Microsoft’s valuation passes $1 trillion as competition with Apple and Amazon heats up April 25, 2019 Microsoft’s valuation briefly exceeded $1 trillion (£776bn) for the first time yesterday after the firm posted strong revenue and profit growth in its quarterly results. Shares in the US tech behemoth rose as high as $130.87 in late trading, taking its market capitalisation past rivals Apple and Amazon and beyond the coveted $1 trillion mark. [...]
Government ‘cannot exclude’ criminal investigation into Huawei leak April 25, 2019 The government has refused to rule out a criminal investigation into leaks from a security meeting about the role of Chinese tech firm Huawei in the UK’s 5G network. Culture secretary Jeremy Wright today slammed the “unacceptable” leak of confidential information, which has prompted calls for an inquiry into a potential breach of the Official [...]
British Boeing supplier Senior warns 737 Max groundings will hit profits April 25, 2019 Engineering firm Senior this morning warned margins in its aerospace division will take a hit from Boeing’s production cuts in the wake of its 737 Max planes being grounded across the globe. Read more: The worst may still be yet to come for Boeing, after 737 Max disasters Senior makes components used in commercial and [...]
UBS beats expectations but investment bank profits plunge 64 per cent April 25, 2019 Swiss banking giant UBS beat expectations but reported a 64 per cent profit fall in its investment bank in a “challenging" quarter. Chief executive Sergio Ermotti had set the bar low after warning of “one of the worst first-quarter environments in history,” earlier this month. Read more: UBS and Deutsche in 'serious' talks over asset [...]
Trade tariffs and waning demand slam the brakes on Volvo quarterly profit April 25, 2019 Volvo parent company Geely’s shares fell today after the Swedish car maker announced profit fell nearly a fifth in the first three months of the year. Read more: Volvo recalls over 200,000 cars worldwide over leaky fuel pipes The manufacturer said pricing pressure and higher tariffs stemming from the trade war between the US and [...]
Comcast beats profit estimates but streaming rivals eat into revenue April 25, 2019 US media giant Comcast has beaten Wall Street estimates to post strong first-quarter profit, but fell short on revenue. The figures Comcast posted a 17.9 per cent increase in revenues to $26.9bn (£21bn). Net profit rose 14 per cent to $3.6bn. Adjusted earnings before interest, tax, depreciation and amortisation increased 18.1 per cent to $8.6bn. [...]
Private equity investment boosts UK business revenue by more than 50 per cent April 25, 2019 Private equity backed businesses saw revenue soar by more than half in the last five years, new data published today shows. Investment by private equity firms boosted revenue at UK firms by 53 per cent, from £30.7bn in 2013 to £47.1bn last year. Read more: US private equity activity slumps in first quarter In the [...]
Extinction Rebellion protests: 26 arrested after London Stock Exchange climate change protest April 25, 2019 Police arrested 26 people this morning after climate change activists blocked the London Stock Exchange as the Extinction Rebellion protest group targeted Square Mile financial institutions. Read more: Climate change protesters glue themselves to London Stock Exchange The Metropolitan Police said they were arrested on suspicion of aggravated trespassing. Meanwhile other activists were demonstrating outside [...]
Clifford Chance signals confidence with largest promotions round since the financial crisis April 25, 2019 Magic Circle law firm Clifford Chance said today it was elevating 30 lawyers to its partner ranks in its largest promotions round since the financial crisis. The firm promoted nine in London: corporate lawyers Jennifer Mbaluto and Alexander Chester; finance lawyers Peter Chapman, Nicholas Kinnersley and Caroline Dawson; capital markets lawyers Andrew Kelly and Kate [...]
Government network restrictions could delay 5G by 12 months, warns Three boss April 25, 2019 The rollout of 5G could be delayed by 12 months if the government introduces restrictions on suppliers in the UK’s telecoms network, Three’s chief executive has warned. Dave Dyson told City A.M. the launch of the high-speed network could be knocked back a year if the government tells providers they need equipment from more than [...]