From Manhattan hot dog cart to Leicester Square and UK expansion: The story behind upmarket burger restaurant Shake Shack December 21, 2016 Upmarket US burger company Shake Shack started as a modest hot dog cart in Madison Square Park in Manhattan in 2001. This month, it opened a new flagship UK store in Leicester Square, its fourth this side of the pond, with two more – in Victoria and Canary Wharf – to follow early next year. [...]
Good chemistry: Germany’s Linde and US firm Praxair agree terms of $65bn merger December 20, 2016 Two chemical giants are nearing a $65bn (£53bn) mega-merger. Germany’s Linde today said it had agreed a “non-binding term sheet” with US firm Praxair. Under the deal, a new holding company bearing Linde’s name would be created. But the firms said the deal would represent a “merger of equals”. It marks the second German-US mega-deal of [...]
Euro clearing battle heats up as report warns EU against “protectionist” policy to move business away from London December 18, 2016 The battle over euro-denominated clearing is heating up amid apparent attempts to move the business away from London. An Intercontinental Exchange (ICE) report, circulated this month to EU member states, has warned that forcing the clearing of euro derivatives away from the UK could lead to a “significant increase” in costs for European banks. The [...]
New York Stock Exchange agrees deal to takeover fellow US exchange December 14, 2016 The New York Stock Exchange (NYSE) has agreed a takeover deal for the US’ National Stock Exchange (NSX). Founded in Cincinnati, Ohio, in 1885, the NSX was due to close at the end of this week. Read more: UK competition authority tells NYSE owner ICE to sell London-based Trayport But NYSE owner Intercontinental Exchange (ICE) [...]
Donald Trump tweet about F-35 programme wipes billions off Lockheed Martin’s market value December 12, 2016 Lockheed Martin has become the latest victim of Donald Trump's rampant Twitter ranting and has lost billions off its market value in the process. The defence giant's stock fell 4.6 per cent on the New York Stock Exchange in early trade, down to $247.61, after the President-elect tweeted that the F-35 programme and its cost is "out [...]
What you need to know about the world’s biggest IPO December 6, 2016 Sometime in the next 12 to 24 months, the world will see probably see the biggest IPO in history, and one that may remain unparalleled for a century or more – the IPO of Saudi oil giant Aramco. Aramco says it has more than 260 billion barrels of recoverable reserves – 10 times the level [...]
Deutsche Boerse exec warns US and China will dominate if London Stock Exchange merger is blocked November 24, 2016 A Deutsche Boerse executive has warned rival firms from the US and China will dominate if the German’s merger with the London Stock Exchange falls through. The exchanges are expecting a statement of objections to their tie-up from the European Commission next month and analysts remain doubtful the deal will complete. Read more: Stock exchanges [...]
A rising Dow lifts all boats higher around the world’s exchanges as Australian stocks make big gains November 23, 2016 The Dow Jones Industrial Average closed above 19,000 for the first time ever on Tuesday driven by the election of Donald Trump and rising oil prices, leading to continued gains on stocks around the world. As Japanese exchanges enjoyed a public holiday focus turned overnight to Australia, where the S&P/ASX 200 recorded gains of 2.56 [...]
The Trump effect pushes the Dow above 19,000 in New York November 22, 2016 The Dow Jones Industrial Average has broken 19,000 points for the first time ever in New York. A US equity market surge since the presidential election – bolstered by the rising oil price as Opec member countries meet in Vienna – is showing no signs of slowing just yet. The rally has pushed the three major equity benchmarks [...]
London Stock Exchange seeks to wrap up French clearing house sale as EU regulatory battle looms for Deutsche Boerse merger November 15, 2016 The London Stock Exchange Group is whittling down the list of candidates for the sale of its Paris-based clearing business and could be in a position to announce a deal before Christmas, City A.M. understands. The LCH SA deal is seen as crucial to the success of the London Stock Exchange’s £21bn merger with German [...]