Sports car manufacturer Zenos Cars aims for £750,000 crowdfunding investment round May 9, 2016 High-performance car maker Zenos Cars is looking to raise £750,000 through crowdfunding site Seedrs to fuel its expansion. The campaign, which got underway at the end of last week, has already raked in over £102,000, 14 per cent of its goal. Zenos has sold 100 cars, which start at £26,995, since the company was founded three years ago. Read more: Classic [...]
Singapore-listed Cosco Corporation’s profits tank in first quarter May 9, 2016 Singapore-listed Cosco Corporation posted a loss of $14.4m (£10m) in the first quarter of 2016. The figures The corporation, which is a subsidiary of the Chinese state-owned Cosco shipping firm, reported a loss of $14.4m compared with a profit of $800,000 in the same period of last year. Group turnover fell 27 per cent to $722.3m, [...]
Mmm: Krispy Kreme share price rockets on news of $1.35bn takeover May 9, 2016 The share price of Krispy Kreme Doughtnuts rocketed on Monday after the company treated investors to news of a takeover. JAB Beech has agreed to acquire Krispy Kreme for approximately $1.35bn (£936m), or $21 per share in cash. JAB is currently best known for its coffee businesses, including Keurig Green Mountain, which it acquired $13.9bn [...]
Why a Brexit is a bit like a domino for those in other EU countries May 9, 2016 Adults across the EU are referencing the childhood favourite dominos for a very grown-up reason in a new survey out today. According to the research by Ipsos Mori, around half (48 per cent) of those in the EU countries it polled – Belgium, France, Germany, Hungary, Italy, Poland, Spain and Sweden along with Great Britain – believe that [...]
Oil major Total makes near €1bn wager on renewable energy with bid for battery maker Saft May 9, 2016 French oil major Total made a €950m (£750m) bid for battery maker Saft, effectively increasing its wager on the renewable energy sector. It said that the €36.5 per share offer represents a 38.3 per cent premium to Saft's closing price as of Friday. The friendly offer has already received unanimous approval from Saft's board, but it's still subject to a review [...]
Saudi Aramco targets London, New York, and Hong Kong for international listing May 9, 2016 The public listing of what could become the world's most valuable company, Saudi Arabian oil company Aramco, looks on course to happen in London. London – previously reported by City A.M. as a leading contender for the state-run company's IPO – has been named as part of a potential three-way foreign listing, along with rival global financial centres Hong Kong and New York. Shares [...]
After Apple, another smartphone maker is feeling the slowdown – this time, HTC May 9, 2016 It's tough time in the smartphone market these days. Pretty much everyone who's going to get one has already got one – in established markets at least – and that means the market is, in fact, more finite than firms imagined when growth rocketed over the past few years. Even for the likes of Apple. But it's HTC which is [...]
Natural disasters made this April the worst in 2011 for economic damage, but the UK got away lightly May 9, 2016 The warm weather in London these last few days may have led you to believe that April's weather – complete with its snow storm – was a bit of a washout. However, a report out today shows that the UK's weather last month was rather reasonable… provided you work in insurance. Aon Benfield's most recent Global Catastrophe Recap [...]
Boris Johnson just tried to sing Ode to Joy in German to argue his case for Brexit May 9, 2016 In any other politician's hands, delivering a speech to lay out the "liberal cosmopolitan" case for leaving the EU would have been a fairly run-of-the-mill press conference. But this is Boris Johnson we're talking about. Much to the bemusement of the Twitter masses, the former mayor's free time has clearly been taken up with learning [...]
EU ambassador to China urges it to do more to cut steel output May 9, 2016 The EU ambassador to China urged it to do more to curb the slew of steel which is flooding global markets and causing widespread pain in the industry. Speaking at a briefing, Hans Dietmar Schweisgut, said its current measures to address overcapacity were "not going quite far enough". "Overcapacity, especially in the steel sector, is one of [...]