Category: Financial News

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MONZO, REVOLUT AND OTHER CHALLENGER BANKS ARE SHAKING UP THE INDUSTRY

Digital technology has transformed the established ways of doing business across industries – and banking is no exception. New start ups are challenging traditional service providers with a more personalised and innovative service. Traditional banks have been slow to adapt but they haven’t – yet – lost too much of their business.

Challenger banks like Starling, Monzo, Revolut, Atom and Tandem are all digital banks without high street branches. They are more flexible, quicker to adapt to user needs, more user friendly and more personal than traditional banks. Their biggest advantage is that they have started fresh with a digital offering and the use of the latest technology available. Traditional banks, meanwhile, are typically slower to respond to market demands and keep up-to-date with technological developments.
In contrast, challenger banks are able to incorporate new products much more quickly and with less friction through their platform business model, which can easily connect customers with new products developed by third parties. This greatly increases customer choice.

For instance, the account opening procedure is a lot easier and quicker with challenger banks, often only involving taking a picture of your ID and a video of yourself. Plus, they offer novel features such as making recommendations based on your transaction data for saving money, making payments to nearby friends via bluetooth, or even blocking gambling transactions from customer accounts.

They can also be better at security and preventing fraudulent behaviour thanks to their more intelligent analytic capabilities. Monzo, for example, recently noticed a data breach of the ticketing platform Ticketmaster and took action to replace all cards that had used Ticketmaster, without waiting to receive customer requests.

The trend of these new providers has been accelerated by recent regulatory changes in the UK (Open banking) and across Europe (PSD2). Taking effect in early 2018, these reforms force banks to share their customers’ data with third parties that can provide financial services if their customers request this. The change aims to boost competition and also challenges the powerful position of the traditional banks in the market by forcing them to share customers with new players.

What most challenger banks have in common is their ability to offer lower fees to their customers due to their lean set up and lower cost structure. Challenger banks (and fintech start ups in general) capitalise on the perception that they are looking after the customers’ best interests, rather than doing what is best or most profitable for themselves (at least not in the short term).

But this benefit to the customer makes it difficult to make profits. This is the norm for most UK challenger banks, as their focus is on accelerated growth and winning over new customers, while trying to work out their business model and how they will turn profits in the long term. Revolut marked itself out as an exception when it reported breaking even in December 2017.

TRUST ISSUES

Part of the issue is that, although challenger banks bring obvious benefits to users, we do not see a large number of customers leaving their traditional banks for these new players. While challenger banks increase their customer base and market presence, the number of customers using these banks as their main bank and having their payroll registered to them is low.

The main reason for this is trust. Trust is of paramount importance when it comes to where customers put their money, and here established banks seem to have the upper hand. The common view is that even though the customers do not trust traditional banks for giving them the best deals, they trust these banks for keeping their money safe.

The system failures that new players might face can also cause hesitation among potential customers and make gaining their trust more difficult. For instance, some app-only banks ran into problems recently due to issues with one of their technology suppliers, resulting in some reduced services. This suggests there’s promise, but also challenges.

The overall picture we see so far in our research into challenger banks is that people stick with their traditional banks for keeping their savings and salaries and prefer making frequent, small payments into their challenger bank accounts to use in their daily lives.

The pessimists say that the challengers will not necessarily win out. Although they are growing their users every day, they will not be able to grow beyond a certain size and will need to be acquired by established players. On the other hand, stats show that millennials are much more willing to switch financial providers in order to get better, more customized services.

Plus, despite the uncertainty around the future of challenger banks, there are hints – including new regulations and tech firms getting into financial services – that show there will be no return to banking as we have known it.

Read more HERE

This article was originally posted on https://www.markemlickprivateequity.com/

28th September 2018
Amazon is Opening Store in New York for 4-Star Rated Products

1 min read

Amazon.com on Wednesday said it is opening a general store in New York City. It will sell toys, household goods and a range of other products highly rated on its website. Amazon is marking its latest push into brick-and-mortar retail.

Amazon 4-star will open to the public on Thursday in New York’s SoHo neighborhood. The store will sell items ranked four stars or higher on its website.

The company will also focus on stocking best-sellers and items popular with New Yorkers.

Amazon’s physical shop will let customers play with Echo speakers, Kindle e-readers, and other devices made by the company.

Who are the best modern German investors?

It will also sell books, games, and kitchenware.

In an effort to tie-in with the digital realm each item displayed in the store will carry its own digital tag displaying the list price, star rating and volume of reviews received.

Those without membership in the fast-shipping club will be charged the typically higher list price while an exclusive Prime-only price will also be offered for subscribers.

Amazon said the store was “a direct reflection of our customers — what they’re buying and what they’re loving.”

The extent of Amazon’s ambition for the new store format is unclear.

The company is known for experimentation, and a spokesman declined to comment on expansion plans. Amazon has previously experimented with physical stores, opening around 12 bookstores earlier this year and establishing its own convenience store chain in native Seattle.

Michael Pachter, an analyst at Wedbush Securities, said Amazon will add new stores if the format takes off. But he expects it may not.

“If I’m looking for a television and the store is full of kitchen appliances, it doesn’t help me very much,” he said.

Grocery remains the other key category for Amazon’s brick-and-mortar play.

The company bought Whole Foods Market in a $13.7 billion (roughly Rs. 99,000 crores) deal last year, from which it is now delivering fresh food to shoppers’ homes. It is also rolling out small grocery shops, which we previously knew as Amazon Go.

There is in-store technology. It allows customers to walk out with items. And have their credit cards billed without having to stop by a cash register.

The 4-star store appears to follow a similar format and strategy as Amazon Books, which stocks its shelves with the most popular online titles.

The company also uses detailed local data to showcase categories of area best-sellers.
Shoppers can check the online price of books they are interested in with a phone or scanner.
Amazon will use the store to hawk its own devices, allowing consumers to test them out and buy them in store.

You might be interested: Algorithms make fails more often than you expect.

Risk Disclosure (read carefully!)

27th September 2018
A New Stellar Sky of Blockchain

1 min read

A new Stellar appears to Blockchain.

Jed McCaleb, one of the co-founders of crypto startup Ripple holds billions of dollars worth of the company’s digital token. But his continuing sales of the token have dramatically risen over the past few weeks.

According to other media, he sold between 20,000 to 40,000 XRP per day until July, but that amount dramatically increased in August. He allegedly sold 499,312 XRP every day, the maximum amount was 752,076 XRP in one day. At the same period, August this year, the price of XRP fell by 25%.

McCaleb changes the dress

It looks that Jed McCaleb, who left Ripple a few years ago and is now co-founder of a competing outfit called Stellar, could put pressure on the cryptocurrency by increasing sales of the tokens, called XRP.

“I’m not selling more than I have agreed to with Ripple,” he stated to the Journal.

Fact is that McCaleb’s sale of XRP tokens has continued into this month.

He has sold XRP worth $150,000 each day in the last week.

Ripple’s price rose over the weekend because of positive news reports about the launch of a new product that uses XRP. If this new product called xRapid gains draft with banks, it will probably cause an increase in XRP’s liquidity in cryptocurrency markets.

But for now, the world’s third most valuable cryptocurrency token has dropped as much as 40% of its gains. At 19:35 UTC, Ripple was changing hands at $0.45, which is 13.25% less from its price 24 hours ago.

Few words more about Stellar.

Stellar is an open network that allows any currency or asset to be digitally issued, transferred, and exchanged over the internet. Interstellar will make it easy for developers and enterprises to leverage Stellar as a platform to build new financial products and services.

And about Chain Inc., which is a startup working with Nasdaq Inc. and others. They are building a blockchain-based trading platform, merging with another cryptocurrency startups. That efforts to plug the technology behind bitcoin into the traditional markets seem to be harder than expected.

Jed McCaleb, Stellar’s founder, said earlier this month: “Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols,” and added, “We are thrilled to be joining forces to help organizations build on Stellar.”

