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Rabu, 31 Maret 2021

Deliveroo shares drop 30% on stock market debut - BBC News

Deliveroo shares have plummeted on its stock market debut after a number of major UK investors expressed concerns about its gig economy worker model.

Shares in the food delivery business had been offered to investors at 390p each, but dived in early London trading to 275p at one stage, a 30% fall.

The company had initially hoped for a share price of up to 460p.

But in recent weeks a number of high-profile fund managers said they would not be buying the shares.

Shares later recovered some earlier losses to trade down about 11%.

Deliveroo, which has not yet made a profit, said it had chosen the lower price due to "volatile" market conditions.

The investors were put off by factors including the working conditions of its riders and a lack of investor power over the direction of the company.

They include some of the UK's biggest investment fund managers, including Aberdeen Standard, Aviva Investors, BMO Global, charity fund manager CCLA, Legal and General Investment Management and M&G.

Another reason they refused to invest was that founder Will Shu will have shares that gave him 20-times the voting power of other investors.

'Tech success'

Deliveroo's self-employed drivers have seen a boom in demand during the Covid-19 pandemic, bringing food from restaurants to housebound customers.

Deliveroo's planned share sale had attracted much attention as it is one of the UK's biggest flotations since Glencore's in May 2011 and also the biggest technology platform float on the London Stock Exchange.

Chancellor Rishi Sunak said in March the listing of the Amazon-backed company was a "true British tech success story" that could clear the way for more initial public offerings by fast-growing technology firms.

A share flotation sees the wider investment community assess the value of a company.

Initially, Deliveroo hoped to see that value as high as £8.8bn, based on a share price of 390-460p. It scaled that back to £7.6bn, but the share price drop wiped £2.28bn off that.

Chief executive Will Shu said: "I am very proud that Deliveroo is going public in London - our home.

"As we reach this milestone I want to thank everyone who has helped to build Deliveroo into the company it is today - in particular our restaurants and grocers, riders and customers.

"In this next phase of our journey as a public company we will continue to invest in the innovations that help restaurants and grocers to grow their businesses, to bring customers more choice than ever before, and to provide riders with more work."

'Plain mis-priced'

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said the biggest concern from investors was about worker rights: "The flexible employee model of Deliveroo's riders is a huge pillar of the group's plans for success.

"If forced to offer more traditional employee benefits, like company pension contributions, Deliveroo's already thin margins would struggle to climb, and the road to profitability would look very tough indeed."

She said it was difficult to value the firm as it had yet to turn a profit.

Neil Wilson, chief market analyst for Markets.com, said that "even pricing the initial public offering at the bottom of the range, Deliveroo was demanding too high a price tag for a loss-making delivery platform in a very competitive space with a questionable path to profitability.

"The books were covered, it was just plain mis-priced."

AJ Bell investment director Russ Mould said the backlash by fund managers "is likely to have spooked a lot of people who applied for shares in the initial public offering, meaning they are racing to dump them".

The initial public offering was made to institutional investors and Deliveroo customers were able to register their interest.

Share trading is currently conditional, meaning the initial public offering can be cancelled. Trading is expected to become unconditional on 7 April.

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2021-03-31 10:22:15Z
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Deliveroo shares drop 30% on stock market debut - BBC News

Deliveroo shares have plummeted on its stock market debut after a number of major UK investors expressed concerns about its gig economy worker model.

Shares in the food delivery business had been offered to investors at 390p each, but dived in early London trading to 275p at one stage, a 30% fall.

The company had initially hoped for a share price of up to 460p.

But in recent weeks a number of high-profile fund managers said said they would not be buying the shares.

Shares later recovered some earlier losses to trade down about 11%.

Deliveroo, which has not yet made a profit, said it had chosen the lower price due to "volatile" market conditions.

The investors were put off by factors including the working conditions of its riders and a lack of investor power over the direction of the company.

They include some of the UK's biggest investment fund managers, including Aberdeen Standard, Aviva Investors, BMO Global, charity fund manager CCLA, Legal and General Investment Management and M&G,

Another reason they refused to invest was that founder Will Shu will have shares that gave him 20-times the voting power of other investors.

Deliveroo's self-employed drivers have seen a boom in demand during the Covid-19 pandemic, bringing food from restaurants to housebound customers.

