MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
CMC Markets raises targets following profit surge November 21, 2019 Spreadbetter CMC Markets has reported a jump in net operating income for the first half and raised its full-year target as traders adapted to changes following a regulatory clampdown on high-risk bets. The figures CMC Markets said its net operating income rose 45 per cent for the six months to 30 September, hitting £102.3m. This [...]
London Stock Exchange hires fintech to widen access to IPOs November 21, 2019 The London Stock Exchange (LSE) has signed a deal with online investment platform Primarybid to give retail investors access to share offerings on the same terms as institutional investors. Under the deal, which was announced today, the pair will unveil digital infrastructure enabling companies that are listed listed or listing on LSE to include individual [...]
Challenger banks yet to overcome Brits’ lack of trust, study finds November 20, 2019 Two fifths of Brits don’t trust challenger banks at all, while over half are worried technology will put their data at risk, according to a new study. The research, conducted by Fujitsu, suggests that concerns over security are slowing the British public’s adoption of technology. Read more: Trading giant Robinhood makes its UK debut in [...]
Profit jumps as Babcock buoyed by marine division November 20, 2019 Defence giant Babcock has reported an increase in pre-tax profit for the first half in line with expectations, as a strong performance from its marine business offset weakness in its aviation division. The figures Babcock reported a 134 per cent increase in statutory pre-tax profit, which rose from £65.1m to £152m for the six months [...]
Google admits major underreporting of General Election ad spend November 20, 2019 Google has admitted to severely underreporting spending on UK political advertising ahead of the upcoming General Election, with errors affecting both the Conservative and Labour parties. Google’s weekly transparency reports on advertising spending by political parties and other organisations contain major discrepancies because heavy spending on search terms is not always recorded, The Guardian reported. [...]
Alibaba to raise up to $12.9bn in landmark Hong Kong listing November 20, 2019 Alibaba is set to raise up to $12.9bn (£10bn) from its record-breaking second listing in Hong Kong, pricing its shares at a 2.8 per cent discount to their New York close. The Chinese e-commerce giant is set to officially announce the terms of the deal later on Wednesday, but investors have been told 176 Hong [...]
Fevertree cuts forecast as slowdown takes fizz out of UK sales November 20, 2019 Drinks supplier Fevertree has cut its full-year revenue forecast amid “challenging comparators” and a slowdown in UK consumer spending in the second half. The mixer specialist cut its revenue expectations to between £266m and £268m for the full-year, representing year-on-year growth of 12 to 13 per cent. Read more: Fevertree shares go flat as poor [...]
Investors underwhelmed by Aviva’s restructuring plans November 20, 2019 Shares in Aviva slipped on Wednesday after the insurer announced plans to restructure its business and sell off its Hong Kong division in a bid to revive investor interest in the group. The insurance company will simplify its business structure into five operating divisions and sell its stake in Hong Kong business, called Blue, to co-investor [...]
Meet the UK’s 70 fastest-growing tech firms November 20, 2019 70 of the most promising high-growth tech firms in the UK have been named as the country’s top scaleup companies by tech group Silicon Valley Comes to the UK (SVC2UK). Media intelligence company Signal AI, car insurance specialist Cuvva, and online plant store Patch are among the firms that have been selected for SC2UK’s 2019 [...]
