Wework chief executive Adam Neumann steps down following botched listing September 24, 2019 Wework co-founder Adam Neumann is stepping down as chief executive of the shared office business with immediate effect, in the wake of its botched initial public offering (IPO). Neumann had come under pressure from investors unhappy at the company’s plunging valuations, its undercooked listing plans and his own erratic behaviour. The company confirmed this evening [...]
Softbank executives bristle at Vision Fund investment scheme September 24, 2019 Some executives at Japanese technology titan Softbank have reportedly expressed concerns about an incentive scheme whereby employees can take out large personal loans to invest in the group’s Vision Fund. The investment scheme is designed to align the interests of employees with the $97bn technology fund, but the Financial Times reported the scheme is described [...]
Why as an investor I’m looking through Brexit fears September 24, 2019 | City Talk Following the twists and turns in Westminster of the past few weeks I expect many more market participants will simply place UK equities in the “too difficult” basket. Anecdotal stories of overseas investors selling their last UK stocks could start doing the rounds again. Brexit and political uncertainty have been a drag on UK equities, [...]
AB InBev prices revived Budweiser Asia listing at lower end of projections September 24, 2019 Budweiser owner Anheuser-Busch InBev has priced the revived listing of its Asian business at the bottom of the marketed range, far less than it had hoped to raise when it first tried to list the unit in July. AB InBev priced the revived initial public offering (IPO) on the Hong Kong Stock Exchange to raise [...]
How could the oil attacks in Saudi Arabia affect investment? September 24, 2019 Things are heating up in the Middle East following the attack on an oil field in Saudi Arabia just over a week ago. The kingdom produces 10 per cent of the world’s oil, and while state-owned company Saudi Aramco, which owns the damaged plant, is drawing on its inventories to prevent export levels from falling, [...]
Iran ready to release seized UK oil tanker September 23, 2019 The British tanker which was seized by Iran in July has cleared its legal hurdles and will soon be able to leave, a spokesperson for the Islamic Republic’s government said today. Stena Impero has jumped through all the legal loops it needed ahead of its release, a spokesperson said. However he did not specify when [...]
Acceptance of negative interest rates ‘vaguely troubling’, says BIS September 23, 2019 Growing acceptance of negative interest rates has reached “vaguely troubling” levels, the Bank for International Settlements (BIS) has said. Recent switches back into economic support mode by central banks including the European Central Bank and Federal Reserve has led to a record $17 trillion (£13.7 trillion) of bonds trading at negative rates. Read more: Blackrock [...]
Pub companies: Is now the time to invest in a cheap pint? September 23, 2019 | City Talk Investors in Greene King are raising a glass in celebration after Hong Kong’s richest man, Victor Li, agreed to buy the UK’s largest publicly-listed pub and brewery company for £4.6 billion (including net debt). A unit of Li’s investment vehicle, CK Asset Holdings, has bid 850 pence per share – more than a 50 per [...]
Boris Johnson blames Iran for drone attack on Saudi oil September 23, 2019 Boris Johnson this morning pointed at Iran for the drones that struck Saudi Arabia’s oil infrastructure, the first time the UK has assigned blame after the attack on 14 September. Johnson said that Iran was likely responsible for the attack, which took out about half of state producer Saudi Aramco’s oil production, while causing oil [...]
Why Softbank is struggling to attract investment for its second Vision Fund September 22, 2019 Softbank’s Vision Fund was created to disrupt the tech sector – and it succeeded. Launched in 2017, the $100bn (£80.2bn) investment vehicle is the world’s largest tech fund, and made Softbank chief Masayoshi Son the industry’s biggest investor. The unicorn ‘kingmaker’ The gargantuan Vision Fund (VF) quickly became known for making bold bets on promising [...]