Wework adds woman to board after criticism ahead of IPO September 4, 2019 The We Company, which owns office space provider Wework, has said it will add a woman to its board of directors and unwind a $5.9m (£4.8m) payment to its chief executive for use of the trademarked word “we” as it prepares for an initial public offering (IPO). We Company had faced criticism from analysts over [...]
Sterling surges above $1.22 after MPs rip up Boris Johnson’s Brexit strategy September 4, 2019 The pound hit $1.22 against the dollar as it continued to rise after MPs defeated Prime Minister Boris Johnson’s Brexit strategy in Parliament last night. Sterling hit $1.22 by lunchtime, helped by poor US manufacturing data, before falling back slightly. The pound is now hovering around $1.293, an increase of 0.89 per cent. Read more: [...]
Premier Asset Management merges with Miton to form £11.5bn asset manager September 4, 2019 Premier Asset Management has agreed a merger with Miton, creating a group with £11.5bn assets under management. An announcement by the two companies said the new business, which will be known as Premier Miton Group, would be “well positioned for future growth”. The new group would have been the fifth largest contributor to net UK [...]
Hong Kong: Carrie Lam withdraws extradition bill that triggered protests September 4, 2019 Hong Kong’s chief executive, Carrie Lam, has formally withdrawn the controversial extradition bill that sparked over three-months of protests in the territory. Lam made the announcement in an internal meeting with pro-establishment lawmakers and Hong Kong delegates from China’s National People’s Congress, a source with knowledge of the matter told Reuters. Read more: Hong Kong [...]
UK economy close to recession after stagnant service sector data September 4, 2019 Growth in the services industry lost momentum in August, indicating an overall contraction in the economy across all sectors and a drop in GDP, leaving the UK one step away from a recession. The service sector’s purchasing managers’ index (PMI) dropped to 50.6 in August, down from 51.4 in July. Any figure under 50 indicates [...]
Hong Kong ‘flirting with recession’ as protests and trade war bite September 4, 2019 Hong Kong’s economy is on the brink of recession after private sector activity fell to the lowest level in a decade amid the financial hub’s worst political crisis in decades and escalating trade war rhetoric. IHS Markit’s report on the territory’s purchasing managers’ index (PMI), released today, said that August saw “the steepest deterioration in [...]
Hong Kong leader Carrie Lam expected to withdraw controversial extradition bill September 4, 2019 Hong Kong’s chief executive, Carrie Lam, is reportedly set to announce the withdrawal of a controversial extradition bill that sparked three months of protests in the territory. The South China Morning Post reported that Lam would announce the formal withdrawal of the proposed bill later on Wednesday, citing unnamed sources. Other local media outlets also [...]
UK private equity deal values double during strong first half September 4, 2019 UK companies led European private equity (PE) and venture capital (VC) activity during the first half of 2019, with the value of PE buyouts more than doubling. Overall PE buyout and related deal values for UK firms climbed to €23.3bn (£21.2bn) during the first half, an increase of 124 per cent on the €10.4bn seen [...]
Sterling recovers from 34-year low amid Brexit showdown September 3, 2019 Sterling crashed below $1.20 this morning to a 34-year low as markets readied themselves for a tumultuous day in Westminster as political chaos hits the Brexit process. The pound (GBP) dropped as much as 0.83 per cent in early London trading to trade at $1.1961 against the dollar (USD). Read more: Brexit: PM to call [...]
International business groups urge UK to avoid ‘gravely concerning’ no-deal Brexit September 3, 2019 Eight business federations from around the world including the US Chamber of Commerce have joined together to express their concern about the possibility of a no-deal Brexit, urging the UK and EU to reach an agreement over Britain’s exit from the bloc. The groups published a joint statement saying in the event of a no-deal [...]
