Deutsche Bank regains Hong Kong IPO sponsor licence

Deutsche Bank has regained its Hong Kong Initial Public Offerings (IPOs) sponsors licence after it was suspended in June following the departure of key staff, according to a notice on the website of the city’s markets watchdog.Germany’s Deutsche Bank headquarters in Frankfurt Regulators put the licence on hold when the bank’s IPO principals left. Deutsche had still been able to work on deals in a junior role but could not act as sponsor, which in Hong Kong is the most senior role on an IPO. In Hong Kong, IPOs need at least one sponsoring bank, which typically collects a larger … Continue reading Deutsche Bank regains Hong Kong IPO sponsor licence

Nike is giving its head office staff a week’s break

Staff at Nike’s corporate headquarters in Oregon have been given a week off to support their mental health, ahead of the return to the office in September. From today until Friday, the US firm will “power down” to give employees a rest after a tough year. “Take the time to unwind, destress and spend time with your loved ones,” the firm’s head of insights Matt Marrazzo said in a message to staff. It follows similar moves from dating app Bumble and Linkedin. A growing number of employees have reported feeling burnt out as the pandemic drags on and many continue … Continue reading Nike is giving its head office staff a week’s break

Peloton cuts price of bike as sales growth slows

The fitness bike maker Peloton is to slash the price of its flagship bike as people head back to the gym and do less exercise at home. The US firm will cut the price of its less expensive Bike machine by about 20% to $1,495 from Thursday. The change will take effect in all of its markets, including the US, UK, Canada, Australia and Germany. It came as losses widened at the firm in the fourth quarter of the year and revenue growth began to slow. The company has also had to shoulder costs associated with a treadmill it recalled in … Continue reading Peloton cuts price of bike as sales growth slows

Apple chief executive Tim Cook gets $750m payout

Apple chief executive Tim Cook has received more than five million shares in the technology giant, as he marks ten years in the job. A company filing with the US Securities and Exchange Commission (SEC) watchdog shows that he sold most of the shares for more than $750m (£550m). It is part of a deal he struck when he took over from co-founder Steve Jobs. The award depended on how well Apple’s shares performed compared to other firms on the S&P 500 stock index. According to Apple’s filing with the SEC, Mr Cook was eligible for the award as the … Continue reading Apple chief executive Tim Cook gets $750m payout

Qantas says pandemic to cost billions in lost revenue

The boss of Qantas has said that the pandemic is likely to cost the firm A$20bn (£10.6bn) in lost revenue by the end of 2021. Alan Joyce made the comments as the Australian airline announced an annual pre-tax loss of A$1.83bn. The loss was for the year to the end of June and does not include the latest lockdown in Sydney. However, Qantas says it is hopeful that some international travel will reopen in time for Christmas. “This loss shows the impact that a full year of closed international borders and more than 330 days of domestic travel restrictions had … Continue reading Qantas says pandemic to cost billions in lost revenue

McDonald’s runs out of milkshakes in England, Scotland and Wales

McDonald’s says it has run out of milkshakes at its restaurants in England, Scotland and Wales. The fast-food chain said it some supply chain issues had affected availability of a small number of menu items. These products also include some bottled drinks, which are temporarily unavailable in its 1,250 outlets in England, Scotland, and Wales. The problems emerged because of low stock distribution caused by the continuing shortage of HGV drivers. Last week, Nando’s was forced to close about 50 of its restaurants after running out of chicken. Rival KFC also warned recently that supply chain issues meant it was … Continue reading McDonald’s runs out of milkshakes in England, Scotland and Wales

Samsung to invest $206 billion by 2023 for post-pandemic growth

Samsung Group will invest 240 trillion won ($206 billion) in the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era, Samsung Electronics Co Ltd said. The jewel of South Korea’s biggest conglomerate on Tuesday said the investment through 2023 will help strengthen the group’s global standing in key industries such as chip-making, while allowing it to seek growth opportunities in new areas such as robotics and next-generation telecommunications. Samsung Electronics, the world’s largest memory chip maker, said the group plans to solidify technology and market leadership through mergers and acquisitions. It … Continue reading Samsung to invest $206 billion by 2023 for post-pandemic growth

Chip giant’s IPO hit by Beijing crackdown on business

Chinese electric car maker BYD’s plan to sell shares in its computer chip making unit has been suspended, the latest share offering to be hit by Beijing’s crackdown on businesses. The listing has been put on hold due to a regulatory investigation into the law firm advising the company. The plan to list on Shenzhen’s Nasdaq style market ChiNext was filed in May. The suspension comes amid a broader regulatory tightening on industry by Chinese authorities. Over the weekend, the Shenzhen Stock Exchange said Beijing Tian Yuan Law Firm, one of China’s biggest legal services companies, was being investigated in … Continue reading Chip giant’s IPO hit by Beijing crackdown on business

Adobe to buy frame.io for $1.3 billion

Adobe Inc. is acquiring Frame.io, a startup which makes video collaboration software, for about $1.3 billion in cash, a senior Adobe executive said in an interview. Frame.io will bring more capabilities to Adobe’s creative cloud, which houses Adobe Photoshop and Illustrator, said Scott Belsky, Adobe’s chief product officer and executive vice president of Creative Cloud.  Belsky said Adobe wanted to buy New York-based Frame.io after it realized that its customers were using it with Adobe’s suite of products. Adobe considered building its own tools to make it easier for teams to edit video together but ultimately decided to buy Frame.io … Continue reading Adobe to buy frame.io for $1.3 billion

Mining giant BHP to leave London’s FTSE 100 for Sydney

Mining giant BHP is set to leave the FTSE 100 index after unveiling plans to scrap the dual listing of its shares in London and Sydney. The company, part of the UK’s blue chip index since 2001, will move its main listing to Australia as part of a huge shake up announcement on Tuesday. BHP regularly tops the list of the FTSE 100’s biggest companies, depending on fluctuations in market values. The move will see some investor funds that track the FTSE sell BHP shares. “Now is the right time to unify BHP’s corporate structure,” said Ken MacKenzie, chairman of … Continue reading Mining giant BHP to leave London’s FTSE 100 for Sydney

Former Netflix staffers charged for making $3m from insider trading

The Wall Street watchdog has charged three former Netflix software engineers over an alleged insider trading ring that made $3m (£2.2m). The ex-staff members and two close associates were named in court papers. The US Securities and Exchange Commission (SEC) said confidential Netflix subscriber growth data was used in the scheme. The information was allegedly used to trade the streaming giant’s shares ahead of its earnings reports. The SEC alleged that Sung Mo Jun, a former software engineer at Netflix, was at the centre of a long-running scheme to illegally trade shares using insider information about the company’s subscriber growth. … Continue reading Former Netflix staffers charged for making $3m from insider trading

Aviva shares jump as it returns $5.5 billion to investors after Cevian pressure

Shares in Aviva hit eight-week highs on Thursday after the British insurer said it will return at least 4 billion pounds ($5.5 billion) to shareholders, following pressure from activist investor Cevian. Cevian Capital in June said Aviva should return 5 billion pounds of excess capital in 2022, after revealing it had built up a near 5% stake in the British insurer. Aviva has raised 7.5 billion pounds from selling eight businesses across the globe since the appointment of Blanc as CEO in July 2020. The life and general insurer, which has its main businesses in Britain, Canada and Ireland, had … Continue reading Aviva shares jump as it returns $5.5 billion to investors after Cevian pressure