UK bitcoin mining firm Bladetec heads to China to woo investors April 16, 2018 A large UK-based cryptocurrency mining company is heading to China in hopes of wooing new investors. Bladetec, which is building a huge mining farm across three locations in the south east of the UK, is targeting potential investors in Shenzhen, Shanghai and Beijing as it seeks £10m for new mining equipment. Mining is the process [...]
Hedge funds’ “star traders” are being booted out of the limelight in favour of data-driven strategies and artificial intelligence April 16, 2018 The hedge fund industry is at an “inflection point”, according to titans in the sector, which could see the idea of “star managers” take a back seat to artificial intelligence (AI) and data-driven strategies. Efficiency in markets and the wider availability of financial data has helped make it harder for hedge funds to produce returns [...]
Savills: UK tech companies choosing the City of London over Silicon Roundabout in first quarter of 2018 April 16, 2018 Tech companies are favouring the City over the fringe areas including the so-called silicon roundabout, according to the latest research from real estate advisor Savills. With almost three times as much office space committed to by technology firms in the City compared to the City fringe (which includes areas like Old Street and South Bank) [...]
Blackrock boss Larry Fink’s pay rises to $28m April 16, 2018 The pay packet of Larry Fink, chief executive of Blackrock, rose to $28m during 2017, according to a proxy statement issued by the firm. Fink, the founder and chief executive of the world’s largest asset manager, enjoyed a 10 per cent increase in total annual compensation compared to the previous year. As well as a [...]
Brexit latest: David Davis wrong to threaten MPs over “deal or no deal”, Institute for Government report claims April 16, 2018 The government is wrong to have threatened parliament with a “deal or no deal” vote on the final Brexit agreement, a new report has said. MPs have been warned repeatedly by Brexit secretary David Davis that while they will have a “meaningful” vote on the heads of terms agreed by him and his EU counterpart [...]
Bank of America reports record first-quarter profits of $6.9bn April 16, 2018 Bank of America today reported record earnings which beat analyst expectations thanks to higher interest rates and the boost from tax cuts. The figures Pre-tax income rose by 15 per cent year-on-year to $8.4bn (£5.8bn), with net income rising 30 per cent to a record $6.9bn, the bank said. Earnings per share rose by 38 [...]
Forex markets: British pound (GBPDUSD) reaches highest point since Brexit, US dollar remains steady April 16, 2018 After soaring to a ten-week high last week, sterling has inched to its highest point since the outcome of Britain’s Brexit referendum to trade at $1.43 against the greenback – only the second time it has reached that point since the vote. This follows a particularly strong finish last week, when sterling edged up to [...]
Barclays sets up venture capital unit April 16, 2018 Barclays has established a new venture capital arm led by its former head of strategy in a bid to add a new revenue source. Barclays UK Ventures will be headed by Ben Davey, who will also join Barclays UK’s executive committee as part of the move. The unit will aim to add a “a significant [...]
Parliament Square’s first statue of a woman – suffragist leader Millicent Fawcett – will be unveiled on 24 April in London April 16, 2018 A statue of suffragist leader Millicent Fawcett will be unveiled in Parliament Square next week, and will be the first ever monument of a woman to stand in the square. London mayor Sadiq Khan, who has called the statue “long overdue”, will be attending the unveiling of the bronze cast which is due to coincide [...]
Transferwise backer venture capital firm Draper Esprit sees its value soar amid new blockchain investments and climbing company valuations | City A.M. April 16, 2018 Tech-focused venture capital firm Draper Esprit announced this morning that the value of its portfolio has more than doubled over the past year, to £244m. The firm, which has invested in businesses such as customer review site Trustpilot and indirectly backs fintech “unicorn” Transferwise, put the increase down to £71m of new investments and a [...]