Southampton could become the next Premier League club to be taken over by Chinese investors November 2, 2016 Southampton could become the latest English club to come under Chinese ownership after they were linked with a £200m takeover by Lander Sports Development. Saints owner Katharina Liebherr has met with Lander, according to Bloomberg, although an agreement has yet to be completed. Formerly called Lander Real Estate, the property development specialists changed their name [...]
Alibaba has a “great” quarter as more mobile users and cloud computing customers see revenues shoot up November 2, 2016 China-based e-commerce company Alibaba announced strong results for the third quarter today as positive growth of its mobile users and cloud computing ventures saw revenue up 55 per cent since last year. Shares rose more than three per cent before the stock markets opened in New York on Wednesday. The company is gearing up for more record-breaking [...]
Asian stocks hit seven-week lows because Donald Trump November 2, 2016 Asian stocks fell overnight, with one Chinese index hitting a seven-week low, after a poll suggested Donald Trump has edged ahead of Hillary Clinton in the race for the White House. The ABC News/Washington Post tracking poll – which was dismissed as "bad polling" – suggested Trump had a 46 per cent lead over Clinton, [...]
Powa play: Dan Wagner ready for legal battle with former director Ben White over collapse of fintech unicorn November 1, 2016 With its multi-billion-dollar valuation, plush Heron Tower headquarters and outspoken founder, British fintech “unicorn” Powa was billed as Britain’s answer to Google – until, in February this year, it sensationally collapsed into administration. Now City A.M. can reveal the collapse is set to trigger a bloody courtroom battle as two of the story’s protagonists go head [...]
Luxury firms should stop blaming macro trends for poor sales and become more sophisticated October 31, 2016 The latest batch of earnings reports from the luxury giants were showstoppers – with stunning double-digit gains from Kering, the owner of Gucci, versus no growth from Burberry. The polarised results raise the question: is it time for the luxury sector to move on from a tale of woe after the crackdown on Chinese consumption [...]
Optimism is a precious commodity October 31, 2016 It’s been a tough few years for the mining industry but the future is promising, says Jeffrey Couch. London is currently hosting much of the world’s metals community at LME Week, the industry’s most important gathering. This year’s event comes against a backdrop of significant change, whether at a global economic and geopolitical level or [...]
House of Fraser bond prices are under pressure as distressed funds circle October 30, 2016 The value of publicly traded debt issued by department store House of Fraser has fallen dramatically over the last week prompting fears of financial problems. Last year, the company issued £175m of bonds on the Luxembourg stock exchange as part of a £300m financial restructuring – the bonds mature in 2020. And the value of the bonds [...]
Chinese search engine Baidu reports dip in revenue and warns of further declines in the fourth quarter October 28, 2016 Shares in Chineses search engine giant Baidu have dipped by 2.1 per cent in out of hours trading after the company warned that revenue would decline further in the fourth quarter of 2016. The figures Revenue dropped 0.7 per cent to 18.25bn renminbi (£2.21bn), with mobile revenue representing 64 per cent of the total during the [...]
Blackstone Group tops third quarter results October 27, 2016 Blackstone Group has posted stronger than expected third quarter earnings as oil prices rebounded. Predictions by analysts from Reuters expected earnings of 48 cents per share, which were greatly exceeded. The results The world's largest asset manager said it earned an economic net income – a metric that accounts for unrealised investment gains or losses – of $687m (£562.2m) [...]
Brent crude price rises above $50 a barrel again on US stockpile data October 26, 2016 The price of Brent crude has risen back above $50 a barrel, after trading below the key threshold for a short time today. This was boosted by data from the US Energy Information Administration (EIA), released today, which showed domestic crude inventories fell 553,000 barrels last week, against a 1.7m barrel increase forecast by analysts. In late afternoon trading, [...]