Kotor Baju

Rabu, 11 September 2019

LSE receives £29.6bn takeover approach from Hong Kong rival - Border Counties Advertizer

Hong Kong Exchanges and Clearing has launched a shock £31.6 billion bid for the London Stock Exchange Group in a move set to disrupt its UK rival’s tie-up with Refinitiv.

Shares in the London Stock Exchange (LSE) surged as much as 16% higher after the Hong Kong exchange revealed the cash-and-shares approach.

Hong Kong Exchanges and Clearing (HKEX) is proposing to pay around £8.36 a share – which values the LSE at about £29.6 billion, or £31.6 billion including debt.

But HKEX said the potential offer is dependent on LSE’s planned 27 billion US dollars (£21.9 billion) deal to buy data provider Refinitiv being scrapped.

The LSE agreed the Refinitiv deal last month, which would see major Refinitiv shareholders, including Blackstone and Thomson Reuters, take a 37% stake in the enlarged company.

HKEX said its merger with the LSE would “redefine global capital markets for decades to come”.

It said it has had “early engagement” with the LSE and plans to seek a recommendation from its board.

But the LSE branded HKEX’s proposal “unsolicited, preliminary and highly conditional”.

It added that it would consider the approach, though it stressed it “remains committed to and continues to make good progress on its proposed acquisition of Refinitiv”.

HKEX’s proposed offer price marks a 23% premium on LSE’s closing share price on Tuesday.

It believes the deal with the LSE would strengthen both businesses, give them better geographical reach and offer market participants and investors “unprecedented global market connectivity”.

HKEX chief executive Charles Li said: “Bringing HKEX and LSEG together will redefine global capital markets for decades to come.

“Both businesses have great brands, financial strength and proven growth track records.

“Together, we will connect East and West, be more diversified and we will be able to offer customers greater innovation, risk management and trading opportunities.”

The approach for the LSE comes after an attempted £21 billion merger with German rival Deustche Borse collapsed in 2017, when it was blocked by the European Commission.

Let's block ads! (Why?)

https://www.bordercountiesadvertizer.co.uk/news/national/17894778.lse-receives-29-6bn-takeover-approach-hong-kong-rival/

2019-09-11 09:11:00Z
52780380172122

US companies are canceling investment into China at a faster clip, survey shows - CNBC

Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California on May 14, 2019. - Global markets remain on red alert over a trade war between the two superpowers China and the US, that most observers warn could shatter global economic growth, and hurt demand for commodities like oil. (Photo by Mark RALSTON / AFP) (Photo credit should read MARK RALSTON/AFP/Getty Images)

MARK RALSTON | AFP | Getty Images

Some American companies in China are speeding up their move away from the mainland as increasing tariffs continue to hurt their businesses. That's according to a survey released by the American Chamber of Commerce in Shanghai on Wednesday.

More than a quarter of the respondents – or 26.5% – said that in the past year, they have redirected investments originally planned for China to other regions. That's an increase of 6.9 percentage points from last year, the AmCham report said, noting that technology, hardware, software and services industries had the highest level of changes in investment destination.

The research, conducted in partnership with PwC, surveyed 333 members of the American Chamber of Commerce in Shanghai. It was conducted from June 27 to July 25 — during the period when U.S. President Donald Trump and Chinese President Xi Jinping agreed to resume trade talks, and before the latest escalation in retaliatory tariffs.

U.S. firms in the mainland also said restrictions to accessing the local market have made it difficult for them to carry out their business, the report said.

Asked about the best possible scenarios in ongoing trade negotiations, more than 40% of respondents said greater access to the domestic market would be the most important outcome to help their businesses succeed. That was followed by more than 28% that ranked improved intellectual property protection as key.

The third most hoped-for outcome of the trade talks was "increased purchases of U.S. goods," at 14.3%, the survey showed. That's in contrast to the Trump administration's latest efforts to pressure China into buying more American products, especially in agriculture.

Barred from market access

One of the longstanding complaints U.S. companies have about operating in China is that many industries are closed to foreign businesses. In the sectors that are open, it is difficult to compete with state-owned enterprises or privately owned companies that may benefit from local connections or policies, they say.

Allegations of forced transfer of critical technology to Chinese partners and lack of intellectual property protection are just some of the challenges U.S. businesses cite for operating in China.

The latest AmCham survey found accessing the local market remained one of the key problems companies faced, with more than half the respondents — or 56.4% — saying that obtaining licenses was not easy.

Still, with no sign of a trade agreement, 2019 will be a difficult year; without a trade deal, 2020 may be worse.

