Before the bell: What you need to know before the US market open August 2, 2016 Japan has launched a £34bn stimulus package, the Reserve Bank of Australia has chopped its its benchmark interest rate to a record low 1.5 per cent and Europe's banks are getting sold off. Here's what you need to know before the US market open at 2:30pm. The US pre-market is pointing down ahead of the open. The S&P is [...]
Megabrew: AB InBev and SABMiller expect to seal the deal in October August 1, 2016 Anheuser-Busch InBev's £79bn takeover of SABMiller is expected to complete on 10 October, the companies said in a statement today. The brewers unveiled the agreed, expected timetable for the merger following the satisfaction of the pre-conditions, which were completed on 29 July after getting the all-clear from Chinese authorities. It is the first time a closing date has been given [...]
Five things you need to know about the Uber Didi Chuxing deal August 1, 2016 Uber and Didi have thrown in the towel on their costly rivalry with a deal to merge in China, worth a reported $35bn. Here's what you need to know. 1. Profits matter Uber was burning more than $1bn a year on its Chinese operations, becoming its largest market, but not making any profit from it. That's what boss Travis Kalanick [...]
Uber is merging its China business with arch rival Didi Chuxing August 1, 2016 Ride-hailing app Uber is merging its Chinese operations with its biggest rival in the region, Didi Chuxing, signalling an end to a long-standing and expensive rivalry. Didi has confirmed earlier reports of a deal between the two, saying it will acquire Uber's China assets. In return, Uber will take a 17.7 per cent stake in Didi, while Uber China's shareholders [...]
Burberry puts more emphasis on the Chinese market as it buys up the remaining stake in its retail operation there August 1, 2016 Asia has proved a mixed bag for UK businesses in recent months, with some banks doing everything they can to manoeuvre out of the continent as volatility continued to rock markets. But now Burberry has taken the bold decision to move further into the Chinese market, buying the remaining 15 per cent stake in its Chinese [...]
China’s Ant Financial is testing out blockchain technology July 31, 2016 Ant Financial, the Chinese fintech giant spun off from Alibaba, is testing out blockchain technology for the first time to build a more transparent process for donating money. The group's charity platform, Ant Love, will use blockchain technology to track donations to one project being funded via the site. “We are trying to bring small and [...]
Megabrew: SABMiller share prices fizzes up as AB InBev’s takeover cleared by Chinese authorities, but deal’s outcome still unclear July 29, 2016 China's ministry of commerce has given conditional approval to Anhueser-Busch InBev's takeover of SABMiller, but the deal is still on the rocks after the British drinks giant paused integration activities earlier this week. The competition authority's decision is the final milestone for the deal, dubbed "megabrew", which has been cleared in the three other key markets of the [...]
Odd couple? Axa and Alibaba team up to sell insurance online July 29, 2016 There are some things that are just meant to be together. Salt and pepper. Jelly and ice cream. French insurance giant Axa and Chinese e-commerce platform Alibaba. The two companies announced today that they have plans to team up, alongside with Alibaba-affiliate Ant Financial Services, to distribute AXA's insurance products and services through Alibaba's global sales platforms. The new financial services [...]
How Britain can boldly seize the new opportunities created by Brexit in trade and beyond July 28, 2016 After the historic Brexit vote, the UK faces an inflection point, as does the world itself. What Britain does in the next few months and years will have a big impact on the global economy. We may choose to be timid about our future and limit ourselves to a muted conversation with the EU about [...]
This Soho property boss is “on a mission” to make China town less Chinese July 28, 2016 China town is getting a revamp – and it's going to become less Chinese. Speaking to City A.M., the chief executive of Shaftesbury – which owns 3.2 acres of land in Chinatown – said there are too many Cantonese restaurants in China town, and he hopes to attract more varied set of restaurateurs to the heart of London. Read [...]