P2P lending: These are the nine key trends in alternative finance April 13, 2016 How will P2P lending fare in a downturn? Can the industry improve securitisation practices? Why did growth slow last year? Is China really the most exciting market? What will consolidation mean for the industry? These are just some of the questions thrown about at LendIt USA. With over 4,000 attendees, including the world’s leading platforms [...]
Stocks surge on strong Chinese trade figures, while Tesco’s return to profit proves every little doesn’t help April 13, 2016 Strong trade data from China was enough to offset disappointing results from Tesco this morning and push UK stocks to their highest level of the year. Gobal shares rallied on the latest sign that the process of rebalacing in the world’s second largest economy is on course. Exports from China jumped by 11.5 per cent in March in dollar terms [...]
House of Fraser posts first profit in a decade April 13, 2016 House of Fraser has posted a return to profit for the first time since 2006, as the venerable department store business goes from strength to strength under its Chinese parent. The figures Sales were up 4.2 per cent to £1.3bn for the year to 30 January, with online sales up 26.8 per cent. They now account [...]
Tesco’s share price has recovered this year as Dave Lewis implements his turnaround plan, but the preliminary results could affect sentiment April 13, 2016 When Dave Lewis took over as Tesco chief executive in September 2014, much was made of his nickname Drastic Dave, particularly as drastic measures were necessary to revive the group's flagging fortunes. Lewis was parachuted in from Unilever to turn around the Tesco juggernaut after a scandal that had seen the retailer overstate its profits. [...]
Global glut led by China’s production boom sees sun set on UK steel industry April 12, 2016 Britain used to be synonymous with steel, but in the past year multiple rounds of harsh job cuts and high-profile pullouts from foreign companies have left the sector struggling to survive and its future uncertain. Around 18,000 people are directly employed in Britain's steel sector, of which 15,000 are employed by Tata Steel. But the [...]
IMF slashes world growth forecasts and sounds alarm over fragile recovery – as well as warning on Brexit April 12, 2016 The world is facing an onslaught of risks which could upset the economic recovery, the International Monetary Fund (IMF) has warned, as it cut its forecasts for growth in the global economy – and raised alarm bells about the impact of Brexit for the UK. The IMF’s half-yearly world economic outlook, published today, said everything [...]
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 [...]