Calls to give City watchdog sharper teeth after fury at lack of action on RBS GRG | City A.M. July 31, 2018 The government is facing calls to beef up the powers of the Financial Conduct Authority (FCA) after the regulator revealed it will take no action against Royal Bank of Scotland (RBS) following the scandal over its treatment of customers in the now notorious global restructuring group (GRG). The City watchdog took legal advice which found [...]
FAANGs out: Tech stocks open on a positive note after a bumpy earnings season | City A.M. July 31, 2018 Wall Street’s top tech stocks group have taken big hits this earning season, causing a stark difference in share prices across the board. However things seemed to pick up as markets opened in the US this afternoon, as falling prices pulled back on a bad week. The so-called FAANGs group – consisting of Facebook, Apple, [...]
Wetherspoon’s will slash the price of food and drink for a day to protest tax burden on pubs | City A.M. July 31, 2018 Pub chain JD Wetherspoon has announced that it will hold another “Tax Equality Day”, reducing the price of all food and drink to protest VAT. Spearheaded by founder Tim Martin, the protest calls on the government to lower the tax burden on the hospitality industry. Food in pubs is subject to 20 per cent VAT, [...]
AirPods, iPhones and Apple Music: Here’s what to expect from Apple’s results out tonight | City A.M. July 31, 2018 Apple’s so-called boring quarter could prove to be not so dull, with the whole world watching to see signs of new tech products and a potential share price boost that could make it the first US trillion-dollar company. The springtime months are often Apple’s lowest in terms of iPhone sales as everyone holds off in [...]
Argos has accidentally leaked DJI’s new Mavic 2, as new drone laws come into force in the UK | City A.M. July 31, 2018 Fresh details about DJI’s unannounced Mavic 2 drone have been printed inside an Argos catalogue, revealed as new UK drone laws today come into force. The latest version of the store’s product catalogue, which went into stores last Saturday, lists details and photos of the DJI Mavic 2, as well as the Mavic 2 Pro [...]
Scot free: City watchdogs at the Financial Conduct Authority (FCA) say they will take no action against Royal Bank of Scotland GRG | City A.M. July 31, 2018 The Financial Conduct Authority (FCA) today said it will take no action against Royal Bank of Scotland (RBS) following the scandal over its treatment of customers in the now notorious global restructuring group (GRG). The City watchdog took legal advice which found that GRG’s activities were not within its remit, ruling out any sanction against [...]
Uber puts its pedal to the metal on self-driving cars, halting development on cargo trucks | City A.M. July 31, 2018 Uber will focus its driverless vehicles technology solely on cars for the foreseeable future, halting development plans for cargo trucks. The ride-hailing giant said in a statement late last night that it will close down its self-driving trucks unit, which was born after the company bought a startup named Otto in a multimillion dollar acquisition [...]
Super smash: Nintendo beats expectations despite slowing sales for the Switch | City A.M. July 31, 2018 Nintendo trumped analyst expectations in its first quarter to report an 88 per cent growth in operating profit, despite sales of its Switch console turning sluggish. The profit was boosted by sales of games for the Switch, as returning customers buy up titles to refresh the console rather than hosting an influx of new users. [...]
Samsung profit growth slows in second quarter from ‘sluggish’ smartphone sales | City A.M. July 31, 2018 Mobile phone giant Samsung posted its slowest quarterly profit growth in more than a year today on the back of weak sales on its Galaxy S9 smartphones and tough competition. The figures Profit rose by 5.7 per cent to to 14.87 trillion won (£10.12bn) compared with last year, but took a dive from 15.64 trillion [...]
Trade war heating up between the US and China has ability to ‘derail the global economy’, ratings agency Moody’s warns | City A.M. July 31, 2018 The escalating trade dispute between America and China triggered by President Donald Trump “has the potential to derail the global economy”, an influential ratings agency warns today. The warning comes as representatives from some of the world’s biggest economies gather in Geneva to discuss their response to Trump’s aggressive trade policies. Today’s summit involves nations [...]