Softbank hits back at Moody’s following double downgrade March 25, 2020 Softbank has demanded that Moody’s remove all of its bond ratings after the ratings agency downgraded the conglomerate’s debt by two notches and said it was reviewing the tech investment giant for a further downgrade. Softbank immediately hit back, accusing Moody’s of having based its decision on “its biased and mistaken views” and “excessively pessimistic [...]
Softbank plans £35bn emergency asset sale to cut debt amid coronavirus rout March 23, 2020 Softbank is launching an emergency ¥4.5 trillion (£35bn) asset sale to buy back shares and reduce debt in a bid to restore investor confidence as the global stock market rout pummels its shares and portfolio companies. The measures come as the Japanese investment giant and its $100bn Vision Fund, which has recorded two consecutive quarterly [...]
Flying taxi startup Lilium raises $240m in funding round March 23, 2020 German flying taxi firm Lilium has raised an extra $240m (£207m) in funding from backers such as Chinese tech firm Tencent. The new funds mean that the startup has now raised more than $340m, which it will use for further development of its prototype jet as well as preparing its facilities to begin production. The [...]
A blame game helps no one but fake news is even worse March 20, 2020 In the midst of a crisis like Covid-19, the ability to remain objective is usually one of the first human characteristics to be abandoned. It can easily be surrendered to panic as the urge to enter survival mode intensifies. Decisions that would have seemed inconceivable days before the crisis emerged suddenly appear rational. Actions that [...]
Coronavirus will ‘accelerate the digital revolution’, says ad mogul Martin Sorrell March 19, 2020 The outbreak of coronavirus will “accelerate the digital revolution” as businesses and consumers become increasingly reliant on technology, ad boss Sir Martin Sorrell has said. Sorrell, who runs ad fim S4 Capital, today said the “bottom line” of the crisis was that digital transformation would move at a much greater pace. “Businesses that were probably [...]
Transferwise partners with Alipay as it targets expansion into China March 17, 2020 Transferwise has teamed up with Chinese payment platform Alipay to offer its users money transfers to China, as the London-based payments company moves to expand into the lucrative market. Under the partnership, Transferwise’s users will be able to send Chinese yuan from 17 currencies to users of Alipay, a subsidiary of e-commerce giant Alibaba. Alipay [...]
FTSE 100 plunges despite Fed’s coronavirus ‘bazooka’ March 16, 2020 The FTSE 100 has plunged despite the US Federal Reserve slashing interest rates to near zero in an emergency move to curb the fallout of the coronavirus pandemic. The blue-chip index was last down seven per cent as traders reckoned with the ongoing spread of coronavirus and shrugged off the Fed’s surprise intervention. Airlines and [...]
Chinese economy nosedives as virus outbreak hits factories March 16, 2020 China’s factory production slumped to its lowest level on record in the first two months of the year as the coronavirus outbreak wreaked havoc for the world’s second-largest economy. Analysts said the shock was worse than the financial crisis decade ago and reinforced fears that the epidemic may have cut China’s economic growth in half [...]
FTSE miners lead recovery as China’s infection rate slows March 13, 2020 FTSE miners led London’s blue-chip index higher today as traders welcomed a lower rate of new coronavirus infections in China. Evraz, BHP, Anglo American, Glencore and Petra Diamonds all posted double-digit gains as the FTSE 100 surged over eight per cent higher following yesterday’s record sell-off. Online trader IG analyst Joshua Mahony linked the jump [...]
Coronavirus: US travel ban decimates airline stocks March 12, 2020 President Donald Trump’s travel ban on European citizens entering the US due to coronavirus fears sent airline stocks to new lows today after weeks of pressure on the sector. Recent FTSE 100 dropout Tui led the falls, posting a 10.4 per cent decline by the mid-morning, while British Airways owner IAG was not far behind, [...]