Before the Open: Late US tech selloff set to act as a drag on European open April 15, 2021 US markets saw another mixed close yesterday, only this time it was the S&P500 and Nasdaq that finished the day lower, while the Dow and Russell 2000 finished higher on the day. Despite the mixed close the S&P500 and Dow still managed to post new record highs. Coinbase finished its first day of trading, closing [...]
China issues warning to tech firms after record Alibaba fine April 13, 2021 Chinese authorities have issued a stark ultimatum to more than three dozen tech companies, warning them to stop engaging in any practices that fall foul of new regulations. The country’s market regulator, which last week slapped Alibaba with a $2.8bn fine, said it summoned 34 companies including Tencent, JD.com and Tiktok owner Bytedance. The State [...]
UK urged to use new telecoms suppliers after Huawei ban April 13, 2021 The UK must ensure smaller telecoms suppliers play a major role in the country’s 5G network following the decision to ban Chinese tech firm Huawei, according to a new report. The vendor diversity task force, which was set up last year to lead the search for a replacement to Huawei, said smaller equipment makers should [...]
Bitcoin consolidates, Ethereum sets new all-time high, XRP more than doubles April 12, 2021 Bitcoin consolidates, Ethereum sets new all-time high and XRP more than doubles as crypto rides high.
Jack Ma’s Ant Group forced to restructure after China crackdown April 12, 2021 Ant Group will be restructured as a financial holding company as part of a crackdown by Beijing on billionaire Jack Ma’s Alibaba empire. China’s central bank today said Ant Group had laid out a “comprehensive and feasible restructuring plan” following pressure from regulators. The agreement will mean the fintech firm cuts “improper” links between its [...]
The Week Ahead: Tesco, Coinbase IPO, JD Sports, JPMorgan, Goldman Sachs April 12, 2021 Some of the biggest banks are set to report earnings this week, with JPMorgan, Wells Fargo and Goldman Sachs all due on Wednesday. On a macro level, Tuesday’s UK GDP figures and inflation data from the US are undoubtedly going to be important. Meanwhile, the largest US cryptocurrency exchange, Coinbase, goes public. City A.M. looks at [...]
Saints pen deal with Bitcoin performance bonus April 12, 2021 Southampton FC has signed a shirt sponsorship deal that will see the club bank performance bonuses in Bitcoin.
FTSE falls as England starts to reopen April 12, 2021 London’s main market fell 0.4 per cent this morning despite positive sentiment about England starting to open up following the coronavirus lockdown. The FTSE 100 was down 0.4 per cent while the FTSE 250 fared slightly better, down a more moderate 0.2 per cent. For most, today marks the first day of 2021 that non-essential [...]
Optimism over reopening of pubs and shops tempered by concerns over next month’s elections April 12, 2021 In a week that saw the FTSE100 close at its best levels in over a year, optimism over this week’s economic reopening of outdoor pubs, shops, gyms and hairdressers, appears to be being tempered by concerns over next month’s local and regional elections. There is particular focus on how well the SNP might do in [...]
China fines Alibaba a record £2bn after competition probe April 10, 2021 Chinese authorities have fined e-commerce giant Alibaba 18.2bn yuan (£2bn) over competition breaches, the largest penalty the country’s regulator has ever handed down. The fine, which amounts to about 4.0 per cent of the firm’s home country revenues, is the latest step in a crackdown on the tech firm after founder Jack Ma criticised China’s [...]