Sterling falls as Carney warns Brexit no deal odds are “uncomfortably high” | City A.M. August 3, 2018 The pound has fallen to an 11-day low against the dollar as Bank of England governor Mark Carney warned the chances of a Brexit no deal were “uncomfortably high”. Sterling fell 0.2 per cent to $1.299, as the Canadian economist told the BBC this was a “highly undesirable” scenario. “I think the possibility of a [...]
Paddy Power signs deal with US casino group Boyd | City A.M. August 3, 2018 Paddy Power has struck a deal with US casino group Boyd Gaming, which will expand is subsidiary FanDuel into the States following a landmark Supreme Court ruling earlier this year. Under the agreement, FanDuel will gain market access for its sports book and online gaming products in several states and will provide Boyd Gaming with [...]
Wempe to host the 2018 Patek Philippe Exhibition Collection, offering rare chance to see close to 100 ladies and mens pieces | City A.M. August 3, 2018 Luxury watch boutique Wempe will next week host the 2018 Patek Philippe Exhibition Collection in its New Bond Street showroom. The showcase will feature close to 100 ladies and men’s watches from the prestigious Swiss watchmaker. It will encompass the brand’s famous complications; models from the Calatrava, Aquanaut, Nautilus, Golden Ellipse and Twenty-4 collections; as [...]
Let’s quit while we’re behind, and not subject more women to faulty gender pay gap stats | City A.M. August 3, 2018 We are caught in a vicious circle. The government’s new pay gap reporting measures are producing shocking statistics which, in turn, lead government bodies and select committees to call for further intervention into the private sector. The latest call came yesterday, as the Business, Energy and Industrial Strategy committee recommended that the threshold for businesses [...]
Broadband challenger Hyperoptic raises £250m from eight top banks | City A.M. August 3, 2018 Gigabit broadband provider Hyperoptic today announced a debt raise of £250m from eight leading international banks, aimed at powering its full fibre optic network across the UK. The round was led by ING and BNP Paribas, with RBS, Societe Generale, RBC, HSH, NIBC and Barclays also participating. The raise will fully fund Hyperoptic’s project to [...]
Barclays takes up significant stake in London fintech Marketinvoice | City A.M. August 2, 2018 Barclays today announced it has acquired a significant minority stake in London-based fintech Marketinvoice, in a deal that will utilise the startup’s technology to provide £1bn in capital for the UK’s small businesses. City A.M. understands the deal will also see Barclays lead Marketinvoice’s upcoming series B fundraising round, which is due to close in [...]
Gradual or glacial: When will the next Bank of England interest rate hike come? | City A.M. August 2, 2018 What does “gradual” mean? This is one of the key pre-occupations of forecasters right now, given central banks are emphatically emphasising that any normalisation of policy will be gradual. And yet the meaning seems to differ wildly. For the US Federal Reserve gradual appears to signify 0.25 percentage points of tightening per quarter. According to [...]
Nasdaq website shows Apple hitting a $1,000,000,000,000 valuation | City A.M. August 2, 2018 The Nasdaq’s website showed Apple finally hitting a $1 trillion valuation on Thursday afternoon – but some analysts warned it still has a little way to go to reach the landmark. Apple’s share price is trading at $205.52 at the time of writing, taking it over the trillion-dollar mark by more than $10bn, according to [...]
Turkish lira (TRY) drops to a new record low | City A.M. August 2, 2018 Turkey’s financial markets were under intense pressure on Thursday following the US decision to freeze the assets of two of the country’s government ministers. The Turkish lira dropped to its weakest ever level against the US dollar, hitting $5.09 before recovering to around $5.05, according to Bloomberg data. This was a drop of around 1.1 [...]
Tesla’s share price soars in double-digit increase on an apologetic Musk | City A.M. August 2, 2018 Buoyed by promises to be cashflow-positive by the end of the year, Tesla’s share price has risen more than 10 per cent on the open this afternoon. The electric carmaker, spearheaded by its charismatic chief executive Elon Musk, reported quarterly revenue above analyst expectations in a results reveal last night at $4bn (£3.05bn). Despite its [...]