Snap shares sparkle and pop on first day of trading as it gets valued at around $28bn March 2, 2017 Shares in tech company Snap, parent of messaging app Snapchat, jumped more than 40 per cent in their first day of trading on the New York Stock Exchange yesterday, defying doubts about the company’s early-stage business model, losses and slowing user growth. In a frantic day of trading, shares changed hands at more than $25, well [...]
Softbank buys US fund manager Fortress for $3.3bn in next step of strategic redirection February 15, 2017 Japanese group Softbank has agreed to buy US fund manager Fortress in a deal worth $3.3bn (£2.6bn), as part of the telecom and technology firm's strategic redirection. Announced overnight, the deal is the first by Softbank into an investment fund and follows the an announcement last October by chief executive and founder Masayoshi Son that the group has [...]
T-Mobile adds 8m US customers for third year in a row and beats market expectations February 14, 2017 T-Mobile, the third largest mobile phone operator in the US, today beat market expectations with "rock-solid" full-year results. The firm said it had added a total of 2.1m customers in the final three months of the year, taking the total number of new customers to 8.2m in 2016. Read more: Vodafone sells Dutch broadband operations [...]
Mobileye share price soars as Intel’s $15.3bn acquisition confirmed March 13, 2017 Intel has snapped up an Isreali technology firm specialising in driverless car tech in a multi-billion dollar deal to accelerate its automotive plans. Shares of Mobileye shot up more than 30 per cent in pre-market trading on the New York Stock Exchange after reports of the deal initially serviced. Mobileye, which works on technology for driverless cars, has [...]
It turns out Snapchat’s IPO valuation is lower than we expected February 16, 2017 The company behind Snapchat has set a valuation for itself ahead of its IPO – although the figure is towards the lower end of expectations. In documents filed with the US Securities and Exchange Commission today, Snap, Inc said it plans to sell 200m class A shares at between $14 and $16, which it expects to generate [...]
What do we know about Aramco’s boutique adviser? February 8, 2017 The world’s largest IPO in recent times is expected to take place next year, as the Saudi state oil firm known as Saudi Aramco is floated with an anticipated value of around $2 trillion. New-York based investment bank, Moelis & Co. has been reported as the sole independent adviser on the IPO, representing by far [...]
Now the fog has lifted, the UK’s post-Brexit future looks bright February 26, 2018 In the 18 months following the Brexit referendum, the forecasts from the Treasury, the Bank of England, the IMF, and the OECD were proven wrong. The predicted recession, higher unemployment and a list of other calamities did not happen. Nobel Prize winning economist professor Paul Krugman described the analysis from the Project Fear propagandists as [...]
Labour shadow chancellor John McDonnell quizzes UK chancellor Philip Hammond on Saudi Aramco November 14, 2017 Shadow chancellor John McDonnell has written to the chancellor to demand more information about talks taking place between the government and Saudi Arabia’s state oil company. Saudi Aramco is currently exploring its options for a flotation on a foreign stock exchange, and London and New York are the front-runners in the race to host the [...]
New York wins big in global IPO boom – and that’s even before Snap’s flotation is counted March 2, 2017 The New York Stock Exchange (NYSE), home to this week’s eagerly-awaited IPO from Snap, has been the most popular exchange for new listings globally so far this year. The findings come as new data shows that the number of flotations worldwide has surged to levels not seen since before the credit crunch. With 187 offerings [...]
City Moves – who’s switching jobs at Pemberton Asset Management, Wells Fargo Asset Management and Eight Roads Ventures March 16, 2017 Today's City Moves cover asset management and venture funding. Take a look at these movers and shakers: Pemberton Asset Management Pemberton, the independent asset management group backed by Legal & General Group, has strengthened its senior management team with the appointment of Thomas Lack as chief operating officer. Thomas joins as a partner in the [...]