Latest news with #SusannahStreeter
CNBC
3 days ago
- Business
- CNBC
Shein's embattled IPO signals mounting troubles for fast fashion giant
Fast fashion giant Shein's troubles continue to mount after its much anticipated London initial public offering (IPO) reportedly hit a fresh roadblock. The e-commerce behemoth is now aiming for a Hong Kong listing after failing to receive approval from Chinese regulators for its much hyped London IPO, Reuters reported Wednesday. A London listing had been seen as a boon for the 16-year-old Chinese-founded company, providing international legitimacy and access to a deep and mature pool of Western investors. Analysts nevertheless said they were unsurprised by the move given ongoing scrutiny surrounding the firm. "We've always said that we thought Hong Kong would be a safer IPO option for Shein," Samuel Kerr, head of global equity capital markets at Mergermarket, told CNBC's "Squawk Box Europe" on Thursday. "For international investors, this was always going to be an IPO that had a lot of hair on it, and perhaps it's going to play better to a domestic audience," he added. Neither Shein nor Chinese regulator China Securities Regulatory Commission (CSRC) responded to CNBC's request for comment on the plans. Hong Kong Exchanges and Clearing Limited said it does not comment on individual companies. Shein has faced an uphill battle in its listing ambitions as it seeks to shake allegations over the use of forced labor to produce its $5 t-shirts and $7 shoes. While it vehemently denies the claims, Shein last year shifted its focus from a New York listing to London after facing continued pushback on such issues from U.S. lawmakers. Meanwhile, concern over its commercial practices prompted an EU investigation, which earlier this week found the company in breach of consumer protection laws, including the use of fake discounts, pressure selling and misleading shoppers over sustainability claims. The closure this month of the U.S.'s de minimis loophole for low cost goods — and possible similar measures by the EU and the U.K. — have only added to the company's woes. "The barrage of criticism, which looked set to intensify leading up to a London listing, is considered to be partly why Chinese regulators were reluctant to give the IPO the green light," Susannah Streeter, head of money and markets at Hargreaves Lansdown, wrote in a note Wednesday. Shein's proposed London listing was also seen as providing a much needed boost to the U.K.'s lackluster IPO market after a string of delistings and defections amid intense competition from other financial markets. "This will be a blow for London's ambitions to attract bigger names to list in the capital, but given the obstacles piling up, it's not surprising [that] the company seems to be veering off in another direction," Streeter said. Still, some expressed worry that positioning the controversial listing as the face of London's IPO revival could send the wrong signal to investors. "There was a bit of concern from some in London that Shein would be seen as a benchmark barometer for the future of the London Stock Exchange and for IPOs coming back to London. I think that would have been problematic," Kerr said. Additional scrutiny in the U.K. was also seen as piling pressure on Shein's valuation amid comparisons to other listed retail peers, such as Asos, Next and Boohoo. The company was already reportedly under pressure to cut its London listing valuation to around $30 billion, according to Bloomberg, down from a previously estimated $50 billion. "Going away from the U.K. and away from those U.K. peers will probably allow it to get a higher valuation," Kerr noted. Meantime, a Shein listing could market a further boon for Hong Kong in what is shaping up to be a strong year for the market following fresh flows of capital from on- and offshore investors. "It would have been a meaningful milestone for Shein to list in either London or New York, given the maturity, depth, and valuation potential of those markets," Rui Ma, founder and analyst at Tech Buzz China, told CNBC via email. "That said, markets are ultimately shaped by the quality of their listings and participants. Shein's listing is a win for Hong Kong — but not yet a turning point," she added. Shein investors CNBC spoke to declined to comment on the listing's reported relocation.
