Don’t blame the global slowdown for Brazil’s economic ruin May 25, 2016 If the diverging fortunes of Africa make it palpably clear that the Brics hysteria about the inevitable rise of most emerging markets is intellectual fool’s gold, what is going on in South America definitively drives a stake through the heart of that argument. For yesterday’s darling Brazil continues to fall off the table, just as [...]
America under Trump: What would Donald do to trade, the dollar and investment in the US? May 25, 2016 Donald Trump is the last man standing in the Republican race for the White House. With six months to go until November’s presidential election, it’s almost certain Trump will stand against Democrat candidate Hillary Clinton. A businessman with no political experience, Trump has been pretty vague on policy details and some of his claims are so [...]
China just joined a major blockchain consortium May 24, 2016 A Chinese insurer is the latest business to join the major R3 blockchain consortium and the first financial institution in the country to become a member alongside the likes of Barclays, HSBC and Goldman Sachs. Ping An, the second largest insurance firm in China, has joined the group, which was formed late last year to work on [...]
Before the bell: What you need to know before the US market open May 24, 2016 China is trying to smooth US trade ties after threats of a tax hike on imports from Republican presidential nominee Donald Trump and the European Commission could decide today whether to allow ABInBev to buy SABMiller. Here's what you need to know before the open at 2:30pm London time. In the pre-market futures are pointing up. The [...]
Investment banks endure worst first quarter since financial crisis May 24, 2016 The world's 12 largest investment banks endured their slowest start since the financial crisis, in what's typically their most lucrative period. Their revenue fell 25 per cent in the first quarter from a year ago as a wave of volatility rippled through financial markets, according to research by industry analytics firm Coalition. European bank shares hit multi-year lows [...]
Are Apple’s glory days over? May 24, 2016 It has been among the most innovative companies in the world for decades, but Apple’s star has dimmed recently. It reported its first fall in sales since 2003 – before the iPhone even existed – and was overtaken as the world’s most valuable company again last week by Google’s parent Alphabet, after briefly surpassing it in [...]
Why it’s time to start taking Donald Trump seriously May 23, 2016 Despite his stunning victory in the Republican primaries, a new conventional wisdom has already settled around Donald Trump’s chances of winning the White House. He can’t do it, we’re told, because he’s an offensive show-off who has alienated women, the well-educated, and non-white voters. While not an inaccurate description, as so often, the conventional wisdom [...]
Steel crisis: Excalibur Steel expected to endorse Liberty House in Tata bidding process May 23, 2016 The management buy-out group Excalibur Steel, which is expected to bid for Tata Steel’s UK assets today, has effectively endorsed another bidder, Liberty House, for the sale. Mostly comprised of former Tata executives, Excalibur will voice its support for the group in its bid, City A.M. understands. This puts commodities investor Liberty House in a favourable [...]
As the US slaps a 522 per cent tariff on Chinese steel imports, should the world fear a new trade war? May 20, 2016 Eamonn Butler, director of the Adam Smith Institute, says Yes. Things could be much worse than they presently are. In the century to 1950, world tariffs averaged 20 to 50 per cent. Now they average 1 to 3 per cent. But protectionism ain’t dead yet. We’ve seen it aplenty from populist presidential hopefuls Donald Trump [...]
London’s iconic black cabs to come clean as Chinese owner raises $400m to electrify taxi fleet May 19, 2016 The Chinese owner of London’s iconic black cab has raised $400m (£273.8m) in a bid to introduce "clean taxis" on London roads. Zhejiang Geely Holding Group Co. secured the funds to electrify black cabs through a green bond sale that is rumoured to have been oversubscribed by eight times. The company intends to use the funds for developing [...]