MNG Enterprises discloses 9.4 per cent stake in New Media August 9, 2019 MNG Enterprises has disclosed a 9.4 per cent stake in New Media Investment Group and has said it may try to block the company’s proposed takeover of rival newspaper owner Gannett. Local newspaper giant New Media announced on Monday that it was planning to buy Gannett for $1.4bn (£1.2bn) in a deal that would create [...]
German government mulls sale of stake in struggling Commerzbank August 9, 2019 The German government is weighing up the sale of its 16 per cent share in Commerzbank, the country’s second-biggest lender, and is seeking expert advice on the future of its stake. Read more: Commerzbank warns its 2019 profit target now looks ‘ambitious’ Shares in Commerzbank have fallen almost 40 per cent over the last year. [...]
Boris Johnson warns civil servants against ‘complacency’ over no-deal Brexit August 9, 2019 Boris Johnson has warned the civil service that there are “no grounds for complacency” as the UK rushes to prepare itself for the possibility of a no-deal Brexit. The Prime Minister sent a letter to all civil servants today telling them that “preparing urgently and rapidly for the possibility of an exit without a deal [...]
British Steel receives late bid from unnamed industrial consortium August 9, 2019 An unnamed industrial consortium, which includes a leading UK civil engineering company operating in West Africa, has made a last-minute bid to acquire the British Steel plant in Scunthorpe. The British-West African consortium submitted a late offer to the government to re-establish the international trade credentials of the site. Read more: British Steel’s preferred buyer [...]
Office set to close up to half its 100 UK stores August 9, 2019 Shoe retailer Office is planning to close up to half of UK stores at it reckons with the decline of business on the high street. The footwear chain is working on plans to close dozens of its 100 stores as their leases expire during the next few years, according to a report by Sky News. [...]
Businesses vent fury at handling of Brexit after economy shrinks August 9, 2019 UK business organisations have condemned the continuation of Brexit uncertainty after it helped push the economy into contraction in the second quarter. They called for “decisive action” to turn the situation around. Read more: UK economy shrinks for first time in six years GDP fell by 0.2 per cent in the first quarter, data from [...]
Navigating the “Recession Moment” August 9, 2019 | City Talk “When is a recession going to come?” That’s the question Geraldine Sundstrom keeps getting from clients as a managing director and portfolio manager at PIMCO. But Sundstrom, who focuses on asset allocation strategies, doesn’t believe we are at the end of the economic cycle just yet. We are late in the game though, she explained at the 72nd CFA [...]
Huawei unveils Harmony operating system as it weans itself off Google Android August 9, 2019 Huawei has unveiled a new operating system for smartphones and other devices, as US trade restrictions threaten its access to American technologies such as Android. The Chinese firm said its smartphones will continue to use Google’s Android operating system for the moment, but that Harmony could replaced Android “immediately” if necessary. “Harmony OS is completely [...]
Bayer share price surges amid report it could settle Roundup weedkiller lawsuits for $8bn August 9, 2019 Bayer’s share price rocketed by as much as 11 per cent today as a report emerged that the German giant had proposed to pay $8bn (£6.59bn) to settle 18,000 lawsuits relating to its Roundup weedkiller. Read more: Judge reduces Bayer weedkiller damages Bayer later trimmed gains back to 5.8 per cent on Germany’s Dax stock [...]
Brexit panic ‘not justified’, says former Trump trade adviser August 9, 2019 The current levels of panic around Brexit are “not justified”, according to a former top trade adviser to the US President Donald Trump. The former general counsel on trade, Stephen Vaughn, believes the UK has “enormous leverage” in any trade deal agreed with the US, he told the BBC. Read more: End of austerity? Chancellor [...]