Playtech profits fall due to “disappointing” Asian markets as chairman scoops pay rise August 23, 2018 Gambling software manufacturer Playtech has reported a 34 per cent in profits due to “disappointing” Asian markets. The gaming and casino software provider said adjusted net profit had fallen to €83.3m (£74.8m) in the first half of the year, despite revenue rising four per cent. Despite the profits falls, the company awarded chairman Alan Jackson [...]
Markets hold their breath as US and Chinese trade talks resume August 22, 2018 Trade negotiations between the US and China are set to resume today in a bid to avert a trade war between the world's two largest economies. Treasury undersecretary David Malpass will meet Chinese Commerce vice minister Wang Shouwen, continuing discussions through to tomorrow. While President Donald Trump said earlier this week he did not "anticipate much" [...]
Luxury retail app Farfetch is heading to Wall Street for a multi-billion dollar listing August 20, 2018 E-commerce marketplace Farfetch, which is based in the UK and specialises in luxury brands and high-end fashion, today filed an intention to list on the New York Stock Exchange. No details were given on the amount it expects to raise or the offer price per share, however analytics firm Pitchbook valued the listing to take [...]
Tesla short-sellers have the last laugh August 19, 2018 Tesla short-sellers have made a bumper $1.2bn (£940m) paper profit since the car company’s colourful chief executive Elon Musk said he is considering taking the business private. Despite making some initial gains in the immediate aftermath of Musk’s tweet on 7 August, in which he declared that funding for the move had been secured, the [...]
Mike Ashley to turn House of Fraser into ‘Harrods of the high street’ after £90m acquisition August 10, 2018 Mike Ashley has promised to turn House of Fraser into the "Harrods of the high street" after buying the company for £90m. Sports Direct issued a statement confirming that the acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is [...]
Mike Ashley’s Sports Direct confirms House of Fraser acquisition | City A.M. August 10, 2018 Mike Ashley’s Sports Direct has bought House of Fraser for £90m. The acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is to appoint administrators after it failed to find a solvent solution. The price represents a heavy discount for [...]
Chinese tech stocks rise as its national leadership group gets an overhaul | City A.M. August 9, 2018 Technology stocks in China rose overnight after Beijing said it has revamped its national leadership group for the sector. Tasked with doing the research and planning for China’s government strategy on tech, the former National Technology and Education Leadership Group has now had the “education” dropped from its name to represent a narrowed focus from [...]
Search engine giant Baidu is unfazed by Google’s potential return to China | City A.M. August 7, 2018 The chief executive of domestic Chinese search engine Baidu has said he is prepared to take on Google if the US giant returns to the market. In a posting on a private social media account today, Robin Li said if the two companies come head to head, “Baidu will win again”. “Chinese companies today have [...]
Softbank’s Indian Uber challenger brand Ola is launching in the UK | City A.M. August 7, 2018 Ola, the Indian ride-hailing firm backed by Japanese mega-investor Softbank, is bringing its services to the UK. Ola’s app will allow riders to choose from services across both private hire vehicles and black cabs, in a bid to shake things up by challenging major UK taxi disruptors Uber and Gett at the same time. The [...]
3 reasons why the world economy is slowing August 6, 2018 Losing momentum Although near-term activity indicators remain stable, growth has been less synchronised in 2018 than it was in 2017 when major regions were all accelerating. Asia and Europe appear to be slowing, and Friday's jobs data in the US suggests that the world economy is entering a soft patch. We see three main factors [...]