Beijing marks 70 years since the founding of the People’s Republic of China on 1 October. Library picture: Tourists watch as Chinese soldiers march on Tiananmen Square in Beijing, 16 June 2019. Photo: Vitaliy Kyrychuk/Shutterstock.com
VW faces class action lawsuit in Germany, Wework drops IPO and it’s bath time. Delano’s breakfast briefing for Tuesday.
China’s National Day
Beijing has begun marking the 70th anniversary of the Communist Party coming to power with elaborate celebrations and a massive military parade. “No force can stop the Chinese people and the Chinese nation forging ahead,” Xi Jinping, China’s president, said in his official address. The anniversary is overshadowed by pro-democracy protests in Hong Kong. Sources: BBC, CNBC, Deutsche Welle, Financial Times and the Guardian.
China economic outlook
China’s manufacturing index rose slightly in September, but still indicated contraction for the fifth consecutive month. Sources: CNBC, Financial Times and Marketwatch.
Paypal secures Chinese authorisation
The electronic money transfer service Paypal received permission to acquire a controlling stake in Gopay, making it the first western digital payments firm in China. Sources: Financial Times, Reuters and Techcrunch.
Revolut strikes Visa deal
The digital bank Revolut, which recently dropped plans to set up a hub in Luxembourg, will increase its global headcount from 1,500 to 5,000 after partnering with Visa to expand into 24 new markets. Sources: Quartz, Reuters and the Telegraph.
Wework drops IPO plans
The serviced office outfit Wework withdrew its initial public offering filing following several weeks of investor questions about the firm’s valuation and corporate governance. Sources: BBC, Financial Times and Reuters.
Volkswagen class action suit in Germany
Hearings began in a lawsuit brought against Volkswagen on behalf of 450,000 German car owners. The owners want to be reimbursed after VW manipulated emissions tests; VW rejects the claims because it already paid to re-kit the vehicles. Sources: AFP, BBC and the Guardian.
Oliver took dividends before group entered administration
London’s backstop proposal dismissed as “non-starter”
Dublin has rejected the UK proposal to replace the Irish backstop with a string of customs posts located 5-10 miles away from both sides of the border. Sources: Deutsche Welle, the Guardian and RTE.
Massive iceberg breaks off Antarctica
D28, an iceberg measuring 315bn tonnes and 1,636 square kilometres (nearly half the size of Luxembourg), has separated from the Amery ice shelf in east Antarctica. Sources: BBC, Deutsche Welle and the Guardian.
Cardiff told to pay Sala transfer fee
Fifa ordered Cardiff City to pay Nantes football club an initial €6m of its disputed transfer fee for the Argentine player Emiliano Sala, who died in a plane crash earlier this year. Sources: AFP, BBC and CNN.
Tuesday 1 October, 5:30pm: Fondsfrauen conference on countering “unconscious bias” in financial sector. Wednesday 2 October, 12noon: Cross-cultural negotiations lunchtime talk at The Foundry. Saturday 5 October, 9:30am: Sacred Heart University starts its “scale up” workshop series on how entrepreneurs can successfully expand their business. Friday 11 October, 8pm: Think Pink hosts a “Ladies night” to mark its 10th anniversary. Wednesday 16 October, 7pm: The International Bazaar’s Irish stand hosts a table quiz.
Here are 5 finance & economy stories you may have missed
Capital markets: The European Stability Mechanism, the eurozone bailout body based in Kirchberg, is switching from English law to Luxembourg law for bonds in advance of Brexit, per the Financial Times. Passive funds: A JP Morgan Asset Management survey of fund buyers found “ETF investments are likely to rise from 22%” in 2016 “to around 39% over the next two to three years,” per Citywire Selector. Wealth management: BlackRock is setting up “a dedicated wealth business to provide services to Europe’s large and fragmented market of private banks, family offices, and wealth managers,” per Financial News. Alternative funds: Blackstone “has just launched a pan-European last-mile logistics real estate company, Mileway, worth a reported €8 billion” per Pitchbook. Economic slowdown: German manufacturing numbers are “simply awful”, per The Economist.
Thanks to Instagram, adult baths have become a high end trend. If you have the right accessories, that is. Read: New Yorker.