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Times
5 days ago
- Business
- Times
After 15 years of scoops and scandals, it's time to say goodbye
In some ways, 2010 feels like yesterday. In others it seems like a foreign country. In September that year, I arrived at this paper from City AM as commercial property correspondent. Thanks to the kindness of an early contact, I got a decent story in my first week — the seizure of Goldman Sachs' old headquarters complex on Fleet Street by a group of German lenders, which had run out of patience with its indebted offshore owner. That set the tone for the next few years. Writing about real estate meant writing about the busting of leveraged investors who had gorged themselves in the boom years. Sometimes that busting was spectacular: I was among guests waiting for the party to start aboard tycoon Vincent Tchenguiz's yacht in the south of France in 2011 when he was unavoidably detained in London by the Serious Fraud Office (Vincent and his brother, Robbie, took on the SFO in an epic legal battle and eventually won). Few people then understood that, just two years after the financial crisis, we were already in the foothills of one of the greatest bull runs ever, fuelled by near-zero interest rates and money-printing by central banks. Cheap equity rather than debt reflated the property market, turning homes in Chelsea and Knightsbridge into Monopoly assets. One of those who grasped the scale of the opportunity, the late housebuilding impresario Tony Pidgley, remarked that he emerged from that bonanza with plenty of 'wool on my back'. It culminated in the Spac madness of Covid. Valuations of scalable tech giants exploded. Industries exposed to structural changes in consumers' behaviour — for which, read smartphones and price-conscious shopping — imploded. Becoming retail correspondent in 2013 gave me a front-row seat for corporate dramas such as Tesco's defeat by Aldi and Lidl under Phil Clarke and Marks & Spencer's descent into infighting under Marc Bolland. But it also meant being an undertaker as household names fell into administration or turned to company voluntary arrangements to close stores. That role led me to the scandal of Sir Philip Green and BHS. The Topshop tycoon sold the tatty department store chain for a token £1, apparently in an effort to get rid of its £571 million pension deficit. It went insolvent little more than a year later. Our reporting contributed to forcing Green into repaying £363 million to the BHS pension funds and sending Dominic Chappell, his chancer-buyer, to jail for tax evasion. The BHS saga remains my favourite investigation — and for those who wonder, as far as I can tell Green remains much the same. When we last spoke a couple of years ago, I asked what he was doing after the demise of his Arcadia empire. 'Avoiding wankers like you,' was the response. My favourite scoop was our Saturday-morning revelation that Unilever had tabled a secret £50 billion bid for GlaxoSmithKline's consumer health division. There is nothing like the mixture of elation and relief you feel on opening an email titled 'Response to press reporting' and learning that the M&A story you were 95 per cent sure about is accurate. Tales like these don't come around often. Nor, these days, do colourful interviews. Obtuse and lip-loose is a fruitful but increasingly rare combination. Two of my favourites were The Range founder Chris Dawson — Devon's answer to Del Boy — and outgoing Babcock chairman Mike Turner, who told me he was on his second wife and looking for his third. It is notable that, asked to name the charity they supported, both said the Inland Revenue. Much of the cultural change that has swept the business world over the past few decades has been positive — few would pine for the 1960s industrial days Turner described at aircraft manufacturer Hawker Siddeley, where 'they didn't have toilet doors, so the foreman could march up and down and see you reading The Sun'. But some fun and irreverence has been lost in the institutionalisation of boardrooms. So has some of the risk appetite. These reminiscences are preamble to the announcement that this is my final Agenda column for The Sunday Times. After 15 rollercoaster years, I am leaving to launch a consultancy, Newcome Advisory, which will provide senior media advice to boards and investors, and connect interesting people. It has been a privilege to work at a paper with a business section that pursues big stories. I have been surrounded by talented colleagues — from Ben Marlow, who broke the news of Pfizer's bid for AstraZeneca, to John Collingridge, who dug into the Sanjeev Gupta end of the Greensill scandal and Jill Treanor, who continues to grill bank bosses weekly. I should salute lesser-sung newsroom heroes such as Steve Furlong, a trusty Sherman tank of a chief sub-editor. I would like to thank the many contacts who have fed in tips, often for no other reason than a desire to help. Most of all, though, I would like to thank you, the readers. I have appreciated your feedback, even when it's been blunt. I apologise for the occasional mistake and I hope you have enjoyed the commentary. I know you will be in capable hands under Jon Yeomans, the business editor. I will miss writing this column, which provides the best pulpit in business journalism. But I also look forward to being one of you.