AmCham Shanghai and PwC survey

By industry, the one that most sought improved market access was the banking, finance and insurance sector. The high 81% of respondents in that sector seeking a better business environment contrasts with Beijing's announcements in the last 18 months that it will be relaxing foreign ownership rules in the financial sector. Some measures include allowing majority foreign ownership of a local securities venture and increased foreign ownership of local stocks.

However, survey respondents did note an overall improvement in nearly all issues of concern — including intellectual property protection and forced technology transfer. The proportion of businesses that said the Chinese government treats foreign and local companies equally also rose from 34% to 40% in the latest survey.

Tariffs hurting US firms

The U.S. business presence in China remains strong, with American companies and their affiliates raking in more than $450 billion in sales in the Asian country, according to an August report from research firm Gavekal Dragonomics. The analysis also pointed out that sales figure is more than twice the value of U.S. exports of goods and services to China.

But retaliatory tariffs from both sides are hitting revenues and causing some American firms to change their China strategy, the AmCham survey showed.

If Washington were to impose all the duties as threatened, essentially all Chinese goods exported to the U.S. will be subject to tariffs by the end of the year. In response to the increasing American duties, Beijing has countered with tariffs of its own on U.S. exports to China.

Just over half of the survey respondents said revenue has decreased as a result of the increased tariffs. One third of them attributed a drop of between 1% and 10% of revenue to the higher duties.

Overall profitability did not decline in 2018, the report said. But more respondents said revenue and margins declined last year, especially compared with operations in other countries. Pessimism levels shot up by 14 percentage points to about 21% — respondents felt less optimistic about the outlook for 2019 due in part to a slowing domestic economy.

Bright spots remain in China

The survey, however, did find some areas of optimism among respondents in China.

The pharmaceuticals, medical devices and life sciences category ranked among the industries with the most respondents reporting revenue growth last year. That sector also came in second among those most optimistic about 2019.

The AmCham report said the positive outlook was "likely due to government policy changes, including accelerated approvals of foreign drugs."

More than two-thirds of companies in food and agriculture planned to increase investment in 2019, the most of any industry, the report said. Retail and consumer companies also intended to invest more in China, especially in smaller cities where many analysts still see a major growth opportunity.

However, businesses are getting ready for a drawn out trade war between the two economic giants. Of those surveyed, 35% expect trade tensions to continue for another 1 to 3 years, while nearly 13% say it will go on for 3 to 6 years. About 17%, however, were even more pessimistic, and predict that the trade conflict will drag on indefinitely.

The report added: "Still, with no sign of a trade agreement, 2019 will be a difficult year; without a trade deal, 2020 may be worse."

Let's block ads! (Why?)

https://www.cnbc.com/2019/09/11/trade-war-amcham-survey-shows-tariffs-weigh-on-us-businesses-in-china.html

2019-09-11 04:40:33Z
CAIiEDk83-0jaEUIwOPQqK0ueSIqGQgEKhAIACoHCAow2Nb3CjDivdcCMM_rngY

Selasa, 10 September 2019

Alibaba founder Jack Ma steps down from $460bn empire after 20 years - INSIDER

Jack Ma, China's richest man, is stepping down as the chairman of the $460 billion Alibaba Group he founded 20 years ago.
The company is now the world's largest e-commerce group. It was founded by Ma and 17 others in a small apartment in 1999.
Ma is worth almost $40 billion and is known for his love of extravagant celebrations, including mass employee weddings and music performances.
His farewell party is taking place in a 80,000-seat stadium.
Ma has picked Alibaba CEO Daniel Zhang to take over from him, who will face challenges from the US-China trade war and a slowing e-commerce industry in China.
Visit Business Insider's homepage for more stories.

Jack Ma — the flamboyant tech personality, and currently the richest man in China— is stepping down from his $460 billion Alibaba empire 20 years after he founded the company.

Ma is stepping down as the chairman of Alibaba Group on Tuesday, his 55th birthday, as part of a long-planned succession scheme. It is the world's largest e-commerce group, with more than triple the total reported sales of Amazon for 2018.

A former English teacher, Ma founded the company with 17 others in 1999. It began as a company that sold Chinese goods around the world, but shifted its focus to the domestic Chinese market as the country's economy boomed.

It later expanded into online banking, artificial intelligence, and entertainment.

The company's 2014 IPO remains the biggest in history at $25 billion. Ma is currently worth $38.6 billion, according to Bloomberg's Billionaires Index. His net worth is the highest of anybody else in China, and 21st in the world.

The company now employs more than 100,000 people, according to Reuters.

While he is stepping down from a major leadership role, Ma said he will take a position in Alibaba's "partnership", a 38-person body that has an indirect role in the governance of the group.

Jack Ma.

Sean Gallup/Getty Images

Daniel Zhang, who has been CEO of Alibaba since 2015, has been handpicked by Ma to take over, though he is unlikely to match Ma's famous flamboyance.

