UK Business Papers Review: 11 August 2017

UK Business Press Review


Today we look at Uber, Snapchat, Akzo Nobel, Aldermore and Savills.

It looks as though with its initial valuation of 50 times annual losses Snapchat is set to become the poster child of Dotcom Bubble 2.0. The Guardian reports on how Snap Inc has seen its losses nearly quadruple in recent months, with the stock trading at a new post IPO low. Clearly any innovation it makes getting copied by rivals is not a great business model.

It would appear that the new protectionism in the Netherlands extends to the law courts, as Elliot Advisors attempt to out the Chairman of Akzo Nobel in the wake of the failed takeover deal gets blown out of the water, Daily Telegraph. Firstly, this is really not a matter for the courts, and second, did Elliott really think they were going to win after Akzo cried to politicians behind closed doors in order to escape a takeover which really should have gone ahead?

In another M&A protectionism situation, we hear in the Financial Times how the US Securities and Exchange Commission has delayed approval of the Chicago Mercantile Exchange by the Chinese.

The Guardian reports on how tax and spend hungry EU Finance Ministers are to discuss how to force home sharing platforms such as Airbnb to pay their fair share of taxes, something which rather defeats their disruptive purpose.

In a rather surprising story we are told in the Daily Mail that foreign investors have given their vote of confidence in the British economy by buying £7bn of business premises according to information provided by Savills. Clearly these parties do not have a problem with soaring business rates, wage costs or the retail stampede to online.

The Daily Telegraph reports on the way that Aldermore saw its profits surge as demand from homeowners for refinancing remained firm. The challenger banking trick of charging customers the same as banks with legacy losses and fines continues, with the Great British Banking Cartel in rude health.

The benefits of being exposed to the rare earth metals boom which is a foundation of electric vehicles has started to show up well at mining giant Glencore, which via the Financial Times has posted a sharp rise in H1 earnings.

We hear the bizarre story in the Guardian that former Uber boss Travis Kalanick is being accused by one of the company’s major shareholders, Benchmark Capital, of engaging in fraud to increase his power at the car ride group for his own selfish ends.

Zak Mir is Co Founder, technical analyst, author, broadcaster and financial markets commentator.

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