Paul Murphy

paul.murphy@ft.com

Biography
Latest posts

Paul Murphy is the founding editor of FT Alphaville and an associate editor of the Financial Times. He joined the FT in London in 2006 as development editor of FT.com, concentrating on the expansion of the online business. Prior to that, he served as the Guardian’s financial editor for seven years. He has also held senior positions in business journalism at the Sunday Business newspaper and the Daily Telegraph. Murphy is a graduate of the London School of Economics.

This Bundless world…

One of the little-remarked consequences of the Brexit vote in the UK is that the subsequent generalised tightening of sovereign yields across the eurozone means that even less euro-core government paper qualifies for Draghi’s QE programme. There are dangers in the ECB ignoring this looming problem. Here’s a cheat sheet on action that could be taken.

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Saving Italy’s banks

How long has the Italian banking system been in trouble? Seriously? Why has no-one supposedly in charge come up with a proper plan?

Instead, Italian bank stocks ping around, up and down every day, like penny dreadfuls reacting to the latest speculation of a political fix or some sort of blind eye treatment from Brussels. Witness Unicredit — up 14 per cent or so at pixel, having previously fallen by a third over the preceding three weeks as the latest stage of this eight-year-old crisis has intensified:

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Elizabeth Holmes: still absolutely, resolutely in denial…

First the quote from the Theramos founder herself….

We accept full responsibility for the issues at our laboratory in Newark, California, and have already worked to undertake comprehensive remedial actions. Those actions include shutting down and subsequently rebuilding the Newark lab from the ground up, rebuilding quality systems, adding highly experienced leadership, personnel and experts, and implementing enhanced quality and training procedures. Read more

“Previously nicknamed the ‘Uber’ or ‘Netflix’ of air travel…”

Before moving the relevant puff release to the bin, an open question: is there really a market in Europe where people will pay a set £2,500 monthly fee to fly as often as they want from Luton Airport to Cannes or Switzerland? The company concerned is Surf Air. Read more

Sky News goes feral (and why Ken Clarke is just terrific)

Click this before some higher up at Sky intervenes…

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On panics past…

The Bank of England has taken to ‘pre-releasing’ quaint articles from its forthcoming Quarterly Bulletin, which sounds like good, modern marketing — until you remind yourself that it’s been released on the day the intended audience are still ploughing their way through the 50 dense pages that make up the twice-a-year Financial Stability Report.

No matter. The QB proper is published on July 12 and in the meantime this is a fascinating little piece of history about the original Black Friday… Read more

Dumb Buzzfeed-style list of 10 reasons to come to the FT’s Festival of Finance

1. You get a goody bag when you leave that won’t just contain corporate guff.

2. There’s an after party.

3. Your boss is probably friendly with one of the speakers/panelists.

Nah, listicles and FTAV just don’t go. Whereas the wonderful Sandra Rupp does!.. Read more

Camp Alphaville tickets are selling out… (updated with latest schedule)

When they’re gone, they’re gone. There’s only so many people we can house, comfortably, under canvas in the lovely grounds of the Honourable Artillery Company, London EC1, at the FT’s Festival of Finance. The event is this Friday. Doors open at 10am.

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What lurks beneath (the Footsie)

Sure, the FTSE 100, that non-barometer of corporate health in the UK, was down another 1.35 per cent at pixel — off 83 points at 6054. And there are some big falls amongst some well known constituents: M&S and Next are down circa 15 per cent apiece, for instance.

But Brexit reaction is most visible in an index more truly representative of domestically-focused British business. So take a look at the FTSE Mid 250: Read more

We’ve reloaded the Brexit research pack in the Long Room…

It’s on the Strategists table, in the usual place.

The Long Room is our virtual library, reserved for finance professionals. Membership is free, but you have to fill out a form here and wait for us to ok your application.

Applications are processed quicker if you’ve bought a ticket for Camp Alphaville – which is happening in London on Friday, July 1. Read more

Yep, Markets Live as usual at 11am

Click here at 11am.

This is the sense in the FT newsroom a moment ago. Read more

Brexit sell-side research pack — in the Long Room

Yes, you’ll be wishing you filled out that stupid little registration form already.

Long Room membership is free, but access is usually restricted to finance professionals. Read more

Footsie off 8.36 per cent at pixel

A chart, just for now…

Britain, what have you done? Read more

“Am I eligible for Irish citizenship?”

