According to the Mercury News a sudden sell-off, sparked by a warning of poor profits at a key tech firm and further economic worries, hit tech stocks particularly hard.
The collapse of the bubble has now destroyed $4.4 trillion of wealth in the Nasdaq composite stocks – including $1 trillion in Silicon Valley’s 150 largest companies. This is more than the bubble actually created.
This week the Nasdaq at stands around 1180 – around 75% below its peak.
Optimists claim the rebound to come any day now as people seize the chance to catch the next tech wave at cut prices.
A bullish Cisco chief executive John Chambers told investors at the Bank of America conference that while the downturn has lasted longer than many expected ‘When the recovery occurs, I think it will be quicker than people expected.’
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Colin responds to the call for 'Darwinism' in accountancy
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned