David Cameron spearheads $1bn infrastructure fund to help China boost its trading links December 16, 2017 Former PM David Cameron has been charged with leading a $1bn (£750m) government-backed fund to boost transport infrastructure between China and its trading partners. Announced as part of Chancellor Philip Hammond’s two-day visit to China, the new element of the “Belt and Road Initiative” will create jobs and boost trade links, ministers said. The initiative [...]
Brexit trade deal: UK wants bespoke Brexit trade deal, not a “Canada” style agreement, says Philip Hammond December 16, 2017 Chancellor Philip Hammond has dismissed the idea Britain will develop a Canada-style trade deal with the EU, saying a bespoke Brexit arrangement was more likely. Hammond, on an official visit to China, made the comments at a press conference this morning, flanked by Chinese vice premier Ma Kai and Chinese vice finance minister Shi Yaobin. [...]
What a LED-down: Luceco shares drop 46 per cent after accounting error December 15, 2017 Luceco was the biggest faller on the main market today after it revealed an accounting error. The LED maker’s financial controller has resigned after it emerged that a weak margin had not been identified, due to a miscalculation of the group’s value. Read more: This diamond producer’s share price has dropped more than 35 per [...]
Apple acquires music app Shazam: Deal pleases early investors despite “unicorn” valuation loss of tech startup December 11, 2017 Apple is acquiring music discovery app Shazam, saying it is a “natural fit” and has “exciting plans in store” for the nearly two-decade-old British startup. The value of the deal was not disclosed by the tech giant but has been reported to be worth around the $400m mark. Apple said in a statement confirming earlier [...]
UK investment firm Man Group has just become the first foreigner to set up a quantitative hedge fund in China December 11, 2017 Man Group, the City-headquartered investment firm, has just launched its first hedge fund in China. The fund will follow a quantitative investment strategy, meaning it will choose where to place money by relying on algorithms or systematic programming. Man’s foray to the east will be the first time that a foreign firm has ever set [...]
Could fintech be opening the door to more financial crime? December 8, 2017 Fintech startups aim to disrupt current practices and to do it fast. The emerging business model requires product managers find a buyer need, put out a minimum viable product, and iterate change in response to customer use. However, all this innovation—especially with entrepreneurs who have more tech savvy than experience in financial services—opens opportunities [...]
Made in China? Xi Jinping could dethrone the nation’s counterfeit kings December 7, 2017 Imitation might be the highest form of flattery, but that is of little comfort to the western businesses that suffer at the hands of China’s infamous copycat kings. From apps to caps, few products avoid the risk of spawning an illegitimate twin. All eyes are now on President Xi Jinping, as Chinese industry looks set [...]
HSBC’s second largest shareholder revealed as Chinese insurance giant Ping An December 6, 2017 Chinese insurance giant Ping An today emerged as HSBC’s second-largest shareholder. A regulatory filing revealed Ping An had snapped up a chunk of shares taking it over a regulatory threshold. The insurer increased its interest in Britain’s biggest bank from 4.96 per cent to 5.01 per cent. Ping An’s £7.3bn stake makes it HSBC’s second-largest [...]
Media planning behemoth m/Six is evolving to a world of consumers control December 4, 2017 If 2018 is the Chinese Year of the Dog, then surely we’re fast approaching the EU’s Year of Regulation (and lots of it). There are acronyms aplenty for firms to get to grips with – from the General Data Protection Regulation (GDPR), to the updated Payment Services Directive (PSD2), with swathes in between. Much of [...]
Questioning AI ethics doesn’t make you a gloomy Luddite November 29, 2017 Last month, Google-owned DeepMind introduced AlphaGo Zero, the latest evolution of AlphaGo, the first computer programme to defeat a world champion at the ancient Chinese game of Go. Speaking at Web Summit earlier this month, Kevin Bandy, chief digital officer at Cisco, told the audience that “there are more moves in this one game than [...]