Spotify’s (SPOT) results get a rocky reception, as it hits subscriber growth at a €394m expense | City A.M. July 26, 2018 In its second financial report since going public, Spotify confirmed expectations that it won’t be profitable any time soon. The music streaming app, which listed on the New York Stock Exchange directly in April, revealed €1.27bn (£1.13bn) in revenue across its second quarter this afternoon, up 26 per cent year-on-year and in line with analyst [...]
European car makers gain after Donald Trump’s EU ‘trade deal’ promises removal of tariff threat | City A.M. July 26, 2018 Shares in European car makers jumped this morning after President Donald Trump said the trade relationship between the EU and the US was “back on track”, soothing fears of punitive tariffs on vehicle exports. Renault, Volkswagen, Peugeot and BMW all saw their share prices rise by as much as two per cent, while Fiat Chrysler [...]
Number of landlords hiking rents reaches 10-month high in June | City A.M. July 26, 2018 Renters, look away now, as it’s been revealed that the number of tenants who experienced a rent hike reached a ten-month high in June. Arla Propertymark said the number of tenants who reported a rent rise went up by 35 per cent in June, from 28 per cent in May. That’s the largest rate since [...]
UK adtech startup Mirriad signs deal with Chinese behemoth Tencent | City A.M. July 26, 2018 London-based video-advertising technology startup Mirriad has today signed a deal with Chinese media giant Tencent. The deal will utilise Mirriad’s in-video tech to place ads in online video content, even once its in post-production. City A.M. understands that staff from Mirriad will join and pitch with Tencent’s advertising teams as part of the deal, from [...]
Jeremy Corbyn and Donald Trump are two sides of the same protectionist coin | City A.M. July 26, 2018 Protectionism is like a boomerang: just as soon as you think it’s out of sight, it flies back threatening to hit you square in the face. “Tariffs are the greatest!” tweets Donald Trump, while Jeremy Corbyn unveils a plan to stop non-UK firms from bidding for public contracts. Economists do not often agree, but one [...]
Facebook’s share price plummets after reporting slumped growth in its second quarter | City A.M. July 25, 2018 Facebook missed analyst estimates for its second quarter, dashing hopes that the worst was over and causing its share price to fall more than 23 per cent in after-hours trading. Reporting its results tonight, the social media giant revealed its monthly active user numbers had grown to 2.23bn at an increase of just 11 per [...]
Solicitors Regulation Authority says Money laundering reports involving law firms up 67 per cent | City A.M. July 25, 2018 The Solicitors Regulation Authority (SRA) said today that money laundering reports, cyber crime and dubious investment schemes involving law firms are all increasing. According to a new report, money laundering reports from law firms are up 67 per cent in 15 months. Sixty cases were reported to the SRA in the first quarter of 2018 [...]
Carlos Kaiser: Brazilian football’s scammer extraordinaire – and how his story reached cinemas via the City of London | City A.M. July 25, 2018 Remember Ali Dia, the Senegalese semi-pro handed a Premier League game by Southampton in the 1990s largely on the strength of a bogus reference from someone posing as then-World Player of the Year George Weah? Well Brazil has its own tale of an impostor conning his way into the ranks of the professionals – only [...]
YouGov challenger GlobalWebIndex raises $40m from Refinery29’s growth fund backer | City A.M. July 25, 2018 London-based market research firm GlobalWebIndex has raised $40m (£30.4m) series A first round from Stripes Group, a New York growth fund that has previously backed the likes of Refinery29, Grubhub and Udemy. Founded in 2009, GlobalWebIndex has consistently doubled its revenue and headcount year after year without seeking any outside funding, and includes the likes [...]
‘No terminal damage’ of the City because of Brexit, says Barclays boss John McFarlane | City A.M. July 25, 2018 Barclays boss John McFarlane has struck a note of caution about the impact of Brexit on the City, saying he doesn’t believe it will cause “terminal damage”. In an interview with Reuters, the chairman also known as ‘Mac the Knife’ shrugged off fears that the plan for the sector’s future trading relationship, revealed as part [...]