The Financial Times says the world’s most successful hedge funds made their biggest profits in more than a decade last year as bets on stock markets paid off when share prices surged.
Author: WTX Business Team
The Financial Times reports Chancellor Jeremy Hunt has hinted at more tax cuts in the months ahead as he left open the possibility of holding two budgets before the general election.
Londoners were left wondering if they were receiving a visit from outer space – as Samsung launched its new, flagship Galaxy S24 devices.
CITY AM reports Heathrow and Gatwick Airport’s plans for another runway are “f***ing off the wall” and far too expensive, Ryanair’s chief executive Michael O’Leary has said.
The Financial Times says stocks and bonds dipped in value on Wednesday as investors lost confidence in expectations of swift interest rate cuts in Europe, the US and UK.
CITY AM SAYS The City’s small investment banks and brokers have been through a wave of consolidation in the past 12 months. Could Peel Hunt be next?
The Financial Times says Rishi Sunak suffered the biggest revolt of his premiership over the Rwanda bill as dozens of MPs voted for an amendment seeking to toughen up the legislation.
Apple overtakes Samsung as world’s biggest phonemaker Apple has now claimed the biggest share of the global smartphone market, displacing Samsung from the top position for the first time in 12 years. According to data from the International Data Corporation (IDC), the American tech giant constituted over one-fifth of the phones shipped last year. Samsung, with a market share of 19.4%, was relegated to the second spot, with Chinese phone manufacturers Xiaomi, OPPO, and Transsion following closely behind. The smartphone market experienced a downturn as many individuals refrained from upgrading during the pandemic. According to the IDC, approximately 1.2 billion…
CITY AM SAYS Signs of stress are emerging in the jobs market after three of the UK’s largest recruitment firms reported significant slowdowns in hiring in the final quarter of last year.
The Financial Times says the government could save at least £20bn per year if it modernised IT systems, tackled fraud and reined in large projects such as HS2, the head of the National Audit Office.
Wage growth slows again as job market stall UK wage growth slowed in the job market, but it’s still higher than the rising prices, says official data. From October to November, pay growth (excluding bonuses) dropped from 7.3% to 6.6%, but it’s still beating inflation. However, the job market is showing signs of slowing down due to higher interest rates affecting businesses, leading to a decrease in job vacancies. Retail sector roles have seen the most significant decline in recent months. Major recruitment companies like Page Group, Hays, and Robert Walters have issued warnings about the job market slowdown, citing…
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CITY AM SAYS Inflation is expected to continue its descent when new figures are released on Wednesday, amid growing fears that the conflict in the Middle East could spark a resurgence in inflation.
About 1m American manufacturing workers lost their jobs to Chinese competition in 1997-2011, as the country integrated into the global trading system and began shipping cheap goods overseas.
CITY AM – ETON MESS: Thames Water sewers flood as £46,000-a-year school forced to delay term CITY AM SAYS Eton College has been forced to delay its re-open after Christmas as toilets are backed up as a result of flooding in sewers operated by Thames Water. A report in the Guardian details that parents of children who attend the £46,000 per year Berkshire private school received an email from the water provider yesterday. This is the second day running overflows from Thames Water outlays have been highlighted in the public eye, following the news that several Gloucestershire outflows have been…
After Twitch cut over 500 jobs, rival streaming platform Kick is eyeing up a takeover says its founder.
Bitcoin price swings after fake regulator post Bitcoin briefly surged on Tuesday following a post on the US markets regulator’s X account (formerly Twitter), announcing the approval of new cryptocurrency exchange-traded funds (ETFs). However, the Securities and Exchange Commission (SEC) later deleted the post, attributing it to a “compromised” account. The social media platform clarified that the compromise was not a result of a breach in its systems. US regulators are expected to provide an update on the new ETFs later this week. The false announcement appeared on the SEC’s official X account around 16:00 Washington time (21:00 GMT), stating…
CITY AM – Retail revival signals a new era in trading After a difficult 2023, outlook for online trading platforms brightens as retail investors return CITY AM says A bleak 2023 for retail trading platforms looks set to give way to a renaissance in 2024 with elections, falling interest rates and geopolitical volatility potentially prompting renewed interest in online trading. Both CMC Markets and Plus500 released trading updates covering the three months to December on Monday morning, with the pair both revealing results for 2023 will be above market expectations. Plus500 now expects to perform “significantly ahead” of current market…
The Economist – Made in ’42. Roadworthy in ’24? The man supposed to stop Donald Trump is an unpopular 81-year-old The Economist says American politics is paralysed by a contradiction as big as the Grand Canyon. Democrats rage about how re-electing Donald Trump would doom their country’s democracy. And yet, in deciding who to put up against him in November’s election, the party looks as if it will meekly submit to the candidacy of an 81-year-old with the worst approval rating of any modern president at this stage in his term. How did it come to this? Joe Biden’s net…
The Financial Times reports activist investor Cevian Capital has taken a €1.2bn stake in the Swiss bank UBS, betting it can double its valuation over the next three to five years.
Adobe has dropped its planned takeover of product design firm Figma due to UK and EU regulatory issues, the Financial Times reports.
Economy WTX Business exclusively reported that South Korea’s National Pension Service (NPS) and central bank are in talks to extend their foreign exchange swap programme that was due to expire in December, according to two government sources with direct knowledge of the matter. Market Impact Soon after WTX Business reported on the swap extension, the won gained as much as 1.21% against the dollar in the onshore spot market, sharply rebounding from a more than three-week low.
Reuters exclusively reported that Apple (AAPL.O) has offered to let rivals access its tap-and-go mobile payments systems used for mobile
The post Apple offers to let rivals access tap-and-go tech in EU antitrust case appeared first on Reuters News Agency.
Reuters exclusively reported that Chinese chip designers including Tencent Holdings (0700.HK) are aggressively pitching their AI chips as alternatives to
The post After US curbs, Tencent and small chip designers chase Nvidia’s China crown appeared first on Reuters News Agency.
CITY AM SAYS Investors are hoping for a so-called Santa Rally to push the FTSE 100 further into the green this year.