Sports Direct’s share price plunges as it delays results amid House of Fraser uncertainty July 15, 2019 Shares in Mike Ashley’s Sports Direct dived this morning after the firm pushed back the publication of its financial results. The retailer blamed the delay on troubles in its recently-acquired House of Fraser business along with increased regulatory scrutiny over auditor Grant Thornton’s inspection of its books. Read more: Sports Direct expected to post 20 [...]
Budweiser blues: AB InBev scraps plans for largest IPO of 2019 July 13, 2019 The world’s largest brewer has abandoned plans for a blockbuster initial public offering (IPO). Budweiser owner AB InBev cited weak market conditions as it pulled the plug on a $9.8bn (£7.8bn) listing on the Hong Kong Stock Exchange. The float, which was billed as the world’s largest IPO of 2019, comes against a backdrop of [...]
Hong Kong: Protesters take aim at Chinese traders July 13, 2019 Hong Kong’s protests against Chinese authorities showed no sign of fading this weekend as demonstrators took aim at mainland traders near the border. Protesters and police clashed as thousands of people marched against the presence of Chinese traders in the Hong Kong border town of Sheung Shui. Police used pepper spray and took to Twitter [...]
UBS becomes first broker to upgrade Deutsche Bank after overhaul July 13, 2019 Investor caution has loomed large over Deutsche Bank since it unveiled its turnaround plans last weekend, but the troubled German lender has at least secured an upgraded rating from one broker. UBS has become the first broker to upgrade Deutsche’s stock since the radical overhaul was announced, moving its recommendation from “sell” to “neutral” in [...]
Police open probe into ambassador’s leaked Trump emails July 13, 2019 Scotland Yard has launched an investigation into the alleged leaking of emails sent by UK ambassador Kim Darroch that led to his resignation earlier this week. The Metropolitan Police are beginning a criminal investigation into how the confidential emails were obtained. Darroch resigned on Wednesday, after the exposed emails, which called Trump “clumsy and inept”, [...]
Facebook to be slapped with $5bn fine July 13, 2019 Facebook is reportedly set to be slapped with a $5bn (£4bn) fine over data privacy violations. The social media giant has reached a settlement with the US Federal Trade Commission (FTC), according to Reuters, following a probe into the firm’s use of handling consumer data. Facebook was under investigation over allegations that it inappropriately shared [...]
Merrill Lynch forecast: Bank of England to cut rates twice in next year July 12, 2019 The Bank of England could slash interest rates twice over the course of the next 12 months, economists at the Bank of America Merrill Lynch have predicted. In a note published today the US multinational investment bank has said it expects Threadneedle Street to cut rates by 25 basis points in November this year and [...]
Deutsche Bank pays out £156m as it settles Vestia derivative case July 12, 2019 Troubled German lender Deutsche Bank has paid out €175m (£156m) in a settlement with Holland’s largest public housing corporation, Vestia. The Dutch group is to drop its legal case at the High Court after revealing on its website today that Duetsche Bank would financially settle the long-running row. Read more: Deutsche Bank – saved in [...]
Trade tensions dent China’s exports and imports in June July 12, 2019 China’s exports and imports fell last month, as a tariff standoff with the US took its toll on the economy. The Chinese trading outlook waned in June, according to new figures that underline the country’s current growth troubles. Read more: Hunt is right to take a firm line on China China’s customs department reported today [...]
Bank of England could cut interest rates to near zero in no-deal Brexit July 12, 2019 Interest rates could be cut to almost zero if Britain leaves the European Union without a deal, a top official at the Bank of England said today. Gertjan Vlieghe, a member of the Bank’s rate-setting monetary policy committee (MPC), told an audience in London today that Threadneedle Street might have to slash rates to nearly [...]
