Asian stocks fall as coronavirus fears return April 1, 2020 Asia’s biggest stock markets fell overnight as fears rose about the death toll from coronavirus in the US, Japan entered a new fiscal year on an unsteady footing, and banks axed dividends. Following the worst quarter for global equities since 2008, Japan’s Nikkei 225 index tumbled 5.1 per cent, Hong Kong’s Hang Seng index dropped [...]
FTSE 100 marks worst quarter since 1987 despite rise today March 31, 2020 The FTSE 100 rose marginally today after China’s factories showed signs of bouncing back in March, but still delivered its worst quarter since 1987 as investors panic over coronavirus. Britain’s blue-chip index closed 1.68 per cent higher today at 5,657 points. That pushed on from yesterday, when the FTSE 100 rose as the spread of [...]
Huawei misses revenue target as US ban and coronavirus weigh March 31, 2020 Huawei has missed its revenue target for the full year as the impact of a US trade ban was compounded by the coronavirus outbreak. The Chinese tech giant posted revenue of 858.8bn yuan (£98bn) in 2019. This marked an increase of more than 19 per cent, but fell short of its target of $135bn (£109bn). [...]
What impact is Covid-19 having on global economies and markets? March 31, 2020 The impact of the new coronavirus (Covid-19) pandemic continues to play out. The extent to which the virus will spread, both between and within countries remains unclear, and the duration and impact are highly uncertain. Sadly, the human impact continues to grow, and the virus has now claimed the lives of over 22,000 people, as [...]
Tiger Global builds stake in Tiktok owner Bytedance March 30, 2020 Tiger Global Management is said to have built up a stake in Tiktok owner Bytedance as it looks to cash in on the growing popularity of the short-form video platform. The New York-based investment firm — also known as the Tiger Fund — revealed the stake in a letter to investors this week. Tiger Global [...]
Weir axes dividends, slashes US jobs and cuts costs as coronavirus crisis hits firm March 26, 2020 Energy services and engineering firm Weir has scrapped its dividend as a result of coronavirus uncertainty. The FTSE 250 listed, Glasgow-based company, becomes the latest in a list of firms to do this as they try to cut costs. Although it reported a return to normality with its Chinese operations, the company’s main area of [...]
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 [...]