Ma has starred in a kung fu movie, performed at a music festival, and once performed at a company party while dressed as Michael Jackson.

Ma is also known for the extravagant events he holds for employees during Alibaba's annual "Singles Day" shopping event, which outstrips Amazon's Prime Day for sales. The event has featured performers including Mariah Carey and a the Cirque du Soleil.

And Ma also doesn't hold back for "Ali Day," which celebrates employees and their families and even includes Ma officiating at a lavish, mass employee wedding.

His style has also made its way into his resignation plans, which involve a farewell party at an 80,000-seat stadium in Hangzhou, the city where he founded the company decades ago, Reuters reported.

Jack Ma presided over an employee mass wedding of 102 couples.

REUTERS/Stringer

Alibaba shared on Monday a video of Ma returning to that apartment, where he recalled telling early employees: "This is the place we're going to work for a year probably. We're going to eat here. We're going to sleep here. We're going to work day and night here.

"And we will probably achieve something. Or probably, we'll have to go out looking for jobs together."

He said their goal then was to be in the top 10 of the world's most popular websites, and to empower small businesses.

Zhang, Ma's successor, will also face challenges as the industry faces the ongoing trade war between the US and China and a slowdown in the Chinese e-commerce industry.

Liu Yiming, an analyst at Chinese tech publishing group 36kr, told Reuters: "If Alibaba wants to find new innovations or trends this is going to be more difficult than before."

"For Daniel Zhang, this will be a big challenge."

Let's block ads! (Why?)

https://www.insider.com/alibaba-founder-jack-ma-steps-down-from-460-billion-empire-2019-9

2019-09-10 11:28:42Z
52780378526413

13:57 Jack Ma resigns as Alibaba head - Information-Analytic Agency NEWS.am

Alibaba founder Jack Ma resigned as head of the board of directors of a Chinese company, The Guardian reported.

Ma resigns as executive head of the largest Chinese company on the day of its 55th anniversary with a fortune of $ 41.8 billion.

He will be replaced by CEO Daniel Zhang. Following Ma, he will occupy two posts at once - the CEO and the head of the board of directors.

Let's block ads! (Why?)

https://news.am/eng/news/532710.html

2019-09-10 09:58:55Z
52780378526413

Top 5 Things to Know in the Market on Tuesday - Investing.com

Investing.com -- The specter of deflation in China rears its ugly head, and the manufacturing slowdown shows no sign of ending in Japan and Europe. Plus there's trouble in IPO world, as WeWork's deal comes under pressure. Here are the top 5 things you need to know in financial markets on Tuesday, 10th September.

Gloomy data, China noises

The risk of China exporting deflation to the rest of the world is on the rise. Figures released overnight showed fell at their fastest rate in three years in August, underlining the problems faced by a manufacturing sector largely dependent on access to the U.S. market.

Also, Japan said that fell by 37% on the year, the lowest since 2009, in another reflection of how the prevailing uncertainty around trade and Brexit is hammering business investment. and data for July, released earlier, also fell short of forecasts.

At 10 AM ET, the Bureau of Labor Statistics will release its job opening survey for July, which will add some incremental insight into a labor market that appeared to be running out of workers in the government’s official report for August last week.

Stocks set to open lower

Wall Street is set for a lower opening after the largely gloomy data from Asia and Europe reminded markets that the global slowdown is still very much a thing.

By 6 AM ET (1000 GMT), were down 39 points or 0.1%, while were down 0.2%. were also down 0.2%, against a backdrop of increasing U.S. regulatory scrutiny of Google (NASDAQ:) and Facebook (NASDAQ:).

However, haven assets aren’t faring any better. Both bonds and gold are selling off slightly, after explosive rallies in recent weeks. The was at 2.11%, while lost ground for a fourth straight day to $1,502.65 an ounce.

Citigroup (NYSE:) and other financials will be in focus later after the company said on Monday it expected a drop in trading income in the third quarter.

WeWork IPO under threat; Aramco’s moves forward

One of the year’s biggest IPOs may be about to be pulled. The We Company, parent of loss-making office space provider WeWork, is under pressure from Softbank, its biggest external backer, to postpone an initial public offering that was supposed to take place this month.

Reports have indicated that marketing for the IPO was supposed to start this week, but have been snagged by valuation and governance concerns.

However, another much-hyped offering looks a big step closer after Saudi Aramco’s chief executive Amin Nasser told a conference that banks to lead the offering will be chosen “soon.” The bad news for U.S. investors is that Aramco, the world’s most profitable company, is due to be listed only in Riyadh to start with, followed by a foreign listing – most likely in Tokyo – at an unspecified later date.

Boris thwarted, again

The British consolidated recent gains after the U.K. House of Commons thwarted Prime Minister Boris Johnson’s plans to hold a general election before the country’s scheduled departure from the EU on Oct. 31.

