Paypal profit surges as it cashes in on online shopping boom February 3, 2021 Paypal posted a surge in profit in the fourth quarter as the Covid-19 pandemic sparked a sharp rise in online shopping. The payments processor posted net profit of $1.6bn (£1.2bn) for the last three months of 2020, up 209 per cent on the same period the year before. It came on revenue of $6.1bn, which [...]
Wall Street rallies on strong tech earnings as FTSE 100 slips February 3, 2021 Wall Street pushed higher today on the back of strong tech earnings, but the FTSE 100 closed in the red after early losses were reserved. The Dow Jones was up 0.26 per cent shortly before markets closed, while the S&P 500 and Nasdaq rose 0.28 per cent and 0.18 per cent respectively. It marked the [...]
Covid-19: Global vaccination tally passes confirmed cases February 3, 2021 The number of global Covid-19 vaccinations has surpassed the tally of confirmed cases for the first time, marking a landmark moment in efforts to fight the virus. The total number of jabs administered reached 104m today, while the number of confirmed cases was just over 103m, according to the Financial Times vaccine tracker. With lockdown [...]
Cambridge cannabis pharma GW sold to US rival in landmark $7bn deal February 3, 2021 Cambridge cannabis pharma GW sold to US rival in landmark $7bn deal
Defiant Reddit traders help Gamestop claw back some of its losses February 3, 2021 The Gamestop bubble has not burst just yet as shares in the retailer jumped again after a gruelling day of trading on Tuesday. Shares in Gamestop dropped 60 per cent yesterday triggering multiple trading halts in the meme stock favoured by Reddit traders. The so-called meme stock saw its share price surge 300 per cent [...]
Surprise your Valentine with a ‘virtual dating’ package February 3, 2021 How are you supposed to tell your one true love how you feel this Valentine’s Day when you’re not allowed to leave the house? The owners of The Umbrella Project, the team behind East London bars Discount Suit Company and The Sun Tavern, have come up with a novel solution. They are offering to deliver [...]
Amazon’s UK sales surge to £20bn thanks to lockdown boom February 3, 2021 Amazon’s UK revenue jumped more than 50 per cent to hit $26.5bn (£20bn) last year as coronavirus lockdown sparked bumper demand for online shopping. The US tech giant last night reported full-year sales of $280.5bn, with revenue surpassing $125bn in the final three months of the year alone. But in-depth documents filed with the Security [...]
London IPO activity off to a flying start with busiest January since 2006 February 3, 2021 London markets shook off the January blues with a rush of IPOs, a trend that is set to continue through the year. Building on the momentum seen towards the end of last year, it was the busiest January for the City since 2006. It raised $2.2bn from four listings, including Moonpig and Dr Martens, according [...]
BBC to slash programme spend by £400m amid funding squeeze February 3, 2021 The BBC has warned it will have to make significant cuts to programmes and services due to a squeeze on its funding and growing pressure from streaming rivals. The public service broadcaster said it expects to make roughly £408m in content cuts in the upcoming financial year in a bid to shore up its finances. [...]
GameStop: Might the Redditors target the bond market next? February 3, 2021 They say a week is a long time in politics, but perhaps it is even longer in financial markets. Before institutional investors have even had the chance to fully take stock of last week’s events, which saw the David’s of retail trading get one up on the goliaths of the City institutions by sharing trading ideas [...]
