Tencent overtakes Alibaba as most valuable Chinese tech company August 18, 2016 China's Tencent, one of the biggest tech firms in the region and the owner of messaging app WeChat certainly has something to er, type home about. A stellar set of earnings has sent shares surging as much as 6.2 per cent to an all-time high and topping Alibaba as the most valuable tech company in China in terms [...]
French unemployment falls to lowest level in four years ahead of presidential election August 18, 2016 Unemployment in France has fallen to its lowest level in four years, ahead of the country's presidential election next year. The rate of unemployment has fallen below 10 per cent for the first time since 2012, beating expectations. The rate came in at 9.9 per cent in the second quarter, beating expectations fo 10.1 per cent, [...]
About-turn? Co-operative Bank losses shrink August 18, 2016 Things are looking up again for the once-troubled Co-operative Bank, as it unveiled incredible shrinking losses… The figures Pre-tax losses shrank to £177m in the six months to the end of June, £27.2m less than the £204.2m loss it made last year. Operating income was £228.2m, down slightly from £236.5m last year – although operating costs shrank for £222.8m, down from £262.9m last year. Capital reserves fell to 13.4 per [...]
Hurrah: Tullow Oil’s share price jumps as it strikes oil from Tweneboa, Enyenra, Ntomme (TEN) fields offshore Ghana August 18, 2016 TEN cheers for Tullow. The African-focused oil firm has announced that the first oil has flowed from the TEN fields – otherwise, and more formally known as the Tweneboa, Enyenra, Ntomme fields – offshore Ghana. The company's share price jumped more than 3.5 per cent as markets opened on the news. Read more: Tullow Oil shares rise as it unexpectedly swings [...]
Apple’s iPhone sales fall as Chinese brands gain ground August 18, 2016 Apple continues to lose ground to Chinese rivals in the global smartphone market, ahead of the highly-anticipated launch of its new flagship iPhone 7. People are buying fewer iPhones and increasingly turning to challenger smartphone brands from Asia, the latest figures from Gartner show, as Apple confirmed it plans to plough more cash into China. iPhone sales declined [...]
Nestle misses expectations on China, deflation and foreign exchange but expects strong full year August 18, 2016 Nestle marginally missed expectations on a cocktail of deflation in developed markets, foreign exchange and competition in China. The figures Nestle reported sales of SFr43.2bn (£34.43bn) in the six months to June 30, a 3.5 per cent increase. Net profit was SFr4.1bn for the first half, down SFr400m a year earlier. Reported earnings per share came [...]
House sales are suffering in areas that voted to stay in the EU August 18, 2016 The property market has become skewed by how people voted in the EU referendum, with areas that voted to leave the EU becoming more active after the Brexit vote – and in areas that voted to stay, buyers ran for the hills. The number of sales that have fallen through in areas that voted Remain jumped [...]
Remove trade barriers to meet green goals, World Energy Council says August 18, 2016 Tearing down barriers to trade and investment in energy would help countries meet their green goals, the World Energy Council has said. The UN-accredited body believes this would speed up the creation of a lower-carbon energy system. It would help countries obtain cheaper, more secure and more sustainable power generation. Read more: Q&A with the World [...]
City Moves for 18 August 2016 | Who’s switching jobs August 18, 2016 Red Deer Red Deer, a new London-based fintech company, has appointed Stefano Vaccino as chief product officer and Henry Price as chief commercial officer. Stefano joins Red Deer from Algomi, where he was chief product officer and a member of the executive team. At Red Deer he will oversee product strategy and manage the entire development prioritisation process. Henry joins Red [...]
Bringing home the bacon: Three ways you can use alternative finance to invest in property August 18, 2016 Property crowdfunding and marketplace lending aren’t for everyone. The former can involve high fees, and you won’t know what your investment is worth without selling it – which can be hard if you’re buying a stake alongside numerous other people. There are risks even with the latter. The property market is very sensitive to the [...]