Deliveroo's planned share sale had attracted much attention as it is one of the UK's biggest flotation since Glencore's in May 2011 and also the biggest technology platform float on the London Stock Exchange.

A share flotation sees the wider investment community assess the value of a company.

Initially, Deliveroo hoped to see that value as high as £8.8bn, based on a share price of 390-460p, it scaled that back to £7.6bn, but the share price drop wiped £2.28bn off that.

Chief executive Will Shu said: "I am very proud that Deliveroo is going public in London - our home.

"As we reach this milestone I want to thank everyone who has helped to build Deliveroo into the company it is today - in particular our restaurants and grocers, riders and customers.

'Plain mis-priced'

She said it was difficult to value the firm as it had yet to turn a profit.

"The books were covered, it was just plain mis-priced."

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British food delivery firm Deliveroo slides 30% in market debut - CNBC

In this article

A Deliveroo cyclist in London, U.K.

Dinendra Haria | SOPA Images | LightRocket | Getty Images

LONDON — Shares of British food delivery start-up Deliveroo sank in its stock market debut Wednesday, as the company faces pressure from top investors and trade unions over workers' rights.

Deliveroo, which is backed by Amazon, saw its shares down around 30% in early deals compared to the issue price.

The company priced its shares at £3.90 ($5.36) Tuesday, giving it a market value of £7.59 billion, which is at the bottom end of its IPO target range.

But the company's share price was down to around £2.73 as shares began conditional trading.

Deliveroo is selling 384,615,384 shares, equating to an offer size of approximately £1.5 billion. Of that, £1 billion will go to the company itself and £500 million will go to existing shareholders, with Amazon and Will Shu, the company's CEO and co-founder, among those set to gain the most.

The company's shares began trading under the ticker "ROO" at 8 a.m. London time on Wednesday. However, retail investors won't be able to trade Deliveroo shares until conditional dealings end on April 7.

Deliveroo's IPO offer is the largest in the U.K. since e-commerce firm The Hut Group raised £1.88 billion in a listing last September. In terms of market cap, it is the biggest IPO to take place in London since Glencore went public nearly a decade ago. It's also Britain's largest-ever tech listing by value, surpassing that of The Hut Group and Worldpay which debuted in 2015 before delisting.

'Next phase of our journey'

"I am very proud that Deliveroo is going public in London — our home," said Shu in a statement. "As we reach this milestone I want to thank everyone who has helped to build Deliveroo into the company it is today — in particular our restaurants and grocers, riders and customers."

He added: "In this next phase of our journey as a public company we will continue to invest in the innovations that help restaurants and grocers to grow their businesses, to bring customers more choice than ever before, and to provide riders with more work. Our aim is to build the definitive online food company and we're very excited about the future ahead."

It's a major vote of confidence in London, as the U.K. capital looks to attract high-growth tech companies and boost its financial clout after Brexit. British Finance Minister Rishi Sunak described Deliveroo as a "true British tech success story" when the company announced plans to list in London.

However, the IPO has been hit by concerns over Deliveroo's treatment of its drivers, the company's governance and valuation. Legal and General, Aberdeen Standard, Aviva and M&A — which collectively have about £2.5 trillion in assets under management — have all shunned Deliveroo's debut.

Each of the investment firms cited concerns about the gig economy in which Deliveroo operates. The company's turquoise-uniformed couriers have become ubiquitous in London and other cities during the coronavirus pandemic, as people turned to food delivery apps for their groceries.

Some of Deliveroo's riders are going on strike next Wednesday once its IPO opens up to retail traders, to protest what they see as poor working conditions and low pay. For its part, Deliveroo says its drivers are given flexibility to work when they want and earn £13 an hour on average during the busiest times.

That hasn't cooled investor worries over Deliveroo's business model, however. Earlier this month, Uber reclassified all its U.K. drivers as workers entitled to a minimum wage and other benefits after the country's top court ruled a group of drivers should be treated as workers.

This is expected to result in higher costs for Uber — potentially to the tune of $500 million, according to Bank of America. Investors are worried that Deliveroo may suffer the same fate, and the company has set aside £112 million to cover potential legal costs relating to the employment status of its riders.

