US-China trade war hurts BMW profits as it pins hopes on electric cars November 7, 2018 BMW's profit before tax dropped dramatically in the third quarter amid challenges in the market and volatile global politics, the company said this morning. The figures Third quarter revenues grew by 4.7 per cent to €24.7bn (£21.5bn) compared to the previous year, while deliveries to customers rose modestly by 0.3 per cent. However, hit by [...]
Cost cutting helps New Look slow decline in like-for-like sales after China exit November 6, 2018 Retailer New Look slowed its decline in like-for-like sales amid challenging conditions on the high street, it said this morning. The company has said it will consider its position in markets abroad following a decision to pull out of China by the end of the year. In the UK, New Look is closing 85 stores, [...]
Truce or dare: A Trump stunt, or the end of the US-China trade war? November 6, 2018 Last Thursday, Donald Trump took to Twitter to tell the world that trade talks with Chinese President Xi Jinping were “moving along nicely”. His words prompted a rise in Asian stock markets; the Shanghai Composite index climbed by almost 2.7 per cent during trading on Friday, and the Hang Seng surged by about 4.2 per cent, [...]
Xi Jinping says global free trade ‘under attack’ as US-China trade war continues November 5, 2018 Chinese President Xi Jinping warned the global free trade system was “under attack” and promised to cut import tariffs and open its economy. In a speech at the China International Import Expo (CIIE), Xi appeared to attack US President Donald Trump amid a trade war between the world's two largest economies. “Multilateralism and the free [...]
King & Wood Mallesons’ City boss on rebuilding after the UK’s largest-ever law firm collapse November 4, 2018 When King & Wood Mallesons’ (KWM) European arm filed for administration on 17 January 2017 it was the culmination of a slow-motion car crash that had kept the UK legal market agog for months. Less than two years on the new London managing partner of what has been dubbed KWM 2.0 is not keen to [...]
Trump: ‘I think we’ll make a deal with China’ November 3, 2018 President Donald Trump looked to quell market jitters over escalating tariff war tensions with Beijing last night, after telling reporters that a trade deal between the US and China is getting nearer. “China very much wants to make a deal…We’ve had very good discussions with China, we’re getting much closer to doing something,” Trump said. [...]
Belfast has big plans to become the home of the Titanic and a top TV shooting location. But will that help the property market? November 2, 2018 A couple of weeks ago, a consortium of hedge funds clubbed together to raise $19.5m to buy bric-a-brac from the bottom of the ocean. At first glance, these 5,500 items bore no relation to each other; a bowler hat, the sleek curves of a bronze angel, a steel door. Their immense value derives solely from [...]
FTSE 100 roundup: Today’s winners and losers November 2, 2018 The FTSE 100 lost ground today, with the index down 8.05 points at 7,106.61 shortly before the market close. Markets globally reacted positively to suggestions that the US and China may be coming towards a deal to end their recent trade war. However, looking at the week just gone, it appears that the FTSE 100 [...]
Markets rally as Trump claims US and China are discussing possible trade agreement November 2, 2018 Markets moved upwards this morning on hopes the US’s trade war with China might be easing. The Stoxx Europe 600 – which tracks Europe’s biggest firms including the FTSE 100 – rose by one per cent while Asian stocks rallied. Hong Kong's Hang Seng Index grew by over four per cent and China's Shanghai Composite [...]
Trade war fears take the shine off Standard Chartered’s rising profits October 31, 2018 Standard Chartered’s better-than-expected results were dampened by bleak warnings of trade war risks this morning, as fears mount that the firm’s emerging markets could be hit by escalating tensions between China and the US. The bank reported profits of $1.06bn (£830m) in the three months to the end of September, trumping forecasts of $978m and [...]