We have tables and we have further information…

First the bad even worse news. Read more

Idris Dayo Mustapha — a creative alleged stock scamster, if nothing else…

We’ll let the SEC do the talking here, since the news is box fresh and the full name of a UK-based individual called “Idris Dayo Mustapha” doesn’t seem to have an internet history. He’s supposedly been hacking into the accounts of US investors, placing price-moving trades and then profiting via his own trading account. Which is sneaky and advanced hacking.

The SEC statement:

Washington D.C., June 22, 2016 — The Securities and Exchange Commission today announced it has obtained an emergency court order to freeze the assets of a United Kingdom resident charged with intruding into the online brokerage accounts of U.S. investors to make unauthorized stock trades that allowed him to profit on trades in his own account.

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A late, unexpected, extended, exclusive pre-Camp AV dinner offer

Priority here is offered to those flying in to London specially for Camp Alphaville’s Festival of Finance on July 1. Tickets are very limited.

This post first went up three weeks ago, but we held a few dinner seats back while we sorted speaker / FT staff numbers. Hence some late availability…. Read more

Some ‘pop-up’ puffery

And so to 25 Berkeley Square…

Art Secret is a unique platform that connects contemporary art with luxurious properties all over the world. These exclusive pop up events have been a global success in major capitals such as Moscow, Monte Carlo and Dubai etc.Last week Art Secret finally arrived in London, launching in Mayfair with prestigious partners St George of the Berkeley Group and Rolls Royce, and exhibiting the unique financial themed art work of Fabio Lattanzi Antinori.

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Boiler rooms that just continue to simmer

Prosecution news on Thursday out of the FCA… Read more

A Brexit EU referendum countdown calendar

We’ve been trying to keep FTAV a Leave/Remain-free zone. But this, courtesy of Allan Monks at JP Morgan, is actually useful in that it extends beyond polling day. Click the image to enlarge…

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Hey, look! Gate Ventures is trying to sneak back onto the London market

It’s a persistent corporate comedy, this one.

While clicking around the entertaining (and alleged) Chinese bid for Aston Villa FC, we thought we’d revisit Johnny Hon, the enthusiastic chap fronting Gate Ventures, that bizarre “theatre investment” company that was thrown off the AIM market last summer. Read more

A chance for some real world virtual reality

How about this for a wheeze?

Tell your boss that on July 1 you are going to some boring conference called the FT’s Festival of Finance in the City, where you’ll be able to focus on some potentially market-moving remarks from the ECB’s chief economist, Peter Praet, and also catch a discussion with one of the sharpest financial brains on the planet, Hyun Song Shin.

But really it’s Camp Alphaville, so you can also grab a VR headset and play this as well! Read more

“Welding student Oliver Smith had one of the mega boxes and said it was a benefit to the area”

Endless pixels are spilt discussing the digital evolution/revolution/degradation of media. Here’s a fresh example of the New Journalism. Courtesy of Katie Martin, a live blog covering the opening of a KFC chicken shop in Nottingham…

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If you’ve already purchased a ticket for our festival, this will irritate the hell out of you

There’s a discount. Just for today.

And there’s a code: Friday13th. Use it here.

The authorities here had led the Alphaville team to believe there would be no special price reductions for the FT’s Festival of Finance (née Camp Alphaville) on July 1, at the Honourable Artillery Company, London EC1. There was supposed to be just one high-value rate: £120, including VAT.

That’s turned out to be rubbish. Read more

FTAV survey thing

Just quickly click the image.

Please.

It will only take about 30 seconds. If that. Honest.

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A Stick Internet update

Rocket really is coming back to earth, moving 4.66 per cent closer at pixel…

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Remember Target2 imbalances? Well, they’re back…

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Satoshi latest

Would 11,000 BHS workers still have jobs if Tina Green hadn’t siphoned £1bn out of the business?

Administrators are going in at BHS, the British chain of down-at-heel department stores, best known through the years for its budget lighting department and serving up cheap coffee to pensioners.

The business has been managed for most of the past 16 years by Sir Philip Green, “King of the Shops,” on behalf of his wife Tina, who has spent the period in Monaco, avoiding UK tax. BHS was sold last year to an opaque group of supposed turnaround specialists. But the situation was probably already terminal – hence the sale price of £1.

Here, in very rough terms, is how the finances worked. It’s an open question as to whether, with a little less financial engineering, this business might yet have survived. Read more

Just one oddity in the VW numbers…

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Buy a ByRD on BABA? NYSE goes the full Las Vegas

Let’s start with the guff.

We’re excited to offer investors these innovative and solutions-driven investing tools

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