Key facts:

Adam Ludwin, who is Chain’s CEO, will be Interstellar’s CEO
Jed McCaleb, who co-founded the Stellar Development Foundation and Lightyear, will be CTO of Interstellar
The Stellar Development Foundation, which develops the Stellar protocol and supports the open source community, remains independent.

What is Stellar?

Much like Ripple, Stellar is also a payment technology that aims to connect financial institutions and reduce the cost and time required for cross-border transfers. Both payment networks used the same protocol initially.
The chain has been acquired by Lightyear, a Stellar-focused company formed last year with the support of the Stellar Development Foundation.

The Chain and Lightyear brands will be retired and the combined company will be re-named to Interstellar. Interstellar will create tools, products, and services to make it easier to use and build on Stellar, especially for enterprises and institutions.

Interstellar’s product portfolio will also include StellarX, a recently announced marketplace for trading assets on Stellar. StellarX is currently in beta and will be launching to the public soon.
More information can be found at https://interstellar.com/.

Risk Disclosure (read carefully!)

26th September 2018
Elkrem Allows the Creation of Blockchain IoT Devices

2 min read

What Is Elkrem?

The Elkrem project is bringing together the worlds of IoT devices and cryptocurrencies. These two emerging technologies hold the potential to create a future we might not have dreamed of. IoT stands for the Internet of Things. It proposes the idea that everyday objects like fridges, televisions, and cars (to name a few) are connected to the internet and can communicate smartly with each other.

But this is the material layer, the stuff we can get our hands on. Cryptocurrency is a virtual movement with concepts and solutions we need to wrap our heads around. Where the two merge just might be the sweet spot if we intend to take humanity to the next level of evolution.

The Backstory

After experimenting for hours on their own small projects, founders Amr Saleh and Islam Mustafa set out to empower other hobbyists by building easy-to-use electronics solutions. In 2013, they successfully launched their very first Kickstarter campaign by bringing a new innovative solution into the world of custom electronics.

Amr and Islam aptly named their project 1Sheeld. It’s a solution which allows users to connect a smartphone to their Arduino board instead of having to buy several separate boards known as shields. Since most people are prepared to invest in a decent smartphone, this solution leverages the power we already have in our pockets.

(Side note: Arduino is an open-source platform that allows users to easily connect hardware and software together for various real-world applications. Open access to both the hardware and software is core to its philosophy and has made it an incredibly popular choice for enthusiasts all around the world.) continue reading here

This article written by Ryan Smith was originally posted on CoinCenral.com

Risk Disclosure (read carefully!)

(Be advised: 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.)

24th September 2018
Is Zulutrade scam?

Trading conditions:
Tradable assets: more than 100
Option profitability: up to -%
Minimum deposit: $300
Minimum trade amount: $10
Demo account: yes
Online registration: yes
Call support: no
Chat with support: yes

ZuluTrade is a very unique and innovative online social and copy trading platform. It brings traders from over 50 trading brokers together on one single platform- ZuluTrade. It allows traders to connect with one another and copy their every trade automatically in a safe and secure environment.

ZuluTrade was founded in 2007 by Leon Yohai and Kosta Eleftheriou. Leon Yohai wanted to build software that allowed him to copy the trades of the best traders. By 2009, the company has over 4,500 ‘expert’ traders (signal providers), and it was their portfolios who users could copy to make money.

What’s new about their site?

By the time 2014 rolled around, ZuluTrade had re-designed their website. They added a number of features, such as ZuluGuard, and had 120 employees, 40 of whom were in customer support.

In May of that year, the company announced a partnership with SpotOption, to create a social trading platform for binary options.

2015 brought with it a success as the platform was awarded an EU Portfolio Management License from the European Union. The resulted in the company becoming both legitimate and respected in the trading world.

Platform

Leon Yohai had the vision to create a web-based platform that could connect traders, enabling them to share their strategies while at the same time auditing traders globally.

