The FT’s main story reports that a “bumper earnings report” from chipmaker Nvidia has sparked a global stock market rally, with the company’s shares surging 15% in early trading, adding £205bn ($260bn) to its value in the process.
Author: WTX Business Team
The bank said that approach was in line with guidance from the Royal Household and aimed at minimising the environmental and financial impact of the change.
The London business newspaper CITY AM leads on share plunges in Bytes Technology. Elsewhere the news that BT Tower has been bought and will be turned into a hotel makes the paper’s front page headlines.
The London business newspaper CITY AM reports on the reaction to the UK recession by Bank of England’s Andrew Bailey. The paper claims Bailey has stuck his head in the sand over the recession news, and reports on the reaction from MPs and economists.
The front page of the business newspaper Financial Times reports on Barclay’s pledge to return £10bn to shareholders over the next three years as part of an ambitious plan to boost revenues and rebalance the lender away from investment banking.
HSBC, Europe’s largest bank, saw a remarkable surge in its pre-tax profit, skyrocketing by nearly 80% to reach $30.3 billion (£24 billion) in 2023, driven by elevated interest rates.
Britain is showing signs of recovery from its mild recession and will receive a boost when interest rates start coming down later this year, the Bank of England governor, Andrew Bailey, has said.
Surge in pension fund buying drives revival in UK corporate bond market Pension funds are piling into UK corporate bonds, encouraging some French and German companies to issue sterling debt for the first time. The UK’s £1.4tn “defined benefit” pensions industry has been switching to corporate debt for its higher yields and to prepare the schemes for potential sales to insurers, analysts said. The share of European corporate bond sales denominated in sterling has risen…
LSEG chief in line for salary bump London Stock Exchange boss set for multi-million-pound pay rise despite listings slump The boss of the London Stock Exchange Group is in line for a multi-million-pound pay rise despite a drop off in new listings and fears over the future of its flagship bourse, according to reports LSEG, the owner of the London Stock Exchange, is consulting with shareholders about a new pay packet for its chief David…
GDP – a key measure of a country’s economic health – fell by 19% on an annualised basis in the fourth quarter of 2023, according to the latest figures.
Today Donald Trump, Viktor Orban and a motley crew of Western politicians have demolished that orthodoxy, constructing in its place a statist, “anti-woke” conservatism that puts national sovereignty before the individual.
Brussels is to impose its first-ever fine on tech giant Apple for allegedly breaking EU law over access to its music streaming services, according to five people with direct knowledge of the long-running investigation.
The government needs to “roll out the red carpet” for companies mulling an IPO if the City is to solve the listings drought that has gripped London over the past year, a top City body has warned.
The U.S. holiday and a sparse economic calendar will cause the London Stock Market to begin negatively today. And the knock on impact of the US closure has already sent shockwaves across Asia. Significantly, the markets with the most movement are the ones that don’t rely on the US economy or aren’t propped up regimes. With all the Stock markets in Africa seeing positive growth today. Asian markets started slowly amid fading hopes for early…
The Financial Times leads on the news Britain has slide into a recession, noting the economy shrank 0.3% in the last quarter. The paper suggests it’s a blow to the prime minister’s promise of growth – and in an election year, it will prove to be another hurdle facing the Conservative party.
Shopping rebounds on supermarkets and January sales Retail sales experienced a resurgence in January as consumers rushed to stockpile food items at supermarkets and capitalise on New Year discounts. Official data unveiled a notable 3.4% surge in sales, rebounding from a record decline in December. Supermarkets witnessed a robust uptick in food sales, while department stores benefited from January sale events. Nevertheless, inflation persisted at elevated levels, resulting in consumers paying more for fewer goods.…
The London business paper CITY AM says the UK slipped into a recession at the end of last year after a poor performance from the dominant service sector pushed the economy into contraction, new figures show.
The Financial Times reports that Jeremy Hunt is considering “slashing billions of pounds from public spending plans” to fund pre-election tax cuts if he is penned in by tight finances in next month’s budget.
Japan unexpectedly slips into a recession Japan has unexpectedly slipped into a recession as its economy contracted for two consecutive quarters. In the final three months of 2023, Japan’s gross domestic product (GDP) unexpectedly shrank by 0.4% compared to the same period a year ago, following a 3.3% contraction in the previous quarter. These figures, released by Japan’s Cabinet Office, also reveal that Japan has yielded its position as the world’s third-largest economy to Germany.…
Tesco delivery drivers ‘staged accidents’ in huge ‘cash for crash’ scam Supermarket giant Tesco has been targeted in a ‘cash for crash’ fraud that saw delivery drivers staging accidents so scammers could claim millions from the franchise. Drivers working in Greenford, West London, are believed to have conspired with external people to conduct ‘stage managed’ accidents, reports The Times. It is alleged that around a dozen Tesco drivers were involved in the scam. The ‘victims’…
The back page of London business paper CITY AM says Tui shareholders have voted to ditch the London Stock Exchange in favour of Germany, in the latest major blow to the embattled bourse.
Shareholders voted 98.35 per cent in favour of the decision at the travel giant’s annual general meeting, having required 75 per cent backing for the plans to go through.
The front page of the Financial Times reports Nato is set to announce that most of its members are on track to hit the alliance’s defence spending target as it prepares for more Russian aggression and braces for the potential election of Donald Trump.
Jeff Bezos, the multi-billionaire and founder of Amazon, has continued to divest his shares in the company, bringing the total value of recent sales to over $4 billion (£3.2 billion). The tech giant, established by Bezos in 1994, confirmed that he has sold 24 million Amazon shares this month alone. Serving as the firm’s executive chair, Bezos had last offloaded Amazon shares in 2021.
Reuters exclusively reported that Nvidia is building a new business unit focused on designing bespoke chips for cloud computing firms
The post Nvidia pursues $30 billion custom chip opportunity with new unit appeared first on Reuters News Agency.
Arm Holdings, a UK-based chip designer, has witnessed a staggering surge in its stock market valuation, nearly doubling in less than a week, driven by investor optimism surrounding the artificial intelligence (AI) sector.