Swiss firm Syngenta agrees to takeover by China’s state-owned ChemChina worth over $43bn February 3, 2016 A bid worth more $43bn (£30bn) by China's state-owned ChemChina's for Swiss seeds and pesticides group Syngenta has been accepted. The deal is the largest ever overseas acquisition by a Chinese firm, and the second largest in the chemicals industry in the past year. Read more: Syngenta rises after Monsanto takeover talk In a statement, Syngenta said ChemChina will pay $465 per [...]
Prudential share price plummets on reports Chinese regulators are tightening insurance restrictions February 2, 2016 A temporary suspension of shares in Prudential was triggered this afternoon, after its share price fell more than eight per cent. The fall came after Bloomberg reported China's currency regulator was tightening restrictions on its citizens buying insurance products from overseas. Purchases of insurance products using UnionPay credit and debit cards will be capped at $5,000 [...]
Virtual reality startup Magic Leap raised $793.5m without even having a product February 2, 2016 Augmented reality startup Magic Leap has just raised a record-breaking $793.5m in Series C funding – before even releasing a product. Chinese e-commerce giant Alibaba led the round, which leaves the virtual reality firm with a $4.5bn valuation, according to a spokesperson. Alibaba’s executive vice chairman Joe Tsai joins Google chief Sundar Pichai on the [...]
Made In Taiwan: As China’s growth slows, promising stocks lie across the Formosa Strait February 2, 2016 As China's earthquake rumbles on, the regional trading partners which have depended on its double digit growth for three decades are feeling the shocks. The Malaysian and Indonesian economies have suffered, but the manufacturing sectors in Japan, South Korea and Taiwan are also inextricably tied to that of Asia’s largest economy. Exports account for 70 per [...]
US Federal Reserve vice chairman Stanley Fischer airs concern over financial market volatility February 1, 2016 The vice chairman of the US central bank has said it is difficult to judge whether recent instability in financial markets will impact the Federal Reserve’s decision on interest rates. “At this point, it is difficult to judge the likely implications of this volatility. If these developments lead to a persistent tightening of financial conditions, [...]
Has House of Fraser lost the plot? Its Twitter account has come over all tired and emoji-nal February 1, 2016 House of Fraser's social media managers seemed to be feeling the love this morning when Twitter users thought someone had hacked into the retailer's account. The store began posting a string of emojis and artistically Photoshopped snaps of celebrities… Don’t worry John we’ve got your fairytale ending right here! @ChelseaFC #DeadlineDay #PrincessJohn pic.twitter.com/EHlfaBSSHY — House of Fraser (@houseoffraser) February [...]
Chinese shares fall as manufacturing activity falls to its lowest since 2012 February 1, 2016 Shares in China fell overnight after a key manufacturing index fell to its lowest level since mid-2012. The official purchasing managers' index (PMI) fell to 49.4 in January, from 49.7 the month before – and missing forecasts of 49.6. Any figure below 50 denotes a contraction in the sector. The Shenzhen Composite index fell 0.93 [...]
Chinese New Year 2016: ‘Year of the Monkey’ sales boost expected as London brands race to attract Chinese shoppers February 1, 2016 Despite China's creaking economic slowdown and chaotic markets, London's shops could benefit from a boom in tourists over Chinese New Year. Tax-free incentives, a simplified visa programme and a new generation of shopping-mad millennials are behind the expected increase in Chinese spend, according to international retail specialist Global Blue. Chinese New Year takes place between 8 [...]
UK steel crisis: Union slams European Commission’s low tax on Chinese imports January 29, 2016 The steel industry has slammed the EU's failure to impose higher levy on Chinese imports of a steel product which is made in the UK, warning that it could lead to further job losses in the already stricken sector. Gareth Stace, director of UK Steel today warned that the European Commission's decision to impose low-level duties would [...]
Iron ore prices approach Rio Tinto chief executive Sam Walsh’s feared “fantasy land” level January 29, 2016 Iron ore prices are careering towards what one mining industry executive previously dismissed as “fantasy land” territory – and some analysts have warned it could fall even lower. Mining companies have been pummelled by low mineral and metal prices, forcing them to restructure their business models and scrap dividends. Iron ore prices are currently at $41 [...]