Poundland gives green light to takeover offer by South Africa’s Steinhoff July 13, 2016 Poundland share jumped today after its board accepted what had been a surprise takeover offer from South African conglomerate Steinhoff. The 222p per share offer values the bargain retailer at around £597m, according to the statement issued today. It represents a premium of 39 per cent from 13 June, before the Bensons for Beds and Harveys owner revealed its interest. Darren Shapland, chairman [...]
Time to take a hint: A weak currency means a weak country October 11, 2016 As the global elite (the “dirty” word du jour) descended on Washington on Friday, working the corridors of the International Monetary Fund and World Bank, there was one thing they couldn’t ignore. It wasn’t weak growth, it wasn’t negative rates. It wasn’t even Donald Trump. It was Brexit and the pound’s dramatic flash crash. In [...]
Sorry, petitioners: Most Britons don’t support the idea of a second EU membership referendum June 29, 2016 That petition for a second EU referendum may have passed the four million mark, but new research has suggested that the majority of Britons would rather not do it all again. A poll by YouGov and Channel 5 found 58 per cent are against a second referendum on Britain's membership of the EU, while 31 per cent [...]
Brand Britain: How will Brexit affect our image abroad? September 23, 2016 WE’RE used to the echo chamber of post-referendum woes from the worlds of business and politics, but what does Brexit mean for marketing Brand Britain abroad? The drop in sterling has been great news for UK exporters. Figures out last week show that foreign demand for British vehicles has boomed for example, producing the best [...]
IPOh dear: Flotation revenue down 58 per cent so far in 2016 June 20, 2016 Global revenue from initial public offerings (IPOs) has declined by 58 per cent year on year so far in 2016. The $1.3bn (£0.9bn) figure is down from $3bn in the same period in 2015 and the lowest it has been at this date since 2009. Read more: IPOs might be back – but for how [...]
London backed to retain world-beating status as city for opportunity after Brexit September 7, 2016 London has retained its status as the world’s greatest city for opportunity, and will hold on to the top spot if it seizes the chances presented by Brexit, according to an in-depth study published this morning. For the second year running, London beat the likes of New York, Beijing, Singapore and Tokyo, to top a global [...]
Labour’s love affair with fantasy economics August 1, 2016 In a recent interview Jeremy Corbyn was asked to identify his successes of the past year. Alongside saying sorry for the Iraq war, the Labour leader said “turning the party into one that challenges the economic orthodoxy” comes high on his list of achievements. He may be challenging it, but he's far from forging a [...]
LVMH strikes surprise pose as it sells Donna Karan International fashion brand for $650m to G-III Apparel Group July 25, 2016 Luxury conglomerate LVMH has agreed to sell Donna Karan International for $650m (£496m) to American fashion licensing and manufacturing group G-III Apparel Group. The sale of Donna Karan International, which is the parent company of the DKNY and Donna Karan brands, is expected to close in late 2016 or early 2017. It comes a year [...]
Bayer secures €60bn loan facility to fund Monsanto bid June 2, 2016 In a bid to fund its $62bn takeover of US seeds company Monsanto, German drugs giant Bayer has secured a loan facility of a whopping €60bn. German newspaper Handelsblatt reported that Bayer secured a bridge loan from Bank of America Merrill Lynch, Credit Suisse, HSBC , Goldman Sachs and JP Morgan. Talks for the takeover started in May after [...]
City Moves for 19 September 2016 | Who’s switching jobs September 19, 2016 Chartered Management Institute The Chartered Management Institute (CMI) has named the senior financial services leader Bruce Carnegie-Brown as its new president elect. Bruce, who is also a Moneysupermarket.com non-executive chairman, will spend a year working with current CMI president Mike Clasper before starting his two-year term when Clasper steps down in September 2017. He has held a [...]