The defeat – Johnson’s sixth in parliament in little more than a week – further reduces the chance of a disorderly Brexit in the fall, although popular discontent at the arcane maneuvering in parliament still means that Johnson could emerge the winner from an election when it is finally held.

Analysts at JPMorgan (NYSE:) told clients in a note that: "The only options we regard as ultimately viable are for the Prime Minister to present a deal to the Commons and secure approval for it, resign and let someone else make the extension request as PM, or back away from his stated position. At this point, our view is that resignation is the most likely of these three."

The opposition-led bill requiring Johnson to ask the EU for an extension to the Brexit deadline if he can't secure a transitional deal entered into law on Monday. Data released earlier showed the U.K. holding up surprisingly well, suggesting that the U.K. will avoid entering recession in the third quarter.

PG&E proposes reorganization plan

California-based utility Pacific Gas & Electric (NYSE:) presented a plan to settle billions of dollars in wildfire-related claims and exit bankruptcy next year and escape its creditors.

The preliminary proposal envisages raising billions in debt and equity to cover fire damages and emerge from bankruptcy court by June 2020, according to The Wall Street Journal. But PG&E’s liabilities from years of fires are still uncertain and the company hasn’t decided on exactly how it will raise the money, the WSJ, citing papers filed with the relevant court.

Let's block ads! (Why?)

https://www.investing.com/news/economy/top-5-things-to-know-in-the-market-on-tuesday-1974243

2019-09-10 11:06:00Z
CBMiXGh0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9lY29ub215L3RvcC01LXRoaW5ncy10by1rbm93LWluLXRoZS1tYXJrZXQtb24tdHVlc2RheS0xOTc0MjQz0gEA

Wendy's Is Hiring 20K New Workers - Newser

(Newser) – Wendy's plans to roll out breakfast offerings like the Honey Butter Chicken Biscuit and the Breakfast Baconator at all 6,000 or so of its US restaurants next year—and it needs 20,000 new employees to serve them. The fast food chain currently serves breakfast at around 300 locations. CEO Todd Penegor said Monday that the breakfast will provide "incredible growth opportunities," but the launch won't be cheap, CNN reports. The company, which plans to spend around $20 million on the breakfast expansion, has lowered its financial outlook for 2019. USA Today notes that Wendy's was a holdout while other chains expanded their morning menus, although it did experiment with a nationwide breakfast menu including items like French toast and omelets in the mid-1980s. (Read more Wendy's stories.)

Let's block ads! (Why?)

https://www.newser.com/story/280237/wendys-is-hiring-20k-new-workers.html

2019-09-10 07:15:00Z
52780378598008

Saudi Aramco CEO confirms IPO will have a secondary listing, locations under review - CNBC

ABU DHABI — Saudi Aramco, the world's biggest oil company, is prepared for a listing on the kingdom's stock exchange and it will take place 'very soon,' its CEO said Tuesday.

"What we have always said is that Aramco is ready for listing whenever the shareholders make a decision to list," Aramco President and CEO Amin Nasser told reporters at the World Energy Conference in Abu Dhabi.

"And as you heard from His Royal Highness Prince Abdulaziz yesterday, it is going to be very soon. So, we are ready — that is the bottom line."

Nasser also confirmed Aramco's aims to list internationally in addition to Saudi Arabia, though did not specify which other locations are under consideration.

"The primary listing is to list locally but we are ready also for listing outside in other districts," Nasser told CNBC's Dan Murphy at the World Energy Conference in Abu Dhabi.

When asked whether he would prefer to see Aramco list in Tokyo, Japan, he replied: "We are ready to list wherever shareholders decide."

The oil giant has delayed its IPO, originally scheduled for 2018, reportedly over Saudi concerns about public scrutiny over its finances and because of the complexity of its corporate structure.

Amin Nasser, CEO of Aramco speaking at the 2018 IHS CERAWeek in Houston, TX.

Mary Catherine Wellons | CNBC

Speaking on Monday, new Saudi Energy Minister Prince Abdulaziz bin Salman underlined the importance of regulation for Saudi Aramco, as it gears up for a long-anticipated IPO.

"I have no doubt in my mind that emphasizing the separation between Aramco, the corporate, and the ministry as regulator is a must," he told CNBC contributor Helima Croft at an audience of delegates.

"The regulator cannot be a person, the regulator has to be an institution. That regulator role has to be defined, and the contours of the role of the regulator has to be understood," he added.

Let's block ads! (Why?)

https://www.cnbc.com/2019/09/10/saudi-aramco-ceo-confirms-ipo-will-have-a-secondary-listing.html

2019-09-10 06:26:17Z
52780378978383