Therefore, ZuluTrade is not your traditional trading brokerage as it is primarily a platform enabling traders to collaborate and copy one another.

Essentially, it allows traders to copy the trades of experienced traders in the forex and financial markets to achieve a level of automated trading.

However, the social element also enables traders to leave feedback and share ideas. Today it boasts around one million users and executes a trading volume in excess of $800 billion.

With the popularity and publicity around ZuluTrade and social trading at the moment, we’ve seen the question on whether ZuluTrade is a scam or whether it’s “real” raised a few times. Based on vast amounts of experience with other social trading networks and Forex trading in general, we thought it might be useful to share our point on view the ‘scam or not’ debate.

The regulation

The ZuluTrade platform is regulated in two regulatory jurisdictions; Greece’s Hellenic Capital Market Commission (HCMC) and Japan’s Financial Services Agency (FSA).

As well, they have obtained a Portfolio Management License from the European Union and are partnered with over 50 online trading brokerages, many of which are regulated from regulatory agencies from around the world.

In addition to being a highly regulated investment service, ZuluTrade has also won various awards for their proficiency in online copy trading services and customer service.

Today the company continues to innovate and strives. It wants to reach its goal of becoming the world’s largest financial community. They to provide customer-focused investment solutions and the largest social trading community in the world.

Minimum Initial Deposit

ZuluTrade has a relatively low minimum deposit requirement. Certain brokers available with ZuluTrade require a minimum deposit of just $1, others may require more.

You can sign up for their demo simulation account for free.

Spreads and Commissions

The spread will vary between brokers. The currency pair and time of the day can also influence the spread. For instance, brokers often widen spreads during periods of high volatility.

A commission is charged per trade by the brokers, in addition to the normal spread, for linking your account to ZuluTrade. This can be as low as 0 with ZuluTrade’s own broker, AAAFx, and up to three pips elsewhere.

Leverage

Most people are aware that leverage can be used to increase potential earnings.

But before you download an account, you should also note trading on leverage can amplify losses and open you up to margin calls.

However, the higher the leverage, such as 1:1000, the lower the used margin. This means an increase in the free margin and margin level. However, this can lead to overtrading and with a high drawdown, your account may strike a stop out level.

It’s recommended to use 1:100 leverage in order to avoid risk.

Other trading fees

You can be charged an overnight rollover/swap fee. The amount will depend on the currency pair you are trading. While these costs can cut into profits over a considerable time period, intraday traders shouldn’t encounter these fees.

Besides that, we didn’t find any other additional costs. ZuluTrade explained on their website that the traders you copy are paid directly by ZuluTrade. As part of the commission.

Also, when you visit their website, you may find deposits bonuses and promotions.

From the point of investors, we found ZuluTrade is very transparent about all the data they share with investors.

We found they share:

Every single trade with time and date stamp a trader has done in the past. Most other networks only supply a sub-set.

Only ZuluTrade currently provides information on how many actual investors (followers) have made per trader and in total.

Only ZuluTrade shares average historical spread per broker and per trader.

The other networks remove traders from their listings because they blew their accounts.

Only ZuluTrade gives us their full profiles and trade data

As far as we know, ZuluTrade is the only network trying to identify and show when the trader sends signals from multiple accounts. They all are linked and displayed, so it is easy to detect traders who tried multiple failing systems in the past.

ZuluTrade provides you with all the data to recalculate any of the statistics they provide in the trader profile screens. In addition, they’re not hiding accounts from traders who lost money or remove negative feedback from followers.

In our experience, there’s no other major social trading network as transparent as ZuluTrade in terms of the data and information they share with their customers.

To call it a scam because of the very poor quality of some of the traders/signal providers on their social trading network would be unjustified.

Would you call the DOW, NASDAQ, DAX or LSE a scam because they listed companies which went out of business or who’s share prices dropped significantly?

No, we don’t think you would, since the stock exchange is the enabler. But it’s the investor’s responsibility to understand the risk when buying shares.

