US reaches deal ‘in principle’ with China December 12, 2019 The US today reached a preliminary deal with China to end the year and a half long trade war that has slowed global growth and dampened investment around the world. A source briefed on the talks told Reuters: “The written agreement is still being formulated, but they have reached an agreement in principle.” Read more: [...]
US stock markets rise as Donald Trump says China deal ‘VERY’ close December 12, 2019 New York’s stock markets have opened higher after President Donald Trump tweeted that the US is “VERY close to a BIG DEAL” with China. The excited Twitter outburst marks a turnaround from Trump’s views of the situation last week, when he said he would happily wait until after the late-2020 US presidential elections to strike [...]
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 [...]
Saudi Aramco hits $2 trillion valuation as shares open higher December 12, 2019 Saudi Aramco shares opened 10 per cent higher in the second session of trading today, sending the state-owned oil company’s value above $2 trillion (£1.5 trillion). The shares rose as high as 38.7 Saudi riyals before easing to just over 38 riyals – a rise of more than eight per cent. Read more: Saudi Aramco [...]
Bangkok 2049: What do the next three decades hold for this neon metropolis? December 11, 2019 It looked like volleyball from afar. Up close, I realised the players were only using their feet. And the ball was hollow; a spherical rattan of bamboo. Sepak Takraw (or “Muzzle”) was being played with brio by a group of local boys on Phutharet Square, a Thai time capsule in Old City Bangkok. They invited [...]
Steel makers face another tough year ahead, says Moody’s December 10, 2019 European steel makers have been dealt a gloomy forecast for next year, as Moody’s ratings agency predicted slowing demand and deteriorating profitability for the industry. Key sectors using European-made steel such as the automotive industry are likely to need less of the material next year amid a wider market slowdown, it said. Read more: New [...]
Car sales fall for 17th straight month in China, as global market suffers December 10, 2019 Chinese car sales fell for a 17th consecutive month in November, as electric and hybrid car demand contracted yet again. Total automotive sales from the world’s biggest market fell 3.6 per cent compared to the same period last year, according to the China Association of Automobile Manufacturers (CAAM). Read more: Car production falls again amid [...]
FTSE 100 falls with European investors nervous over trade tensions December 10, 2019 The FTSE 100 has shed one per cent on a bad day for European shares ahead of a major tariff deadline that could exacerbate trade tensions between the US and China. Germany’s Dax index fell 1.46 per cent, France’s CAC 40 dropped 0.89 per cent, and the pan-European Eurostoxx 600 fell 1.07 per cent. Read [...]
Swine flu helps push Chinese inflation to eight-year high December 10, 2019 Chinese consumer inflation climbed to close to an eight-year high in November, driven by a doubling of pork prices as African Swine Fever ravaged the country’s pig farms, official data showed today. Nonetheless, factory-gate prices fell for the fifth month in a row, highlighting the malaise in the country’s manufacturing sector brought about by the [...]
Sorrell’s S4 Capital appoints two new directors as it turns focus to Asia December 10, 2019 Sir Martin Sorrell’s digital ad firm S4 Capital has appointed two new directors to its board as it turns its focus to Asia. S4 today announced that Naoko Okumoto and Margaret Ma Connolly will join as non-executive directors with immediate effect. Read more: Martin Sorrell’s S4 Capital boosts revenue and profit The appointments mean that [...]