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.

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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Hong Kong floats are going nuts again

On Tuesday last week, a company called Luen Wong Group, joined Hong Kong’s new-ish Growth Enterprise Market at 25 HK cents a share. By Thursday it was trading at 46 times that. Luen Wong is a civil engineering subcontractor. It’s a specialist in roads and footpaths and drainage.

The company has proved to be the most eye-catching of recent Hong Kong IPOs, but there are plenty of other examples of nuttiness.

A day before Luen Wong arrived, Hypebeast, an online fashion store, jumped 20 fold on the GEM. Read more

An old world tech-ageddon?

Intel provided us with an eye-catching number as it announced, late on Tuesday, “a Restructuring to Speed its Transition to a Company that Powers the Cloud and Billions of Smart, Connected Computing Devices…”

Up to 12,000 Intel people — 11 per cent of the workforce — will lose their jobs.

Trip Chowdhry’s Global Equities Research has extrapolated that news out to the wider old skool US tech world and come up with a rather larger layoff number: 369,000 over the next 12 months. Read more

Project Atlas (in Italian)

The presentation deck for the €5bn plan to prop up Italy’s weaker lenders has leaked to Economia Il Messaggero. Click to read:

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“Following an urgent request for international judicial assistance in criminal matters from the Serious Fraud Office…”

The extraordinary story concerning Monegasque ‘energy services’ group Unaoil, broken jointly by the Fairfax media titles in Australia and Huffington Post in the US 24 hours ago, looks about to erupt fully.

Here’s the statement released by the Principality on Thursday evening. It seems Britain’s SFO has been first off the mark acting on the findings of a six month long journalistic investigation. The findings will be of interest to certain US regulatory bodies as well, no doubt. Click to read… Read more

Further reading

Elsewhere on Thursday,

- Online fraud victim compensation and moral hazard.

- The aggressive, outrageous and infuriating (ingenious) rise of BrewDog.

- Minsky had some thoughts about Trump.

- Quantifying the Fed’s impact on the S&P 500. Read more

Sarao ruling… (he’s lost, but can appeal)

Click to read…

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Just one bit of the Valeant disclosures we are struggling to understand…

Can you help? Read more

“The Board requested that former chief financial officer Howard Schiller tender his resignation as a director, but Mr. Schiller has not done so.” (UPDATED)

Back in October, Bill Ackman asked the question of Valeant chief executive Michael Pearson:

Mike, is there any fraud going on at the company?

We got a fuller answer on Monday. Click for the 8-K: Read more

A Valeant reminder

It’s an unsustainable business model aimed at bilking insurance companies.

The latest Valeant market crash was still ongoing at pixel, the stock being off 45 per cent or so at $38.

You could pin this simply on the dreadful Q4s and accompanying 2016 guidance: revenues to fall 12 per cent. Read more