Gett eyes 2020 flotation and profitability as it raises $200m at a $1.5bn valuation May 8, 2019 Taxi-hailing firm Gett said it has raised $200m (£153m) in additional funding yesterday, with a flotation on the cards “as soon as the first quarter of 2020”. It added it is on track to become operationally profitable globally by the fourth quarter of this year, including its US operation. Read more: Uber drivers to stage [...]
UK’s biggest companies pull away as profits for rest of pack plunge May 8, 2019 Average profits at the UK’s 40 biggest companies rose by 11 per cent in the first quarter of the year while those outside the group saw a fall of 18 per cent, new analysis has shown, laying bare a stark division in the fortunes of British companies. Read more: 'Zombie firms' dragging down UK economy, [...]
European stocks continue downward slide as US-China trade tensions flare May 7, 2019 The FTSE 100 hit a one-month low today as European stocks continued to be dragged down by the ramping up of trade tensions between the US and China. Read more: Global markets in tailspin after Trump threatens huge China tariff rise In the first trading done since the bank holiday weekend, the UK benchmark fell [...]
London Metals Exchange eyes China expansion with new warehouse plans May 7, 2019 The London Metal Exchange (LME) is in talks with the government of Guangdong province in southern China to expand its warehousing operations into the country, its parent company said today. Read more: London miner Central Asia Metals looks for acquisitions in copper space The plan would see the Hong Kong stock exchange (HKEX), which owns [...]
Foreign flops at Purplebricks and Domino’s hit shares May 7, 2019 | City Talk International expansion is not as easy as it looks – just ask the boards of Purplebricks and Domino’s. Michael Bruce, found and chief executive of Purplebricks, is stepping down after a torrid year for the company. COO Vic Darvey is stepping into the breach. That means we’ve seen the poor performance recently claim 3 CEOs [...]
The green rush? The UK’s cannabis industry is reaching dizzying new highs May 7, 2019 Predicting the emergence of the UK’s next billion-pound industry is the dream of any investor. Yet what if, unbeknown to many of its citizens, the UK were already competing as a global leader in that market? When it comes to the burgeoning legal cannabis market, this is already the reality. According to the UN’s International Narcotics [...]
Asian markets bounce back amid US trade threats to China May 7, 2019 Asian stocks bounced back in morning trading, a day after an escalation in the trade war between the US and China sparked a sharp sell-off. Read more: Car maker shares fall on Trump's Chinese tariff hike threats China’s CSI 300 index ticked up just over one per cent in early trading, after dropping almost six [...]
Occidental updates Anadarko bid to remove shareholder vote requirement and beat Chevron’s rival offer May 6, 2019 US oil and gas company Occidental said its updated $38bn (£29.02bn) bid to take over Anadarko Petroleum was designed to make it more attractive than a rival offer from Chevron by removing the requirement for a shareholder vote. Occidental increased the cash component of its offer to 78 per cent on Sunday, meaning the deal [...]
Payment startup Thunes closes $10m Series A funding round May 6, 2019 Emerging economies payment start-up Thunes has completed a $10m (£7.64m) Series A funding round led by Alibaba and Airbnb investor GGV Capital. The funding will be used to expand Singapore-headquartered Thunes across Africa, Asia and Latin America. Read more: Buy now, pay later, budget better – Laybuy is shaking up the retail sector Thunes will also add [...]
US job growth surges with more than 260,000 added as unemployment rate falls May 3, 2019 The US economy saw another strong month of growth for April with 263,000 jobs added as it continued to bounce back from February's dramatic slowdown. The Labor Department revealed on Friday that there were more than 70,000 additional jobs created last month than analysts had expected, dispelling fears from earlier in the year of a [...]