Tata bidders prepare for Monday deadline in race to save UK steel industry May 19, 2016 The seven bidders vying to buy Tata Steel's UK business are racing to finalise their bids ahead of Monday's deadline, City A.M. understands. Indian conglomerate Tata revealed last week that it would take seven bidders forward to the next stage of the buying process. It is unlikely that details of the individual bids will be made public once they [...]
US steel tariffs put UK market at greater risk says Labour May 19, 2016 Labour has clashed with the government over yesterday's hike in US steel tariffs, claimed that the change leaves the UK's steel producers further exposed. The US dramatically increased the cost of Chinese cold rolled steel yesterday, installing a new tariff, five times higher than its provisional charge. Speaking to City A.M. shadow business secretary Angela Eagle [...]
Chinese steelmakers hit out at US tariff hike May 19, 2016 Chinese steelmakers hit out at the US' decision to slap imports of their products with a five-fold tax hike, marking an increase in the ongoing trade war. Asked if China will appeal the US anti-dumping duties at the World Trade Organisation, Liu Zhenjiang, secretary general of the China Iron and Steel Association told Reuters: "There's too much trade [...]
Before the bell: What you need to know before the US market open May 19, 2016 Markets are still reeling from the Fed's warning that they're not taking the possibility of a June interest rate hike seriously enough and ratings agency Moody's has downgraded US growth prospects. Here's what you need to know before the US market open at 2:30pm London time. The pre-market is not looking strong this morning follow [...]
Burberry to axe its headcount as it warns of “challenging environment” that has sent profit and revenue lower May 18, 2016 Luxury retailer Burberry will cut jobs over the next three years as part of its turnaround plan. Chief financial officer Carol Fairweather said “some headcount reduction” would take place but declined to comment on specific numbers or where in the business the cuts would come. The company is targeting £100m of cost savings over the next three years. Burberry's share price [...]
China’s Midea is gunning for German industrial robot maker Kuka with one of the largest ever unsolicited approaches of a foreign company by a Chinese buyer May 18, 2016 Chinese home-appliance maker Midea is plotting a takeover attempt of German industrial robot maker Kuka, in a deal that values the German company at $5bn (£3.4bn). If it goes ahead it would be one of the largest unsolicited approaches of a foreign company by a Chinese buyer. The deal is the latest in a round of recent tie-ups and investments in [...]
China vows to support steel exports as trade war escalates May 18, 2016 China has vowed to push ahead with a controversial tax rebate for its steel sector, after the US said it would slap Chinese imports with a five-fold tax hike, in what's been described as an escalating trade war. China's finance ministry said today it would "continue to implement a tax rebate policy of steel exports" [...]
Warren Buffett gives Apple a much needed bump, disclosing billion dollar stake via Berkshire Hathaway May 16, 2016 Warren Buffett has snapped up millions of shares in Apple, giving the tech firm a much needed bump after a tough quarter for iPhone sales. The sage of Omaha has disclosed he had 9.81m shares in the firm as of 31 March in a regulatory filing for his investment firm Berkshire Hathaway on Monday. Share in [...]
Barclays loses its metal as it sells London gold, silver, platinum and palladium vault to ICBC Standard Bank May 16, 2016 Barclays has signed an agreement to sell its precious metals storage business in the UK to ICBC Standard Bank. ICBC Standard Bank, which is a union of Chinese ICBC and the Standard Bank Group, will acquire the precious metals vaulting business for an undisclosed sum to expand its commodities capabilities in metals clearing and storage services. [...]
China asks Britain for help to create financial super-regulator May 16, 2016 Britain has been advising China as it plans to create a new super-regulator to control its financial markets, according to reports. Chinese officials are looking to head off the stock market volatility that plagued its exchanges last year. Shares lost a third of their value in just one month having increased 150 per cent [...]