Delivery Hero takes a bite out of Asian market with $4bn Woowa deal December 13, 2019 Delivery Hero has agreed a $4bn (£3bn) deal to purchase South Korea’s biggest food delivery app and form a joint venture, driving up competition in the rapidly-growing Asian market. The Berlin-based group today signed a deal to take over Woowa Brothers, the startup behind the Baedal Minjok app – more commonly known as Baemin. Read [...]
In pictures: Dogs at polling stations across the UK December 12, 2019 As Britain goes to the polls after a six-week election campaign that we can all agree has felt much longer, there is one ray of light guaranteed to cheer up the election-weary public: dogs at polling stations. Read more: Follow the General Election 2019 live with our blog With three elections in four years, Britons [...]
Fuller’s profit slides following sale of beer business December 12, 2019 Fuller, Smith & Turner reported a fall in profit before tax for the first half, but revenue for the pub group rose slightly amid “good performance” from its managed pubs and hotels. Statutory pre-tax profit for the six months to 28 September decreased 27 per cent to £11.1m, down from £15.1m the previous year. Read [...]
Softbank-backed Oneconnect slashes IPO and lowers valuation December 12, 2019 Chinese fintech Oneconnect has slashed its target valuation and downsized its planned initial public offering (IPO) in the US, in yet another blow for Softbank. The fintech, which is a subsidiary of Chinese insurance giant Ping An, downsized its planned stock market debut in New York by 28 per cent. Read more: Another dog for Softbank [...]
John Laing shares drop after warning net assets will fall below expectations December 12, 2019 Shares in John Laing dropped this morning after the greenfield infrastructure investor said its net asset value (NAV) for the year would be below expectations. In a trading update issued this morning, the group said that uncertainty over a number of factors will impact its full-year results, including progress with ongoing transactions and the outcome [...]
Has-beans? What Chilango’s CVA tells us about the struggling casual dining sector December 11, 2019 Mexican chain Chilango offers its customers a choice between three different types of salsa: mild, medium, or hot. Faced with those options, who chooses the middle one? This is – in a way – the conundrum facing the increasingly polarised casual dining sector. Nowadays, customers either want fast, cheap fuel, or they want a quality [...]
Edinburgh Investment Trust sacks Invesco’s Mark Barnett over poor performance December 11, 2019 Edinburgh Investment Trust has fired Invesco stockpicker Mark Barnett as its manager following poor performance, in a further blow to the former Neil Woodford protege. Barnett, who took over the managing of the trust from Woodford in 2014, will be replaced by Majedie Asset Management in the first quarter of 2020. Read more: Woodford protege [...]
FTSE 100 rises after Yougov poll sends sterling tumbling December 11, 2019 The FTSE 100 has risen this morning after the pound suffered a shock as Yougov’s final poll of the General Election campaign showed the Conservatives on course for a smaller majority. Yougov’s MRP model poll, released yesterday, suggests the Tories could win a 28-seat majority in tomorrow’s election – a significant drop on previous estimates. [...]
HSBC Swiss unit fined $192m over US tax evasion December 11, 2019 HSBC’s Swiss private banking arm will pay $192.4m (£146.7m) to resolve a US investigation into its role in helping wealthy Americans evade taxes using undeclared Swiss bank accounts. The US Department of Justice filed a charge of conspiracy to defraud the United States against HSBC Private Bank (Suisse), but agreed to drop the charges in [...]
Chilango launches CVA that could wipe out burrito bond investors December 10, 2019 Around 1,500 bondholders are set to be left with a sour taste in their mouths after Chilango launched a company voluntary arrangement (CVA) that could see their investments rendered virtually worthless. The stricken Mexican chain raised over £5.8m across two mini-bond offerings – dubbed burrito bonds – in 2014 and 2019, with bondholders promised eight [...]
