Turkey´s Cengiz ready to step in and bid for British Steel if Jingye deal fails
On Sunday, Turkish conglomerate Cengiz Holding said that it would be prepared to offer a counter bid for British Steel if the sale to China´s Jingye Group falls through. Jingye Group announced the preliminary aspects of a deal for £50m back in November, and on Friday, the company said that the deal was still progressing with approvals in the process of being secured. The deal is expected to be finalised in the coming weeks which will save Scunthorpe´s steel production site and 4,000 jobs. Cenzig´s main focuses currently include mining, construction, power generation, tourism and railways. Omer Mafa, CEO of Cenzig Holding, said in a statement: “British Steel is an important asset and we are watching developments closely and are...
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Tesla overtakes Volkswagen as the company´s value soars to $100billion
Tesla has been valued at more than $100bn, displacing Volkswagen as the world´s second most valuable carmaker. Shares reached an all-time high on Wednesday, continuing its record run that enabled the company to surpass the combined value of Ford and General Motors (GM) earlier this month. Over the past six months, Tesla shares have more than doubled with shares rising by another 8 per cent this week to $591.78, making the business second only to Toyota which has an overall market valuation of $230bn. The company´s decision to open a factory in Shanghai enabled Tesla to reach its production goals, with some analysts predicting that this is a main factor for the significant price increase. Investors expect that the new...
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International News
Audi cuts 9,500 jobs to free up £5billion for electric car development
The car manufacturing giant plans to cut 9,500 jobs in Germany over the next six years to provide funding for electric vehicles and digital working. The news was released less than two weeks after German carmaker rival, Mercedes-Benz, announced that it aimed to cut more than 1,000 jobs before the...
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Ripple completes $50 million investment to transfer company MoneyGram
Money transfer company, MoneyGram, has received $20m in funding to complete the originally proposed $50m worth of investment. Ripple is a blockchain service provider that offers technology to services that require easy global payment transactions. Ripple and MoneyGram agreed to a 2-year partnership in June this year to utilise their...
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Investment News
