Amazon’s (AMZN) cloud and online retail services to push results sky-high, while Spotify (SPOT) wanes on revenue | City A.M. July 22, 2018 After showcasing impressive sales and subscription numbers on Prime Day and briefly breaking $900bn (£691bn) in market value last week, Amazon has investors convinced of a strong second quarter ahead of its results on Thursday 26 July. Consumer estimates collated by S&P Global Market Intelligence put the company’s revenue at $53.4bn for the quarter, at [...]
Facebook’s (FB) long-promised growth slowdown seems to be nowhere in sight | City A.M. July 22, 2018 Consensus estimates have put Facebook’s revenue for its second quarter at $13.4bn (£10.3bn), representing over 43 per cent year-on-year growth despite the company warning investors for some time that revenue growth rates will “decelerate on a constant currency basis”. With results set to be released on Wednesday, pressure has weighed heavily on the social media [...]
Airbus CEO eyes pan-European military merger with BAE, Dassault, Leonardo and Saab to form US defence rival | City A.M. July 22, 2018 Tom Enders, chief executive of aerospace and defence giant Airbus, has said he is open to building a European mega-merger that would create a military aircraft company with the strength to compete with the US. Enders said it was time to “seriously look at consolidating and coalescing efforts” into forming one body, the Sunday Times [...]
City of London Police get cryptocurrency training to help tackle money laundering | City A.M. July 22, 2018 Fears that the growth of cryptocurrencies are opening up further opportunities for criminals to launder money have led to the establishment of a new training programme by the City of London Police. Describing it as a “first of its kind”, a spokesperson for City of London Police confirmed the addition of a cryptocurrency course at [...]
Retailers under pressure as the online revolution causes profit warnings to double to seven-year high | City A.M. July 22, 2018 The number of FTSE-listed companies issuing profit warnings rose by 13 to 58 in the second quarter, an increase of 29 per cent compared to the same period last year, according to an EY report published today. The rise was led by the retail sector of the FTSE index, where profit warnings for the first [...]
IMF: Trump’s trade war is significantly harming world economic health | City A.M. July 21, 2018 The International Monetary Fund (IMF) today said recent trade tariffs being enforced by US President Donald Trump risked seriously impacting global growth. IMF managing director Christine Lagarde said she will give a report on how the global economy has been impacted by the trade tariffs to G20 finance ministers and central bank governors at a [...]
Facebook suspends another data analytics firm over surveillance concerns | City A.M. July 21, 2018 Tech giant Facebook has suspended another analytics firm during its own investigation into data sharing and collection on the social media platform. Crimson Hexagon, a US company offers “consumer insights” and works with government agencies around the world. The Wall Street Journal also reported that the firm had contracts “to analyse public Facebook data for [...]
Cos homeware collaboration with Hay: We speak to creative director Karin Gustafsson | City A.M. July 20, 2018 What makes a creative collaboration work? From 1960s jazz (Ellington x Coltrane) to pop (Beyonce x Sheeran) to fashion (Skepta x Nike Air Max), partnerships not only keep artists fresh, but allow us to appreciate both in a new context. Although it’s now the turn of homeware collaborations (witness D&G x Smeg; Fendi x Campana; [...]
Lloyds Banking Group and Halifax customers hit by IT problems | City A.M. July 20, 2018 Customers of Lloyds Banking Group have been struggling to move their money today after problems with the bank’s faster payments system. The system is used to process telephone, mobile, internet and standing order payments. Read more: TSB customers hit by further mobile banking outages In a Twitter post the bank said: “We are currently experiencing [...]
Brexit: EU’s chief negotiator Michel Barnier kills customs plan – but opens door on backstop | City A.M. July 20, 2018 Michel Barnier has effectively cut down Theresa May’s hoped-for customs deal – but indicated there may be some wiggle room on the Irish backstop. Speaking after a lengthy discussion on the UK’s Brexit white paper with ministers of the EU27, Brussels’ chief negotiator refused to reject the proposal entirely, saying there were “some positives and [...]