Sold! Sotheby’s shareholders approve $3.7bn sale of historic auction house September 5, 2019 Sotheby’s shareholders have approved the $3.7bn (£3bn) sale of the auction house to French-Israeli billionaire art collector Patrick Drahi. Read more: Going, going, gone: Sotheby’s sold for $3.7bn to telecoms mogul The sale today garnered the approval of over 90 per cent of shareholders in Sotheby’s, the New York-headquartered auctioneer which was founded in London [...]
Samsung prepares to release new foldable smartphone after delays September 5, 2019 Samsung’s new foldable phone has been given a brand-new launch date months after having to abandon its initial launch of the product. The Galaxy Fold, which merges a smart phone with an old-school flip phone, will hit the markets in South Korea tomorrow. Read more: Samsung Galaxy Fold ‘ready for launch’ after screen fix After [...]
US-China trade war: Return of talks pushes up Asian markets September 5, 2019 Asian stocks rallied overnight after the US and China announced that trade talks were back on the table, as investors hoped for a thawing of tensions between the two superpowers. China’s Shanghai Composite index rose 1.1 per cent, while Japan’s Nikkei rose 2.1 per cent and its Topix index rose 1.8 per cent. Hong Kong’s [...]
UBS cuts global growth outlook as US-China trade war bites September 4, 2019 UBS cut its outlook for global growth today, as trade war tensions weighed on the Swiss bank’s optimism for the year ahead. World growth is projected to grow by 2.5 per cent in the coming quarters, falling from a previous estimate of 3.2 per cent, as UBS cited the ongoing trade dispute between Washington, D.C. [...]
Nickel soars as Indonesia bans ore exports September 2, 2019 Indonesia today said it would bring forward a planned nickel ore export ban to the beginning of next year, sending prices up to an almost five-year high. The country, which is the world’s biggest producer, said that exports of all grades of nickel ore will be stopped from 1 January 2020, even if companies have [...]
More than 400 jobs on the line as Tata Steel announces Newport factory closure September 2, 2019 Hundreds of jobs are at risk at two UK steel plants after owner Tata Steel said it would shut down part of its operation. Tata said it planned to close its Orb Electrical Steels site in Newport, after looking to try to sell the plant for the last 15 months. The factory produces electrical steel [...]
Asian stocks slip after US-China trade war escalates with fresh $110bn tariffs September 2, 2019 Asian stocks stumbled overnight after the US escalated its trade war with China, with a series of fresh tariff hikes on goods amounting to roughly $110bn (£90.5bn). Tokyo’s Nikkei index fell 0.41 per cent, while Hong Kong also fell 0.76 per cent. Shanghai’s SSE Composite index rose 1.31 per cent, however, while South Korea’s main [...]
As others look inward, the City is keeping its eye on the world September 2, 2019 Domestic and international politics, as well as the latest developments in the Brexit saga, are set to dominate the headlines in the coming weeks and months. While we cannot simply put the Brexit question to one side, we must remember that it is just one – admittedly important – part of a bigger picture: the [...]
Trade war intensifies as US and China start latest round of tariffs September 1, 2019 The US and China have slapped new tariffs on each other’s goods today, ratcheting up trade war tensions after a turbulent 12 months for global markets. A fresh round of tit-for-tat tariffs have come into effect this morning, with the world’s two largest economies implementing new taxes on imports amid a diplomatic standoff. Read more: [...]
US to hit China with new wave of 15 per cent tariffs as trade war escalates August 31, 2019 The US is set to impose new tariffs on a range of Chinese goods on Sunday as the trade war escalates further. The US is expected to hit billions of dollars worth of Chinese imports to the country with a 15 per cent tariff. Read more: US President Donald Trump’s personal assistant leaves White House [...]