MPs and peers launch ‘super committee’ to scrutinise online harms laws July 29, 2021 A joint committee of MPs and lords has been launched today to scrutinise controversial government plans to tackle online harms. The new super committee will be tasked with seeking views on the online safety bill, which was published in draft form in May. The bill is designed to hold tech giants such as Facebook and [...]
Google hit with £920m UK lawsuit over ‘unlawful’ app store charges July 29, 2021 Google has been slapped with a £920m class action lawsuit in the UK over claims charges on its Google Play Store are “excessive and unlawful”. The claim, filed in the Competition Appeal Tribunal in London, alleges that the tech giant shuts down competition in its Play store and hits out at its 30 per cent [...]
UK ad spend forecasts lifted as lockdown easing drives recovery July 29, 2021 Official forecasts for UK advertising spend in 2021 have been lifted after the easing of lockdown restrictions helped drive a better-than-expected recovery for the battered sector. Ad spend is now expected to grow 18.2 per cent this year to hit a total of £27.7bn, an upgrade from the 15.2 per cent rise forecast in April. [...]
Lords committee: UK and EU both to blame for Northern Ireland Protocol mess July 29, 2021 A House of Lords committee has laid the blame for the mess around the Northern Ireland Protocol at the feet of both the UK and the EU, urging the two to come to a compromise solution. The Lords’ European Affairs Committee report into the protocol said Brussels needed to implement the protocol in a more [...]
US scientists: China is developing its nuclear force with a second base July 28, 2021 Researchers in the US said they have gathered evidence that China is expanding its ability to store and launch missiles, amid concerns it is amassing more nuclear capacity. China is building 250 silos for nuclear missiles in “the most significant expansion of the Chinese nuclear arsenal ever,” according to a new report from the Federation [...]
Fed says US economy has ‘made progress’ but holds rates at near-zero July 28, 2021 The Federal Reserve deems the US economy to be “strengthening” despite rising coronavirus cases, but not so much that it feels ready to wind down its economic support policies. In a new policy statement released on Wednesday following its two day meeting, the US central bank said: “With progress on vaccinations and strong policy support, [...]
Global ETF boom continues with record inflows in first half of the year July 28, 2021 Global exchange traded funds (ETFs) attracted record inflows in the first six months of 2021, as investors poured in amid low interest rates, an equities rally and “cheap money” lending. Investors worldwide ploughed $639.8bn into ETFs between January and June, a half year record and more than double that of the same period last year, according [...]
Morgan Stanley boosts pay for junior bankers worldwide July 28, 2021 Morgan Stanley has raised base salaries for entry-level bankers in its investment banking and global capital markets division, following in the footsteps of Wall Street rivals. The US Investment bank has hiked base pay to $100,000 for first-year bankers and a minimum of $105,000 for second years, according to people with knowledge of the matter. [...]
US stocks open flat as investors await outcome of Fed meeting July 28, 2021 US stocks were broadly flat on Wednesday morning as investors held off from making any sudden moves until the Fed announces the outcome of its latest round of talks. The blue-chip S&P 500 inched up 0.02 per cent to 4,404 during opening trading, while the Dow Jones lost 0.12 oer cent. The Nasdaq led the [...]
Tough hill to swallow: New £2m Marble Arch Mound widely panned July 28, 2021 Refunds are being offered to visitors of the new £2m Marble Arch Mound tourist attraction in central London, after a slew of poor reviews and online criticism. The new attraction, which is supposed to give panorama views of central London, has been widely panned on social media and has been compared by some to a [...]
