Hong Kong wealth fund suffers staggering losses as city economy falters May 3, 2022 Hong Kong’s wealth fund has suffered staggering losses in the first few months of this year, as the financial hub’s economy falters. The city’s GDP shrank four per cent in the first quarter of 2022, according to estimates published by Hong Kong’s census and statistics department on Tuesday. While the Exchange Fund, managed by the [...]
Heyday: Goldman Sachs traders reap rewards of volatile global markets May 3, 2022 Turbulent markets have forged a heyday for Goldman Sachs, after the Wall Street trader generated revenue of more than $100m on 32 separate days in the first quarter of this year. Net revenues topped $50m on 45 days out of a total of 62 in the three months to March, within the US investment bank’s [...]
UK should follow in Chile’s footsteps with sustainability-linked bonds, says top think tank May 2, 2022 The UK should follow in Chile’s footsteps in issuing so-called ‘sustainability-linked’ bonds, which pay out more to investors should the government fail to meet its net zero targets, according to one of the country’s top think tanks. In a paper published today, the Social Market Foundation (SMF) has urged chancellor Rishi Sunak to haul in [...]
Pfizer shareholders in for larger dividends this year, as Covid-19 cliff edge fails to materialise May 2, 2022 Pfizer shareholders are pegged to receive an even bigger dividend payout this year, according to analysts, with the feared Covid-19 cliff edge yet to materialise for the firm. The US pharmaceutical giant on Thursday declared a $0.40 (31p) dividend for the second quarter of this year, ahead of its first-quarter results published tomorrow. With shareholders [...]
Value of global M&A falls as post-pandemic inflation shakes down figures May 2, 2022 The value of global M&A activity has dwindled in the first quarter of the year, as inflationary headwinds shake down valuations – and have blown other deals off the table. Mergers and acquisitions (M&A) have “clearly weakened” in the first few months of 2022, according to analytics firm GlobalData, with total transaction value slipping more [...]
Boris Johnson mulls a new Right to Buy scheme as housebuilding hits the curb May 2, 2022 Prime minister Boris Johnson is reportedly mullinh plans to bring in a new Right to Buy scheme, inspired by Margaret Thatcher, amid reports housebuilding has hit the curb. The plans seek to target “generation rent”, those whose hopes of owning a home have fallen increasingly out of reach despite being ‘of age’ to buy. [...]
Shareholder rebellion to hit Ocado scheme over concerns of £100m windfall for boss May 2, 2022 Ocado investors are reportedly planning to turn their nose up at an extension of a share reward scheme which would see the retailer’s boss handed £100m. Two advisory groups, the Institutional Shareholder Service and Glass Lewis, have recommended investors to reject the proposal to lengthen the so-called “valuation creation plan” at its annual general meeting [...]
Business of Space: Space junk, a new Martian aurora and a boost for British tech April 29, 2022 City A.M.’s Millie Turner offers up a roundup of the most important news across the space industry, every Friday. This week: Space junk – an escalating issue A new Martian aurora Investment in British space tech Space junk is getting out of control The soaring number of satellite constellations planned by Elon Musk’s Starlink, taxpayer backed OneWeb and raft of [...]
Crypto assets are making divorces tougher than ever before, say lawyers April 29, 2022 Digital assets are making separations tougher than ever before, legal experts told City A.M., as lawyers grapple with rapidly changing valuations and hard-to-trace assets. So-called digital divorces are on the rise, with the Financial Conduct Authority revealing last summer that around 2.3m adults in the UK already hold crypto assets – which is expected to [...]
Elon Musk sells $4bn in Tesla stock amid Twitter takeover April 29, 2022 Elon Musk has sold around $4bn (£3.2bn) worth of Tesla stock, a security filing has revealed, as the eccentric billionaire preps for his Twitter takeover. Musk, the man behind SpaceX, sold the shares over the past few days, adding in a tweet that he does not plan to sale any further shares. Tesla’s shares closed [...]