Business

Saudi Aramco flotation values oil giant at $1.7tn

[ad_1] Image copyright Reuters Saudi Arabia has placed a preliminary valuation on state oil company Aramco of between $1.6tn (£1.22tn) and $1.7tn.The company has published an updated prospectus for its initial public offering (IPO), seeking more than $25bn for the sale of 1.5% of its shares. That would make it the world's biggest IPO, coming from the world's most profitable company It is short of the $2tn valuation that Crown
Business

Christmas adverts – do they really work?

[ad_1] Image copyright John Lewis Image caption The John Lewis ad features an excitable dragon called Edgar "I think Christmas ads are pretty good. They're not too commercial and they cheer you up," says 19-year-old Johan Stone.It seems to be a common view on a busy London shopping street, where I struggle to find anyone who dislikes them. We're only a few weeks into November and the Christmas advertising campaign
Business

Cladding puts flat owners’ lives on hold

[ad_1] Image caption Residents of Prospect East caught in the confusion over cladding Helen King is desperate to sell her east London flat so that she can finally move in with her partner.She has had a buyer lined-up for five months, but the sale has not progressed.Ms King needs to supply them with a cladding safety report for her property to be valued and a mortgage secured. Despite the apartment
Business

Dubai Air Show: Aerospace industry meets for deals and displays

[ad_1] Image copyright AFP Image caption About 1,300 exhibitors will be at the show The eyes of the world's aerospace and defence industries will be on Dubai this weekend as one of the industry's biggest air shows takes off.While the larger Farnborough and Paris events may attract more visitors and exhibitors, Dubai has in recent years been where most of the biggest deals have been done.Like its European rivals, the
Business

Lloyds shareholders fail in legal action over HBOS

[ad_1] Image copyright Getty Images A group of Lloyds shareholders have lost a multimillion-pound action against the bank over its purchase of rival HBOS in 2009.The 5,803 former Lloyds TSB shareholders claim they were "mugged" when the bank took over HBOS, which was laden with bad mortgages.Lloyds was forced to accept a £20bn state bailout and the government continued to own a stake until 2017.Lloyds said it welcomed the decision
Business

BT Sport retains exclusive Champions League rights in £1.2bn deal from 2021-24

[ad_1] Liverpool won last season's Champions League, beating Tottenham in the finalBT Sport has won the exclusive rights to show the Champions League, Europa League and new Europa Conference League in the UK from 2021-24 in a £1.2bn deal.The broadcaster has held the rights since 2015 after it agreed an £897m deal with Uefa.It extended them for £1.2bn from 2018-21 and has retained them for the next three-year cycle for
Business

Hong Kong in first recession for a decade amid protests

[ad_1] Image copyright Reuters Image caption Anti-government protests in Hong Kong started five months ago Hong Kong has entered its first recession in a decade as the territory continues to be gripped by protests.Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data.It means the economy has contracted for two quarters in a row, which is the usual definition of a
Business

Alibaba backs Hong Kong’s ‘bright’ future with huge listing

[ad_1] Image copyright Getty Images Alibaba chief executive Daniel Zhang has praised Hong Kong's "bright" future as the Chinese e-commerce giant prepares to list in the embattled financial hub. The firm, which is already traded in the US, hopes to raise up to $13.4bn (£10.4bn) in its secondary listing.That would make it the biggest share sale this year, according to Dealogic. The move is seen as a boost for Hong