After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Barclays pre-tax profits slip more than 20pc for the first half of 2016 July 29, 2016 Barclays has reported a slide in pre-tax profits for the first half of the year. The figures Profits before tax at the banking giant plunged to £2.1bn, down 21 per cent on £2.6bn the year before, and attributable profits dropped to £1.1bn, down 31 per cent from £1.6bn for the six months ending June 2015. [...]
Should Philip Hammond cut VAT to support post-referendum economy? July 28, 2016 Theresa May and Philip Hammond have promised to "reset" the government's spending plans in the wake of the EU referendum. George Osborne's goal to run a budget surplus has been abandoned while rumours about a massive injection of government spending are gathering pace. In 2008, as the Labour government scrambled to deal with the start of the slowdown, [...]
City Moves for 28 July 2016 | Who’s switching jobs July 28, 2016 JLL Alistair Meadows has been appointed head of UK Capital Markets at JLL where he will oversee the strategic direction of investment for the firm’s UK clients. Alistair has over 20 years of international real estate experience in Asia Pacific and Europe and heads up the firm’s International Capital Group. In this role he specialises in [...]
Investment banks have taken a wait and see approach to Brexit July 28, 2016 London's investment banks are continuing to take a wait and see approach to the UK’s decision to quit the European Union more than one month after the vote. Of the 20 biggest investment banks in the UK, 40 per cent have so far expressed a view on the vote. Half of those institutions that have [...]
Tullow Oil share price rises as it unexpectedly swings to profit July 27, 2016 Tullow Oil shares closed up 2.82 per cent to 204.50p today, after the Africa-focused oil explorer’s first half results smashed expectations. The figures The FTSE 250-listed firm beat expectations for a $196m loss with a net profit of $30m (£23m), up from a loss of $68m last year. This Africa-focused oil explorer's pre-tax profit rose to $24m from a loss of $10m. Revenue fell [...]
City stockbroker Cenkos is reportedly facing a fine of “hundreds of thousands” for its work with Quindell July 26, 2016 City stockbroker Cenkos is reportedly facing a fine of “hundreds of thousands” from the FCA over its dealings with an insurance technology group. According to Sky News, the FCA is preparing to hit Cenkos with a penalty of around £700,000 for its work with Quindell, now known as Watchstone Group. Sources told Sky News the regulator [...]
It’s 350 years since the Great Fire of London and we’ve still not fully learnt its lessons July 25, 2016 The Great Fire of London, which happened 350 years ago this September, destroyed more than 13,000 homes and 87 churches as it blazed for four days. Thousands of timber buildings, crowded together, proved highly susceptible to the flames. If such a fire engulfed the City of London today, we estimate the cost in insurance pay-outs would [...]
Top executives to be put under further pressure to disclose pay ratios July 25, 2016 Britain’s largest companies will be pressured into publishing the ratio between executive and average workforce pay by a working party report to be released tomorrow. A working party set up by the Investment Association – which includes key business leaders – will recommend such disclosure of boardroom pay, but will stop short of making it compulsory, according to Sky [...]
Staycations are in: UK tourism industry set to be the first to benefit from last month’s Brexit vote July 25, 2016 It might be time to get your bucket and spade ready: the UK's tourism industry is set to be one of the first segments of the economy to benefit from last month's Brexit vote as "staycations" prove they're here to stay. The drop in Sterling since the Brexit vote will add momentum to the domestic tourist [...]
How Hiscox has benefited from Brexit July 25, 2016 Hiscox today has become one of the first companies to show how Brexit can benefit a bottom line, after currency shifts boosted its profits. The figures The insurer reported profits before tax of £206m for the half year to June, an increase of 52.5 per cent compared with £135.1m the year before, and gross premiums written [...]