Donald Trump “ready to go” on applying tariffs on all Chinese imports | City A.M. July 20, 2018 Donald Trump has said he is “ready” to push tariffs on all Chinese goods coming into the US as the President continues his stand off against Beijing. The US already has tariffs on $34bn-worth of goods coming in from the country, which has received tit-for-tat measures. But Trump told CNBC he was “ready to go [...]
Massive cyber attack in Singapore steals details of 1.5m including Prime Minister | City A.M. July 20, 2018 A huge cyber attack on Singapore’s government health database stole the personal information of about 1.5m people, including Prime Minister Lee Hsien Loong, the government said today. The “deliberate, targeted and well-planned,” attack aimed at patients who visited clinics between May 2015 and 4 July this year, the Health Ministry said in a statement. “It [...]
Why Mike Ashley’s retail gambles are a mistake | City A.M. July 20, 2018 When the fishes swim one way, I swim the other,” said Sports Direct supremo Mike Ashley last year describing his investment strategy. Despite this billionaire bombast, some of his investments are sinking and weighing down Sports Direct at the same time. The sportswear chain reported a sharp drop in annual profits yesterday, partly because of [...]
DEBATE: Could it be a bad thing that young people today are behaving more ‘sensibly’ than past generations? | City A.M. July 20, 2018 Could it be a bad thing that young people today are behaving more ‘sensibly’ than past generations? John Oxley, a conservative commentator, says YES. “Generation sensible” or “generation straightjacket”? Under-25s smoking, drinking, and screwing less than ever will be cheered by public-health puritans, but really we should be concerned by our temperate teens. Youthful indiscretions [...]
I’m a capitalist, you idiot – and if you value freedom, you are too | City A.M. July 20, 2018 I was asked on a podcast this week if capitalism and communism can co-exist. The short answer is, yes: capitalism has created wealthy, liberal and diverse societies, which tolerate a range of ideologies – even ones as fanciful and hazardous as communism. But the harmonisation stops there. The freedom that capitalism inspires and the force [...]
Microsoft soars past $100bn revenue mark, boosted by the power of the Cloud | City A.M. July 19, 2018 Software and PC giant Microsoft had its best year ever in 2018, beating analyst estimates to score $110.4bn (£85.1bn) in revenue at a year-on-year increase of 14 per cent. It reported $30.1bn in revenue for its fourth quarter, beating already high consumer estimates of $29.17bn. Diluted earnings per share came in at $1.15 for the [...]
Cisco channels $100m into the UK’s artificial intelligence tech sector | City A.M. July 19, 2018 Global telecoms tech firm Cisco has announced it will be investing $100m (£76.8m) into digital innovation in the UK, with a focus artificial intelligence, data and self-driving cars. Backed by Prime Minister Theresa May and digital secretary Jeremy Wright to run in tandem to the government’s industrial strategy, Cisco will partner with University College London [...]
A no-deal Brexit will harm the EU and the UK, warns the IMF | City A.M. July 19, 2018 The European Union will not be immune to the economic damage caused by a no-deal Brexit, according to a new report by the International Monetary Fund (IMF) released today. In its latest annual health check of the euro area, the Washington-based IMF warned that the EU’s real GDP could fall by as much as 1.5 [...]
Royal Mail suffers brutal investor revolt over pay deal for new chief exec | City A.M. July 19, 2018 ROYAL Mail found itself on the end of a brutal shareholder revolt yesterday as investors voted down a pay deal for its incoming chief executive. More than 70 per cent of votes cast by shareholders opposed a resolution on the company’s remuneration report. Switzerland-based Rico Back will receive a basic salary of £640,000, which is [...]
City must be “alive” to Brexit-induced split between domestic and international businesses after mutual recognition dropped: City of London | City A.M. July 19, 2018 The City of London Corporation has suggested Brexit may drive a wedge between domestic financial firms and international ones. Catherine McGuiness, policy chair, this morning hinted at as split as she warned that the financial sector should expect “turbulence over the next few months, and a greater variety of views from the sector than we [...]