THE DAILY BRIEFING
BREXIT MOVE Japanese bank Mitsubishi UFJ Financial Group is setting up a small Amsterdam office so it can continue serving European Union clients after Brexit, sources say. The firm has 2,100 staff in the City, and its Dutch base will initially employ fewer than 100.
START- UP CASH Paypal has invested in a British tech start-up that uses artificial intelligence to show customers personalised advertisements. The US payment giant was among others to pile £4m into
Cloud IQ, which is based in London and used by companies such as EE and Samsung.
CYBER FEARS A quarter of UK medium-sized businesses are being asked by potential clients about their cyber- security defences, according to a survey from insurer
Zurich. The firm revealed one-in-six small to medium sized businesses had been hit by a cyber attack.
TOP TRILLION US investment firm Pimco pulled in £38bn of investment in the first half of 2016 – reportedly making it the world’s best-selling mutual active fund manager. The firm oversees £1trillion of assets.
EURO JOBS Unemployment in the eurozone dropped to an eightyear low of 9.1pc in may – more than double the UK’s rate of 4.5pc.
ROYALTY BOOST mining investment firm Anglo-Pacific said its income from royalties has increased 290pc to £16.3m compared to the same period last year.
FLARE UP Technology firm Chemring’s US subsidiary has won a £21m contract to make decoy flares for the US Army. Chemring Countermeasures will do the work at its facility in Tennessee. RECOVERY HOPE Engineer Senior is confident of a recovery in its Flexonics division, which makes heat exchange products for cars and oil and gas firms. Profits fell 20.3pc to £9.8m for the half year to June 2016. GEM DEAL miner Lucapa Diamond Company has sold a batch of diamonds from its Lulo Diamond Project in Angola for £1.2m, an average price of £686 per carat.
CHINA ROLE Former Uber executive Luo Gang has been appointed to run an Airbus innovation centre in China. DOUBLE UP Copper producer Atalaya Mining said production has more than doubled during the second quarter of 2017.