Scottish Sun
3 days ago
- Business
- Scottish Sun
Customer fury as UK's favourite chocolate's £1.40 multipack shrinks meaning it's cheaper to buy a single 30p bar
Customers on the Tesco website said it was just another example of shrinkflation 'MAKE IT MAKE SENSE' Customer fury as UK's favourite chocolate's £1.40 multipack shrinks meaning it's cheaper to buy a single 30p bar PACKS of Freddos have shrunk from five to four — making the family favourites cheaper to buy individually. The new smaller multipacks still cost £1.40 at Tesco, meaning the price of each chocolate bar has gone from 28p to 35p. Meanwhile, single ones cost about 30p. 2 Packs of family favourite Freddos have shrunk from five to four 2 Freddos are now cheaper to buy individually Experts have blamed the move — equivalent to a 25 per cent price increase — on the soaring cost of cocoa. But customers on the Tesco website said it was just another example of shrinkflation. One wrote: 'A single Freddo is 30p and pack of Freddos used to be a 5 pack but now a 4 pack is £1.40. "Make it make sense.' Another said: 'Cheaper to buy 4 bars separately, used to get 5 bars at this price.' Tesco and Waitrose are the first to stock the new packs, with Waitrose offering them for a promotional price of £1, down from £1.80. Other supermarkets still have the five-packs in stock. Cadbury's owner Mondelez International said it had to pass on higher costs for ingredients, energy and transport. Susannah Streeter, of investment company Hargreaves Lansdown, said: 'The sharp rise in the cost of cocoa, which is such a crucial ingredient, has caused a big headache for chocolate manufacturers. 'They have also had to absorb higher energy costs and wage growth. People are only just realising why Dairy Milk chocolate and Freddos taste different - and they're saying one is MUCH tastier 'But producers know consumers will not swallow much bigger increases. "Though wholesale prices have come down slightly, they remain triple the price compared to two years ago. 'So, reducing the numbers of bars in packs or the weight of individual products is the strategy they are deploying.' Harvir Dhillon, economist at the British Retail Consortium, said: 'Chocolate prices, which are largely decided by large manufacturers, have been hit hard by global cocoa prices. 'The cost of cocoa has been badly affected by poor harvests in parts of Africa.'
Business Mayor
22-05-2025
- Business
- Business Mayor
Bitcoin price surges past $110,000 a coin to reach new record high
Updated: 18:25 BST, 22 May 2025 Bitcoin reached a new all-time high, soaring past the $110,000 milestone for the first time on Thursday, pushed by positive sentiment for the cryptocurrency. The crypto asset reached $111,886.41 at 4am, before levelling out at around $110,726.40 by mid-morning. The price movement pushed bitcoin above its previous record of $109,528, which it hit in January this year, as well as breaching the psychological $110,000 barrier for the first time, a milestone that has previously faced resistance during bitcoin rallies. The surge follows a slip in the dollar as concerns grow over mounting US debt and rising yields of US Treasury Bonds. Record high: Bitcoin reached a new record highamid a downturn in the US Dollar Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Bitcoin's rise to fresh record levels marks a collision of factors but appears to have been prompted by fresh worries about the growing US debt pile. 'As the dollar has weakened, amid concerns about the US fiscal position, bitcoin has flexed even more muscle, as investors appear to be looking for alternatives to the greenback.' Streeter added: 'Nevertheless, investors should be wary about jumping onto the crypto rollercoaster, as bitcoin has a tendency to fall sharply following rapid ascents. 'People should be cautious and only invest at the fringes of their portfolio with money they can afford to lose.' Gold, often seen as a 'safe haven' asset, has also seen a surge in value over the past few days as confidence in the dollar wanes. Longer term, bitcoin backers are becoming increasingly optimistic as Trump continues to push a pro-crypto agenda, with signs emerging that favourable crypto policy will pass through Congress. Earlier this week, Standard Chartered's Geoffrey Kendrick backed a bitcoin price target of $500,000 by 2029 as institutional bitcoin holdings continue to increase. Bitcoin has surged from around $68,000 at the time of Trump's election win. Simon Peters, market analyst at Etoro, said: 'This could just be the start of something far greater…where the price tops out this bull market remains to be seen. What is evident is that if bitcoin is really to be the global reserve currency or asset then its market capitalisation (and in turn price) should be far higher than the $2.2 trillion that we are currently at today. 'With the recent downgrade of the US credit rating, and the amount of debt that it needs to be refinanced this year, it will be interesting to see what demand is now like for newly issued treasuries. 'A failure at auction, as in not enough buyers, could mean the Fed has to intervene, provide the cash for these bonds and increase its balance sheet. Historically the price of bitcoin has been seen to rise in line with a growing Fed balance sheet.' Nick Jones, chief executive of digital asset platform Zumo, said: 'Bitcoin has soared to a new record high, with the market riding on optimism over US regulatory progress under the Trump Administration. 'The Senate's decision to push forward with the deliberately named GENIUS Act, aimed at establishing a national framework for stablecoins, is another watershed moment for the industry, and extends US leadership in the burgeoning digital assets sector.' 40% off account fees for six months Check price cap beating deals with uSwitch Free share and ETF dealing, no account fee Rate boosted for three months, then 4.85% £20 This is Money Motoring Club voucher Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.
