Alibaba agrees $4.3bn merger with Youku Tudou November 6, 2015 Alibaba has bought Chinese online entertainment company Youku Tudou for $4.3bn (£2.8bn) in a bid to increase its presence in China's booming online video sector. The price represents a premium of 35.1 per cent over the closing price of Youku Tudou shares the day before Alibaba signalled its takeover intentions. Alibaba upped its original offer [...]
City Moves for 6 November 2015 | Who’s switching jobs November 5, 2015 JULIUS BAER The private bank has appointed Annabel Bosman, Damien Crommie, Matthew Garnham and Jamie Banks to its relationship management and wealth planning team in London. Bosman (pictured) joins as managing director senior adviser from Deutsche Bank, where she has been a senior banker since 2009. Crommie joins as executive director from Deutsche Bank, where [...]
Tata Steel posts profit rise despite UK crisis November 5, 2015 India-based steel giant Tata has posted an increase in profit of 22 per cent to 15.29bn rupees (£152m) for its third quarter compared to the previous year. The rise in profit comes just weeks after 1,200 jobs in the UK were cut and plants shut down due to an industry supply crisis and falling raw material [...]
Shares rise at Splenda sweetener-maker Tate & Lyle as profits beat forecasts November 5, 2015 Shares in Tate & Lyle have edged 1.6 per cent higher today after the food ingredients giant posted better-than-expected first half profits, in a sign that its turnaround strategy may be paying off. The figures Adjusted profit before tax rose by 28 per cent to £103m in the six months to 30 September compared with [...]
Yes, the Bank could hike before the US Fed – but only if it ignores China November 4, 2015 Who will raise interest rates first – the US Federal Reserve or the Bank of England? It’s not quite a Usain Bolt versus Justin Gatlin-esque fastest-man-on-earth debate. As rates have been so low for so long, perhaps long-distance runners Paul Tergat and Haile Gebrselassie are a better analogy, with the rate-hiking decision having more of [...]
Liberalised Chinese visas are a boon for the UK – now what about Indian tourists? November 4, 2015 The government took the opportunity of Chinese President Xi Jinping’s state visit to Britain last month to announce some extremely welcome changes to visitor visas for Chinese tourists. It said that it will introduce a new two-year multiple-entry visa from January, and thereafter a 10-year equivalent, and both products will cost just £85, the [...]
Emerging market slowdown wipes £79bn off the value of Britain’s biggest firms November 4, 2015 One day after Standard Chartered’s “disappointing” third-quarter results sent the Asia-focused bank’s share price down nearly 10 per cent during trading, City A.M. analysis reveals that the slowdown in China and other emerging markets has wiped off around £79bn from some of Britain’s biggest businesses. Eight blue-chip companies have seen their combined market cap plummet by £78.7bn [...]
Barratt, Berkeley Group, Persimmon and Taylor Wimpey share prices fall as Liberum brands housebuilders “overvalued” November 3, 2015 Is this another sign of the much-anticipated bubble? Shares in some of the UK's largest housebuilders fell this morning after one broker downgraded them to "sell". In a note this morning, Charlie Campbell of Liberum cut Barratt, Persimmon and Taylor Wimpey, saying the largest housebuilders' valuations were "too optimistic". All three were among the biggest fallers on [...]
UK house prices: It’s not just London where luxury house price growth is slowing – prime property price growth is slowing across the world November 3, 2015 It's well known that price growth among London's most high-end properties has slowed in recent months as various factors – including a punishing stamp duty regime and a slowdown in China – took effect. But it turns out it's not just London where prices have slowed: growth is slowing across the world. The Prime Global Cities [...]
Central banks and quantitative easing: Await the festive fireworks November 3, 2015 Halloween is over and winter is fast approaching. The nights are drawing in and the weather is getting colder. In the UK this week, the streets and skies will also be alight with firework displays for Bonfire Night. Next week, India will be doing something similar for its Deepavali celebrations. But this year, the real [...]