Forbes
5 days ago
- Business
- Forbes
‘Stronger, Bigger, Better'—Trump Issues Huge Prediction For $4 Trillion Crypto Amid Bitcoin, Ethereum And XRP Price Boom
Bitcoin has hit a fresh all-time high this month as a nightmare scenario engulfs the Federal Reserve and traders brace for the next 'big' move that could come as soon as next week. Sign up now for CryptoCodex—A free newsletter for the crypto-curious The bitcoin price, doubling from its April lows, hit a peak of $123,000 per bitcoin this week—with a huge crypto rally lifting the price of ethereum, XRP and other cryptocurrencies to a combined $4 trillion for the first time as Elon Musk confirms a bitcoin game-changer. Now, as a wild new XRP-related theory around the identity of bitcoin's mysterious creator Satoshi Nakamoto emerges, U.S. president Donald Trump has predicted a 'golden age' will make crypto and the U.S. dollar 'stronger and bigger and better than ever before' as he signs the Genius Act stablecoin bill into law. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run U.S. president Donald Trump speaks during a dinner after signing the Genius Act that's predicted to ... More herald a "golden age" for crypto amid a bitcoin price boom that's lifted ethereum and XRP. 'The golden age of America is upon us, and with today, signing the beauty of crypto and crypto industry and U.S. dollar working together because they really are hand in hand, because they'll be stronger and bigger and better than ever before,' Trump, who has called himself the first crypto president, said during a White House signing ceremony, putting his name to the Genius Act stablecoin bill before a crowd of crypto company executives. Trump added the bill is a 'giant step to cement American dominance of global finance and crypto technology'" and that it's a "massive validation" for crypto companies. Dollar-pegged stablecoins, the biggest of which are Tether's USDT and Circle's USDC, have become a near-$250 billion market in recent years, with Wall Street giants and Silicon Valley technology companies rushing to launch their own stablecoins as the regulatory landscape improves. The crypto market has added a combined $2 trillion since September last year, with bitcoin trading at just over $50,000 per bitcoin in early August. This month alone, ethereum and Ripple's XRP have seen huge gains, adding 40% and 60% respectively as traders bet the passage of the Genius Act will mean the Trump administration is able to achieve its future crypto policy goals. Next week, a report from Trump's digital asset task force is due that may reveal plans for the U.S. bitcoin strategic reserve that Trump ordered in March, as well as a crypto stockpile that's had ethereum, XRP, solana and cardano named to it. The Senate is also expected to begin considering the crypto market structure Clarity Act, with senator Tim Scott, the chairman of the Senate Banking Committee, setting a deadline of September 30. The Genius Act requires companies issuing stablecoins to maintain fully-backed reserves of U.S. dollars or 'similarly liquid' government-issued assets, such as bonds, and companies that issue more than $50 billion of a stablecoin will be required to complete annual audits. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed higher over the last year, soaring as U.S. president Donald Trump ... More powers an ethereum, XRP and crypto price rally to a combined $4 trillion. "The House passed landmark legislation that establishes clear rules of the road by creating a functional regulatory framework for digital assets,' French Hill, the top Republican on the House financial services committee, said in a statement. 'This is the pivotal moment for American innovation and a critical step forward in protecting consumers and investors alike.' Traditional interest is not allowed to be paid out to those holding stablecoins, something Trump's crypto czar David Sacks has previously said he hopes changes in the future. 'We're fixing the plumbing of our financial system," Bo Hines, executive director of the president's White House council of advisers on digital assets, said during an episode of the All In Podcast he appeared on alongside Sacks following the Genius Act's signing. "We're securing U.S. dollar dominance for decades to come. If you want to access our capital markets, you're going to have to use a dollar back stable[coin].' The bitcoin price and crypto market surge has been cheered by traders and analysts, some of whom are predicting that "momentum is building." 'At the start of the week, U.S. lawmakers declared it 'crypto week' and it's turned out to be just that," Axel Rudolph, senior technical analyst at IG, said in emailed comments. 'Bitcoin is hovering around the $120,000 mark, ethereum has climbed to a six-month high, and altcoins like XRP and litecoin are roaring back, all against a backdrop of surging exchange-traded fund (ETF) inflows and renewed institutional interest. With the total crypto market cap pushing past $4 trillion, momentum is building on multiple fronts, and sentiment across the space is shifting decisively."
