Hyatt Hotels welcomes surprise profit increase in third quarter results November 3, 2016 Hyatt Hotels today welcomed warm third quarter results showing a sharp boost in earnings to $62m (£49.7m). The group reported a surprise profit increase on higher revenue from its hotels, as well as increased management and franchise fees. The results The Chicago-based company said its net income had increased 148 per cent to $63m from last year. It [...]
London Stock Exchange boss warns moving euro clearing away from UK could cost banks $77bn November 1, 2016 The chief executive of the London Stock Exchange Group has warned that moving euro-denominated clearing away from the UK could cost banks $77bn (£63bn) in additional collateral. Xavier Rolet said that moving clearing from London to other financial centres would impose a “prohibitive cost on European banks”. Read more: Warning over moving euro clearing from London [...]
Inside Big Bang: The chaotic October morning that created the modern City October 26, 2016 Shortly before 8am, as Sir Nicholas Goodison surveyed the floor of the Exchange crowded with foreign television crews and curious journalists, he was a little apprehensive. After so much hype about the possibilities of what had been termed Big Bang, and difficult negotiations with Margaret Thatcher’s ministers, and efforts to persuade the more conservative elements [...]
The devil you know, the devil you don’t: How to protect your investments whoever wins the US election October 25, 2016 As polling day draws near, it is regrettable that the contest to become the 45th President of the United States has been more about personality than policy. The campaign has been distinguished on one side by preposterous promises to suspend the entry of Muslims into the country and build a hard border with Mexico, and [...]
JP Morgan Cazenove to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for €500m October 23, 2016 JP Morgan Cazenove has been appointed to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for up to €500m, a deal crucial to the success of the company’s merger with Deutsche Boerse. City A.M. understands that the bank will be seeking to drum-up competition for LCH SA, with pan-European exchange Euronext thought to [...]
New York Stock Exchange owner ICE told to sell London-based Trayport by UK competition watchdog October 17, 2016 The UK’s competition watchdog has ruled that US company Intercontinental Exchange (ICE) must sell London-based commodities trading software house Trayport. ICE, the owner of the New York Stock Exchange, bought Trayport last December for $650m (£534m), beating rival CME Group to the deal. Read more: ICE questions UK competition watchdog concerns over Trayport takeover In [...]
Megabrew: Anheuser-Busch InBev shares rise on Euronext Brussels days after swallowing up SABMiller October 12, 2016 Shares in the world's largest brewer Anheuser-Busch InBev (AB InBev) have risen 1.6 per cent on the Euronext Brussels exchange two days after it swallowed up British drinks giant SABMiller in a £79bn takeover. AB InBev's stock was trading at €115.05 on the Euronext Brussels stock exchange, which is the primary listing for the newly-merged company. Read [...]
Megabrew is done: AB InBev’s £79bn takeover of SABMiller completes October 11, 2016 Anheuser-Busch InBev completed its tie-up with British drinks behemoth SABMiller last night, combining to form the world's biggest brewer in a £79bn merger. The new company, which will continue to trade under AB InBev's name, will have operations "in virtually every major beer market". AB InBev chief exec Carlos Brito said: As a truly global brewer, we [...]
Megabrew: Anheuser-Busch InBev and SABMiller tie-up due to close today October 10, 2016 The £79bn Megabrew merger between Anheuser-Busch InBev (AB InBev) and SABMiller is due to become effective this evening, closing one of the UK's largest ever corporate deals. The tie-up is due to come into effect at or around 7pm this evening (8pm Brussels time) and shares in the newly-merged company will list on Euronext Brussels, [...]
Yum Brands blames drop in Chinese sales on South China Sea crisis October 5, 2016 KFC parent company Yum Brands said today that its earnings and revenues missed analysts' expectations in the third quarter. Its adjusted earnings per share of $1.09 on revenues of about $3.3bn. Both measures missed analysts' forecasts for $1.10 per share and $3.5bn respectively. Read more: Hungry suitors circle Pizza Hut as owners put the restaurant chain up [...]