Author: WTX Business Team

Korean web comic giant set for $2.7bn market debut Webtoon Entertainment, the world’s largest webcomic platform, has pegged its market value at $2.67 billion (£2.11 billion) as it prepares for its US listing. The company’s shares are set to begin trading on the Nasdaq stock exchange on June 27 at $21 each, hitting the top end of their marketed range. The Los Angeles-based company is owned by South Korean tech giant Naver, which has seen…

VW to invest up to $5bn in electric vehicle maker Rivian German car giant Volkswagen (VW) announced plans to invest up to $5 billion in electric vehicle (EV) maker Rivian, creating a joint venture to share technology. Following the announcement, Rivian shares surged nearly 50%. This collaboration comes as competition among EV manufacturers intensifies and Western nations impose tariffs on Chinese imports. VW will initially invest $1 billion in Rivian, with an additional $4 billion…

Microsoft back as most valuable firm as Nvidia slips Nvidia has lost its position as the world’s most valuable company to Microsoft following a 3.5% drop in its share price on Thursday. Nvidia briefly held the top spot from Tuesday, with a market valuation of $3.34 trillion. However, its shares fell to $130.78, reducing its valuation to around $3.22 trillion, allowing Microsoft to reclaim the title with a valuation exceeding $3.3 trillion. Nvidia’s ascent was…

Interest rates expected to be held at 5.25% On Thursday, the Bank of England is expected to hold interest rates steady at 5.25% for the seventh consecutive time. Despite inflation reaching the central bank’s 2% target for the first time in three years, most economists do not foresee a rate cut. They predict the Bank will wait to confirm if inflation remains at 2% in the coming months, with a potential rate cut now more…

China car firms seek 25% tax on EU – state media Chinese car companies are urging Beijing to impose import taxes of up to 25% on European Union (EU) vehicles if the EU implements tariffs on cars from China. This demand was made at a private meeting organised by China’s Ministry of Commerce, which included representatives from European car firms. The proposed tariffs would specifically target EU cars with large petrol engines. This move comes…

City AM – Finally the England wine summer arrives Lead story The English wine industry is toasting the start of what it hopes will be a bumper summer for homegrown vintages. The once-maligned sector, based mainly in the south-east, has shown extraordinary growth in recent years and yesterday insiders told City A.M. it was set for the best summer of sales yet. Those hopes were boosted overnight by the award of a host of high-profile…

FT – Russia scours China for second-hand machine tools needed to make arms Lead story Russia is scouring China for second-hand machine tools using shadowy networks of buyers, as the Kremlin races to secure vital equipment to increase arms production. Moscow’s covert strategy for obtaining precision machinery, uncovered by researchers, attempts to sidestep increasingly restrictive western sanctions and export controls that aim to stunt manufacturing for the military. (Business Pages)

KEY POINTS London becomes Europe’s largest stock market again The UK’s main stock market has regained its position as Europe’s most valuable for the first time in nearly two years, data shows. The total value of companies listed on the London Stock Exchange (LSE) reached $3.18 trillion on Monday, surpassing the $3.13 trillion value of companies listed in Paris, according to Bloomberg data. Although the valuations have fluctuated and remain close, analysts see this as…

Apple makes a blunder and now admits its mistake by ending its in-house buy now, pay later scheme in the US, only a year after it was launched. Apple makes a blunder The decision marks a retreat for Apple from plans to offer traditional financial services, something investors warned against last year. This does not impact any existing borrowers will be able to continue managing payments using Apple’s Wallet app. The American technology giant says…

City AM – Planning the number one growth issue The front page of the London business newspaper City AM reports “A RAFT of campaigners think tanks and former politicos have called on both major political parties to get Britain building.” The calls coincide with our Build Baby Build campaign across City A.M. this week, ahead of the general election on 4 July. Elsewhere, Jude Bellingham is pictured on the front splash after his 13th minute…

The FT-Defence sector hiring at fastest rate since cold war  The Financial Times lead story reports global defence companies are recruiting workers at the fastest rate since the end of the cold war as the industry seeks to deliver on order books that are near record highs.

FT – Labour throws out proposal to bring back lifetime cap on tax-free pensions The front page of the Finanical Times reports on the Labour Party U-turn which will be welcomed by wealthier savers including hospital consultants.

City AM – TOWER POWER The front page of the London business paper City AM reports on the London office property market. 

Beckham scores Euros deal with China tech giant David Beckham has signed an agreement to serve as a global ambassador for AliExpress, an online retail platform owned by Chinese technology conglomerate Alibaba. The announcement coincides with the upcoming UEFA Euro 2024 football tournament, set to start in Germany next month. The financial details of Beckham’s deal were not disclosed by the company. In March, AliExpress secured an exclusive e-commerce partnership with UEFA, the governing body…

Sunak makes faltering election start after Rwanda and smoking setbacks The prime minister cannot introduce signature policies on asylum and smoking before July 4 Summary Rishi Sunak encountered several challenges on the first full day of the general election campaign. He had to acknowledge that he could not implement key policies on asylum and smoking before the July 4 polling day. On Thursday, the Prime Minister conceded that deportations of asylum seekers to Rwanda, a…

This week’s Economist asks: Is America dictator-proof? The many vulnerabilities, and enduring strengths, of America’s Republic.

National Grid taps shareholders to help fund £60bn low-carbon energy switch Infrastructure firm raises £6.8bn to connect homes to renewable energy sources across US and UK National Grid has tapped shareholders for nearly £7bn to fund a £60bn spending spree to upgrade its networks to cope with the switch to low-carbon energy on either side of the Atlantic. The energy infrastructure company announced a £6.8bn rights issue – where existing shareholders are offered new shares…

The lawsuit is anticipated to claim that Live Nation’s business practices, which include concert promotion, ticket sales, and venue ownership, have suppressed competition and reduced consumer choice, thereby driving up prices.

The chatbot’s “Sky” voice, described as flirty and conversational, drew parallels to the 2013 film “Her,” where Johansson voices an operating system that becomes the object of affection for Joaquin Phoenix’s character.

The collaboration grants OpenAI access to Reddit’s content, while Reddit will integrate AI-powered features into its platform.

The firm’s reorganisation plan assures that nearly all customers will recover at least the full amount lost during FTX’s collapse in November 2022.

Sales fell 4% to $90.8bn in the first three months of 2024, mainly due to fewer people buying iPhones. The company blamed this on supply chain issues caused by Covid, which boosted sales last year.

This means the Federal Reserve’s main rate stayed at its highest level in over 20 years, between 5.25% and 5.5%, where it’s been since last July.

New rules clamping down on China’s internet giants are now in effect. These rules, part of the expanded State Secrets Law, require companies like Tencent, ByteDance, and Weibo to swiftly act if users share sensitive content.

The U.S. government’s auto safety agency is taking a closer look at Tesla’s Autopilot driving system following a recall last year. The National Highway Traffic Safety Administration (NHTSA) is investigating whether the measures taken by Tesla were sufficient to ensure that drivers remain attentive while using the advanced technology. The recall, which was issued in October 2023, involved a software update that was designed to improve the system’s ability to detect and respond to potential…