Prudential faces break up calls from Dan Loeb’s Third Point February 25, 2020 Hedge fund manager Dan Loeb has called for the breakup of insurance company Prudential after taking a near $2bn (£1.5bn) stake. Loeb’s New-York based investment firm Third Point has built a five per cent stake in the insurance firm and is now pushing for it to separate its Asian and US operations. It comes just [...]
IG’s June Felix: Shorter trading hours would make London ‘less competitive’ February 23, 2020 The head of one of Britain’s largest trading platforms has become one of the most senior industry figures to speak out against proposals to cut trading hours in London, saying it would not be “helpful” for the City and could make it “less competitive globally”. June Felix, whose company IG Group offers 24-hour trading to [...]
Podcaster Audioboom eyes possible merger or sale February 8, 2020 The AIM-listed podcasting group, Audioboom, has asked bankers to help it explore the possibility of a merger or sale. The group, which is backed by property tycoon Nick Candy, has asked New York-based bank Raine to undertake a strategic review that could see the company taken over by a rival, according to Sky News. Raine’s [...]
Nightmare: Casper Sleep slashes IPO valuation again February 5, 2020 Casper Sleep slashed the valuation it is seeking in its initial public offering again today, as the money-losing online mattress retailer tries to lure investors in a tepid market for start-up IPOs following Wework’s debacle last year. The price cut underscores the recent mismatch between the valuations start-ups are able to achieve in private fundraising [...]
Traders call time on long hours following consultation January 30, 2020 Traders have today called for market trading hours to be reduced by 90 minutes to seven hours. The Association for Financial Markets in Europe (AFME) and the Investment Association (IA) have responded to the London Stock Exchange’s consultation on the issue. They are campaigning for a reduction in hours to either 9am-4pm or 9.30am-4.30pm. AFME [...]
Davos 2020 live: Carrie Lam ‘disappointed’ by rating downgrade January 21, 2020 Please manually refresh this page for our latest Davos 2020 updates. The World Economic Forum at Davos is focusing on sustainability this year. US President Donald Trump is set to make a special address, despite his impeachment beginning in the Senate. Environmental activist Greta Thunberg hosts a panel session. Read more: What is Davos 2020? [...]
Botswana and Zimbabwe typify Africa’s diverse capital market challenges January 14, 2020 CFA Institute has examined Africa’s 10 largest capital markets in a major report compiled by Heidi Raubenheimer, CFA, our senior director for journal publications. Here we highlight key developments in Botswana and Zimbabwe. Botswana: mining-dominated exchange seeking to innovate Botswana is one of the fastest-growing economies in the world. But the Botswana Stock Exchange (BSE) has [...]
Richard Branson’s Virgin Galactic spaceship passes construction milestone January 8, 2020 Sir Richard Branson’s Virgin Galactic has reached a major milestone in the construction of its next passenger spaceship, it said. All major structural elements have been assembled, and the rocket is standing on its landing gear at Mojave Air and Space Port in California. Read more: Sir Richard Branson set to launch Virgin Galactic IPO [...]
Softbank-backed Oneconnect slashes IPO and lowers valuation December 12, 2019 Chinese fintech Oneconnect has slashed its target valuation and downsized its planned initial public offering (IPO) in the US, in yet another blow for Softbank. The fintech, which is a subsidiary of Chinese insurance giant Ping An, downsized its planned stock market debut in New York by 28 per cent. Read more: Another dog for Softbank [...]
London Stock Exchange launches consultation on shorter trading hours December 10, 2019 The London Stock Exchange (LSE) has launched a consultation on shortening its trading hours following calls by industry bodies who said such a change would improve workplace culture and liquidity. The stock exchange has asked its members – mainly banks and brokers – for its views on a series of options for shortening the current [...]