Burberry set to score a Brexit win on the weaker pound July 10, 2016 Luxury clothing brand Burberry is expected to announce better-than-expected results this week due to the fall of sterling since the Brexit vote. Analysts expect the FTSE 100 fashion brand to report a five per cent fall in like-for-like sales on Wednesday, but have adjusted profits estimates due to a weaker pound. On the day before the [...]
Energy minister Andrea Leadsom has vowed to banish pessimism as questions continue over her time in the City July 7, 2016 Supporters of energy minister Andrea Leadsom have staged a march on parliament after the energy minister promised to “banish the pessimists” on Brexit. Leadsom backers walked for half a mile between her speech at Millbank Tower and Houses of Parliament. Along the way, they chanted in support of the energy minister. https://twitter.com/jimwaterson/status/750979473277943808 https://twitter.com/MichaelPDeacon/status/750977498998079488 The march came [...]
China Resources Beer executive says country is set to approve AB InBev’s Megabrew deal July 6, 2016 An executive at China Resources Beer today said he believes the country’s competition authority is set to clear Anheuser-Busch InBev’s (AB InBev) takeover of SABMiller. “We don’t see any obstacle so far in getting a green light from China authorities,” chief financial officer Tomakin Lai said, reported Reuters. “We are confident that the deal can eventually [...]
UBS says Burberry could get a Brexit boost due to the fall in sterling July 6, 2016 Burberry may have been struggling with weak sales recently, but UBS reckons the luxury retailer could be set to benefit from the sharp fall in sterling following the Brexit vote. UBS upgraded Burberry's target price to 1,700p from a previous 1,550p and re-stated its "Buy" rating for the luxury brand, saying the "weak pound more than offsets [...]
AC Milan takeover: President Silvio Berlusconi confirms £430m sale to Chinese consortium July 6, 2016 Italian giants AC Milan have been sold to an unnamed Chinese consortium, club president Silvio Berlusconi has confirmed. The seven time European champions have been the subject of months of speculation linking them with a takeover from China, with e-commerce firm Alibaba, Italian entrepreneur Robin Li and industrialist He Xiangjian named as potential suitors. Berlusconi's [...]
Everything you ever wanted to know about Libor (but were too afraid to ask) July 4, 2016 It may be hard to believe but, four years since the Libor-rigging scandal first rocked the City, the fallout is still being felt. Today, the jury on the most recent Libor trial was discharged after reaching guilty verdicts for three of the men involved but being unable to arrive at a verdict for the other [...]
Brexit wrecks it: Brits shun big ticket buys July 4, 2016 The future of retail was uncertain even before the country voted to leave the European Union. Now, grocers and high street department stores have more than just discounters and the internet to deal with: they have to navigate changing trade relationships, weather a possible downturn in consumer sentiment, and adapt to shifting spending patterns as well. So what’s next for UK [...]
It’ll take blood, sweat and toil, but Brexit can work for the City June 29, 2016 I cannot pretend otherwise: it was with dismay that I watched Thursday night’s EU referendum results unfold. My view that Britain should remain an EU member was less a tactical position than an authentic, passionate and long-held belief, as well as something I felt was firmly in the City of London’s interests. As I watched my [...]
Why British homeowners still aren’t buying into the idea of the home connected by smart tech June 29, 2016 Take any object in your home and you can guarantee that at some point a Silicon Valley startup has tried to create a web-enabled version of it. The ever expanding “Internet of Things” (IoT), as it’s clunkily termed, now includes almost every household item under the sun. Many are useful, such as thermostats, light bulbs, [...]
Global: Move over Hong Kong. Macau, China’s former sin city is suddenly looking like a safe bet on the property market June 29, 2016 Established in the 1960s as a gambling hotspot, Macau was once infamous in Asia as the ultimate vice town. Gambling was entirely legal, but it wasn’t the sort of place you went for a weekend unless you had friends in the people-removal business. Skip forward to 2002 and the lifting of the monopoly on Asian [...]