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 [...]
Sugary snacks had their slowest growth since 2008 last year June 29, 2016 It seems the nutritionists have finally won. People across the world spurned snacking last year, when the global snack industry grew by just 1.7 per cent in retail value terms. This was the slowest rate of growth posted since 2008, according to data from Euromonitor International. However, Euromonitor forecasts the industry will return to more than [...]
Before the bell: What you need to know before the US market open June 23, 2016 Polls are open for the UK's European Union membership vote. Markets are betting people will opt to stay however and rallying around the world. Here's what you need to know before the US market open at 2:30pm London time. In the pre-market the S&P is up by 0.95 per cent, while the Nasdaq is one per cent higher. [...]
Before the bell: What you need to know before the US market open June 22, 2016 It's the calm before the storm as investors await a second round of testimony from Federal Reserve chair Janet Yellen and the UK Brexit referendum approaches. Here's what you need to know before the US market open at 14:30 London time. In the pre-market US futures are up, albeit barely. The S&P is up by 0.05 per cent. [...]
Wealth manager’s share price drops after reporting £1m loss in “challenging trading environment” June 22, 2016 The share price of wealth manager European Wealth dropped nearly two per cent this morning after the company reported a pre-tax loss of £1m. The results The alternative investment market (Aim)-listed firm reported a 20 per cent increase in funds under management (FUM) in the year to 31 December 2015. Read more: Wealth managers facing [...]