AllSaints: British fashion brand rakes in record revenue thanks to entry into China August 7, 2023 AllSaints raked in record revenues of £457m, up 36 per cent on last year, as the rock inspired fashion brand was bolstered by entry into China. The British fashion brand, which is owned by private equity group Lion Capital also said operating profit rose £18.4m to £28.5m and pre-operating exceptional EBITDA grew 50 per cent [...]
China targets UK ‘prolifically and aggressively’, Westminster’s spy agency watchdog warns July 13, 2023 China targets the UK “prolifically and aggressively” in a way that poses a “challenge” for British intelligence agencies, Parliament’s spy agency watchdog has said. A new and wide-ranging report by the Intelligence and Security Committee (ISC) is critical of the UK Government’s response to the threat posed by China, questioning the trade-off between economic interest [...]
Hong Kong a reminder that firms must match words with actions July 12, 2023 Last week in this space we suggested that Hong Kong’s decision to place a bounty on the head of eight effectively-exiled pro-democracy protestors, including the young campaigner Nathan Law, showed the true autocratic colours of the territory’s government and its Beijing masters. That Hong Kong police yesterday raided the home of Law’s family, and questioned [...]
China is main ‘threat’ to economic security – and UK blocked EIGHT Beijing takeover bids in last year July 11, 2023 China is the biggest “state-based threat” to the UK’s economic security, deputy prime minister Oliver Dowden has said. Cabinet Office figures have revealed the government intervened in eight attempts by Chinese buyers to takeover UK firms due to national security fears in the last year. Dowden told the BBC Chinese deals posed risks due to [...]
China sends warships and fighter jets near Taiwan during US Beijing visit July 8, 2023 China’s People’s Liberation Army has sent 13 aircraft and six vessels into airspace and waters around Taiwan.
FTSE 100 close: Wilting Chinese recovery keeps London mining giants lower July 5, 2023 London’s FTSE 100 sagged today, dragged lower by industrial firms tumbling in response to signs that China’s economic recovery is running out of steam. The capital’s premier index shed 1.03 per cent to close at 7,442.11 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Cleverly defends China visit plans and pledges to use UK’s global ‘influence’ June 29, 2023 Foreign secretary James Cleverly has defended a possible trip to China as he argued that international reforms cannot happen without recognising Beijing’s global financial influence. Cleverly confirmed last week that he is “looking at the options” for a potential visit to China – the first by a UK foreign secretary since Jeremy Hunt went in [...]
FTSE 100 close: Asia stock surge lifts London index as Wise soars 16 per cent June 27, 2023 London’s FTSE 100 regained ground today, taking its lead from a decent overnight session in Asia that was aided by Chinese lawmakers signalling economic support measures are on the way. The capital’s premier index jumped 0.11 per cent to 7,461.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
AstraZeneca: Britain’s biggest FTSE firm drafts plans to spin off Chinese business – reports June 19, 2023 AstraZeneca, London’s biggest listed company, is looking at plans to spin off its Chinese businesses to protect it from geopolitical tension, according to a report. Citing people familiar with the situation, the Financial Times said the British-Swedish drugs giant has been in talks with bankers for several months. When contacted by the PA news [...]
Pirelli chief cannot be chosen by Chinese largest investor, Italy government rules June 19, 2023 Italy’s government has ruled that China’s Sinochem cannot designate the chief executive of Pirelli despite being its main shareholder with a 37 per cent stake, the Italian tyre maker said on Sunday. The decision is part of the measures announced this week by Rome’s right-wing administration to shield the autonomy of Pirelli and its management. [...]
