The 10 biggest business stories on Monday January 11
Britain begins first Euribor rate-rigging case; Chinese share continue to fall
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Your support makes all the difference.1. After last week’s volatility Chinese shares are falling again with all three main indices down between 3 per cent and 5 per cent after poor inflation data.
2. Eleven former Deutsche Bank, Barclays and Societe Generale employees are due on Monday to become the first people charged formally with conspiracy to rig Euribor, an international benchmark used to set interest rates on a wide range of financial products, including mortgages.
3. Supermarket Asda, the arm of US retailer Walmart, will spend a further £500 million cutting prices, it said on Sunday.
4. British cab-hailing app Hailo, made an £11.76 million loss in 2014 after the closure of its North American operations in October 2014 and despite a 39 per cent increase in its revenue to £7.9 million, the Telegraph reports.
5. Britain's third-biggest housebuilder by volume Taylor Wimpey said on Monday that it was confident of delivering increased returns to its shareholders in 2016 after its sales rose 7 per cent last year.
6. Japanese beverage maker Asahi will submit a bid as early as next week to buy SABMiller Grolsch and Peroni beer brands for as much as 400 billion yen ($3.41 billion), the daily Yomiuri reported.
7. Britain's biggest-ever national lottery win was shared by two players, organizers said on Saturday after huge numbers of tickets were sold for the £66 million ($96 million) tax-free jackpot.
8. Swedish home appliances maker Electrolux said on Monday its chief executive Keith McLoughlin would retire from the company and be replaced by a business area chief from Feb. 1
9. Apple Music has surpassed 10 million subscribers, according to a report from the Financial Times. The tech giant reached the milestone only six months after its launch in June.
10. San Francisco office rent is now the most expensive in the US pushed by a booming technology sector and a tight supply of commercial real estate, according to the New York Times.
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