Business

HK tycoon makes $5.4bn offer for Australian energy firm

Cheung Kong Infrastructure (CKI) has made an unsolicited offer to acquire Australian energy firm Duet Group for $5.4bn (£4.2bn). CKI is a Hong Kong-based conglomerate, owned by billionaire Li Ka-shing. The offer represents a 28% premium on Duet’s share price, when last traded on Friday. Any formal bid by CKI would be subject to approval from Australia’s Foreign Investment Board ... Read More »

Shenzhen-Hong Kong trading scheme kicks off

Investors in Hong Kong can buy stocks on the Shenzhen Stock Exchange and vice-versa from today, following the official launch of the Shenzhen – Hong Kong trading link. The link was supposed to launch at the end of last year, but was delayed due to Chinese market volatility. Shenzhen has been promoted as a hub for technology and its stock ... Read More »

Apple reveals self-driving car plans

Apple has acknowledged for the first time that it is investing in building a self-driving car. In a letter to US transport regulators, Apple said it was “excited about the potential of automated systems in many areas, including transportation”. It added that there were “significant societal benefits of automated vehicles” to be realised. There have long been rumours about the ... Read More »

Iceland Foods hits back at Icelandic government over trademark

The supermarket Iceland claims that the Icelandic government is “not willing to hold any serious discussion” to reach agreement in a trademark dispute. The country has launched legal action against the chain, claiming it prevents the nation’s firms from describing their products as Icelandic. Iceland Foods owns the European trademark for using the name Iceland. The company sent a delegation ... Read More »

Starbucks boss Howard Schultz to step down

The chief executive of the Starbucks coffee chain, Howard Schultz, will step down from his post next year. Mr Schultz will become executive chairman and will change his focus to growing new Starbucks luxury brands. He will be replaced by the current number two, Kevin Johnson, who has been on the board for seven years. Mr Schultz, who has been ... Read More »

Oil rallies to best week in years after OPEC output deal

Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC’s decision to cut crude output to rein in a global glut that has weighed on prices for more than two years. After the deal was announced on Wednesday, the market focused on the implementation and impact of OPEC’s first ... Read More »

United to pay $2.4 million over ‘Chairman’s Flight’: U.S. SEC

United Airlines’ parent company (UAL.N) will pay $2.4 million to resolve civil books and records violations after it reinstated an unprofitable flight route to accommodate the chairman of the Port Authority of New York and New Jersey, the U.S. securities regulator said. The U.S. Securities and Exchange Commission said United Airlines’ decision in December 2011 to add a nonstop flight ... Read More »

Fed’s Tarullo warns against ‘backsliding’ on bank regulations

U.S. banking regulators must defend tough rules governing Wall Street and resist efforts to dilute regulations that might prevent a future financial crisis, Federal Reserve Governor Daniel Tarullo said on Friday. “It is critical that we not forget our still quite recent history,” Tarullo told a meeting of financial market researchers in Washington, referring to the 2008 housing bust that ... Read More »

Bond yields slip on U.S. jobs data, euro steady before Italy vote

Bond yields fell on Friday as solid U.S. jobs data reinforced the view that the Federal Reserve would raise interest rates gradually, while stock and currency markets were cautious ahead of an Italian constitutional reform vote on Sunday. Crude futures rebounded on a weaker dollar, resuming a rise sparked by a cut in oil output agreed this week by the ... Read More »

Starbucks’ CEO transition unlikely to stymie growth: analysts

Starbucks Chief Executive Howard Schultz’s decision to step down is unlikely to hamper growth at the world’s biggest coffee chain as his successor Kevin Johnson is well suited to take the helm, analysts said. Starbucks Corp (SBUX.O) said on Thursday that Schultz would step down as CEO on April 3 to focus on new high-end coffee shops, handing the top ... Read More »