Greybull or grey clouds? Why these are temporary solutions to structural problems in UK steel April 12, 2016 Tata Steel's decision to sell the firm's UK steel assets follows the wider divestment and mothballing trend playing out in the country's steel sector. Most recently, Tata Steel put the firm's Port Talbot and Scunthorpe mills up for sale, following a suit of competitors in the UK market, such as Sahaviriya Steel Industries and Caparo. [...]
Tesco’s share price falls as supermarket sells half of stake in ecommerce site Lazada to Alibaba for £90m April 12, 2016 Tesco is continuing to shed itself of unwanted assets as management continues to plug the gaps in its balance sheet, this morning revealing it has partially offloaded its stake in ecommerce site Lazada to Chinese giant Alibaba. The supermarket received $129m (£90m) for its 8.6 per cent stake in the business, which acts a platform to sell global [...]
Beware fintech’s pivot to China April 12, 2016 Ever since former Barclays chief executive Antony Jenkins declared an ”Uber moment” for banks, the powers that be from the Square Mile to Canary Wharf have rushed to defend themselves against a herd of ambitious fintech unicorns. But if recent collaborations between financial titans and spritely startups are anything to go by, it appears the [...]
M&A boom of 2015 may not be over yet: Law firm report adds to Goldman Sachs optimism April 11, 2016 A law firm's report has joined Goldman Sachs in suggesting the mergers and acquisitions (M&A) boom of 2015 may not be over yet. Baker & McKenzie's quarterly cross-border M&A index, released later this week, reports that cross-border M&A has accelerated in the first quarter by eight per cent year on year, with 1,147 deals worth [...]
Weak Chinese inflation points to more government stimulus April 11, 2016 At the start of a data-heavy week for the Chinese economy, the latest inflation figures, released this morning, provided few clues about the health of the world’s second largest economy. Prices for Chinese households grew by 2.3 per cent on the consumer prices index (CPI) measure of inflation over the 12 months to March, “a [...]
Foreign Secretary Philip Hammond urges China to curb steel production April 9, 2016 Foreign Secretary Philip Hammond has urged China to stop dumping excess Steel onto the global market as the UK steel industry is in its death throes. His intervention comes as a Tata Steel is preparing to kick off the formal sales process for its British assets on Monday. Read more: Why the bank bailouts are no model [...]
China plans to keep its steel exports at high levels April 9, 2016 China indicated it will keep pumping out high levels of steel in the future, as the world's second largest economy is coming under fire for its part in the UK steel crisis. Luo Tiejun, the vice head of the raw materials department at the Ministry of Industry and Information Technology (MIIT), said today that if [...]
Huawei has thrown itself full tilt into the global consumer phone market with its P9 and P9 Plus, featuring Leica lenses April 6, 2016 Chinese telecoms group Huawei has unveiled its latest handset, meant be its flagship device in a push into the European market currently dominated by Samsung and Apple. Huawei has has teamed up with German camera maker Leica for its new P9 model that uses duel lenses, a feature though to be included in Apple's upcoming iPhone 7. [...]
London Stock Exchange chief executive Xavier Rolet: Brexit impact would be “substantial” – Thatcher’s Britain should lead, not leave, the European Union April 5, 2016 Xavier Rolet believes the impact of a Brexit on the City would be "substantial" and "almost immediate" following the referendum. Instead of exiting the European Union, the London Stock Exchange chief executive wants Britain to channel the spirit of Margaret Thatcher and lead the continent to a new era of strong economic growth. Rolet was speaking to City A.M. during [...]
ISA investors rushing to beat 2015/16 tax deadline might be searching for safer portfolios April 5, 2016 One in four savers are feeling more nervy than this time last year, as they prepare to shift their portfolios into less risky assets, according to new research out today. Swings on the stock markets, along with uncertainties surrounding the EU referendum, the Chinese economy and oil prices were all cited as reasons by retail [...]