Meanwhile, institutional shareholders have also raised concerns with Deliveroo's governance. The company is listing in London with a dual-share class structure, which gives Shu over 50% of the voting rights.

Test for London

Deliveroo's IPO will be a test of London's tolerance for high-growth tech companies that spend heavily on growing at scale before prioritizing profits.

It's a mantra that gained popularity in Silicon Valley with Amazon, which had initially been unprofitable for a number of years. Deliveroo remains heavily lossmaking, having reported a loss of £223.7 million million in 2020. But the company has managed to enter the black in recent months thanks to a rise in demand for food delivery.

But U.K. investors are worried by Deliveroo's lofty £7.6 billion valuation, especially at a time when vaccines are being rolled out and countries are plotting a reopening of their economies. DoorDash, a U.S. rival to Deliveroo that went public last year, has a significantly higher market cap of around $42 billion.

Deliveroo warned it could have failed early last year as an investment from Amazon, its largest outside shareholder, was put on hold amid a competition review. Amazon's stake in Deliveroo was later approved by regulators.

"A lack of blockbuster listings in London and pent-up investor demand during the pandemic have created encouraging market dynamics for Deliveroo," said Nalin Patel, EMEA private capital analyst at PitchBook.

"However, near term volatility facing public equities and questions surrounding workers' rights have impacted IPO pricing and investor participation," Patel added.

Nevertheless, several tech firms are flocking to London to list their shares, with the likes of Trustpilot and Moonpig having both done so recently. A number of other firms, including Wise and Darktrace, are expected to debut later this year.

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2021-03-31 07:30:00Z
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UK economy fights back: Growing by 16.9% and 1.3% in last 6 months of 2020 – ONS - Daily Express

Office for National Statistics data reveals the economy grew by 16.9 percent and 1.3 percent in the third and fourth quarters of 2020. However, gross domestic product (GDP) shrank by more than expected in the second quarter during the first coronavirus lockdown, plunging by 19.5 percent.

Overall GDP plummeted by 9.8 percent overall in 2020, against an initial recording of 9.9 percent last year.

This is the largest contraction of the UK economy in more than 300 years since 1709, according to a GDP reconstruction by the Bank of England.

The ONS however stressed GDP estimates are "subject to more uncertainty than usual" and likely to have larger-than-normal revisions due to the challenges of collecting data in the pandemic.

Meanwhile, UK output expanded 1.3 per cent in the final quarter of 2020 compared with the previous three months, an increase revision from 1 per cent.

Brits also saved more as the household saving ratio, the average percentage of disposable income that is saved, increased to 16.1 per cent in the final quarter of last year.

This figure is an increase from 14.3 percent in the third quarter of 2020 and one of the highest ratios since 1963 when records first began.

Data also revealed Britain’s current account deficit widened to 26.3 billion pounds in the fourth quarter, almost double the shortfall in the third quarter, as firms rushed to import goods before the January 1st start to the country’s less open trade relationship with the European Union.

But the deficit is a long-standing concern for investors because it leaves Britain reliant on foreign inflows of cash.

Jonathan Athow, deputy national statistician at the ONS, said: "Our revised quarterly figures show the economy shrank a little more than previously estimated in the initial stages of the pandemic, before recovering slightly more strongly in the second half of last year.

"However, these new estimates paint the same overall picture as before, with historically large falls in GDP in the spring, followed by a recovery in the summer and autumn."

Recent monthly figures from the ONS also show that the third English lockdown sent GDP plunging 2.9% in January, though this was better than feared by experts.

In separate figures also released this morning, the ONS said the UK current account deficit - the difference between the value of the goods and services the UK imports and the goods and services it exports had widened to £26.3 billion in the fourth quarter of 2020.

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This is equivalent to 4.8 percent of Britain's GDP and is almost twice the level seen in the previous three months as firms stockpiled imports ahead of the December 31 Brexit deadline.

The UK economy suffered among the largest contractions of all the countries in the Organisation for Economic Co-operation and Development (OECD), with only Spain and Argentina seeing steeper falls.

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2021-03-31 06:26:00Z
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COVID-19: Millions of people told they no longer need to shield from coronavirus - Sky News

More than 3.7 million people in England and Wales have been told that after today they no longer need to shield from the coronavirus.

