Markets live: FTSE 100 and US stocks slip on rising Hong Kong tensions May 22, 2020 The FTSE 100 closed in the red and US stocks fell as investors weighed up rising US-China tensions in the wake of Beijing’s move to assert its authority in Hong Kong. The UK’s blue-chip index fell around two per cent this morning but pared some of its losses throughout the day. It finished 0.3 per [...]
UK economic pain eases somewhat in May but deep downturn continues May 21, 2020 The UK economy thawed slightly in May from its April deep-freeze as the government eased some coronavirus restrictions, survey data has shown. Yet the economy was still in a dire state, according to a preliminary reading of the IHS Markit/Cips purchasing managers’ index (PMI), which measures the health of the private sector. The whole-economy PMI [...]
Monzo co-founder Tom Blomfield steps down as chief executive May 21, 2020 Monzo co-founder Tom Blomfield is stepping down as chief executive of the challenger bank to take up the role of president. Blomfield will take up the newly created role of president meaning he’ll be stepping back from the day to day operational running of the bank. Monzo’s US chief executive TS Anil will take over [...]
Heathrow calls for border reopening plan as passenger numbers fall 97 per cent May 11, 2020 The chief executive of the UK’s largest airport Heathrow has called on the government to lay out a roadmap for how it will reopen its borders after coronavirus. Speaking as the airport announced that passenger volumes in April had fallen 97 per cent, John Holland-Kaye said: “Aviation is the lifeblood of this country’s economy, and [...]
Real Estate: COVID-19 may permanently quarantine inflexible leases May 5, 2020 Real estate leases have long represented a point of disagreement between accountants and financial analysts. This disagreement was the primary reason why the London-headquartered International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) went separate ways in finalising lease accounting standards. Figure 1. Lease Accounting Survey Report (October 2013) For a [...]
FTSE 100 jumps as Gilead reports positive data on coronavirus drug trial April 29, 2020 The FTSE 100 closed at its highest in seven weeks after drugmaker Gilead reported positive results from its trials for a coronavirus drug. The blue-chip FTSE 100 index rose 2.13 per cent higher to finish at 6,085 points, the first time it has surpassed the 6,000 mark since 11 March. Read more: FTSE 100 jumps [...]
Standard Chartered eyes recovery in China as profits tumble 12 per cent April 29, 2020 The coronavirus crisis has pushed Standard Chartered’s pre-tax profits down 12 per cent, but the lender is eyeing signs of recovery in China. However, the lender pointed to “encouraging early signs” of recovery in China. Investors welcomed the optimism with Standard Chartered’s London-listed shares up 3.6 per cent. “We expect a gradual recovery from the [...]
Facebook launches group video chat feature in blow to Houseparty April 24, 2020 Facebook today unveiled a new group video call feature for its Messenger app in a move that could sound the death knell for pandemic rival Houseparty. The joinable group calls, dubbed Messenger Rooms, will allow up to 50 people to discover and drop into “rooms”. The rooms, which can be created directly from Facebook or [...]
Google to cut marketing budgets by up to half and freeze hiring April 24, 2020 Google is said to be slashing its marketing budgets by as much as half as the tech giant begins to feel the impact of the coronavirus crisis. In internal emails seen by CNBC, Google told marketing employees the budgets would be cut in the second half of the year, while new hiring would be frozen [...]
Google forces advertisers to prove identity in transparency push April 23, 2020 Google today said it will require all advertisers to complete a verification process before buying ad space on its platform as the tech giant looks to improve transparency. In a blog post published today, Google said advertisers will need to submit personal identification, business incorporation documents or other information that proves who they are and [...]