British financial technology firm Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based start-up, which offers banking and trading services through an app, posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018. That […] Read more
Investors are dismissing the risk of an inflation spike. Morgan Stanley says that could be a mistake
There is one big difference between the current coronavirus-led economic downturn and the 2008 global financial crisis and it could drive up consumer prices in a way that most investors are not expecting, according to analysts at Morgan Stanley. Advanced economies have grappled with subdued inflation over the last decade. This means a gradual increase in prices, […] Read more
Most U.S. coronavirus tests are a “complete waste” because it takes so long to get results in time for people to self-isolate once they find out they have the virus, billionaire philanthropist Bill Gates. President Donald Trump has touted the increase in U.S. testing capacity, even calling the country the “envy of the world” for how many […] Read more
The euro zone’s business activity rebounded in July, according to preliminary data, as strict coronavirus lockdowns were further eased and more people returned to work. In June, the region had already shown signs of a recovery with flash PMIs (Purchasing Managers’ Index) hitting 47.5 — up from 31.9 in May. A reading below 50 indicates an economic contraction. However, the […] Read more
DUBAI, United Arab Emirates — The UAE has successfully launched its Mars probe, named Hope, making history as the Arab world’s first interplanetary mission. “We have lift-off. H2A, the rocket carrying the Hope Probe to space, has launched from the Tanegashima Space Centre in Japan,” the official account Hope Mars Mission tweeted early Monday morning. “The […] Read more
Hackers linked to Russian intelligence services are trying to steal information about coronavirus vaccine research in the U.S., Canada and U.K., security officials said Thursday. Officials said a group known as APT29 — also known as “Cozy Bear” — was likely to blame for the attack. That assessment has been backed by the U.S. Department […] Read more
A European court has annulled the European Commission’s decision to request Apple pay 13 billion euros ($15 billion) in unpaid taxes to Ireland. The European Commission, the executive arm of the EU, concluded in August 2016 that the Irish government granted illegal tax benefits to Apple and ordered it to recover 13 billion euros. At the time, the […] Read more
“Vaccine nationalism” is turning the search for a Covid-19 cure into an arms race, which will ultimately damage the economy and public health, experts have warned. Analysts at Eurasia Group speculated that tension over a vaccine would heat up over the summer, predicting a battle for access that will stretch into 2021 or 2022. “Countries […] Read more
U.K. Finance Minister Rishi Sunak will deliver a fresh set of policy initiatives on Wednesday as Britain looks to spark an economic recovery from the coronavirus pandemic. The “Summer Economic Update,” a de-facto mini-budget, is expected to include tax cuts and new spending pledges in a bid to stimulate demand as the U.K. economy begins […] Read more
Britain is set to phase out Huawei equipment from its 5G mobile networks this year, the U.K. press reported over the weekend. If so, it marks a major U-turn in the government’s position on the Chinese telecommunications giant. The government is drawing up plans to strip Huawei gear from Britain’s next-generation networks by the end […] Read more
