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Tag: soars

Gamestop: ‘Failing’ firm soars in value as amateurs buy stock

Gamestop: ‘Failing’ firm soars in value as amateurs buy stock

Business
Getty ImagesShares in a US games company have soared more than 300% in the past week - the result of a fight between private and professional investors.Video games bricks-and-mortar retailer Gamestop is arguably something of a relic in a world moving online.But its share price soared another 120% in Wednesday trading in New York. Analysts blame tech-savvy young day traders, who they say are taking on hedge funds in a conflict with generational overtones.And the phenomenon could be spreading to Europe, with several stocks subject to unusual fluctuations in Wednesday trading.It's a battle between Wall Street pros and upstart investors using social media platforms such as Reddit, analysts say. And at the moment, the upstarts have the upper hand.It is, says Neil Wilson from markets.com, gettin...

Largest U.S. cryptocurrency exchange Coinbase files for IPO as bitcoin soars past $23,000

Finance
Bitcoin course's graph is seen on the Coinbase cryptocurrency exchange application on February 12, 2018.Chesnot | Getty ImagesDigital currency exchange Coinbase is going public as renewed investor interest in cryptocurrencies has pushed bitcoin to an all-time high.On Thursday the company announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. The form is expected to go into effect after the SEC completes its review process.California-based Coinbase, founded in 2012, has long been a go-to spot to buy and sell cryptocurrencies, and the company has grown into the largest digital currency exchange in the U.S.The company's filing comes on the heels of a surge in the price of bitcoin. On Thursday the largest cryptocur...
UK borrowing soars in August as Covid costs mount

UK borrowing soars in August as Covid costs mount

Business
The UK government borrowed £35.9bn in August as tackling the economic fallout of pandemic took its toll on the public finances, official figures show.The figure - the difference between spending and tax income - was £30.5bn more than it borrowed in August last year.The increase meant that the borrowing figure hit its highest amount for August since records began in 1993.Borrowing between April and August totalled £173.7bn - also a record. August's monthly borrowing figure was, however, less than economists had predicted at £38bn, according to Pantheon Macroeconomics.The Office for National Statistics (ONS) also revised down its estimate for UK borrowing in July, by more than £11bn, to £15.4bn, de...
Borrowing soars to record £103.7bn as debt outstrips GDP

Borrowing soars to record £103.7bn as debt outstrips GDP

Business
Britain's borrowing has soared to a record £103.7bn as debt outstripped economic output for the first time in nearly six decades due to the coronavirus pandemic.The figure for the first two months of the financial year is £87bn more than the same time last year - and the highest seen in any April-May period since current records began in 1993. It further lays bare the cost to the nation's finances of the COVID-19 crisis, as the Treasury receives less tax income while pouring money into efforts to prop up struggling businesses and safeguard jobs, impacted by the coronavirus pandemic.The Office for Budget Responsibility (OBR) had previously forecast that borrowing for the entire year was expected to hit £298.4bn. According to the Office for National Statistics, borr...
Coronavirus: US to borrow record $3tn as spending soars

Coronavirus: US to borrow record $3tn as spending soars

World
The US has said it wants to borrow a record $ 3tn (£2.4tn) in the second quarter, as coronavirus-related rescue packages blow up the budget.The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis.In all of 2019, the country borrowed $ 1.28bn.The US has approved about $ 3tn in virus-related relief, including health funding and direct payouts. Total US government debt is now near $ 25tn.The packages are estimated to be worth about 14% of the country's economy. The government also extended the annual 15 April deadline for tax payments, adding to the cash crunch.The new borrowing estimate is more than $ 3tn above the government's previous estimate, a sign of the impact of the new programmes. The Fed's four...