Europe biz: Manchester City receives $500 million investment
Updated 21:43, 27-Nov-2019
By Matilda Barca

US firm invests $500 million in Man City

Manchester City's holding company CFG is worth $4.8 billion (Credit: Reuters)

Manchester City's holding company CFG is worth $4.8 billion (Credit: Reuters)

Manchester City has announced a $500 million investment from American private equity firm Silver Lake.

The US firm is buying 10 percent of Manchester City's owner City Football Group's (CFG) business.

The Abu Dhabi holding company CFG is now worth $4.8 billion, breaking records in sports valuations.

Europe's top soccer clubs have drawn in money from some of the world's richest investors over the last decade. Manchester City's domestic rival, Manchester United are owned by the American Glazer family, Chelsea is owned by Russian billionaire Roman Abramovich while French champions Paris Saint Germain are owned by Qatar Sports.

Ukraine Central Bank accuses PrivateBank ex-owner of pressure to change management

Ukraine's National Bank said Ihor Kolomoisky, former owner of the country's largest lender PrivatBank, has put pressure on the central bank to create chaos and change its management.

"We believe that this pressure on the National Bank is exerted by oligarch and PrivatBank co-owner Ihor Kolomoisky, who owes the state $5.5 billion," it said in a statement.

Kolomoisky is yet to comment.

The UK has an 'extreme' form of capitalism according to Professor

Professor Collin Mayer says the UK has one of the most extreme forms of capitalism in the world.

In a report on the future of the corporation for the British Academy the Oxford University academic urges Britain to rethink the role of business in society.

"The corporation has failed to deliver benefit beyond shareholders, to its stakeholders and its wider community," he said.

"At the moment, how we conceptualize business is, it's there to make money. But instead, we should think about it as an incredibly powerful tool for solving our problems in the world."

French farmers fill highways to protest

French farmers are concerned over policies that could harm French agriculture (Credit: Reuters)

French farmers are concerned over policies that could harm French agriculture (Credit: Reuters)

International trade deals and government policy have angered hundreds of French farmers.

Tractors holding slogans "No rural France without farmers. Let us get on with our jobs" and "Macron answer us! Save farmers" filled the main highways into Paris on Wednesday blocking the commuter traffic to pressure President Emmanuel Macron.

The two main farm unions are calling for a meeting with President Macron to express concerns over policies that they say would harm French agriculture.

Newly printed euros will have Lagarde's signature from today

The new President of the European Central Bank, Christine Lagarde is providing her signature today to be put on all newly printed euros.

She will be the first woman to have signed euro banknotes.

The new notes, part of the second of the 'Europa' series, are designed to be harder to forge and long lasting.

The struggle is real.

The euphoria surrounding Alibaba's secondary listing in Hong Kong and China's oversubscribed U.S dollar bond sale, was tempered by disappointing data out of China.

Chinese industrial companies' profits fell 2.9%, dropping for the third consecutive month.  China's industrial sector has come under pressure from the impact of global economic slowdown, sluggish demand, plus the protracted U.S-China trade dispute.

Investors are jumping on any piece of news that might give them a steer about where things are heading and President Trump's latest comments that interim talks were in their "final throes" have lifted the markets somewhat.

Overall the global recovery trade is alive and well with most stock markets remaining cautiously optimistic ex-U.S where they are still "all in", said OANDA's Jeffrey Halley.

More turkeys

Expect activity to trail off later on as U.S markets close for Thanksgiving on Thursday. Friday could also remain quiet too.

Back in the U.K, the markets are looking for insights into the upcoming General Election.

In corporate news, Reuters reports that Lufthansa is in final talks to complete the sale of its European catering business to Swiss firm Gategroup as part of plans to focus on its airline business.

"The sale is part of Lufthansa's new strategy to focus on its airline business," the German carrier said in a statement. "Furthermore, the sale enables the new owner to further develop the catering business."