Deutsche Bank posts third annual loss in a row after US tax hit | City A.M. February 2, 2018 Deutsche Bank today posted its third annual loss in a row as a previously announced €1.4bn hit from the US tax reforms and a poor investment banking performance pushed the German lender into the red. Deutsche Bank reported a net loss of €500m (£438m) for 2017 after taking the charge related to the US changes [...]
Sony chief executive Kazuo Hirai to step down February 2, 2018 Sony said today that its chief executive, Kazuo Hirai, is stepping down, and will be replaced by the firm’s chief financial officer. Kenichiro Yoshida will take up his new job as chief executive on 1 April, while Hirai will become Sony’s chairman. Read more: The Sony Xperia Touch turns any surface into a touchscreen Hirai [...]
One month after the Mifid II tsunami, the City is keeping its head above water February 2, 2018 This Saturday, City workers will be able to celebrate surviving through one month of a dreaded new regulatory environment. Bankers, traders and fund managers were welcomed back from the Christmas break – if they were lucky enough to have one – by the second Markets in Financial Instruments Directive, or Mifid II, touted as the [...]
Less is more: Apple beats expectations but unit sales fall February 1, 2018 Apple delivered better-than-expected fourth-quarter profits, though warned its unit sales were on the wane. Shares in the world’s biggest company rose over two per cent, putting it in pole position as US tech giants race to be the first to a $1 trillion stock market valuation. Revenue and earnings beat Wall Street forecasts. Revenue was [...]
Apple, Amazon and Alphabet in race to $1 trillion market cap as tech titans post massive sales numbers February 1, 2018 The race to become the first $1 trillion (£701bn) tech giant encountered fresh twists and turns last night as Apple, Alphabet and Amazon revealed their latest results. Apple, the world’s largest firm by market capitalisation, led the way as the trio posted a combined $125bn of sales. It beat revenue and earnings expectations but unit [...]
Labour leader Jeremy Corbyn is wrong – empty luxury flats are not causing the UK’s housing crisis February 1, 2018 Donned in obligatory high-vis luminous green jackets, chancellor Philip Hammond and communities minister Sajid Javid spent Thursday mooching around a housing development in Leicester, celebrating the construction of new homes. The announcement of an extra £10m to support housebuilding in the area was hardly groundbreaking, yet both men are thought to be considering more radical [...]
Oil prices at risk of falling from “unsustainable” $70 a barrel level February 1, 2018 Oil prices are at risk of “cascading downwards” this year as analysts warn Brent’s $70 a barrel value is unsustainable. Speculative positions in the oil futures market have risen to an all time high, said Nitesh Shah, commodities strategist at ETF Securities, and pressure is starting to build on oil prices. “Any small negative news [...]
Lewis Moody: It would take something meteoric for England to be denied a third successive Six Nations title February 1, 2018 Only in exceptional circumstances will England fail to be crowned Six Nations champions for a third successive year, according to former skipper and World Cup winner Lewis Moody. Injuries have blighted England’s build up to the championship, which has led to some observers installing Ireland as favourites to usurp their northern hemisphere rivals and seal [...]
Pyeongchang 2018 Winter Olympics plunged into doping row just days before start after 28 Russian athletes have bans overturned February 1, 2018 Olympic chiefs have warned that the fight against doping has been gravely undermined just days before the Winter Games, following a controversial ruling handing dozens of Russian athletes a reprieve. The Court of Arbitration for Sport (Cas) on Thursday overturned the life bans of 28 Russians accused of doping at the last Winter Olympics in [...]
Michelle Mone’s luxury flats, which you can buy in bitcoin, have nearly sold out February 1, 2018 An ambitious plan by a high profile entrepreneur couple to put a luxury development in Dubai up for sale in bitcoin has nearly sold out. Baroness Michelle Mone, the woman behind the Ultimo bra brand, and businessman Douglas Barrowman have sold nearly all of the 50 properties it has so far put up for sale [...]