New York City’s “responsible banking” law ruled unconstitutional after lawsuit from Bank of America, Goldman Sachs, JPMorgan August 10, 2015 Is New York City’s notoriously tough line on banks after the crisis about to loosen up? The city’s Responsible Banking Act has been ruled unconstitutional by a federal judge, reports news agency Reuters. The law demanded that banks provide documentation for an advisory board to review how well they met the needs of low- and [...]
London airports see record footfall as long-haul flights double intake August 10, 2015 London airports have reported record footfall for July, as an increase in long-haul flight bookings mean that Stansted and Gatwick have both seen record passenger numbers. The results put Gatwick ten years ahead of forecasts from the Airports Commission, with 4.3m passengers passing through the airport in July. Gatwick chief Stewart Windgate said the results [...]
UK gin exports could seriously rival the £4bn a year whisky industry August 10, 2015 Forget Don Draper brooding over a glass of whisky, it's now all about the spirit housewife Betty Draper was more likely drowning her sorrows in, perhaps with a gimlet or a G&T. Exports of gin have risen by more than a third within the last five years, hitting almost £400m in 2014, but now the [...]
E-commerce giant Alibaba invests £2.97bn in Suning as global mergers and acquisitions hit new high August 10, 2015 Alibaba’s announcement it would be investing £2.97bn in a 20 per cent stake in retail giant Suning marks the Chinese e-commerce giant’s biggest acquisition ever. The global deal bonanza continues upwards. With global M&A recently hitting a post-downturn high, Alibaba’s record deal came just hours after Warren Buffett confirmed a record $37bn deal as his [...]
Russian economy contracts 4.6 per cent in second quarter August 10, 2015 Another bad day for the Russian economy, after figures published today showed it contracted 4.6 per cent in the second quarter compared with a year earlier, missing even analysts' pessimistic expectations of a 4.5 per cent contraction. Although the contraction was larger than feared, the fact GDP fell hardly came as a surprise: with the [...]
Twitter’s share price jumps as co-founder Jack Dorsey buys $875,000-worth of Twitter shares August 10, 2015 Twitter's share price has leaped this afternoon as it emerged that co-founder Jack Dorsey acquired nearly 32,000 shares in the social media giant last week. On Friday Dorsey, who is interim chief executive and chairman, bought 31,627 shares in the company he set up, according to SEC filings. Director Peter Currie also bought several [...]
Shire share price rises as investors become optimistic about Baxalta hostile takeover bid August 10, 2015 Shares in pharma giant Shire recovered this morning after its $30bn (£19bn) hostile bid to take over US biotech company Baxalta. Read more: Shire share price drops following £19bn hostile takeover bid to Baxalta The offer by the UK company, which amounts to $45.23 per Baxalta share, followed an unsuccessful attempt to get Baxalta [...]
Shire share price drops following £19bn hostile takeover bid to Baxalta August 10, 2015 London-listed pharma giant Shire has made a hostile approach for US rival Baxalta. In a statement, the UK company offered $45.23 per Baxalta share, amounting to a deal worth an estimated $30bn (£19bn). Baxalta, a biotech business focused on developing treatments for rare diseases, was spun-out of Baxter International last month. Shire [...]
London startups grow by 21pc – fuelled by a booming tech industry August 10, 2015 London’s startup scene is booming as the number of new ventures launched increased by nearly a quarter in just a year, shows data from Companies House. Startups increased by 21 per cent in just a year, according to Instant Offices, which compared how many businesses registered with Companies House last year with the year before [...]
Independent Oil and Gas share price plummets after oil price rout squeezes investment in Skipper North Sea exploration August 10, 2015 Shares in Independent Oil and Gas, the Aim-listed oil group with licenses for exploration in the North Sea, have tumbled more than 40 per cent after it lost $10m of investment, wiping several millions from its value. The company said the backing from an internationally listed firm with a multi-billion dollar market cap will not [...]