In June China’s ride-hailing app Didi, the country’s equivalent of Uber, floated on the US stock exchange. The company ended its first day with a valuation of $68.5bn (£49.6bn). That is the biggest flotation by a Chinese company in the US since Alibaba, popularly dubbed “the Chinese Amazon” and founded by China’s most high-profile tech …
If you’re the sort of person who likes their glass half-empty then there will be plenty of opportunities to find something to worry about at the moment. The recovery from the pandemic, global tensions and all the staff shortages in the news can turn anyone into a pessimist. On top of that, some are suggesting …
When Chancellor of the Exchequer Rishi Sunak delivered his Budget speech in March much of the focus – inevitably – was on the economy’s recovery from the pandemic, and the cost of all the support measures. But Sunak also announced a host of new initiatives including freeports and a new campus for the Treasury. One …
The defining image of August 2021 had little to do with the stock market on the surface, it was, of course, the withdrawal of British and American troops from Afghanistan. As some readers will know, Afghanistan has significant mineral reserves, which some estimates put at $1tn (£730bn). These reserves include lithium, so it will be …
Introduction As everyone expected, July saw the G20 endorse the plan from the G7 meeting in Cornwall to set a minimum global rate of corporation tax. A headline in City AM proclaimed that US tech giants could face a $28bn (£20bn) tax bill, with suggestions that the tax could raise as much as $87bn (£63bn). …
Introduction “Amazon made millions but paid no tax.” You can substitute Facebook or Google for Amazon and, these days, you can probably substitute “billions” for “millions” but it remains a story we’ve told countless times. One of the tech giants has reported bumper revenues and/or profits and while doing so paid less tax than a …
At time of writing, the UK’s FTSE 100 index of leading shares is at 6,882 – up 7% on where it ended 2020. In the US the Dow Jones index is up 11% for the year at 33,821 with other major markets around the world also making significant gains in the first four months of …
At a seminar in March, Haruhiko Kuroda, Governor of the Bank of Japan, suggested that the central bank should immediately start “preparing thoroughly” for a future with its own cryptocurrency. While there were no immediate plans to introduce a cryptocurrency Kuroda stressed the importance of being ‘thoroughly prepared’ should the need arise. In April it …
Introduction In some ways, May was a relatively quiet month. Although, it did bring us the marriage of Prime Minister Boris Johnson, the first PM to marry in office since Robert Jenkinson, 2nd Earl of Liverpool, in 1822. Having eaten a slice of wedding cake and gone straight back to the office, Boris Johnson will …
Introduction Some of the numbers in this month’s Bulletin are simply staggering. Whether it’s Amazon’s profits or the ‘investment’ (which could alternatively be considered ‘spending’, depending on your political viewpoint) announced by President Biden. There was a time where the ‘standard unit’ of currency we talked about was a million. Company profits and valuations were …
