Tencent music arm makes its move on delayed IPO set to raise up to $1.23bn December 3, 2018 Tech giant Tencent Holdings’ music subsidiary has moved forward on a New York Stock Exchange initial public offering (IPO) of up to $1.23bn (£1bn) today. Tencent Music Entertainment is hoping to raise between $1.07bn and $1.23bn, according to a US Securities and Exchange Commission filing, in a delayed offering that was originally planned to launch in [...]
General Motors scales back workforce as it pushes for self-driving cars November 26, 2018 General Motors will close five plants and lay off around 8,000 workers in North America, the company has revealed. The carmaker hopes cutbacks will help it save around $6bn a year as it doubles the resources spent on its electric and self-driving cars, while discontinuing several old models. The company will say goodbye to around [...]
Crypto A.M. shines its Spotlight on CityBlock Capital November 21, 2018 This year has been a tumultuous year for cryptocurrency markets, but here on Wall Street, blockchain technology and the development of a regulatory compliant, digital asset ecosystem is moving full steam ahead. Over the past several months, the London Stock Exchange, New York Stock Exchange, NASDAQ, and Fidelity have all announced plans to launch digital [...]
Business booms at S4 Capital as it tees up its second takeover November 14, 2018 Sir Martin Sorrell’s new outfit, S4 Capital, posted strong sales growth in the third quarter, the company said today. The firm, which was set up after Sorrell left advertising giant WPP, delivered revenues of over €29m (£26.2m) in the quarter, a rise of almost 45 per cent. Gross profit, meanwhile, shot up 32 per cent [...]
Randgold profits rise ahead of shareholder vote on $6bn Barrick merger November 6, 2018 Randgold Resources has reported a 25 per cent profit increase on the eve of a shareholder vote on its proposed $6bn (£4.6bn) merger with Barrick Gold. The gold miner said its profit for the third quarter was $73.2m, an increase on the $58m profit made in the second quarter, and up 20 per cent from the [...]
Ferrari profits rise but Italian stallion won’t change gear on full-year guidance November 5, 2018 Profits at supercar manufacturer Ferrari rose almost five per cent in its third quarter, however the firm stuck to its full-year earnings guidance. The lack of an upgrade caused its share price to fall more than three per cent on the New York Stock Exchange in the first hour of trading this afternoon. Shareholders were [...]
Stage dive: Spotify opens down after disappointing subscriber outlook November 1, 2018 Spotify may post its first ever profit this year as the company wiped out a major part of its loss in its third quarter of trading. But promising results did not translate into success on the stock market as the streaming service dropped on the back of its subscriber predictions. The figures Paying users flocked [...]
FAANGs come out to play in Halloween shares surge October 31, 2018 Technology's biggest players, lumped together as the so-called FAANG stocks, have ended their October losing streak which had left investors spooked with just one day to go. Netflix's share price saw the biggest gains out of the FAANGs grouping, rising almost seven per cent this afternoon off the back of better-than-expected results for Facebook last night. The social [...]
The ICO landscape October 23, 2018 Last week we looked at how to assess the concept behind an ICO, but this week I want to “zoom out” a little, and talk about the competitive landscape in which ICOs are operating. It changes almost hourly, let alone daily, and it’s full of complexity, ambiguity, and contradiction. Sounds fun, right? For those blockchain [...]
Barrick’s merger with Randgold could spark $5bn asset sales, BMO says October 23, 2018 Canadian miner Barrick Gold's merger with Randgold Resources could spark up to $5bn (£3.85bn) of asset sales, BMO Capital Markets said. The merger, which will value the combined company at around $18bn (£13.86bn), could reinstate Barrick as the largest gold producer, however analysts said the company aims to become the lowest cost western-based gold producer. Read more: Gold [...]