Coronavirus takes the sparkle off Louis Vuitton’s finances as luxury brands brace for bumpy ride June 30, 2020 Louis Vuitton owner LVMH has forecast that the coronavirus crisis will take the shine off its finances for some time yet. Despite some signs of improvement this month, the world’s biggest luxury goods group admitted this morning that the best it can hope for is a “gradual recovery”, after sales were pummelled by lockdowns across [...]
Tiktok denies giving data to China over India ban June 30, 2020 Tiktok has today denied claims by the Indian government that it has shared individuals’ data with China, as the app went dark for the country’s 200m users. India yesterday banned Tiktok along with 58 other apps which have parent firms in China, claiming they “pose a threat to the sovereignty and security” of the country. [...]
World reserve currencies: Is the US Dollars’ days numbered? June 30, 2020 “Every dog has its day” is an expression believed to have come from 405 BC when a Greek playwright, Euripides, was mauled and killed by a pack of dogs. An analogy to this tale could be the US Dollar. Is the end nigh? Has the mighty Greenback ‘had its day’? Having been on the boards [...]
Ethereum transactions rise as decentralised finance keeps growing June 30, 2020 This week the price of Bitcoin (BTC) dropped steadily from a near $9,600 high to a low below the $9,000 mark before it started recovering. The cryptocurrency is now trading at $9,120, as it’s still range bound looking to stay above $9,000. Ether (ETH), the second-largest cryptocurrency by market capitalization, started the week trading close [...]
India bans 59 Chinese apps including Tiktok as standoff escalates June 29, 2020 The Indian government has banned 59 Chinese apps including social media platform Tiktok amid privacy concerns, as tensions between the two countries continue to escalate. India today announced it has blacklisted the usage of certain apps, including Sherait, UC Browser, Clash of Kings, Baidu, We Chat and Xiaomi, claiming they “pose a threat to the [...]
Six killed in Pakistan Stock Exchange attack June 29, 2020 Gunmen have attacked the Pakistan Stock Exchange building in the city of Karachi, police said today, with four assailants reportedly killed. The attackers used grenades and guns in their assault, according to local media. Pakistan’s stock exchange in Karachi is in a high security zone and also hosts many private banks’ head offices. “Four attackers [...]
Global coronavirus death toll tops 500,000 June 29, 2020 The death toll from coronavirus surpassed half a million people on Sunday, according to a Reuters tally, a grim milestone for the global pandemic that seems to be resurgent in some countries even as other regions are still grappling with the first wave. The respiratory illness caused by the new coronavirus has been particularly dangerous [...]
Government urged to fast-track 5G roll out to boost coronavirus recovery June 29, 2020 The government could boost overall economic activity by £150bn if the UK were to speed up 5G rollout by two years, a new report has found, as Britain seeks to bolster its economy from the financial turmoil of coronavirus. A new report published today by Vodafone found that the British economy could see productivity gains [...]
Trump warns against foreign interference in UK projects as US steps up national security efforts June 28, 2020 President Donald Trump has issued a stiff warning to the UK not to allow foreign interference in British projects, as the US looks to bolster its national security efforts amid increasing tensions with China. Trump yesterday warned that the US could block foreign buyers from purchasing Anglo-American satellite business Oneweb amid mounting national security concerns [...]
Huawei wins fight to build £1bn UK chip facility June 25, 2020 Huawei was today given the green light by planning authorities to build a £1bn research and development facility in Cambridgeshire. The 500-acre facility will hold around 400 staff, and be focused on the production of technology for use in fibre-optic communication systems. Once up and running, it will become Huawei’s international headquarters for its optical [...]