The extremely clinically vulnerable, including cancer patients having chemotherapy and stem cell transplant recipients, should now follow the same rules as the rest of the population.

A letter sent to the group said shielding has been paused due to falling virus infection rates, but it still urged the most vulnerable to keep social contacts to a minimum and to stay at a distance from other people.

Those on the shielding list should work from home where possible but bus driver Matt Hemming, a kidney transplant recipient on the shielding list, is worried about having to return too soon.

Mr Hemming said he didn't understand why shielding has to "end overnight", and thought the transition should be "drawn out with more precautions".

He said: "I don't yet have a date for my second vaccine and my consultant has advised me not to return to work until at least three weeks after I've had my second jab."

Research from the charity Scope suggests 75% of disabled people plan to continue shielding until after their second vaccine dose.

Louise Rubin, head of policy and campaigns at Scope, said many people would be "filled with anxiety" about "being forced into a choice between their health and their finances".

Another charity warned that employers must "make adjustments" for the clinically vulnerable after shielding ends.

Macmillan Cancer Support policy officer Sara Bainbridge said: "It doesn't need to change immediately.

"Employers need to take into account that this is a difficult situation for someone who might not have been in the workplace for a long time. We know there are options and adjustments that can be made safely."

Those on the shielded patient list were asked to stay at home as much as possible from 5 January, and in February 1.7 million people in England were added to the list. More than 90% have had their first dose of the COVID-19 vaccine.

People who were shielding can access priority supermarket delivery slots until 21 June if they have already registered.

GPs have also been asked to maintain the shielding list in case it is necessary to identify clinically extremely vulnerable people in the future and to resume shielding.

Deputy Chief Medical Officer for England Dr Jenny Harries said she recognised the impact shielding has had on people's wellbeing and it is the "right time for people to start thinking about easing up on these more rigid guidelines".

Dr Harries said: "We will continue to monitor all of the evidence and adjust this advice should there be any changes in infection rates."

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2021-03-31 04:33:04Z
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Selasa, 30 Maret 2021

Archegos Capital Management boss Bill Hwang reels after fund meltdown - This is Money

The man at the centre of a hedge fund meltdown has broken his silence after suffering 'one of the single greatest losses of personal wealth in history'.

Bill Hwang, a multi-billionaire financier who invested his wealth through his firm Archegos Capital Management, went to ground after his fund hit the rocks last week.

But in the first disclosure the firm has made since causing a £20billion sell-off, a spokesman for Archegos said Hwang, pictured, was having a 'challenging time' and was still trying to 'determine the best path forward'.

Fund crisis: Bill Hwang, a multi-billionaire financier who invested his wealth through his firm Archegos Capital Management, went to ground after his fund hit the rocks last week

The comments came as experts tried to get a grip on the losses which Hwang has suffered.

Mike Novogratz, a former Goldman Sachs partner who has been investing for almost three decades, said: 'When the facts come out, my sense is the Bill Hwang blow-up will be the most spectacular personal loss of wealth in history.'

Bankers and analysts have estimated that the personal fortune of Hwang, a former hedge fund manager known as a 'Tiger cub' because he earned his credentials at the renowned Julian Robertson's Tiger Management, could have topped £7billion before last week's meltdown.

But because he borrowed so much to increase the size of his trades, the sell-off he caused was much bigger.

Rival banks caught out by Goldman

Goldman Sachs has riled rival banks after leading the Archegos sell-off, which left the likes of Credit Suisse and Nomura suffering heavy losses.

The prime broker arm of Goldman lent heavily to Archegos. So had Credit Suisse, Nomura, UBS, Morgan Stanley and Wells Fargo. When it became clear some Archegos bets were turning sour, the banks realised they would need to sell some of the shares they held for Archegos to recoup money owed.

They held talks that extended late into Thursday on how to do it in an orderly way. Sources said they were close to reaching an agreement. But on Friday, when markets opened, Goldman sold huge blocks of Hwang’s shares, and prices fell.

The rest rushed to follow suit.

Nomura has said the incident could wipe out its profits from the last six months, and Credit Suisse estimated the hit would be between £2billion and £3billion.

A source close to one of the banks said: ‘There was certainly a bit of that “I’m alright, Jack” mentality from Goldman.’

