City giant Martin Gilbert reveals which Tory leadership contender he thinks is ‘amazing’ May 20, 2019 City titan Martin Gilbert has talked up environment secretary Michael Gove as the next Conservative leader, dubbing him “amazing”. Gilbert, who co-founded Aberdeen Asset Management in 1983, was full of praise for the Brexit campaigner in an interview with City PM on the fringes of the City Week 2019 conference. “I think he’s amazing, I [...]
Analysts downgrade Neil Woodford flagship fund due to ‘underperformance’ May 20, 2019 Analysts at Morningstar have downgraded veteran investor Neil Woodford’s flagship fund due to underperformance. Woodford Equity Income fund’s rating was lowered from bronze to neutral, which is the research group’s second lowest ranking, following “persistent” redemption requests as investors exit. Read more: Fund manager Neil Woodford doubles stake in Card Factory The fund, which was [...]
Xiaomi posts sharp rise in revenue as it defies smartphone slowdown May 20, 2019 Chinese tech giant Xiaomi has bucked the downward trend in the smartphone market, posting a sharp rise in revenue for the first quarter. Read more: China's Xiaomi reveals 5G smartphone with sliding camera Revenue rose 27 per cent to ¥43.8bn (£5bn) in the three months to the end of March, while profit before tax rose [...]
‘I don’t need banks’: Trump hits back at reports of Deutsche Bank’s red flags May 20, 2019 US President Donald Trump has hit back at reports Deutsche Bank employees flagged suspicious transactions by the president and his son-in-law Jared Kushner. The New York Times reported that anti-money laundering specialists at the bank recommended transactions by legal entities controlled by the pair be reported to a federal crimes watchdog. Read more: Deutsche Bank [...]
Oil prices tick up as Opec signals it will keep production down in second half of the year May 20, 2019 Oil prices rose this morning as traders returned to work after Saudi Arabia said Opec still plans to decrease its inventories of crude oil. Saudi energy minister Khalid al-Falih said the oil-producing cartel had discussed rolling over production cuts into the second half of the year. Read more: Exxon decision to evacuate staff from Iraq [...]
Deutsche Bank staff flagged Trump and Kushner activity as suspicious May 20, 2019 Multiple transactions by legal entities controlled by US President Donald Trump and Jared Kushner, his son-in-law, at Deutsche Bank in 2016 and 2017 set off illicit activity alerts on the bank’s system, according to the New York Times. Read more: Trump pardons fraudster media mogul Conrad Black Anti money-laundering specialists at Deutsche Bank recommended the [...]
To avert the deluge, business must unleash its heroic spirit May 20, 2019 After us, the deluge. These are the words not of our Prime Minister, but from another troubled time and uttered by Madame de Pompadour, the lover of King Louis XV of France. The French Revolution would prove the prophecy. And for revolutionaries since, the idea of the deluge has inspired. Karl Marx went as far [...]
Walking the walk: The City is on a journey to revolutionise transport in the capital May 20, 2019 For Londoners, complaining about public transport is as commonplace as complaining about the weather. Canada is the most accessible part of the capital, served by 15 Tube stations, seven Tube lines, eight mainline stations, multiple bus routes, and a fast-evolving bicycle network, but with a working population of 513,000 and home to [...]
Google suspends parts of business with Huawei after US ban May 19, 2019 Google has reportedly suspended some parts of its business with Huawei in the latest blow for the troubled Chinese firm. Google will suspend any business requiring the transfer of hardware and software products, except those covered by open source licences, Reuters reported, citing a source close to the matter. Read more: China threatens to strike [...]
Sports Direct mulls legal challenge over Debenhams rescue plan May 19, 2019 Mike Ashley’s Sports Direct is looking to launch legal action against Debenhams over a controversial rescue deal secured earlier this month. The sportswear group is set to challenge two company voluntary arrangements (CVA) that could lead to the closure of 50 the chain’s 166 stores, with rent cuts expected on dozens more. Read more: Local [...]
