Real estate giant swoops in for prime London student property September 4, 2018 One of Europe’s largest real estate investors agreed to buy a prime central London student block for nearly £70m today, in a move that reflects the growing level of property investment being poured into the capital’s student accommodation sector. Aberdeen Standard Investments, which manages more than £43bn of real estate assets, has splashed out £68.8m [...]
JD.com share price falls after CEO’s sexual misconduct arrest September 4, 2018 Chinese retail giant JD.com's share price has fallen more than six per cent in early trading this afternoon, after its chief executive was arrested and released on suspicion of criminal sexual conduct in the US over the weekend. Richard Liu has since returned to China, after being arrested by Minneapolis policy on Friday and later [...]
London luxury goods repair service The Restory among startups picked for Farfetch incubator September 4, 2018 A London-based start-up which repairs luxury fashion items is among the businesses selected for Farfetch's retail technology incubator. The Restory, which restores designer items, is one of 11 start-ups selected for the 12-week Dream Assembly programme. Farfetch plans to support fashion tech start-ups with talks, mentoring and networking opportunities. "The companies we have selected for the first Dream [...]
Transocean buys rival Ocean Rig in $2.7bn deal as oil prices continue to rise September 4, 2018 Drilling rig contractor Transocean has agreed to acquire deepwater rival Ocean Rig in a deal worth $2.7bn (£2.10bn). The cash and stock deal, which includes Ocean Rig's debt, will result in a combined fleet of 57 floaters, with 31 of the top 100 ultra-deepwater drill ships in the industry. The deal comes as oil prices [...]
Eurozone producer price inflation spikes due to rising energy prices September 4, 2018 Eurozone producer price inflation accelerated above expectations in July, powered by a rise in expensive energy prices. Producer prices among the 19 countries in the Eurozone rose 0.4 per cent month-on-month and four per cent year-on-year in July, according to data released by Eurostat this morning. Read more: Petrol station merger could drive up fuel [...]
Hard times: Viagra maker Pfizer warns Brexit could cost it $100m September 4, 2018 US pharmaceutical giant Pfizer has warned in regulatory filings that Brexit could cost it $100m (£78m). The maker of erectile dysfunction drug Viagra said it had already done work to minimise the impact on its business in “all Brexit scenarios”. In the filing it warned that the UK’s “complex” negotiations to leave the EU “may pose [...]
Russian bank boss apologises for calling Boris Johnson a ‘prat’ September 4, 2018 The boss of one of Russia’s largest banks has apologised for calling former foreign secretary Boris Johnson a “prat”. Andrei Kostin, chief executive of VTB, made the comments at Moscow State Institute of International Relations University, with foreign minister Sergei Lavrov also in attendance. “Look at, excuse me, the prats in the West, say at [...]
New WPP boss Mark Read announces strategy review as North American revenues drag September 4, 2018 WPP revenues fell in the first half after a poor performance in North America as newly appointed chief executive Mark Read today announced a strategy review. Shares in the advertising giant fell by six per cent at the time of writing. The figures Reported revenues fell by 2.1 per cent in the first half compared [...]
Ed Sheeran promoter sued by Viagogo September 4, 2018 Ticket reselling site Viagogo has launched legal action against Ed Sheeran's promoter for allegedly ripping off thousands of fans. The company claimed in a statement today that Stuart Galbraith, founder of music promoter Kilimanjaro Live, confiscated authentic tickets bought through Viagogo and forced customers to buy new ones. The first ticket was then not refunded, according to [...]
Insurance giant Munich Re buys internet of things company Relayr in $300m deal September 4, 2018 Insurer Munich Re announced today the acquisition of tech company Relayr which focuses on the “internet of things” in the industrial sector. The deal values the company at $300m (£233m) and is part of Munich Re’s move to create new business models in the industrial internet of things sector. Read more: Private equity firm Apollo takes Aspen [...]