UK's St James's Place reports $1.9 billion dip in assets on tariff woes
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Reuters
23 minutes ago
- Reuters
China suspends Argentine poultry imports five months after ban lifted
BEIJING, Aug 21 (Reuters) - China has suspended imports for Argentine poultry products from August 20, just five months after lifting a two-year ban. The notice of suspension, which was posted on a customs website, did not state a reason for the move or how long the suspension might stay in place. Customs authorities did not immediately respond to a request for comment. Beijing has also banned on poultry and related imports from its largest supplier, Brazil, since May and on imports from Spain this month, with authorities noting bird flu outbreaks in both countries. The two-year ban on Argentine poultry followed the detection of highly pathogenic avian influenza (HPAI) in the country's commercial poultry. "This decision may help support the prices of some poultry products as China has restricted imports from some major suppliers," said Pan Chenjun, a senior animal protein analyst at Rabobank in Hong Kong. "However, its overall impact (on prices) is likely limited due to China's current surplus of poultry meat and the industry's ongoing financial struggles." China mainly imports poultry products such as chicken feet, chicken wings, and bone-in chicken pieces. China's poultry meat imports from January to July totalled 226,013 metric tons, down 2% compared to the same period last year, customs data shows.
Scottish Sun
an hour ago
- Scottish Sun
Forgotten Man Utd takeover clause kicks in which could see Sir Jim Ratcliffe forced to sell stake against his will
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SIR JIM RATCLIFFE could be forced to sell his shares in Manchester United after a little-known clause kicked in. The British billionaire, 72, purchased a 27.7 per cent stake in the Red Devils for £1.03billion in February 2024. 2 Sir Jim Ratcliffe purchased his stake in Man Utd in February 2024 Credit: Getty Despite being a minority shareholder, Ratcliffe has been given free rein to control the day to day running of the club. The Ineos chief has already left his stamp on the Red Devils, drastically changing the club's football structure, appointing Ruben Amorim as boss, making hundreds of staff members redundant and announcing plans for a new £2bn stadium. Ratcliffe also recently unveiled the new £50m upgrades made to United's Carrington base. Despite having his feet well and truly under the table at Old Trafford, Ratcliffe could be forced to sell, should the Glazer family wish. As pointed out by the Mail, a "drag-along" clause was included in the deal that saw Ratcliffe buy a chunk of Man Utd. This kind of clause is commonplace in business deals in order to give majority shareholders the power to sell. The clause, which kicked in 18 months on from Ratcliffe's purchase, means that the Glazer family can force the Ineos boss to sell up, should they receive an offer for the entire club which they deem acceptable. Referring to the clause upon his arrival at United, Ratcliffe said: "I don't think we're going to be taking the legal agreements out of the bottom drawer. BEST ONLINE CASINOS - TOP SITES IN THE UK "I just hope they gather dust and we never see them. Which it should be. It should be on the basis of a relationship." Ratcliffe has sought to build a strong partnership with the Glazers. Sir Jim Ratcliffe launches scathing attack on struggling Man Utd squad saying some 'not good enough' and 'overpaid' In March he risked Man Utd fans' wrath by telling The Times: "To be fair to the Glazers, they're really good on the commercial side. "The people who advise me say the fans don't want to hear it. So I've got to be cautious. "I get a lot of criticism if I support the Glazers, but the fact is they're really decent people. "They're East Coast, you know — that old East Coast America, they're very polite, they're very civilised, they're the nicest people on the planet." Ratcliffe beat off interest from Qatari Sheikh Jassim to buy his stake in United. It remains to be seen whether Jassim, who tried to purchase the Red Devils outright from the Glazer family, could try again.
Reuters
an hour ago
- Reuters
Euro zone business activity accelerates in August as new orders grow, PMI shows
LONDON, Aug 21 (Reuters) - Euro zone businesses saw new orders increase for the first time since May 2024 in August, helping overall activity expand at the fastest pace in 15 months despite persistent weakness in exports, a survey said on Thursday. The HCOB Flash Eurozone Composite Purchasing Managers' Index, compiled by S&P Global, rose to 51.1 in August from 50.9 in July, marking the third consecutive monthly improvement and the highest reading since May 2024. A Reuters poll had predicted a dip to 50.7. PMI readings above 50.0 indicate growth in activity while those below point to a contraction. "Things are getting better. Economic activity has picked up in both manufacturing and services. Overall, we've seen a slight acceleration in growth over the past three months," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The manufacturing sector showed notable improvement with its headline PMI rising to 50.5 from 49.8 in July, moving into expansion territory for the first time in more than three years. Manufacturing output grew at the quickest rate in nearly three-and-a-half years, with the subindex climbing to 52.3 from 50.6. Services activity continued to expand but at a reduced pace, with the bloc's dominant sector's PMI slipping to 50.7 from 51.0 in July. Germany, Europe's largest economy, registered its fastest growth since March, driven by a solid manufacturing expansion despite muted services performance. France's downturn eased to a marginal decline, the smallest in a year, while growth in the rest of the euro zone continued but softened slightly. Firms continued hiring for the sixth consecutive month, with the pace of job creation quickening to the fastest since June 2024. The employment gains were concentrated in services, while manufacturers continued to shed jobs. Inflation pressures intensified in August, with input costs rising at the sharpest rate in five months. Service sector cost inflation accelerated to the highest since March, while output prices across the bloc increased at the fastest pace in four months. "The European Central Bank might wince a little at the rising cost pressures in the services sector. After all, it's banking on slower wage growth to help bring inflation down in this crucial part of the economy," de la Rubia added. "That said, there's a bit of relief in the fact that inflation in service-sector selling prices has remained more or less steady." ECB policymakers are seen waiting until December if they opt to cut rates one more time, a Reuters poll found, but there is no longer a majority consensus for where the deposit rate will be by end-year.
