The shipbuilding and engineering units of South Korea's Samsung group said on Monday they would merge, as the family-run giant gears up for generational ownership succession. The board members of Samsung Heavy Industries, the world's third-largest shipmaker, and Samsung Engineering had approved the tie-up via a share swap, said a joint statement. Samsung Heavy focuses on shipbuilding and offshore plants while Samsung Engineering build onshore energy plants around the world. Share price of Samsung Heavy and Samsung Engineering jumped by 6.61 percent and 12.2 percent, respectively, on Seoul stock market Monday.
(Reuters) - Virgin Money [NRTRK.UL], the British financial services company partly owned by Sir Richard Branson, is in talks over a possible 2 billion pound stock market listing as early as next month, Sky News reported on Sunday, citing people familiar with the matter. A final decision on the timing of an initial public offering (IPO) has yet to be taken and the company may opt to wait until next year, Sky News said, adding that Virgin Group, which owns more than 46.5 percent of Virgin Money, may retain its ownership after an IPO. (http://bit. ...
By Simon Jessop and Nishant Kumar LONDON (Reuters) - Warren Buffett built a fortune of nearly $60 billion (36.14 billion pounds) from astute stock picking, but when the 83-year-old dies, the vast majority of the money he leaves his wife will be parked in a fund that simply moves in step with an index. The afterlife plans of the man nicknamed the Sage of Omaha, revealed in a letter to his investors earlier this year, underline a sea change afoot in the investment industry. Fed up with high fees and poor performance, investors are increasingly shunning active fund managers who promise to beat the stock market in favour of cheaper, passive funds, which simply track it. Such funds account for about a quarter of the money invested in the UK stock market, up from 15 percent a decade ago.
Chinese e-commerce company Alibaba Group Holding Ltd is planning to launch its New York stock market debut in the week of Sept. 8, a person briefed on the matter told Reuters on Saturday. The much-anticipated sale or initial public offering (IPO) could raise more than $20 billion, making it the biggest technology listing in the United States. Securities and Exchange Commission (SEC) to kick-off the listing, the person said, adding that the date was still a moving target. An external spokeswoman for Alibaba in Hong Kong declined to comment on the share sale plans when contacted by Reuters on Saturday.
By Paolo Biondi RIMINI Italy (Reuters) - Fiat-Chrysler aims to list shares in the newly merged carmaker in New York on Oct. 13, Chief Executive Sergio Marchionne said on Saturday, adding that a decision on any capital increase would be made at the end of that month. He was speaking a day after the merger between Fiat and its U.S unit Chrysler cleared its last remaining hurdle. Fiat bought out Chrysler at the start of 2014 and both operate as one firm. Marchionne wants to incorporate the two into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for the U.S.
Veteran filmmaker Martin Scorsese will be tapping into rock history with his next project, a movie on punk rockers the Ramones, his spokeswoman said on Friday. Scorsese, 71, who won a best director Oscar in 2007 for "The Departed," is in "way way early stages" of the project, his representative Michelle Margolis said. While Scorsese is best known for directing critically lauded films such as mob drama "Goodfellas" and most recently the acerbic comedy "The Wolf of Wall Street", he has also delved into music documentaries such as 2008's "Shine a Light", exploring the journey of The Rolling Stones. Founded in New York in 1974, the Ramones - formed by Johnny Ramone, Joey Ramone, Dee Dee Ramone and Tommy Ramone - spearheaded the punk-rock movement with aggressive, fast-driving songs such as "Blitzkrieg Bop," "I Wanna Be Sedated" and "Sheena is a Punk Rocker." Drummer Tommy Ramone, who was the last surviving original member of the band, died aged 65 in July this year.