FAANGs out: Tech stocks set to continue slide after losing $172bn in a single day October 11, 2018 Yesterday's $172bn (£130bn) tech stocks slide is set to worsen today, as pre-market trading indicates each of the so-called FAANG companies could stand to lose further value. Amazon was the worst hit overnight, losing an additional 2.24 per cent on top of yesterday's 6.15 per cent slide which wiped around $56bn off its market capitalisation. Apple [...]
Leaseplan cancels planned float as stock markets wobble October 11, 2018 Car leasing group Leaseplan today announced it was cancelling its planned initial public offering (IPO) just a week after confirming its float plans. The private equity-backed company, which has a market capitalisation of more than €6bn (£5.2bn), blamed market conditions for its decision. Leaseplan said last week that it was planning to float on the [...]
Bitcoin may take years to regulate, but does not pose risk to global stability October 11, 2018 Cryptocurrencies like Bitcoin do not pose a risk to financial stability, but need to be monitored, while the government may take two years to regulate the sector, two new reports have warned. City-headquartered law firm RPC said any government regulation could take a long time to come into force. Based on past extensions of the [...]
Litigation funder Vannin Capital pulls London float blaming market conditions October 10, 2018 Litigation funder Vannin Capital has cancelled its London initial public offering (IPO) blaming market volatility. Vannin, which finances litigation for businesses and law firms in exchange for a slice of any settlement, announced its intention to float last month. Market sources said the projected float could have valued the business at up to £1bn. Read [...]
Heed the history and beware Saudis floating oil companies October 10, 2018 Will they? Won’t they? I’m thinking about whether or not the Saudis will go ahead and float a sliver of their gigantic state oil company, Aramco, on the stock market. Reuters said in August that King Salman had vetoed the idea. But in an interview with Bloomberg published last Friday, his son, Crown Prince Mohammed, [...]
What makes a ‘stablecoin’ successful? October 9, 2018 | Sponsored With a number of stablecoins being released recently, we took the opportunity to share our thoughts on what might contribute to their success. Audit: where a stablecoin is backed by another asset, it is important that an independent auditor can verify the holdings of those assets. The absence of a robust audit process and of [...]
Turkey urges businesses to cut prices to fight soaring inflation October 9, 2018 Turkey has urged businesses to cut prices by at least 10 per cent in a bid to control soaring inflation. Finance Minister Berat Albayrak – President Recep Tayyip Erdogan's son-in-law – launched the initiative on Tuesday as part of a “fully fledged flight” against inflation. The discount will not be compulsory but Albayrak encouraged Turks [...]
Royal Mail downgrade forces shares below the government’s 2013 IPO price October 9, 2018 Shares in Royal Mail have dropped below their controversial IPO valuation for the first time after the company was downgraded by two banks this morning. The FTSE 100 company, which floated at 330p a share in 2013, briefly dropped as low as 322p in morning trading. A profit warning issued last Monday sent the company’s [...]
Italy’s stock market sell-off could force its populist politicians to change course October 9, 2018 The start of this week witnessed yet another spike in Italian bond yields, as the country’s coalition government continued to grapple with the details of its 2019 budget. Political leaders also struggled to deliver a consistent message to investors, who have grown increasingly concerned about the state’s future spending and borrowing plans. The depth of [...]
Commercial real estate might be reliably disinteresting now, but don’t get too cosy October 9, 2018 At a time of political and market turbulence in the UK, there is one area where we’ve seen relative stability. Commercial real estate data in recent months has been fairly constant, with no significant changes to the outlook. The returns for commercial real estate have remained disappointing relative to recent years, yet there has been [...]