Softbank’s second Vision Fund set to come in underweight December 8, 2019 The giant Japanese investment fund Softbank is dialing down its ambitions for the second of its Vision Funds after failed bets on firms such as Wework and Uber dragged the company to its first quarterly loss in 14 years. Softbank’s first Vision Fund two years ago raised around $100bn (£76bn) from backers including the Saudi [...]
New Octopus Renewables trust smashes target in £350m float December 6, 2019 Octopus Renewables’ new infrastructure trust smashed investor expectations this morning, successfully raising £100m more than its original target of £250m. The £350m launch makes the launch the second biggest initial public offering for an investment company this year. Read more: Octopus launches new renewables trust The net proceeds of the opening issue after costs will [...]
FTSE 100 opens higher as China tariff waiver raises hopes of trade truce December 6, 2019 The FTSE 100 bounced back in early trading today as China’s decision to roll back tariffs on some US exports raised hopes of a pre-Christmas trade war truce. London’s blue-chip index was up roughly 0.8 per cent to 7,195.1 points this morning as traders reacted to developments in Beijing. Read more: Global growth to pick [...]
Primark set to drive another year of growth for ABF December 6, 2019 Associated British Foods (ABF), the British multinational which owns Primark, reiterated its outlook for the new financial year ahead of this morning’s AGM. The new financial year will see Primark expand its selling space, with the most new stores being added in France and Spain. Read more: Primark bounce helps offset sugar slump at ABF [...]
Glencore threatened with class against lawsuit that could run into the billions December 5, 2019 Mining and commodities giant Glencore could be hit by a class action lawsuit running into the billions, a law firm said today. Glencore confirmed today that the Serious Fraud Office (SFO) had launched a bribery investigation into its activities. Read more: Glencore shares tumble on Serious Fraud Office bribery investigation US law firm Boies Schiller [...]
Drop in European private equity exits via IPOs as tough conditions bite December 5, 2019 The number of European private equity exits executed via listings is declining as sponsors seek alternative routes amid challenging market conditions, new figures show. Of the European private equity exits that have taken place so far this year, just 1.4 per cent were initial public offerings (IPOs), according to Mergermarket data. Read more: Saudi Aramco [...]
Hybrid law firm and funds adviser MJ Hudson targeting December float December 5, 2019 Hybrid law firm and fund adviser MJ Hudson is lining up a mid-December listing on London’s junior market. The firm has appointed broker Cenkos Securities to advise on the float and has issued a schedule one document as a first stage in the listing process. The firm was founded by former SJ Berwin private equity [...]
Saudi Aramco IPO to be largest in history at $25.6bn December 5, 2019 Saudi Aramco is set to raise a record $25.6bn (£19.5bn) in the largest initial public offering (IPO) in history, as it was reported that the oil giant would price its shares at 32 riyals (£6.50) per share, the top end of its range. The sale price will see Aramco knock Chinese e-commerce giant Alibaba off [...]
Glencore shares tumble on Serious Fraud Office bribery investigation December 5, 2019 Shares in mining giant Glencore fell more than five per cent today after the company said it was being investigated by the Serious Fraud Office (SFO). In a statement to the stock market, the company said: “Glencore has been notified today that the Serious Fraud Office has opened an investigation into suspicions of bribery in [...]
Opec and allies expected to deepen oil production cuts December 5, 2019 Oil producer group Opec has begun its two-day meeting in Vienna, with expectations that the cartel and its allies will deepen oil supply cuts next year. Opec+, a wider grouping that involves countries such as Russia, has curbed production by 1.2m barrels per day since 2017 in a bid to counter the rise of the [...]
