Why UK M&A activity is on the rise despite Brexit vote fears August 5, 2016 Figures recently released by Thomson Reuters have shown that widespread concern about M&A activity slowing down as a result of Brexit has very much been unfounded. In the first half of 2016, as the Brexit vote loomed, M&A activity was tailing off due to uncertainty in the corporate world, and experts were warning that the [...]
West Bromwich Albion takeover: New owner Guochuan Lai promises to “maintain stable structure” of Premier League club August 5, 2016 West Bromwich Albion's new Chinese owner pledged to maintain the club's stable structure after completing a takeover of the Premier League team. An investment group headed by Chinese entrepreneur Guochuan Lai has agreed a deal to purchase the club from outgoing chairman Jeremy Peace and is now just waiting on Financial Conduct Authority (FCA) and Premier League approval. [...]
China warns EU steel tariffs will hurt the bloc’s manufacturers August 4, 2016 China warned that fresh EU anti-dumping tariffs on its steel imports would hurt part of the struggling region's already struggling manufacturing sector. It comes after the European Commission said today that it would levy retroactive anti-dumping duties on imports of certain cold rolled steel products, used in the construction and automotive industries. Read more: Union calls on [...]
Rio Olympics 2016: Must watch events on opening weekend and when to watch them – featuring British hopes Chris Froome and Lizzie Armistead as well as Olympic legend Michael Phelps August 4, 2016 Set your alarms, make your excuses and say any necessary good byes. Because the Olympics are here, and you have weeks of solid sport to gorge over. Here's what not to miss on opening weekend: Read more: City A.M. Unregulated Rio 50 special – Rio 2016 Olympics and sponsorship – which athletes are pulling in the big bucks? Friday [...]
Rio Tinto share price falls as first half profits nearly halve August 3, 2016 Shares in Rio Tinto fell 0.70 per cent to 2,424.50p per share today, after the miner's first-half profit fell to its weakest in 12 years. The figures: Rio's underlying earnings tumbled 47 per cent year-on-year in the first half to $1.56bn, from $2.92bn. This beat analysts' forecasts of around $1.46bn. Its efforts to shrink net debt also exceeded expectations, falling [...]
City A.M.’s Rio 50: These are the 50 most marketable athletes at the Rio 2016 Olympic Games August 3, 2016 Do you thrill to the Mobot? Or tingle when Jess Ennis-Hill ducks for the line? Perhaps it’s Usain Bolt’s signature To Di World celebration, an Andy Murray fist pump, or gymnastics doyenne Simone Biles cheekily winking during a floor routine that brings out the goose-pimples. Everyone has their favourites: those sportsmen and women who we [...]
Ex-Dior designer Raf Simons crowned chief creative officer of Calvin Klein August 2, 2016 Ex-Dior designer Raf Simons has been appointed as chief creative officer of US fashion house Calvin Klein. Simons left Christian Dior last October after three years heading up the iconic French brand. Read more: Burberry has just moved further into the Chinese market In a statement on Facebook, Calvin Klein said: "Mr Simons will lead the [...]
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 [...]