Green is the new gold…and emerging markets are flashing red September 5, 2018 Forget Gold. The greenback is the new safe haven of choice for investors seeking refuge. They are flocking to the US dollar en masse every time geo-political and trade tensions push them to make a defensive move while bullion lags behind. But this is bad news for emerging markets and here is why…. As the [...]
August’s top and bottom performing funds September 4, 2018 The Turkish lira succumbed to a savage slump in August following a doubling of US tariffs on Turkish steel and aluminium in retaliation for the imprisonment of a pastor on terrorism charges. Concerns about the Turkish economy had been mounting for some time given President Erdogan’s increasingly autocratic rule and the appointment of his son-in-law [...]
Corbyn won’t stop until the government controls everything September 4, 2018 Back in November 2013, the general secretary of the Unite union, Len McCluskey, outlined what he believed was so refreshing about then Labour leader Ed Miliband’s platform. “What is particularly important is the underlying rationale for what Ed has proposed,” McCluskey boomed. “There are some things too important to be left to the market.” “Too [...]
JD.com boss returns to China after being put under US arrest for sexual misconduct September 3, 2018 The top boss of Chinese retail giant JD.com has been allowed to travel back to China after his arrest in the US on suspicion of criminal sexual misconduct. Richard Liu was arrested in Minneapolis on Friday evening and released "pending complaint" the following afternoon, according to police records. JD.com said in a statement today that Liu [...]
The Hut Group wards off potential buyers as it gears up for Acheson & Acheson takeover September 3, 2018 Online beauty retail company The Hut Group (THG) has rebuffed a series of takeover deals as it looks to expand its own acquisition spending spree. A number of offers valuing the firm at almost £4bn have been turned away by the fast-growing technology company, according to reports from Sky News last night. While strategic and [...]
Ofo in £7.9m spot of hot water over unpaid bike bills September 2, 2018 Floating bike-sharing startup Ofo is being sued for defaulting on around 70m yuan (£7.9m) in payments to its supplier Shanghai Phoenix Bicycles, the company’s Shanghai-listed parent said in a filing late on Friday. Shanghai Phoenix petitioned a court in Beijing last week to demand Ofo repay 68.15m yuan as well as 1.87m yuan in losses incurred [...]
Chinese online retail tycoon released after US sexual conduct charge September 2, 2018 The billionaire leader of a Chinese web retail giant was arrested in the US on Friday on a charge of criminal sexual conduct, before being released a day later. Richard Liu, the founder of JD.com – one of China’s biggest online retailers, and a major rival to web behemoth Alibaba – was taken into custody [...]
Donald Trump threatens to pull the US out of the World Trade Organisation August 31, 2018 US President Donald Trump has threatened to pull the US out of the World Trade Organisation (WTO). In an interview in the Oval Office with Bloomberg News Trump said: “If they don’t shape up, I would withdraw from the WTO”. He said establishing the WTO, which was set up in 1995, was the “the single [...]
Dating app Grindr is planning an overseas IPO August 30, 2018 The Chinese owner of gay dating app Grindr has revealed plans to spin off the company and list it on an overseas bourse. Kunlun Technology, which bought a 61.5 per cent stake in Grindr in 2016 before acquiring the remainder in January this year, published news of Grindr's upcoming initial public offering (IPO) overnight on [...]
Margin pressure and bad weather take a slice out of Pizza Express profits but overall sales grow August 29, 2018 Pizza Express unveiled what it called a "resilient" performance today, despite pressure on margins driving down profits. The restaurant chain, which is owned by Chinese private equity group Hony Capital, has faced cost pressures as well as a significant impact from this year's changeable weather. The figures Group turnover in the 26 weeks to the beginning [...]