The same goes for ZuluTrade. No one can predict which traders will be successful and which ones won’t.

If you think that historical trades are not real and are manipulated, you have to compare the results you see from copying the trades on your live account with the results displayed in the ZuluTrade interface.

And you will see.

They offer a fully functioning demo account which anyone can try. There are no limitations on the functionality of the demo account. It is very important before investing, the possibility to try and copy some traders and see what the results would be after a few weeks or months.

The trading platform currently provides trading for stocks, forex, binary options, commodities, such as oil. And indices, such as the NASDAQ. The platform allows you to clone the strategies of top traders.

The user base is split into two essential categories:

Signal providers – traders who are willing to share and be copied by their followers. Their compensation fees are determined by the success of their strategies.

Followers – users who copy the strategies of the signal providers. They can also copy strategies of the portfolios created by other followers.

The ZuluTrade platform is fully compatible with all mobile devices such as Apple, Android, Windows, and Blackberry. The platform features full functionality with a tweaked but similar interface to allow for a seamless experience on mobile.

Main features

Margin Call-o-Meter – This estimates the chance your account will run out of money, for example, if you get a margin call. This helps you establish how much of your capital you are actually risking. However, this is just an indicator and should not replace an effective money management system.

ZuluScript – This enables you to create scripts that form the parameters for trading bots. These are also commonly known as expert advisors (EA). This gives you trade automation, allowing you to execute far more trades than you ever could manually.

Cryptocurrencies – Traders can take a view on whether cryptos are the next big thing or a bubble.

ZuluGuard – A unique feature that protects Copy Traders if erratic trades are opened by traders they are following. An excellent risk management addition.

Lock Trade – This allows you to verify the execution of a trade after the signal has been received.

Automator – 2016 saw the introduction of ‘The Automator’. This notifies you by email or automatically executes actions when events occur. This function acts on rules that you add. For instance, if profit and loss from Trader X are more than $1,500, then lock the current profit. This can all help you to minimize risk and free up time.

You can use the ZuluRank calculation too.

This proprietary algorithm ranks traders by a number of different factors, including:

Sharp ratio
Low drawdowns, high profits
Age of signal provider
Amount of trade activity
The Frequency that trader logs in
Length of time trade stays open

ZuluTrade has a clean interface design. The operating system allows users to understand everything.

The great user experience.

You can open the account with a low entry fee of only $300. This is much lower than many other social trading platforms.

We don’t believe ZuluTrade should be labeled as a scam.

They’re probably the most transparent of all major social trading networks in terms of sharing the historical trade information of the traders on their network. They also don’t censor negative comments or feedback on their own website.

There’s a free demo to try and anyone wanting to invest ZuluTrade with real money can do so from $300.

You can try everything first and no one will force you to make massive investments (which is what serious scams or frauds are often about).

The bottom line

True is that the quality of plenty of the traders may be poor. But it’s up to the investor to decide who to copy.

And to understand the risk. It’s also up to the investor to decide whether this type of investing is right for them and if unsure to contact a financial advisor.

No, Zulutrade is not a scam. Actually, we can highly recommend ZuluTrade.

Risk Disclosure (read carefully!)

20th September 2018
Crypto-Endorsements Gone Sour | A Celebrity Special

Over the past one and a half years, the ICO crowdfunding trend has grown tremendously. There is no doubt that an overwhelming number of blockchain-based projects are significantly sprouting every day.

With competition becoming viciously cut-throat, some ICOs are procuring celebrity aid to help them stay ahead. Simultaneously, crypto-enthusiasm is growing among celebrities, and it’s no surprise that many celebrity crypto-endorsements are making headlines.

So, Why Mix Celebrities and Cryptocurrencies?

The move towards crypto-endorsements is one that was both new and unexpected for the industry. Nevertheless, ICO companies were striking symbiotic relationships with these celebrities for one primary reason- celebrities are great influencer marketers. They have an overwhelming amount of influence over a large number of audiences both on social media and offline. Moreover, they can spread the word about an ICO fundraising event to audiences effortlessly.

