According to the Bloomberg Billionaires Index, Meta CEO Mark Zuckerberg has overtaken Jeff Bezos as the world’s second-richest person Zuckerberg’s wealth surged by $78 billion in 2024, a rise unmatched by any other member of the index’s 500 richest individuals, thanks to his 13% stake in Meta. Throughout the year,Read More →
Bitwise Asset Management, a prominent player in the cryptocurrency investment space, has recently made headlines with its filing for a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This move marks a significant milestone as it is the first attempt to create an ETF specificallyRead More →
Meta, the parent company of Instagram, has announced that voices of Dame Judi Dench and John Cena will be available as options for its AI chatbot. Moreover, users can access information through AI representations of celebrities such as Awkwafina, Keegan-Michael Key, and Kristen Bell. Meta is hopeful that this newRead More →
Chinese firms are reportedly intensifying their efforts to develop a competitive alternative to Nvidia’s AI chips, as part of Beijing’s ongoing initiative to reduce its reliance on U.S. technology. China faces several challenges that are impeding its technological progress, including U.S. export restrictions that limit domestic semiconductor production. The lackRead More →
Shares of many Chinese property stocks listed in Hong Kong soared to their highest levels in more than a year, propelled by the ongoing stimulus rally in China The real estate sector emerged as the top performer in the Hang Seng Index on Wednesday 2nd October 2024. Chinese stocks experiencedRead More →
Ireland stands to gain a substantial financial boost following a pivotal ruling by the European Union’s highest court, which requires Apple to pay €13 billion (around $14 billion) in back taxes. Initially resisted by Dublin, this windfall is now seen as a transformative chance for the nation. The settlement’s rootsRead More →
Freetrade acquires Stake’s UK customer base, increasing domestic presence amid intense competition with similar apps such as Robinhood The British retail investment platform Freetrade is set to acquire the UK customer base of its Australian competitor Stake, highlighting the growing competition in the UK’s digital investment sector. The acquisition, initiallyRead More →
The retail investment platform Robinhood has announced the introduction of cryptocurrency transfers in and out of its app for European customers As part of its international expansion efforts, the company aims to enhance its product offerings in the region. According to a blog post-dated Tuesday 1st October 2024, Robinhood willRead More →
Lord Mervyn King, the former Governor of the Bank of England, has been a prominent voice in the ongoing debate about interest rates and inflation. His insights are particularly valuable given his extensive experience in central banking and economic policy King has been critical of the Bank of England’s approachRead More →
China’s yuan hit its strongest level in over 16 months on Wednesday 25th September 2024 after Beijing unveiled a slew of stimulus measures to shore up the slowing economy on Tuesday 24th September 2024. The Chinese yuan had weakened against the U.S. dollar over the last several weeks, as theRead More →
Chinese stocks continued to rise following state media reports that China’s top leaders have endorsed the government’s recent measures to bolster their economy. The CSI 300 index in Mainland China continued its rally for a seventh consecutive day, reaching its highest point in about four months, subsequent to a meetingRead More →
In September 2024, consumer sentiment plummeted, marking the most significant drop in over three years, driven by escalating concerns over employment and business conditions, according to a report by the Conference Board released on Tuesday 24th September 2024. The consumer confidence index reportedly fell to 98.7 from 105.6 in AugustRead More →
Labour’s proposal to dismantle the UK’s non-dom tax system may lead to an exodus of the ultra-wealthy, as advisors and research bodies have cautioned. Switzerland, Monaco, Italy, Greece, Malta, Dubai, and the Caribbean are becoming popular relocation destinations, sensing the apprehension among affluent investors. Meanwhile, London’s super-prime real estate marketRead More →
The London Stock Market has recently been hailed as Europe’s best stock market! According to a survey by Bank of America, Wall Street says that the UK is now the most preferred equity market in Europe. This positive sentiment comes as the FTSE 100 hit recent highs, reflecting a shiftRead More →
The Federal Open Market Committee (FOMC) has voted to reduce the interest rate by 0.50% after having maintained its benchmark rate within the range of 5.25% to 5.50% since July 2023 The previous rate was the highest seen for 23 years and remained unchanged even though the Fed’s favoured inflationRead More →
In a substantial effort to strengthen the infrastructure required for artificial intelligence (AI), BlackRock and Microsoft have unveiled a significant fundraising endeavour. The initiative, dubbed the Global AI Infrastructure Investment Partnership (GAIIP), seeks to secure $30 billion in private equity capital, with the possibility of leveraging up to $100 billionRead More →
In the first half of this year, pharmacies, pubs, and banks accounted for half of the closures on Britain’s High Streets, according to data. A total of 6,945 stores have shut down in 2024, averaging 38 closures per day Taking new store openings into account, the net closure rate standsRead More →
UK data centres are set to be classified as critical national infrastructure (CNI), aligning them with sectors such as emergency services, finance, healthcare, and utilities This classification will ensure they receive additional government support during major incidents like cyber-attacks, IT outages, or severe weather, to reduce disruption. Data centres, largeRead More →
Artificial Intelligence (AI) has become a pivotal battleground in the technological race between China and the United States. “AI is expected to become a crucial component of economic and military power in the near future,” Stanford University’s Artificial Intelligence Index Report 2023 stated. Both countries are significantly investing in AIRead More →
As anticipated in the U.S., prices rose in August 2024, while the annual inflation rate fell to its lowest point since February 2021, according to a Labor Department report on Wednesday 11th September 2024. This development likely now paves the way for a Federal Reserve interest rate reduction next weekRead More →
Europe’s highest court ruled against Apple on Tuesday 10th September 2024, concluding a decade-long legal dispute over the company’s tax dealings in Ireland. The case dates back to 2016, when the European Commission directed Ireland to reclaim up to 13 billion euros ($14.4 billion) in unpaid taxes from Apple. TheRead More →
The Australian property listing company REA Group announced on Wednesday that its £5.6 billion ($7.32 billion) cash-and-stock bid to take over Rightmove, Britain’s largest real estate portal, was rejected. REA Group, which is 62% owned by Rupert Murdoch’s News Corp, reportedly did not provide a reason for Rightmove’s refusal ofRead More →
Europe’s top court upheld a €2.4 billion ($2.65 billion) fine against Google on Tuesday 10th September 2024 for unfairly promoting its shopping comparison service, exploiting its market dominance. The ruling stems from a 2017 antitrust investigation by the European Commission, the executive arm of the European Union. The Commission reportedlyRead More →
The U.S. government is targeting the heart of Google’s vast wealth – its highly profitable monopolising advertising technology business A trial scheduled to begin on Monday 9th September 2024 will scrutinise the Department of Justice’s (DoJ) claims that Alphabet, the parent company of Google, is unlawfully sustaining a monopoly inRead More →
The Biden administration is reportedly implementing new export controls on essential technologies, such as quantum computing and semiconductor materials, in response to China’s progress in the global chip market These controls encompass quantum computers and their components, sophisticated chipmaking tools, semiconductor technologies, certain metal and metal alloy components and software,Read More →
Is the U.S. economy already weaker than the headline data suggests and should the U.S. Federal Reserve already be easing? In the U.S. recent data (Friday 30th August 2024) showed the personal consumption expenditures (PCE) price index, the Federal Reserve’s favored measure of inflation, ticked up 0.2% last month, asRead More →