facilitation Agreement streamlines customs procedures, and was first created in the World Trade Organisation’s 2001 talks in Doha. WTO director general Roberto Azevedo called the TFA “the biggest reform of global trade this century”. [...]
Purplebricks reveals share placing to raise up to £50m to build on US plans February 22, 2017 Purplebricks Group this evening revealed it would be issuing a new slew of shares in a bid to raise up to £50m to support its dreams of expanding across the Atlantic. The placing shares have been priced at 220p, which represents a 0.6 per cent discount on Tuesday's closing price. The online estate agent, which [...]
Emmanuel Macron has won a big endorsement for his French presidential campaign and the markets seem to like it February 22, 2017 French presidential candidate Emmanuel Macron has received another boost in a busy week, after being endorsed by veteran centrist Francois Bayrou, with the markets welcoming the move. Macron was in London to speak to Prime Minister Theresa May only yesterday, and today won the backing of Bayrou, helping his bid to move clear of centre-right Republican Francois Fillon [...]