Brave or foolhardy? US Foods shrugs off market turmoil to file for IPO February 9, 2016 US Foods, the US' second-largest food distributor, has just filed for a $100m (£69.1m) initial public offering (IPO) – despite two days of turbulent global trading. In a filing with the US Securities and Exchange Commission (SEC) today, US Foods said it will float on the New York Stock Exchange under the ticker symbol "USFD". The company [...]
Year of the Monkey: We must be innovative and adaptable to strengthen China ties February 8, 2016 The Year of the Monkey starts today as we celebrate Chinese New Year. With London hosting the biggest celebrations outside of Asia, the zodiac animal has two particular attributes that I also think help define our modern City: our adaptability and innovativeness. The importance of China to both the City and the wider UK is a [...]
Imperial Tobacco is rebranding to Imperial Brands February 5, 2016 Imperial Tobacco is rebranding. In a surprise move, the FTSE-listed tobacco giant best known for its Davidoff and Gauloises brands has moved to distance itself from tobacco. From now on, its opting instead for the more mysterious name Imperial Brands. Imperial’s new name, approved by shareholders at the AGM on Wednesday, will come into effect [...]
Under Armour share price soars as Steph Curry’s basketball shoes helps revenue beat expectations January 28, 2016 Under Armour jumped more than 18 per cent in morning trading on the New York Stock Exchange after its fourth-quarter results destroyed expectations. The figures Full-year net revenues increased 31 per cent to $3.96bn (£2.76bn) – beating the sportswear brand's outlook of $3.91bn. The biggest performance in the company's portfolio was found in its footwear division [...]
NYSE-listed Johnson Controls buys Ireland’s Tyco International in £22bn tax inversion deal January 25, 2016 JOHNSON Controls today agreed to acquire Tyco International, creating a merged entity with revenues of more than $32bn (£22.4bn) that will be based in the low-tax haven Ireland. New York Stock Exchange-listed Johnson Controls is an American company that makes heating systems, car batteries and energy-efficiency measures for buildings, while Tyco produces fire protection and [...]
Twitter share price breaks a new record but not in a good way, falling to a new low of under $16 within an hour of the New York market opening January 20, 2016 Just when you thought the Twitter share price couldn't fall any lower, it only goes and breaks the $16 mark. After closing on the New York Stock Exchange yesterday at an all-time low of $16.69, Twitter's shares have continued to tumble today, dipping below $16 within an hour of the market opening. Shortly after 3pm London [...]
Goldman Sachs agrees to pay $15m over improper securities lending practices January 14, 2016 Investment banking giant Goldman Sachs has agreed a $15m (£10m) settlement with US regulators over charges that its securities lending practices broke regulations. The Securities and Exchange Commission (SEC) said broker-dealers such as Goldman Sachs are regularly asked by customers to locate stock for short selling – a process where an asset is borrowed, sold, and [...]
And they’re off: Shire fires the starting gun on 2016’s takeover action with Baxalta deal January 12, 2016 Shire and Baxalta have agreed on their $32bn (£22bn) merger after six months of negotiations, sending Shire's share price plummeting 7.25 per cent yesterday. Despite impressive pre-market gains in New York, Baxalta shares also fell, down 1.55 per cent. Baxalta shareholders will receive $18.00 in cash and 0.1482 Shire shares per Baxalta share, amounting to [...]
Two companies, $20bn in combined revenue, 100 countries, and six things you need to know about Shire and Baxalta’s merger January 11, 2016 Shire spent six months trying to woo Baxalta's board, here's all you need to know about the long-awaited $32bn (£22bn) merger in six points: The deal The merger is the third largest pharma deal by a UK company, and the 16th biggest pharma deal ever, according to Dealogic's data. In the UK it is only beaten by the mega-mergers that created [...]
Chinese stock exchanges in Shenzhen and Shanghai suspend their circuit-breakers January 7, 2016 We learned this morning that Chinese market circuit-breakers are like buses: you wait ages for one and then two come along at once. But clearly two of the country's largest stock exchanges have had enough: today the Shanghai and Shenzhen stock exchanges issued statements saying they're scrapping the circuit-breaker. They're suspending their suspensions The circuit-breaker [...]