GFG Alliance launches $15bn Liberty Steel Group October 29, 2019 GFG Alliance, Sanjeev Gupta’s family-owned conglomerate, today announced plans to merge its worldwide steel plants into one global business worth $15bn (£11.7bn). The Liberty Steel Group, which will combine operations in the UK, Europe, USA and Australia, will be incorporated by the end of the year. Read more: Sanjeev Gupta in fresh talks over British [...]
Fitbit shares halted on reports of Google takeover bid October 28, 2019 Trading of shares in wearable device maker Fitbit was suspended today following a report that Google owner Alphabet has tabled a takeover bid. The Silicon Valley tech giant has held discussions with Fitbit, although there is no guarantee a deal will be secured, Reuters reported, citing people familiar with the matter. It is unclear how [...]
S&P 500 hits all-time high on trade and Fed optimism October 28, 2019 The US’s benchmark S&P 500 stock index hit an all-time high today as investors were cheered by a possible breakthrough in the US-China trade negotiations and with the Federal Reserve likely to cut interest rates on Wednesday. Read more: Microsoft beats Amazon to Pentagon’s $10bn cloud computing contract The index was also lifted by Microsoft [...]
Emerging markets need more say on digital currencies like Libra, says Chinese official October 28, 2019 Governments in emerging markets should be given a greater say in the regulation of digital currencies such as Facebook Libra that could facilitate illegal capital flows and disrupt foreign exchange management, said a senior Chinese official. China has been moving to embrace financial technologies such as blockchain, and is preparing to launch its own digital [...]
LVMH confirms Tiffany approach in largest bid in company’s history October 28, 2019 The French multinational behind brands such as Louis Vuitton, Dior and Moët & Chandon today confirmed it had approached Tiffany & Co about a possible takeover of the U.S. jeweller. In a statement, LVMH, which is the world’s largest luxury goods group, said: “In light of recent market rumours, LVMH Group confirms it has held [...]
HSBC weighs down FTSE 100 as election vote looms October 28, 2019 Britain’s FTSE 100 index has opened down this morning ahead of a crucial vote in the Commons on the government’s motion to hold a general election on 12 December. The blue-chip index dropped 0.39 per cent in early trading. Opposition parties have indicated they won’t support the government in the vote, which is scheduled for [...]
FTSE 100 trades flat amid Brexit caution October 25, 2019 European markets were flat this morning, with UK traders struggling for direction following four sessions of gains. Uncertainty over the future of Brexit has driven caution in this morning’s session, with the FTSE 100 falling by 0.1 per cent. The Dax is down by roughly 0.1 per cent while the Cac is trading flat. Read [...]
Twitter shares plunge after revenue hit by advertising bugs and weaker demand October 24, 2019 Twitter has posted worse-than-expected profit and revenue figures for the third quarter, which the company blamed on advertising bugs and unusually low demand over the summer. Shares in the social media platform tumbled over 18 per cent following the announcement. Read more: Twitter founder Jack Dorsey has account hacked as series of racist messages posted [...]
Norwegian Air enters into joint venture to cut capital expenditure October 24, 2019 Norwegian Air Shuttle will add 27 Airbus aircraft to its fleet after agreeing to a joint venture with one of China’s largest banks. A subsidiary of China Construction Bank – one of the “big four” Chinese banks – will own 70 per cent of the joint venture, which will finance the purchase of the Airbus [...]
Why caution on Hong Kong is paying dividends October 24, 2019 Prudent investors will have been cautious on Hong Kong for some time, says Henderson Far East Income Fund Manager Mike Kerley; with Asia’s income growth coming from elsewhere. For anyone with an interest in the Asian growth story, the scenes in Hong Kong are very worrying. While no one could have foreseen the scale and [...]