IMF: China debt levels could lead to “crisis” if government does not act to deflate credit boom August 15, 2017 The surge in debt in China has the potential to cause a major crisis without “decisive policy action” to deflate an ongoing credit boom, the International Monetary Fund (IMF) warned today. In a report on risks facing the world’s second largest economy, the IMF said the rapid expansion in credit in recent years has helped [...]
Bill Gates gives away $4.6bn in Microsoft shares to the Bill and Melinda Gates Foundation charity August 15, 2017 Bill Gates has given away $4.6bn (£3.6bn) in shares in Microsoft, in his biggest charitable donation since 2000. The world’s richest man gave away 64m shares in the firm to the Bill and Melinda Gates Foundation, the development charity he runs with his wife, in June, according to a filing to the US regulator, the [...]
Brexit: Estonia is ramping up efforts to woo British entrepreneurs with e-residency August 15, 2017 The small but innovative eastern European country of Estonia is planning on ramping up its efforts to woo British entrepreneurs after Brexit. More than 800 people from the UK have applied to become e-residents of Estonia since the country voted for Brexit, fresh figures seen exclusively by City A.M. reveal. And that figure could be [...]
Ed Sheeran’s former college The Academy of Contemporary Music grabs a £2.4m peer-to-peer loan from ThinCats | City A.M. August 15, 2017 The Academy of Contemporary Music (ACM), which counts Ed Sheeran, Newton Faulkner and Kate Nash among its alumni, has secured a £2.4m loan from peer-to-peer lender ThinCats. Following Sheeran’s success, ACM has seen a surge in interest from potential students. The academy will use the funding to expand and double its student numbers, as discussions [...]
George Soros’s investment firm Soros Fund Management is betting on Trump to fail as it takes on new holdings which could benefit from a downturn August 15, 2017 Soros Fund Management, the investment management firm founded by prominent Democratic Party donor George Soros, appears from its latest filings to be betting on US President Trump to fail. The firm has recently taken up put options on PowerShares QQQ Trust, SPDR S&P 500 ETF and iShares Russell 2000 Index Fund, it was revealed in [...]
London house prices: Mayor of London Sadiq Khan invests £25m in Pocket Living to build homes for first-time buyers August 15, 2017 Mayor of London Sadiq Khan is investing £25m into Pocket Living, a developer which uses modular construction to build affordable homes. The investment will help Pocket create 1,059 new one- and two-bed flats for first-time buyers. It sells its homes at 20 per cent below the market rate to first-time buyers living in the borough. [...]
The smooth and orderly route to a new customs arrangement: A deal to benefit businesses on both sides of the Channel is vital August 15, 2017 Today marks the start of an intensification of our preparations for our exit from the EU. The government will publish a series of papers on the new deep and special partnership the UK wants to build with the EU. These papers set out key issues for the government’s approach to that partnership, developing the themes [...]
Supermarket wars: Nisa in talks with Co-op after Sainsbury’s exclusivity period ends August 14, 2017 Convenience chain Nisa is in talks with the Co-op after a period of exclusivity regarding a potential takeover offer from Sainsbury’s came to an end. Sainsbury’s has yet to make a formal offer, which would need to be approved by Nisa’s shopkeeper members. However City A.M. understands that Sainsbury’s is waiting for the result of [...]
Renting DVDs from Lovefilm was actually still a thing… until Amazon closed it today August 14, 2017 Lovefilm is closing down. Didn’t know it was still around? No, us neither. The DVD rental by post service which was a true success of British tech and the dotcom era has finally been shuttered by Amazon, which acquired the startup in 2011 for £200m. If you’re wondering who might still be using Lovefilm, let [...]
Costs on Gospel Oak to Barking upgrade climb to £172m after delays send original schedule off track August 14, 2017 The cost of the London Overground Gospel Oak to Barking electrification project has climbed to £171.9m, after delays due to incorrect design and late delivery of materials. In papers for a meeting of Transport for London’s (TfL) programmes and investment committee at the end of June, the transport body warned the final cost for the [...]