Furthermore, people tend to idolize celebrities. This article by James Nderitu was originally published at CoinCentral.com.

Risk Disclosure (read carefully!)

19th September 2018
Blockchain Telecommunications: The New Era of Crypto Phones

2 min read

Crypto users could soon be enjoying more hardware choices. Multiple smartphone manufacturers announced plans to integrate blockchain technology into their products in the coming months. Blockchain telecommunications is taking crypto users to the next level with integrated decentralized applications (Dapps) and much more. Get ready for crypto phones.

Blockchain Telecommunications

The telecommunications industry is undergoing the start of a blockchain revolution that has the potential to reshape the market for years to come. Analysts have long predicted the integration of these technologies. One study placed the level of future blockchain investment by telecommunications manufacturers at around $1 billion over the next five years. The majority of these future investment funds target the development of Dapps. Dapps are at the core of this blockchain telecom infusion.

This article by David Hamilton was originally published at CoinCentral.com

Risk Disclosure (read carefully!)

18th September 2018
Japanese MoneyTap app Connects 60 Banks with Ripple

1 min read

The payments network Ripple is looking to launch the MoneyTap application with support from the SBI Ripple Asia Japanese Bank Consortium later this year. That will cause Ripple to have a large share of the Japanese currency transfer market, maybe the largest. MoneyTap has officially launched its website which is a major step forward connecting several Japanese banks via Ripple solutions. It said, in March this year, the app would make it easier for banks to settle round-the-clock domestic payments in Japan. MoneyTap App is going to reduce fees associated with traditional money transfer services. The fact is that Japan is residence to a huge market for fintech, or financial technology, particularly in the areas of blockchain and cryptocurrencies.

The deal between Ripple and the consortium has been planned for a few years.

Japanese MoneyTap app and Ripple

But now it looks like the firms involved are setting the closing preparations to launch the MoneyTap application in Japan. The app which was announced earlier this year, but the website for the service went live yesterday, September, 13th.

The main purpose of the new technologies is to be applied in a wide range of industries to facilitate and enhance a great number of processes. The banking sector is one of the spheres that eagerly adopt new solutions with a view to improving its functioning.

MoneyTap is a kind of a “simple bank transfer application without charge” and “a new bank experience application provided from the consortium for domestic and foreign exchange”.

Speaking about the fund transfer system in Japan, transaction fees are quite high and requires a lot of time to be executed. By implementation of MoneyTap app, the situation will be changed. Via the solutions offered by Ripple, it is planned to reduce fees and to achieve a possibility to carry out reliable same-day transfers.

The application is not ready for download just yet. But, the website going live shows that it will be soon. The projected launch date is autumn 2018.

Ripple’s own blockchain technology is known mainly as the underlying network for its cryptocurrency, XRP, known as ripple too and it is also used for real-time transaction settlements.

Presentation of the new app

The new app, Money Tap will offer a money transfer too, so that will be available on iOS and Android phones. That characteristic place them to be one of the first apps with such functionality that will be used by a number of banks at the same time.

In the beginning, the application will be working in collaboration with three of the members of the SBI Ripple Asia Consortium. The first banks involved are SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. This preliminary launch will be followed by the service for the other 60 plus members.

Ripple hits the center of Japanese money transfer

Ripple are hoping that the move will place them at the center of the huge Japanese international money transfer market. They believe that can offer more affordable transfer than SWIFT is. Money Tap app could be more efficient in transfer smaller amounts of money than was previously feasible with traditional options.

It is interesting that it will also compete with remittance companies like The Western Union Co. (WU). The launch will also support Ripple’s claims of offering a robust and dependable technology platform that can form the strong support of the modern payment system.

Japanese MoneyTap app and Ripple keep the project under the veil

We must say that practically no information on the project has been already revealed, but it is clear that Money Tap will be used by the Japanese Bank Consortium that unites over 60 local banks. That is almost 80% of the country’s banking system.

