In the United States, 230,000 jobless claims
The United States registered 230,000 jobless claims last week, slightly below expectations and down from last week.
The weaker-than-expected figure will continue to bolster hopes that the world’s largest economy is on track for a “soft landing” for inflation.
However, the statistics also show a stronger than expected 5.2% decline in durable goods orders last month.
Former BBC boss Mark Thompson is reportedly a candidate for CNN leadership.
Former BBC chief Sir Mark Thompson is set to become the next head of the struggling CNN cable news network, it was reported today.
Thompson, 66, is also a former managing director of The New York Times and is a well-respected name in US media circles.
According to the Semafor news platform, the former BBC chief executive is one of the favorites to succeed Chris Licht, who was fired in June after 14 tumultuous months at the helm of the group.
Since then, CNN, owned by Warner Bros. Discovery, is led on an interim basis by a triumvirate of seasoned network executives.
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City comment: Short-termism is hampering UK leadership hopes
Arguably the most interesting stock in the world, the list of the top 10 shareholders of chipmaker Nvidia is fascinating reading.
Besides founder Jensen Huang, there are eight major US funds and investors – and one foreign.
This is the Norwegian state pension fund – in reality a sovereign wealth fund – Norges Bank Investment Management.
Its stake is just over 1%, but its value is around $12.6 billion. This is a typically shrewd move by the fund that has invested the country’s oil and gas windfalls for the long-term benefit of its people.
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Cambridge engineer appeals to ex-Tory treasurer to invest in Earzz home listening device
A Cambridge University PhD graduate has tapped the former Conservative Party treasurer to invest in a new listening device aimed at simplifying home sound monitoring.
The tool, known as the Earzz Smart Home Monitor, allows users to stay connected to events in their home by constantly monitoring the sounds they want it to detect, such as a car stopping, the beep from a refrigerator door left open or a running water tap. It can even become as accurate as detecting a crying baby or a coughing baby.
Former Tory co-treasurer James Lupton, who sparked controversy for being granted a peerage after donating millions of pounds to the Conservative Party, controls a 13% stake in the company, according to company filings .
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Bank Holiday will crown the best summer since 2019 for London tourism
London’s best tourist summer for four years will end with a bang over the August holidays, with airports anticipating their busiest weekend since before the pandemic.
Heathrow bosses have said they expect almost a million passengers, up 25% on last year, to pass through the west London hub over the four days of the weekend, a mix of visitors arriving from abroad to enjoy the capital and late summer vacationers on their way to destinations such as New York and Dubai.
The main events attracting tourists this weekend include the Notting Hill Carnival and the Reading and All Points East music festivals. Tourism bosses were delighted with the speed with which domestic and overseas tourism rebounded this summer after three years wiped out or overshadowed by the pandemic, despite lingering concerns about the impact of the abolition of duty-free shops for foreign visitors.
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Nvidia results boost risk appetite and Scottish Mortgage up
Nvidia’s latest blockbuster results and hopes that global interest rates are close to today’s high have boosted stock market confidence.
Fueled by demand for AI, semiconductor giant Nvidia has exceeded Wall Street’s lofty expectations and also raised hopes for the current period.
Deutsche Bank analysts called it “a stunning new quarter” as they improved their 2025/26 earnings estimates by 60%.
Nvidia shares hit a new high for extended trading hours, the latest leg of this year’s tech sector rally supporting a 2% rebound for the Hang Seng index.
The rise also reflects a slowdown in interest rate expectations after yesterday’s PMI figures pointed to a weaker than expected August for major global economies.
European markets rose for a second consecutive session today but the weighting of ‘old economy’ stocks limited the FTSE 100 index to 0.4% or 31.89 points higher at 7352.45.
Companies with technology or US exposure to the risers chart included Ocado after a 13.2p gain to 750.8p. Scottish Mortgage Investment Trust, which has stakes in Nvidia and semiconductor industry supplier ASML, rose 9.6p to 673.6p.
JD Sports Fashion was also back on a winning streak, climbing 3.85p to 137p after falling this week triggered by a profit warning from its US counterpart Dick’s Sporting Goods.
Across the board of slaughterers, Aviva and Legal & General shares fell 2% as they began trading minus the value of their latest dividend distributions.
The FTSE 250 index improved 116.08 points to 18,342.57, with US publisher Future among participants in the bullish chart after a 3% gain.
UK stands to lose £65m in exports without a heat pump switch, analysts warn
The UK stands to lose £65m every year by the end of the decade if it does not speed up the deployment of heat pumps, energy industry analysts have said.
Three-quarters of UK boiler exports go to countries with phase-out dates before 2030 and the Energy and Climate Intelligence Unit (ECIU) has said the government is putting that revenue at risk by not providing greater support for the manufacture of heat pumps.
Drawing on UN trade data, the ECIU said exports of central heating boilers had roughly halved between 2019 and 2022 – from £150m to £85m – which , according to them, could be due to the fact that countries have abandoned gas boilers due to the energy crisis. and goals of reaching net zero.
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Ikea sets launch date for new Oxford Street store and unveils unique version of Frakta bag
Ikea is pushing back the opening date for its new Oxford Street store, but customers won’t have to wait too long to shop for furniture and meatballs, the retailer has said as it revealed its latest launch plans and a unique version of her Frakta bag.
The Swedish retailer unveiled a 128-foot-wide, 62-foot-tall blue “bag” covering scaffolding at the site that previously housed TopShop’s flagship product. It comes as new details about the future Ikea branch have been revealed.
A major renovation project is underway at the grade II listed building, purchased by the chain’s investment arm.
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Sunak Chooses Bletchley Park to Host AI Summit in November
Rishi Sunak’s AI Security Summit will be held at Bletchley Park in Milton Keynes in November, the government confirmed today, as the Prime Minister seeks to position the UK at the center of global leadership in of artificial intelligence.
The AI Leaders Conference, taking place November 1-2, aims to examine the risks of AI, particularly at the frontier of development, and discuss how they can be mitigated through a internationally coordinated action.
Rishi Sunak said in a statement: “The UK has long been home to the transformative technologies of the future, so there is no better place to host the first-ever Global AI Security Summit than Bletchley. Park next November. »
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FTSE 100 rallies, JD shares step recovery
Nvidia’s better-than-expected results boosted confidence in European stock markets, with the FTSE 100 index rising 46.35 points to 7,366.88.
Ocado, the grocery warehouse technology company, is among London’s best performing stocks after its shares rose 3% or 17.6p to 755.2p.
It was also a better session for JD Sports Fashion, which rebounded 3.85p to 137p after suffering earlier in the week due to the fallout from poor trade updates from other US retailers.
The possibility that interest rates could be near their peak also sent building construction values higher for the second day in a row, with Taylor Wimpey up 2.35p to 113.6p and Persimmon up 14.5p to 1017p .
The FTSE 250 index improved 157.77 points to 18,384.26, with UK- and US-focused publisher Future among those on the rise chart after a 3% gain.
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