Google’s parent firm Alphabet smashes profit expectations to send shares soaring October 26, 2017 Among tonight’s wave of results from US tech giants, Google’s parent firm, was among those toasting a bumper quarter. The company’s shares rose three per cent in after-hours trading, to $1,020, after Alphabet reported a 24 per cent rise in revenue on mobile advertising. The figures Diluted earnings per share came in at $9.57, which [...]
Exclusive: Carillion locked in £200m 2022 FIFA World Cup Qatar contract row October 26, 2017 Struggling contractor Carillion is locked in a £200m row over money owed on a project linked to the development of Qatar in preparation for the 2022 FIFA World Cup. The cash-strapped firm has not been paid for almost a year for work on a $650m (£493m) contract handed to Carillion and joint venture partner Qatar [...]
Amazon share price surges on strong earnings as sales rise by more than a third and cloud services boost profit October 26, 2017 Amazon shares rose more than seven per cent in after-hours trading, after the tech giant announced better than expected earnings and sales up by a third. Read more: Banks should be worried about Amazon rather than fintech, says McKinsey The figures Amazon beat expectations with a 34 per cent rise in sales to $43.7bn for [...]
More than a third of self-assessment taxpayers are under-reporting how much they owe the government | City A.M. October 26, 2017 More than a third (36 per cent) of self-assessment taxpayers under-report their taxes, according to research by the Institute for Fiscal Studies (IFS) out today. Most underpayments are less than £1,000. However, a small proportion of people owe more than £10,000 and represent close to half of the tax revenue that is unpaid. The average [...]
Is blockchain overhyped? Analysts at investment bank Berenberg thinks so October 26, 2017 Blockchain technology, heralded as may as the future of finance, has been branded “overhyped” by analysts at investment bank Berenberg. Despite the “genuine excitement” over the technology’s potential, analysts believe the technical difficulty of implementing it will delay its progress. Read more: The five most active corporate investors in blockchain technology Banking is one of [...]
Industrial giant RHI Magnesita shrugs off Brexit with new listing on the London Stock Exchange | City A.M. October 26, 2017 Refractory products maker RHI Magnesita will launch a premium listing on the London Stock Exchange tomorrow in a vote of confidence for the City post-Brexit. The listing comes after a merger today between Austria’s RHI and its Brazilian rival Magnesita, which together will generate revenues of around €2.5bn (£2.2bn). They expect to become an industry [...]
New York taps Transport for London’s contactless expertise for public transport revamp spanning the subway, rail and buses | City A.M. October 26, 2017 New York is set to roll out a contactless fares system across its public transport network, derived from the one developed by Transport for London (TfL). TfL is setting up a new consulting arm to provide its expertise to operators around the world, and in the newest instance of the transport body looking to share [...]
Heathrow boss John Holland-Kaye calls London airport ‘a critical national asset’ as profits and revenues rise October 26, 2017 Heathrow’s boss said today it had become “a critical national asset” as London’s biggest airport posted rising revenues and profits for the nine months ended 30 September. The results come in the same week the government reopened a consultation into Heathrow expansion for the public to view fresh evidence. Read more: London airports will be [...]
Financial watchdog publishes IPO research reforms, but is criticised for its limited focus October 26, 2017 Investors in London stock market floats will now have access to independent analyst research about the company which is listing, under new rules published by the Financial Conduct Authority (FCA) today. The watchdog has announced a set of reforms which will mean investors no longer have to rely on the advice of analysts at a [...]
Mayor-backed London venture capital fund has helped create 700 jobs across the capital October 26, 2017 Five years on from when MMC Ventures established its London-focused fund, the venture capital firm has revealed it has pumped more than £100m into businesses and helped create over 700 jobs. The MMC London Fund has invested money into 19 London startups, including short-term retail let marketplace Appear Here, home ingredient delivery service Gousto, and [...]