Markets in the US and Asia fell sharply as investors sold off shares in tech companies, with artificial intelligence (AI) stocks taking the biggest hit.
In New York the Nasdaq, favoured by tech companies, fell 3.6% and the S&P 500 lost 2.3% on Wednesday making for the biggest one day falls since 2002.
The losses were driven by firms including Nvidia (-7%), Google-owner Alphabet (-5%), Microsoft (-3.5%), Apple (-3%) and Tesla (-12%).On Thursday, Japan’s Nikkei index fell 3%, as markets in Asia also suffered declines.
In the UK, Revolut has finally secured a banking licence, albeit with “restrictions”, more than three years after Britain’s most valuable fintech firm lodged its application with regulators.
Revolut waited years for approval, having first lodged its application for a UK banking licence in 2021. The challenge, in part, had been convincing regulators that Revolut has addressed a number of accounting and reputational concerns in recent years, after EU regulatory breaches, questions over its corporate culture and the late filing of its accounts.
A UK banking licence is a key step in accelerating Revolut’s growth, as it moves the company on from its current status as an e-money firm that operates as intermediary between consumers and licensed banks.
A UK licence will allow it to hold and customer deposits, opening the door to new income streams, since it can start funding its own-branded loans and mortgages.In other news, British Gas has reported an operating profit of £159m in the first half, down from the record £1bn reported in the same months last year.
Profit levels are now “normalising” after the energy crisis which saw the watchdog, Ofgem, allow British Gas to claw back more money from household bills to recoup the costs of supplying its 10m customers.
Ofgem’s decision handed British Gas a £500m boost but following the one-off windfall the supplier’s profits have fallen back in line with more typical earnings.
The agenda • 7am: Car production statistics for June, year-on year comparison • From 9.45am: Post Office Horizon inquiry – Former Liberal Democrat leader Vince Cable followed by former business minister Greg Clark
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