LVMH strikes surprise pose as it sells Donna Karan International fashion brand for $650m to G-III Apparel Group July 25, 2016 Luxury conglomerate LVMH has agreed to sell Donna Karan International for $650m (£496m) to American fashion licensing and manufacturing group G-III Apparel Group. The sale of Donna Karan International, which is the parent company of the DKNY and Donna Karan brands, is expected to close in late 2016 or early 2017. It comes a year [...]
Week ahead: Oil majors and GDP numbers set to steer markets July 25, 2016 Markets in the UK and Europe seem to be running out of momentum recently but a influx of earning reports this week may go some way to liven things up. The blue-chip FTSE 100 was up 0.5 per cent at 6,730.48 points at its close on Friday, its fifth straight week of gains. The latest [...]
No-click-to-buy apps are a risk, but the rewards will be worth it July 22, 2016 Payments have come a long way, fast. In April, Domino’s began offering “zero-click ordering”, which allows customers to re-order a pizza simply by opening an app, removing the need for in-app tapping. There are now so many payment methods – contactless mobile, card and watch payments, swipes and taps on a mobile screen – it [...]
Mastercard snaps up Vocalink giving banks a £700m windfall July 21, 2016 Mastercard has snapped up a majority stake in Vocalink, the payments processor that probably handles your salary payment, in a £700m deal giving the biggest UK banks a windfall. The deal comes after the UK regulator urged banks to sell their stake in Vocalink, the system which governs trillions of payments in the UK, from bacs salaries to [...]
FCA emerges from dark pool dip with conflict of interest calls July 21, 2016 Anonymous share trading platforms known as dark pools must improve their handling of conflicts of interest, the Financial Conduct Authority (FCA) has said. Dark pools are trading venues which have no pre-trade transparency, hiding and anonymising price and volume of orders. Read more: Barclays and Credit Suisse set to settle over dark pools Dark pools [...]
HSBC currency traders charged in New York in US rate-rigging investigation July 20, 2016 Two of HSBC's top currency traders have been charged in New York today as part of the US investigation into rate-rigging, currency fixing and market manipulation. One, Mark Johnson, the bank's London-based global head of foreign exchange was arrested at John F Kennedy airport yesterday by FBI agents and was charged this afternoon in a federal court in Brooklyn with [...]
Barclays chief warns of UK digital deficit July 19, 2016 The UK is beating its rivals when it comes to embracing digital technology but risks being usurped by smaller countries, putting the country’s economic growth and productivity at risk, Barclays’ top boss in Britain has warned. “We urgently need to secure London and the UK as the world’s pre-eminent powerhouse of tech innovation as well [...]
The Brexit vote should spur business on to ensure everyone has the digital skills to succeed July 19, 2016 Growing up, if I wanted to speak to someone, I would meet them face to face; if I needed to learn something, I would look it up in a book; and when I needed to get somewhere new, I would unfold a map. Back then, I would never have guessed that, one day, all this [...]
Shot in the Arm for the City as £24bn mega-deal is agreed July 19, 2016 British tech giant Arm Holdings yesterday agreed to a £24.3bn takeover by telecoms group Softbank, in a move that would go down as the second largest outbound Japanese deal on record. Softbank has pounced for the Cambridge-based chip-maker following a sharp drop in the value of the pound, largely prompted by last month’s vote to leave [...]
Paying an Arm and a leg? Chipmaker shares soar on news of £24.3bn SoftBank takeover bid July 18, 2016 British tech giant Arm Holdings has agreed to a £24.3bn takeover bid by Japanese telecoms group Softbank – and the new owners have big plans for growing the company. Shares shot up in early trading, then stuck there: shares in the Cambridge-based firm were up 42.6 per cent in late morning trading [stockChart code="ARM" date="2016-07-26 17:00"] Read [...]