Uber is losing $1bn in China every year due to “fierce competitor” Didi Kuaidi, says chief executive Travis Kalanick February 19, 2016 Taxi-hire app Uber is losing more than $1bn (£699m) a year in China as it battles against what it has branded a "fierce competitor", according to chief executive Travis Kalanick. Uber launched in China in 2014, competing against the country's largest taxi app, Didi Kuaidi. The California-based firm is available in more than 40 cities [...]
Open outcry lives on at the London Metal Exchange February 19, 2016 The message the London Metal Exchange (LME) is sending with its new office, including a tech heavy open call trading ring, is clear: “we’re embracing the future, while retaining the tradition.” The 139-year-old London Metal Exchange closed the doors on its previous two-decade home in January, and has since moved to a purpose built space on [...]
Moody’s gets gloomier on global economic growth as it warns of rising risks February 18, 2016 Risks to the global economy have increased, with growth in the US, Eurozone and China looking more precarious, a major credit ratings agency has said today. A steep drop in global share prices since the start of the year makes disappointing growth in the US more likely, Moody’s said. It believes the US economy will expand 2.3 [...]
Bias and behaviour: Vestra Wealth’s David Scott on investing in uncertainty February 18, 2016 What do we mean by “risk”? For some, it is the absence of certainty. Others associate it with danger. Whatever your view, it is an inevitable part of investing. Since the start of the year, investors have been dumping equities, and to some extent the rout has been self-perpetuating. As share values fall, we tend [...]
Stamp of approval: Has the Chinese economic slowdown licked the value of philatelic investments? February 18, 2016 When share prices are volatile, fine wine, art and other tangible assets offer the bittersweet assurance that your investment will only turn to dust if exposed to excessive sunlight or extremes in temperature. Interest in philatelic investment, or stamp collecting, peaked after the financial crisis as investors turned to alternative asset classes to diversify their [...]
Federal Reserve policy makers highlight increased uncertainty and growing risks in January meeting February 17, 2016 Interest rate setters at the US Federal Reserve said it was premature to alter their economic outlook given strong financial market turbulence this year. However, they had become more cautious, emphasising that risks had increased. "Domestic financial conditions tightened over the inter-meeting period, as turmoil in Chinese financial markets and lower oil prices contributed to [...]
Mobile World Congress 2016: What to expect – biometrics, virtual and augmented reality and Chinese smartphone brands February 16, 2016 Mobile World Congress 2016 always brings with it a flurry of new mobile gadget announcements – here are some of the trends to expect. The smartphone is quickly becoming an integral part of a bigger continuum of devices and smart objects as users increasingly live their lives in a "device mesh." This is an environment, [...]
EDF says “definitive construction” of Hinkley Point C to start in 2019 February 16, 2016 EDF has said it intends to "proceed rapidly" with the final investment decision for the £18bn construction of Hinkley Point C, paving the way for the "definitive construction" of the nuclear power plant to start in 2019. The French energy giant's chief executive, Jean-Bernard Levy, told reporters while it's yet to complete talks with its Chinese partners before the [...]
US growth and the risk of recession has replaced the China slowdown as biggest investor fear February 16, 2016 Fear over the US economy and risk of a recession has topped the deceleration of China’s economy as the biggest risk for investors, according to the latest Bank of America Merrill Lynch Fund Manager Survey. Global fund managers’ growth and profit expectations are both negative for the first time since July 2012. The survey also [...]
FTSE 100 index opens higher as oil price rebounds on production freeze as Anglo American, BHP Billiton and Glencore share prices jump February 16, 2016 The FTSE 100 index opened higher this morning after markets were encouraged by quantitative easing hints from European Central Bank president Mario Draghi yesterday, as well as the rebounding price of oil. The UK's blue chip index rose 0.93 per cent to 5,878 points, led higher by Anglo American, BHP Billiton and Glencore. "European markets picked up where [...]