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G7 commits to 'rules-based trading system' despite tensions with US

G7 commits to 'rules-based trading system' despite tensions with US

World
Media playback is unsupported on your device All the G7 nations have agreed at their summit in Canada on the importance of a "rules-based trading system", despite tensions with the US.The joint statement signed by US President Donald Trump and his counterparts comes amid a row over high US tariffs imposed this month on steel and aluminium imports.The EU and Canada have taken steps to retaliate.Mr Trump says tariffs are needed to reverse America's trade deficit.Soon after the joint statement was announced, the US president tweeted defiantly about not allowing "other countries to impose massive tariffs and trade barriers on its on farmers, workers and companies".The G7 summit, held in La Malbaie, Quebec province, also covered such issues as rel...
Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service

Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service

Finance
Financial technology firm Revolut now has 2 million users signed up to its platform and is planning to launch a commission-free trading service. The London-based start-up said Thursday that its trading platform, called "Wealth," would let users invest in a range of firms listed publicly in the U.K. and the U.S., in addition to other instruments including exchange-traded funds (ETFs) and options. ETFs are securities that let traders invest in a basket of assets such as shares or bonds. Options are contracts that give investors the right — but not the obligation — to buy or sell an asset at an agreed price and date,...
How commission-free trading app Robinhood tries to make money

How commission-free trading app Robinhood tries to make money

Finance
After raising more money from top Silicon Valley investors, Robinhood has quadrupled its valuation in about a year to more than $ 5 billion. Less clear is how the operator of a commission-free stock trading app generates enough money to justify such a lofty amount. On Thursday, the start-up announced it raised $ 363 million in capital, valuing the company at $ 5.6 billion. That makes it about one-third the size of the online brokerage E-Trade Financial, which has a market value of nearly $ 17 billion. While E-Trade reported a 28 percent increase in net revenue to $ 708 million in the first quarter, Robinhood would not share specific informatio...
Spotify shares dip on first day of trading

Spotify shares dip on first day of trading

Business
Shares in Spotify fell back on the first day of trading on the US stock market after the music streaming firm's highly anticipated launch.The shares opened at $ 165.90 (£118) - more than a quarter higher than the $ 132 guide price set by the New York Stock Exchange on Monday.After going as high as $ 169, they lost ground to close at $ 149.01. That makes the Swedish company worth about $ 26bn - well above the value of other tech firms such as Twitter.Spotify used an unconventional process to go public: instead of issuing new shares, early investors sold their existing holdings.That move gave the firm's early backers a chance to cash in on its growth.Traders huddled on the floor of the New York Stock Exchange on Tuesday morning, gauging interest from buyers and sellers to determine the openi