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- Debenhams boss stepping down this week
- Canopy makes $3.4bn move for cannabis rival
- European stocks have fallen after weak manufacturing data
- Monthly retail sales up 1.1%
- Moneysupermarket lifted by price cap rise
- Copyright: Getty Images
China is to finally gain access to Nintendo's popular portable video console - the Switch - almost two years after the console was launched.
Chinese ecommerce giant Tencent is Nintendo's local partner for the venture. It has succeeded finally in lobbying Chinese regulators to gain approval for the Switch to be distributed first in Guangdong province, where Tencent is based.
A source told Reuters that gaining approval from Guangdong's authorities would enable the Switch to be sold nationwide.
Traditionally it has been harder for video game consoles to catch on China due to tight regulations, but Nintendo's intellectual property like Mario, Pokemon and Zelda are very popular in China.
- Copyright: Getty Images
All three key US stock indexes edged ahead on Thursday, following the release of strong economic figures and some positive company results.
The Dow Jones Industrial Average rose 110.21 points, or 0.42%, to 26,559.75,
The S&P 500 gained 4.64 points, or 0.16%, to 2,905.09.
An the tech-heavy Nasdaq Composite rose 1.98 points, or 0.02%, to 7,998.06.
Abu Dhabi is about to allow foreigners to own the land for the first time as the emirate aims to bolster its property market, Bloomberg reports.
The oil-rich sheikhdom will let individuals and companies own the land under their homes and offices in 30 designated zones. Previously you could only purchase a 99-year lease.
- Copyright: Getty Images
Indian steel giant ArcelorMittal has offered steel for the restoration of Notre-Dame Cathedral after the fire which gutted its roof and took down its spire.
"The company ... will offer up steel to repair and rebuild the monument," the world's largest steelmaker said.
But it's hard to know how much steel will be required. They haven't yet settled the debate yet over how closely the rebuilt roof and spire should copy the original or what materials to use. There's some talk of titanium panels.
Read more here.
Chris Daly, Chief Executive at the Chartered Institute of Marketing, said:
"Today's strong retail sales figures hide a stark divide in the retail sector: online versus in store.
"Online sales are flying, up 12.4% on March 2018. Driven by relentless discounting and consumers' desire to shop around for the best deal possible, consumers are choosing the ease of shopping online..
"Department stores were the original trusted search engines to access and compare high end fashion brands, but this is no longer the case.
Investors are not convinced that the much-discussed merger between Germany's Deutsche Bank and Commerzbank will go ahead.
Bloomberg reports that Deutsche bonds are seen as much riskier than its rivals', and yields are diverging, which suggests that market watchers don't believe a tie-up is imminent.
- Copyright: Zoom
Eric Yuan, the founder and chief executive of Zoom, which saw its stock rise some 75% on its stock market debut today, is in a jubilant mood.
He blogs: "I think of Zoom’s early employees, and how we sat on the floor, assembling our Ikea desks when we got our first office. I think of their families, who have supported them in this long journey. I am glad they can share this day with their loved ones."
But Mr Yuan insisted his focus was now on the future.
"An IPO is like a high school graduation. It’s a big deal at the time, but there is a lot of work to do after the party is over. You have college and adulthood right in front of you. Plus, no one wants to be the person who peaked in high school! Today is a milestone for Zoom, but I see ahead the many milestones we have to look forward to as a company."
- Copyright: AP
You may not have heard of Acreage, or the Canadian cannabis company trying to acquire it, Canopy.
But you may have heard of some of the people involved in the fast-growing firms.
Acreage, which is headquartered in New York, famously has the former US House Speaker John Boehner on its board. He joined a year ago, touting the benefits of marijuana-based products for veterans with PTSD, chronic pain and other ailments.
Last month, Canopy brought television personality Martha Stewart on board as an adviser to help develop products for people and animals.
- Copyright: Getty Images
Early investor Jeff Jordan has been explaining what he saw in Pinterest - which soared on its stock market debut in new York today - eight years ago.
The company’s growth, he explains, was entirely organic.
"It wasn’t buying users; users were recruiting other users to join the service," he writes, adding that Pinterest did something truly unique:
"The product itself defied typecasting. Investors usually seek to categorise companies (think home sharing, or on-demand food delivery, or ride sharing) and then try to pick the company that will be the ultimate winner in their category. Pinterest presented itself as a “virtual pinboard”, and we weren’t aware of any other companies targeting this specific prize at the time. In other words, there was no category to dominate — there was the creation of a category wholesale."
Analyst Jesse Colombo isn't buying the hype.
A pop for Pinterest on its flotation too.
The online scrapbook firm opens at $23.75 per share after pricing last night at $19, suggesting investors are hungry for tech listings.
Much of the attention is on Pinterest's initial public offering. But it's actually video communications firm Zoom that is cashing in the most.
Its shares have opened at $65 - almost double the IPO price of $36 - valuing the company at around $16.5bn.
And as Axios' Dan Primack notes below, Zoom only raised $160m from venture capital investors before going public.
WhatsApp messages from the climate protest group Extinction Rebellion, seen by the Evening Standard, suggest activist will try and disrupt operations at the UK's largest airport from 8am tomorrow.
The message read: "We have already achieved so much. We have already done so much. We have totally exceeded our own expectations and are having an unbelievably positive effect on the political landscape. You are all totally wonderful.
"Tomorrow we raise the bar. We are going to shut down Heathrow.
"There is a deep remorse for those whose holiday and family plans will be disrupted tomorrow. It is not our intention to cause further separation. However, the aviation industry needs to be targeted and we are all aware of the deep, structural change that needs to come.”
Fascinating insight from BTIG analyst Rich Greenfield on the life-cycle of a movie.
Some help with the jargon:
- EST = Electronic sell-through, which is basically when the film is available to be bought on iTunes.
- Pay One = essentially the premium TV or streaming premiere - say when HBO, Showtime, Starz, Epix or even Netflix get the rights.
- Network = basic cable premiere
- Pay Two = the second chance for the Pay One owner to have access to those titles (after a network distribution).
- Copyright: BBC
As was widely expected, the chief executive of Debenhams, Sergio Bucher, is to leave the company this week.
The retailer was put into pre-pack administration earlier this month.
Mr Bucher said: "Now that our new financing facilities are in place, it is time to move on, knowing the company is in good hands with a plan that will deliver a sustainable future.
"I would like to wholeheartedly thank all of my colleagues for their efforts and dedication during such a turbulent time, as well as our suppliers, partners and of course customers for their continued support."