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 [...]
Blackrock’s biggest risks in the second quarter for investors April 5, 2016 The world's largest asset manager has flagged the biggest risks investors must watch out for in the second quarter of this year. Blackrock's quarterly global investment outlook, written by its global chief investment strategist, Richard Turnill, and his team, highlights some of the hurdles which could rile global markets. Chinese yuan devaluation They warn global markets could [...]
UK steel is globally insignificant and unviable: Taxpayers shouldn’t be forced to shoulder its losses April 5, 2016 With the Port Talbot steelworks up for sale, Tata saying the value of its operations are “almost zero”, and a £485m pension deficit, prospects for the plant’s thousands of workers look grim. But while this is certainly a local tragedy, some perspective is needed. Globally, the UK is responsible for 0.7 per cent of crude [...]
Steel unions to hand Javid Port Talbot demands at key meeting tomorrow April 4, 2016 Community, the union which represents British steelworkers, will meet with business secretary Sajid Javid tomorrow to discuss the steel crisis and present Javid with a list of demands for the industry. The demands, which include the government preventing Tata and potential buyers from cherry-picking assets, were formulated at a meeting in London today. “There needs to [...]
UK steel crisis: Prime Minister David Cameron raises issue with Chinese President Xi Jinping April 2, 2016 Amid the ongoing steel crisis, Prime Minister David Cameron has talked through his concerns with Chinese President Xi Jinping. Downing Street confirmed that during a dinner at the White House, Cameron told Jinping that the two countries needed to work together. It emerged last week that the UK has blocked efforts in the EU to impose [...]
Anbang walks away from Starwood Hotels deal due to “market considerations” pushing hospitality group’s share price down in after hours trading March 31, 2016 China's Anbang Insurance is walking away from its proposed $14bn (£9.7bn) takeover of Starwood Hotels & Resorts, citing "market considerations". "We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time," Anbang said in [...]