Archegos said: 'This is a challenging time for the family office of Archegos Capital Management, our partners and employees. All plans are being discussed as Mr Hwang and the team determine the best path forward.'

So-called family offices like Archegos, which manage the money of one very wealthy family, are exempt from making many of the disclosures which normal hedge funds and investment firms are held to.

This means the actual size of Hwang's fortune, and how much has been eroded from it, are unclear.

Archegos fell into trouble last week, after a few stocks it placed big bets on – including US media titans Viacom, CBS and Discovery – fell in value.

Shareholders were worried that the companies were losing ground to newer rivals such as Netflix and Disney Plus.

But the situation spiralled out of control for Archegos. It had borrowed large amounts of money from the prime brokerage arms of banks to increase its stake in firms such as Viacom.

This allowed it to buy a larger exposure than it would otherwise be able to afford.

But when those prime brokers saw Viacom shares falling, they issued a margin call – essentially asking Hwang to give them more money as security, to protect them from any losses.

Hwang didn't have the cash to hand, meaning he defaulted on his loans with the prime brokers. This gave them the right to sell the shares they held on his behalf, to recoup the money he owed them.

It prompted a sell-off of around £20billion, as prime brokers including Goldman Sachs, Morgan Stanley, Wells Fargo and UBS rapidly offloaded Hwang's stock, causing their price to plummet further as the market was flooded.

Credit Suisse and Japanese bank Nomura, which were slower to sell, have suffered massive losses. Analysts at JP Morgan estimate losses across all banks from the crisis could hit £7bn.

Now, regulators around the world are quizzing the prime brokers involved, to see if any acted inappropriately.

The UK's Financial Conduct Authority and the US Securities and Exchange Commission have requested information from the banks.

Although the debacle might be the most financially painful for Hwang, it isn't the first scandal he has been involved in.

In 2012, he admitted in a US lawsuit to insider trading and manipulating Chinese bank stocks. He stumped up £32million in fines and agreed to be barred from the industry.

For years after, he was blacklisted by banks including Goldman Sachs which refused to work with him.

Goldman eventually relented, enticed by the lucrative business which Hwang represented.

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2021-03-30 21:19:33Z
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VW rebrands as 'Voltswagen' in the US - BBC News

German carmaker Volkswagen is to rebrand itself as "Voltswagen" for the US market to mark its ongoing shift to electric vehicles.

The change applies immediately and will be reflected across its cars, branding and website.

VW, which has committed to sell one million electric vehicles worldwide by 2025, confirmed the plan after it was leaked to US media on Monday.

Some initially thought it was an early April Fool's joke.

Putting this out there: Voltswagen is an April Fool's joke. You can @ me in a couple days if I'm wrong.
— Russell Gold (@russellgold) March 30, 2021

The BBC is not responsible for the content of external sites.View original tweet on Twitter

"We might be changing out our K for a T, but what we aren't changing is this brand's commitment to making best-in-class vehicles for drivers and people everywhere," said Scott Keogh, president and chief executive of Voltswagen of America.

"This name change signifies a nod to our past as the peoples' car and our firm belief that our future is in being the peoples' electric car."

Analysis box by Theo Leggett, business correspondent

When a press release outlining Volkswagen of America's decision to rebrand itself was leaked to the US media yesterday, it was widely assumed to have been an early April Fools' joke.

But today, the company confirmed that it would indeed be calling itself Voltswagen in future, in recognition, it said, of its investments in developing electric cars.

In practice, the change is unlikely to make much difference. Volkswagen's share of the US market is very small, its cars will continue to use a VW badge - and everywhere else in the world, Volkswagens will remain Volkswagens.

The Volkswagen Group has long supported the goals of the Paris Climate Agreement and aims to become carbon neutral by 2050.

However, its environmental record was damaged by the diesel emissions scandal of 2015. The firm admitted to installing software that was capable of cheating emissions tests in 11 million diesel vehicles worldwide.

As a result it has faced huge fines and compensation claims in Europe and the US, and two VW employees have received jail terms in America.

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2021-03-30 18:44:07Z
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Rabu, 31 Maret 2021

'Tech success'

'Plain mis-priced'

'Plain mis-priced'

'Next phase of our journey'

Test for London

More from Covid-19

Selasa, 30 Maret 2021

Rival banks caught out by Goldman