The CEO of a Tokyo-based Strategic Business Innovator Group (SBI) has once said that they are also examining a possibility to use XRP for bridging currency on the Money Tap fund transfer platform. Now SBI is working with different cryptocurrencies.

Ripple solutions and XRP tokens represent a special interest for SBI. Just a few months ago, the company established its crypto exchange called VCTRADE.

Good news for Ripple, more and more financial institutions are implementing Ripple’s technology to make easier their processes.

But fans of the Ripple project, particularly XRP token, should hold off on celebrating just yet. Like with many of the projects Ripple is working on, it could be that the service exists without using the token itself. Whilst this would likely be positive for those invested in terms of exposure, it would not represent automatically adoption of XRP in itself.

It would make sense for Ripple to sideline their XRP token given that it is still not clear whether global regulators deem it as a security.

Risk Disclosure (read carefully!)

14th September 2018
Asian shares a sea of red on trade, emerging market anxieties

(Reuster)

According to Reuters, Asian shares fell for a sixth straight session on Thursday as oil skidded and safe-haven gold gained, with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the U.S.-China trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS fell 0.4 percent to hit its lowest since mid-August. Japan’s Nikkei .N225 slipped 0.2 percent while Australian and New Zealand indices.NZ50 fell more than 1 percent each.

China’s blue-chip index.CSI300 slipped 0.2 percent while Hong Kong’s Hang Seng index.HSI dipped 0.5 percent. Read the full article about Asian shares here…

Introducing the Australian Stock Market

6th September 2018
Costa Coffee sold to Coca Cola!

1 min read

Whitbread, a leisure group taking in coffee shops and hotels, said earlier this year it would spin off Costa Coffee and list it as a separate entity, following pressure from activist investor Elliott.

Whitbread has agreed to sell Britain’s biggest coffee chain to Coca-Cola in a £3.9bn deal. On Friday the company said a sale of the business is now “in the best interests of shareholders”.

Whitbread’s stock rose more than 18% in early trading on Friday.

Leisure group Whitbread says sale ‘in best interests of shareholders’.

Profit of this deal will be used to pay down debt and increase the pension fund. Whitbread said it intends to return a majority of net cash proceeds to shareholders.

Earlier this year it was reported that Whitbread has been got close to a potential buyout of Costa Coffee.

The company said the sale of the coffee chain will allow it to focus on its Premier Inn hotels business.

Hospitality group Whitbread is cutting hundreds of management roles, two months after confirming plans to spin off its Costa Coffee business, The UK Independent revealed earlier in July.

The company will let at least 250 managers go as part of a restructuring of its restaurant business, which is held under the Premier Inn brand.

Employees were told about the redundancies but were given no further detail at that time.

But on Friday everything became clear.

Workers have been concerned that job cuts were appearing since the Costa spin-off was announced, and feel that the process has not been handled well by Whitbread, according to a source close to the company.

Chief executive Alison Brittain said: “This transaction is great news for shareholders as it recognizes the strategic value we have developed in the Costa brand and its international growth potential, and accelerates the realization of value for shareholders in cash. This combination will ensure new product development, continued growth in the UK and more rapid expansion overseas.”

Whitbread bought Costa Coffee, which is now the UK’s biggest coffee chain, for just £19m in 1995. when it had only 39 shops and now has more than 2,400 UK coffee shops, as well as some 1,400 outlets in 31 overseas markets. Costa Express has 8,237 vending machines worldwide.

For Coca-Cola, the transaction represents a leap into the global coffee market, where it has little presence, allowing it to diversify away from fizzy and sugary drinks, which have declined in popularity among increasingly health-conscious consumers.

Coca-Cola chief executive James Quincey told investors on a conference call that Costa was “a winning company that can go global”.

He admits that retail sales were a new area for Coca-Cola, but said Costa already had “a strong management team” and that Coca-Cola intended to “make it attractive for them to stay”

Think the Coca-Cola dividend, its stocks provide a remarkable wealth to investors like Warren Buffett.

Risk Disclosure (read carefully!)

1st September 2018