Russia plans retaliatory measures against ‘categorically unacceptable’ Novichok sanctions as rouble tumbles | City A.M. August 9, 2018 Russia is planning retaliatory measures against sanctions imposed by the US over the poisoning of former spy Sergei Skripal, which caused the rouble to fall to its lowest level since November 2016 this morning. Foreign ministry spokeswoman Maria Zakharova said this afternoon that Moscow was starting to work on measures following Washington’s decision to impose [...]
IBM warns smart cities are under threat from major hacking attacks | City A.M. August 9, 2018 Smart cities are increasingly at risk from hackers, who can take over technology to cause everything from fake natural disasters to disrupting emergency services. A new report from tech giant IBM revealed the top three ways hackers could use the connected networks embedded within smart cities such as London, New York and Singapore to chaotic [...]
USDTRY: Turkish lira sinks to new record lows amid geopolitical tensions | City A.M. August 9, 2018 The Turkish lira hit a fresh record low today against the US dollar amid heightened geopolitical tensions and continued uncertainty surrounding the regime’s response to the spiralling currency crisis. One dollar bought as many as 5.4487 lira in morning trading today, as the Turkish currency fell by more than two per cent, before recovering slightly. [...]
Softbank held talks with Elon Musk about taking Tesla private in 2017 | City A.M. August 9, 2018 Tesla’s chief executive Elon Musk met the head of Japanese mega-investor Softbank in 2017 to discuss a potential investment in the company, including the possibility of taking it private. Masayoshi Son held talks with Musk in April last year on the matter, but discussions on taking Tesla off the public stock market failed to progress [...]
Pound sterling continues downward slide amid Brexit jitters | City A.M. August 9, 2018 Sterling has continued its downward slide against the dollar this week, amid growing fears of Brexit talks resulting in a no deal scenario. The pound was down 0.23 per cent against the greenback to $1.2853 in early trading, while it is flat against the euro at €1.1096. Yesterday it slipped below $1.29 for the first [...]
Chinese tech stocks rise as its national leadership group gets an overhaul | City A.M. August 9, 2018 Technology stocks in China rose overnight after Beijing said it has revamped its national leadership group for the sector. Tasked with doing the research and planning for China’s government strategy on tech, the former National Technology and Education Leadership Group has now had the “education” dropped from its name to represent a narrowed focus from [...]
Turf war: Law firm bosses see Big Four as ‘threat’ as they aggressively expand into legal sector | City A.M. August 8, 2018 The City’s top law firms are keeping a wary eye on the Big Four accountancy giants as the beancounters expand into the $600bn (£465bn) global legal services market. Managing partner of City law firm Fieldfisher Michael Chissick said: “They have very ambitious plans, that isn’t in doubt, audit is in decline and it is low [...]
Lendy Cowes Week: Wind provides lively conditions for Youth Day | City A.M. August 8, 2018 After two days of hard work with little wind, today was a welcome relief for many sailors at Lendy Cowes Week. Youth Day saw gusts reaching up to 25 knots, meaning plenty of action out on the Solent. Team Lendy built on some promising results in previous days to finish third in the Sunsail F40 [...]
Snap shares dip nearly six per cent following user drop in second quarter | City A.M. August 8, 2018 Snap shares were down nearly six per cent today following the release of its second quarter results last night that saw an uptick in revenue but a decline in quarterly users. Shares in Snap opened at $12.83 and are currently trading at $12.32 on Nasdaq. The drop is most likely down to Snap’s revelation yesterday [...]
Apple’s iPhone LED screen maker Japan Display narrows quarterly losses, but sales take a nosedive | City A.M. August 8, 2018 Cost cuts have helped Japan Display clawed back its losses for the last three months, but crashing sales numbers stopped celebrations short. The maker of smartphone screens for companies such as Apple reported a net loss of ¥1.77bn (£12.4m) in its first quarter, at an almost 95 per cent decrease from ¥31.46bn in the same [...]