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The Independent
5 minutes ago
- The Independent
Sir Martin Sorrell's S4 Capital in early talks over merger deal
Sir Martin Sorrell's advertising firm S4 Capital has confirmed early talks over a potential merger deal with rival MSQ Partners. Shares in S4, which was founded by the advertising mogul in 2018, jumped in early trading on Monday as a result. It comes after Sky News reported on Saturday that creative agency firm MSQ, which is owned by private equity group One Equity Partners, approached Sir Martin about a potential deal. In response, S4 said on Monday that it 'received a proposal' about potentially merging the two businesses. 'These discussions are at a very preliminary stage and there can be no certainty that a transaction will be forthcoming,' S4 said in statement. The London-based firm said any deal would be structured so that S4 would acquire MSQ to form the combined business. Sky News also reported that US firms Stagwell and New Mountain Capital have seen moves to buy S4, or parts of its business, rebuffed by Sir Martin over the past year. Sir Martin founded S4 following his departure from FTSE 100 giant WPP. He quickly grew the business globally through a raft of acquisition deal. The company saw its share valued soar to as much as £5 billion in 2021, but has seen this tumble to around £140 million after the advertising sector was hit hard by the global economic slowdown and growth in AI. S4 Capital shares were up 3.8% on Monday morning.
The Independent
5 minutes ago
- The Independent
Crystal Palace lose appeal against their demotion from Europa League
Crystal Palace have lost their appeal to the Court of Arbitration for Sport against their demotion from the Europa League and will play in the Conference League this season. The FA Cup winners were demoted to the Conference League by European football's governing body UEFA on July 11 after it determined that as of March 1, American businessman John Textor had control or influence at both Palace and French club Lyon. Nottingham Forest – who travel to Selhurst Park for Palace's first home league game on August 24th – have taken the Europa League place. A CAS media release read: 'The Court of Arbitration for Sport (CAS) has dismissed an appeal by Crystal Palace FC (CPFC) against UEFA, Nottingham Forest FC and Olympique Lyonnais (OL) concerning a decision by UEFA to remove CPFC from the UEFA Europa League 2025/2026 due to a breach of UEFA multi club ownership regulations. 'As a result, CPFC will be admitted to compete in the UEFA Conference League 2025/2026. 'The appeal sought to annul the decision by the UEFA Club Financial Control Body on 11 July 2025 which found CPFC and OL non-compliant with multi club ownership regulations. 'Alongside the annulment of the decision, CPFC requested readmission to the UEFA Europa League with Nottingham Forest or OL's admission rejected. 'After considering the evidence, the Panel found that John Textor, founder of Eagle Football Holdings, had shares in CPFC and OL and was a Board member with decisive influence over both clubs at the time of UEFA's assessment date. 'The Panel also dismissed the argument by CPFC that they received unfair treatment in comparison to Nottingham Forest and OL. The Panel considered that the UEFA Regulations are clear and do not provide flexibility to clubs that are non-compliant on the assessment date, as CPFC claimed. 'This was an expedited procedure, with an operative decision rendered two and a half weeks after the appeal, filed on 21 July 2025. Unless Parties request confidentiality, a full Award (with grounds) will be made available on the CAS website in due course.' Textor has now sold his stake in Palace, with the purchase of his shares by New York Jets owner Woody Johnson completed in late July. Palace chairman and co-owner Steve Parish, speaking after the Eagles beat Liverpool to lift the Community Shield, said his team would look for any alternative solutions should the verdict not go their way. He said: 'If we don't get the right outcome, then we will have to look if there's any steps after that.'
The Independent
5 minutes ago
- The Independent
A pause on higher tariffs for China is due to expire Tuesday. Here's what to know.
A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended. After the most recent round of China-U.S. trade talks, held late last month in Stockholm, Chinese and U.S. officials said they expected the deadline to be extended for another 90 days. The U.S. side said the decision was up to President Donald Trump. So far there has been no formal announcement about whether he will endorse an extension or push ahead with the higher tariffs. The uncertainty has left businesses in limbo and a decision to raise the import duties could jolt world markets. SILENCE FROM WASHINGTON AND BEIJING Trump has repeatedly shifted deadlines and tariff rates, and neither side has indicated what it plans for Tuesday. Extending the Aug. 12 deadline for reaching a trade agreement with China would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said Trump was deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in the powerful opiate fentanyl. Higher tariffs are aimed at offsetting the huge, chronic U.S. trade deficit with China, which hit a 21-year low in July as the threat of tariffs bit into Chinese exports. It's not unusual for the U.S. to give hints on where talks stand, but it's rare for China to make announcements until major decisions are set. CHINA RESISTED CUTTING AN EARLY BARGAIN Prohibitively high tariffs on Chinese exports to the United States would put huge pressure on Beijing at a time when the Chinese economy, the world's second largest, is still recovering from a prolonged downturn in its property market. Lingering effects of the COVID-19 pandemic have left around 200 million of its workers reliant on 'gig work,' crimping the job market. Higher import taxes on small parcels from China have also hurt smaller factories and layoffs have accelerated, But the U.S. relies heavily on imports from China for all sorts of products, from household goods and clothing to wind turbines, basic computer chips, electric vehicle batteries and the rare earths needed to make them. That gives Beijing some powerful leverage in the negotiations with Washington. Even with higher tariffs, China remains competitive for many products. And its leaders are aware that the U.S. economy is only just beginning to feel the effects of higher prices from Trump's broad tariff hikes. For now, imports from China are subject to a 10% baseline tariff and a 20% extra tariff related to the fentanyl issue. Some products are taxed at higher rates. U.S. exports to China are subject to tariffs of around 30%. Before the two sides called a truce, Trump had threatened to impose 245% import duties on Chinese goods. China retaliated by saying it would hike its tariff on U.S. products to 125%. MUCH IS AT STAKE A trade war between the world's two largest economies has ramifications across the global economy, affecting industrial supply chains, demand for commodities like copper and oil and geopolitical issues such as the war in Ukraine. After a phone call with Chinese leader Xi Jinping in June, Trump said he hoped to meet with Xi later this year. That's an incentive for striking a deal with Beijing. If the two sides fail to keep their truce, trade tensions could escalate and tariffs might rise to even higher levels, inflicting still more pain on both economies and rattling world markets. Businesses would refrain from making investment commitments and hiring, while inflation would surge higher. Companies are in an 'extended wait-and-see mode,' Oxford Economics said in a recent report.
