UK IPO: Standard Life Aberdeen chief Sir Gerry Grimstone says Saudi Aramco should come to London October 2, 2017 Sir Gerry Grimstone, chairman of Standard Life Aberdeen, has backed a listing of Saudi Aramco in London. Saudi Aramco, a petroleum giant comprising the oil wealth of Saudi Arabia, is planning a listing that could value the company at $2 trillion. London and New York are the frontrunners for the listing, but a float on [...]
Megabrew merger between AB InBev and SABMiller inches closer as SAB shares suspend trading on London Stock Exchange October 5, 2016 Shares in British drinks giant SABMiller suspended trading on the London Stock Exchange this morning as the Megabrew merger between SAB and Belgian beer giant Anheuser-Busch InBev inches closer. Yesterday, the UK's High Court gave its approval to AB InBev's £79bn takeover and the holding company for the combined company, Newbelco, listed 1.7bn shares on the Johannesburg [...]
JP Morgan Cazenove to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for €500m October 23, 2016 JP Morgan Cazenove has been appointed to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for up to €500m, a deal crucial to the success of the company’s merger with Deutsche Boerse. City A.M. understands that the bank will be seeking to drum-up competition for LCH SA, with pan-European exchange Euronext thought to [...]
From Manhattan hot dog cart to Leicester Square and UK expansion: The story behind upmarket burger restaurant Shake Shack December 21, 2016 Upmarket US burger company Shake Shack started as a modest hot dog cart in Madison Square Park in Manhattan in 2001. This month, it opened a new flagship UK store in Leicester Square, its fourth this side of the pond, with two more – in Victoria and Canary Wharf – to follow early next year. [...]
London retains financial services crown: City extends lead over New York, Hong Kong and Singapore in international ranking by Z/Yen September 11, 2017 London has maintained its position as the world’s number one global financial centre, according to a major international study out today, extending its lead over rivals New York, Hong Kong and Singapore. However, City chiefs have warned that London’s supremacy will come under threat if the government does not secure the right kind of Brexit [...]
Hyatt Hotels welcomes surprise profit increase in third quarter results November 3, 2016 Hyatt Hotels today welcomed warm third quarter results showing a sharp boost in earnings to $62m (£49.7m). The group reported a surprise profit increase on higher revenue from its hotels, as well as increased management and franchise fees. The results The Chicago-based company said its net income had increased 148 per cent to $63m from last year. It [...]
Marriott and Starwood have finally sealed their $13bn deal September 23, 2016 Marriott International said today it has finally completed the $13bn (£9.9bn) acquisition of Starwood Hotels, creating a $36bn hotels giant with 1.1m rooms. The deal has been beset by delays, including an eleventh-hour bid by a Chinese consortium which nearly scuppered Marriott's bid altogether, and a 60-day delay imposed by the Chinese ministry of commerce. Starwood shareholders will receive [...]
Yum Brands blames drop in Chinese sales on South China Sea crisis October 5, 2016 KFC parent company Yum Brands said today that its earnings and revenues missed analysts' expectations in the third quarter. Its adjusted earnings per share of $1.09 on revenues of about $3.3bn. Both measures missed analysts' forecasts for $1.10 per share and $3.5bn respectively. Read more: Hungry suitors circle Pizza Hut as owners put the restaurant chain up [...]
Analysts fear Deutsche Bank could become Europe’s Lehman Brothers September 27, 2016 The misery for Deutsche Bank continued this morning as shares continued to slide to fresh record lows. The German lender has seen its share price lose 30 per cent in the last three weeks and was hit by a new round of selling this morning, as shares dropped 3.3 per cent to €10.20 (£8.86). The latest slide [...]
Megabrew is done: AB InBev’s £79bn takeover of SABMiller completes October 11, 2016 Anheuser-Busch InBev completed its tie-up with British drinks behemoth SABMiller last night, combining to form the world's biggest brewer in a £79bn merger. The new company, which will continue to trade under AB InBev's name, will have operations "in virtually every major beer market". AB InBev chief exec Carlos Brito said: As a truly global brewer, we [...]