Times of Oman
17-07-2025
- Business
- Times of Oman
Nifty 50 may touch new record high of 28,957 by December if bull run returns: Report
New Delhi: Indian equity markets may witness a strong upward move in the coming months, with the Nifty 50 index expected to touch a new all-time high of 28,957 by December 2025 if a bull run returns, according to a report released by PL Capital. The Nifty 50 index had previously hit an all-time high of 26,277.35 in September 2024. The report has laid out three scenarios revising its earlier targets for the Nifty 50, depending on market conditions. In the base case, the Nifty is valued at a 2.5 per cent discount to its 15-year average price-to-earnings (PE) ratio of 18.5x, with a projected March 2027 earnings per share (EPS) of Rs 1,451.5. This leads to a 12-month target of 26,889, revised upwards from the earlier estimate of 25,521. In the bull case, the index is valued at a PE of 20x, resulting in a target of 28,957, revised from the earlier estimate of 27,590. In the bear case, Nifty may trade at a 10 per cent discount to its long-period average, with a lower target of 24,821, slightly down from 24,831 earlier. The report said, "We value NIFTY at PE of 20x and arrive at bull case target of 28957 (27590 earlier)". However, it emphasised that a revival in consumption demand will be critical going forward. Factors supporting this include a normal monsoon, multi-year low food inflation, interest rate and CRR cuts, and tax benefits from the FY26 Union Budget. The report also stated that the first quarter of FY26 has shown a mixed trend, with demand remaining stable but no major acceleration. The upcoming festive season and the spatial distribution of monsoon rainfall are expected to play a key role in boosting broad-based demand. Government capital expenditure (Capex) front-loading was also highlighted, with a growth of 61 per cent in April and 39 per cent in May. There has been a notable momentum in order placement and a significant pickup in defence spending. Additionally, the Reserve Bank of India (RBI) has reduced the repo rate by 100 basis points (bps) and plans to cut the cash reserve ratio (CRR) by another 100 bps gradually. These measures are aimed at improving liquidity in the financial system and stimulating credit growth, which was recorded at 9.5 per cent in the first quarter of FY26.
Yahoo
17-07-2025
- Business
- Yahoo
Bitcoin Advocate Says BTC Will Emulate 2021 Dogecoin Run: 'This Thesis Will Retire Your Bloodline'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin advocate Udi Wertheimer has made the case that Bitcoin (CRYPTO: BTC) is entering an explosive bull run, akin to what happened with Dogecoin (CRYPTO: DOGE) in 2020–2021. What Happened: Wertheimer took to X on Monday to point out that Bitcoin's surge is not just about price, as legacy crypto holders are being replaced by institutions, ETFs and treasuries like Strategy (NASDAQ:MSTR), which are accumulating without regard for past valuations. This mirrors Dogecoin's explosive 200x rally in 2020–2021, where old holders sold early, while new buyers, unaware of past price ceilings, kept accumulating until a sudden supply shock triggered massive upside. Don't Miss: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Now Raising at $3/Share Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. That behavior caused a supply shock and sent Dogecoin soaring from fractions of a penny to $0.70 in 2021, a 200x move. Wertheimer argues Bitcoin is following the same path, but on a much grander scale. He warns the current consolidation phase isn't the top, it's the reset before liftoff. New institutional buyers, especially via ETF flows like IBIT, aren't concerned with technical ceilings. To them, Bitcoin at $110,000 is still cheap, especially compared to other asset classes. What's Next: Udi Wertheimer base case is entering the first phase of a truly generational bull run, projecting a top of $400,000 by year-end. Just as Dogecoin's old holders missed the bulk of the rally, he warns today's sidelined Bitcoiners may watch this run from the rearview mirror, unless they act now. Ethereum (CRYPTO: ETH), he says, will be the biggest loser of this cycle, weighed down by long-term holders and underwhelming performance versus BTC. The $4,000 target prediction show lack of belief and bagholders are still offloading on every pump. He even suggests that Strategy's valuation could flip Ethereum's, signalling a dramatic shift in crypto capital concentration. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Bitcoin Advocate Says BTC Will Emulate 2021 Dogecoin Run: 'This Thesis Will Retire Your Bloodline' originally appeared on Sign in to access your portfolio
Wall Street Journal
14-07-2025
- Business
- Wall Street Journal
Crypto Assets Rally Ahead of Possible U.S. Legislation
Crypto is continuing its bull run at the start of what has been dubbed 'Crypto Week' in Washington, where the House of Representatives will consider three bills with the potential to overhaul U.S. crypto policy. The bills set to be considered are the Clarity Act, the Genius Act and the Anti-CBDC Surveillance State Act.
