LSE’s data download needs growth to add up 1 Aug 2019 The stock exchange operator confirmed its $27 bln takeover of financial information provider Refinitiv. To earn an adequate return on investment, CEO David Schwimmer will have to cut costs, but also find new sources of revenue. LSE shareholders’ expectations are already high.
Just Eat satisfies hunger for takeaway Dutch CEO 29 Jul 2019 The leaderless UK food delivery group is selling to rival Takeaway.com in a 5 billion pound all-share deal. Just Eat gains a new boss and ally in the battle against Uber and Deliveroo. The Dutch company, meanwhile, uses its highly-valued equity to join the UK food fight.
Asia can lead an equity research rethink 29 Jul 2019 Thin capital markets, opaque companies and the diversity of a region stretching from Tokyo to Karachi makes it even harder for banks to make money from analysing stocks. But schemes like Singapore's analyst grants suggest Asia may also be a testing ground for new business models.
Alibaba stock should have local staying power 16 Jul 2019 The New York-listed Chinese e-commerce titan may raise up to $20 bln in Hong Kong. Investors should be able to trade the shares between exchanges. So-called two-way fungibility has cost the Asian market liquidity in the past, but Alibaba’s regional appeal could be an exception.
Shanghai’s new board could lead to a bigger trade 9 Jul 2019 Suzhou HYC Technology became the first company to price an IPO on the hyped Star Market. Investors disappointed by similar past efforts will be waiting for more signs of success. They should have some soon, given it seems to be a prelude to liberalising China’s main exchanges.
EU sacrifices own market principles in Swiss row 1 Jul 2019 By cancelling Zurich’s status as an approved stock market, the European Union has undermined its objectives for making equity trading cheaper and more transparent. Swiss bourse SIX will enjoy higher volumes. Meanwhile European investors will have fewer places to trade.
EU-Swiss bourse punch-up foreshadows Brexit pain 28 Jun 2019 Bern’s failure to agree a pact with Brussels will see its stock markets stripped of preferential EU treatment. Transactions will be more costly, cumbersome and opaque. The UK faces similar issues if it crashes out, but the hit will be worse, and London’s defences weaker.
Deutsche Boerse FX deal stretches financial limits 11 Apr 2019 The German stock exchange operator has confirmed negotiations to buy foreign exchange businesses from Refinitiv. CEO Theodor Weimer could afford to spend around 1.5 billion euros and stay within his debt target. A bigger outlay could mean shareholders stumping up.
Euronext-Nasdaq row tests Norway’s market faith 4 Apr 2019 The $800 mln takeover battle for Oslo’s stock exchange should reside solely on financial logic. The cash offers are identical. But Euronext wooed more investors. Allowing Nasdaq to tweak the rules of engagement would be a defeat for capital markets, and Norway.
Cleaning up Hong Kong’s small caps is dirty work 22 Mar 2019 Scandals and high fees doom over 1,000 companies listed in the city to low valuations and feeble trade. The exchange may cut transaction costs to boost turnover, but that won’t solve deeper issues. Delisting would be a better solution for many, even if the process will be grimy.
Chinese stock xenophobia is a problem for MSCI 11 Mar 2019 After expanding the weight of A-shares in its benchmarks, the index provider had to drop a popular tech stock thanks to policies capping foreign shareholdings. If it happens too often, MSCI indexes will be less representative of demand. It’s a bad look for China’s market opening.
Battle for Oslo Bors shows bidders’ fatigue 4 Mar 2019 Nasdaq has hiked its offer for the Norwegian exchange to 158 Norwegian crowns a share, or $788 mln, on a par with an already raised bid by Euronext. Its scale in the region gives it a minor edge. But the face off shows both suitors are already at the limit of financial logic.
LSE’s new chief faces growth conundrum 1 Mar 2019 The exchange group shrugged off market ructions and Brexit worries to lift EBITDA above 1 billion pounds. Boss David Schwimmer plans to invest in expanding areas like indexes for funds and derivatives clearing. The LSE’s punchy valuation suggests investors expect speedy results.
Only next crash will test HK bank chief’s legacy 22 Feb 2019 Norman Chan, head of the Hong Kong Monetary Authority, plans to retire. Supervision was a bigger focus than traditional monetary policy during his decade in office, using controls such as mortgage curbs to limit a housing boom. Only a downturn will determine whether that worked.
Ant steps around China tech backlash into Europe 15 Feb 2019 Jack Ma's $150 bln fintech group has snapped up UK payments outfit WorldFirst. The mooted $700 mln deal, coming a year after a failed bid for U.S.-based MoneyGram, revives Ant’s overseas push. But heightened European anxiety about China suggests future buys may not be so easy.
Norwegian investors only winners in bourse battle 11 Feb 2019 Euronext has hiked its bid for Norway’s stock exchange to $785 million. The hefty premium may no longer cover expected cost savings, and does not guarantee a victory against rival bidder Nasdaq. Shareholders in the Oslo exchange are beneficiaries of the larger groups’ largesse.
Nasdaq’s Oslo Bors assault has Nordic edge 30 Jan 2019 The U.S. group is spoiling Euronext’s party with a $770 mln cash bid for the Norwegian bourse. The new offer carries a sweetener of just 5 pct but has the backing of two big local investors. Nasdaq’s larger presence in the region could sway investors and mean bigger synergies.
Singapore’s $40 bln flash crash clouds IPO push 25 Jan 2019 Jardine Matheson shares abruptly plummeted some 80 pct before rebounding. A fat finger trade is being ruled out, but the cause remains unknown. Either way, it’s a setback for a market already plagued by outages and liquidity concerns. Attracting new listings just got tougher.
LSE Nordic raid would be expensive complication 24 Jan 2019 The London Stock Exchange is mulling a bid for Oslo Bors, says the Evening Standard. The Norwegian group is already the target of a pricey offer by Euronext, and LSE’s links with it limit cost savings. The takeover would be a costly distraction from bigger issues, like Brexit.
Messy Manila casino deal is worth the gamble 23 Jan 2019 Japanese tycoon Kazuo Okada wants to stop a backdoor listing for Universal Entertainment’s $2.4 bln resort that bears his name. Going public amid a nasty ownership brawl invites extra risks, but the fast-growing Philippine market holds too much promise. Better to roll the dice.