Daily Mail
22-05-2025
- Business
- Daily Mail
Bitcoin reaches all-time high soaring past $110,000 milestone
Bitcoin reached a new all-time high, soaring past the $110,000 milestone for the first time on Thursday, pushed by positive sentiment for the cryptocurrency . The crypto asset reached $111,886.41 at 4am, before levelling out at around $110,726.40 by mid-morning. The price movement pushed bitcoin above its previous record of $109,528, which it hit in January this year, as well as breaching the psychological $110,000 barrier for the first time, a milestone that has previously faced resistance during bitcoin rallies. The surge follows a slip in the dollar as concerns grow over mounting US debt and rising yields of US Treasury Bonds. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Bitcoin's rise to fresh record levels marks a collision of factors but appears to have been prompted by fresh worries about the growing US debt pile. 'As the dollar has weakened, amid concerns about the US fiscal position, bitcoin has flexed even more muscle, as investors appear to be looking for alternatives to the greenback.' Streeter added: 'Nevertheless, investors should be wary about jumping onto the crypto rollercoaster, as bitcoin has a tendency to fall sharply following rapid ascents. 'People should be cautious and only invest at the fringes of their portfolio with money they can afford to lose.' Gold, often seen as a 'safe haven' asset, has also seen a surge in value over the past few days as confidence in the dollar wanes. Longer term, bitcoin backers are becoming increasingly optimistic as Trump continues to push a pro-crypto agenda, with signs emerging that favourable crypto policy will pass through Congress. Earlier this week, Standard Chartered's Geoffrey Kendrick backed a bitcoin price target of $500,000 by 2029 as institutional bitcoin holdings continue to increase. Bitcoin has surged from around $68,000 at the time of Trump's election win. Simon Peters, market analyst at Etoro, said: 'This could just be the start of something far the price tops out this bull market remains to be seen. What is evident is that if bitcoin is really to be the global reserve currency or asset then its market capitalisation (and in turn price) should be far higher than the $2.2 trillion that we are currently at today. 'With the recent downgrade of the US credit rating, and the amount of debt that it needs to be refinanced this year, it will be interesting to see what demand is now like for newly issued treasuries. 'A failure at auction, as in not enough buyers, could mean the Fed has to intervene, provide the cash for these bonds and increase its balance sheet. Historically the price of bitcoin has been seen to rise in line with a growing Fed balance sheet.' Nick Jones, chief executive of digital asset platform Zumo, said: 'Bitcoin has soared to a new record high, with the market riding on optimism over US regulatory progress under the Trump Administration.
Daily Mail
22-05-2025
- Business
- Daily Mail
Bitcoin price surges past $110,000 a coin to reach new record high
Bitcoin reached a new all-time high, soaring past the $110,000 milestone for the first time on Thursday, pushed by positive sentiment for the cryptocurrency. The crypto asset reached $111,886.41 at 4am, before levelling out at around $110,726.40 by mid-morning. The price movement pushed bitcoin above its previous record of $109,528, which it hit in January this year, as well as breaching the psychological $110,000 barrier for the first time, a milestone that has previously faced resistance during bitcoin rallies. The surge follows a slip in the dollar as concerns grow over mounting US debt and rising yields of US Treasury Bonds. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Bitcoin's rise to fresh record levels marks a collision of factors but appears to have been prompted by fresh worries about the growing US debt pile. 'As the dollar has weakened, amid concerns about the US fiscal position, bitcoin has flexed even more muscle, as investors appear to be looking for alternatives to the greenback.' Streeter added: 'Nevertheless, investors should be wary about jumping onto the crypto rollercoaster, as bitcoin has a tendency to fall sharply following rapid ascents. 'People should be cautious and only invest at the fringes of their portfolio with money they can afford to lose.' Gold, often seen as a 'safe haven' asset, has also seen a surge in value over the past few days as confidence in the dollar wanes. Longer term, bitcoin backers are becoming increasingly optimistic as Trump continues to push a pro-crypto agenda, with signs emerging that favourable crypto policy will pass through Congress. Earlier this week, Standard Chartered's Geoffrey Kendrick backed a bitcoin price target of $500,000 by 2029 as institutional bitcoin holdings continue to increase. Bitcoin has surged from around $68,000 at the time of Trump's election win. Nick Jones, chief executive of digital asset platform Zumo, said: 'Bitcoin has soared to a new record high, with the market riding on optimism over US regulatory progress under the Trump Administration. 'The Senate's decision to push forward with the deliberately named GENIUS Act, aimed at establishing a national framework for stablecoins, is another watershed moment for the industry, and extends US leadership in the burgeoning digital assets sector.'
