Nomura writes to clients about Frankfurt move in ‘no deal’ Brexit preparation | City A.M. August 8, 2018 Nomura has reportedly written to clients informing them how the bank will move their business relationship from London to Frankfurt as it prepares for a chaotic “no deal” Brexit. Trading clients based in the EU are being asked to prepare for the move, which would allow the giant Japanese bank to continue serving clients even [...]
Apple denies reports that Siri is recording private conversations | City A.M. August 8, 2018 Apple has hit back at claims that its voice assistant Siri is recording conversations without user permission. In a reply to US lawmakers issued late last night, Apple said that its iPhones require users to give microphone access to Siri and third-party apps, with it being clearly stated if an app is listening at any [...]
Samsung to plug $160bn into new technology in major growth push | City A.M. August 8, 2018 Samsung will boost its investment into tech businesses by $160bn (£123.6bn) over the next three years, in an effort to prop up South Korea’s place in industry while advancing its profit. Samsung Electronics will primarily fund $22bn of that investment to underpin research into artificial intelligence (AI), 5G connectivity, electronic components for automotives and biopharmaceuticals. [...]
Saudi Arabian prince snaps up a $250m stake in Snap for 2.3 per cent | City A.M. August 8, 2018 Snap caught a second-wind after posting its results last night, when Saudi Arabia’s Prince Alwaleed bin Talal tweeted that he has invested $250m (£193.2m) into the company in exchange for a 2.3 per cent stake. The stake is valued at $10.8bn, despite Snap’s overall market capitalisation sitting at just $17bn. Shares in Snap jumped by [...]
Musk’s Tesla tweet ‘makes a mockery’ of trading rules | City A.M. August 8, 2018 Elon Musk’s tweets suggesting he would take Tesla private “makes a mockery of public markets disclosure”, a director of Fidelity Investments has said. Musk last night said he was considering delisting the electric car firm, offering shareholders $420 per share – around a fifth higher than the price at the time. His comments – made [...]
The art of investing: Don’t underestimate how artwork can be a force for cultural change | City A.M. August 8, 2018 The art world has changed significantly since Dutch painter Johannes Vermeer created his masterpieces more than 350 years ago. Even since Picasso, Matisse, and more recently Eva Hesse were putting brush to canvas, the art world has grown and evolved. The development of the internet has played a chief role in this evolution, as has [...]
Taxing vaping would be like extending the sugar tax to sugar-free squash | City A.M. August 8, 2018 As a non-smoker and a non-vaper, many people might wonder what my interest is in vaping. The answer is simple. I know from personal experience how beneficial vaping is for smokers who want to quit. My husband, a lifelong smoker, switched from smoking to vaping two years ago, mainly for his health. He hasn’t had [...]
From supply and demand to game theory, football is full of economics lessons | City A.M. August 8, 2018 The football transfer window closes tomorrow, and the opening days of August have seen the usual flurry of activity at all levels. The window in the rest of Europe stays open until the end of the month. Do we detect here the hands of Monsieur Barnier, in another dastardly European Commission plot to do us [...]
Blockchain startups have raked in $1.8bn in venture capital funding in the last six months | City A.M. August 8, 2018 Blockchain startups raised a record-breaking $1.8bn (£1.4bn) across more than 300 deals with venture capital (VC) investors in the last six months, as the industry doubles down on the technology behind cryptocurrency. Data compiled by London-based blockchain specialist VC firm Outlier Ventures revealed investments into dedicated blockchain startups soared in the first half of 2018 [...]
City vents at EU’s failure to reciprocate on no deal regime | City A.M. August 8, 2018 The City has vented its frustration at the EU’s apparent failure to grapple with the regulatory challenges posed by a no deal Brexit. Work in the UK has begun on a ‘temporary permissions regime’, allowing EU firms to continue passporting into the country in the event of a hard Brexit, in which scenario there would [...]