THE WORLD’S biggest building got off to a bad start. On the eve of its opening, Deng Hong, the man who built the mall-and-office complex, disappeared. For years Mr Deng had received tributes in local media for turning farmland into glistening conference centres and hotels. The billionaire “conference king” walked with a swagger, chomped on cigars and knew how to please officials. Hefty contracts rolled his way, including one to develop a landmark in the suburbs of Chengdu, a city of 14m in south-western China. This, the New Century Global Centre, was to be his crowning accomplishment, the world’s largest structure by floor space, the size of 246 football fields, or nearly three Pentagons or eight Louvres. Get our daily newsletter Upgrade your inbox and get our Daily Dispatch and Editor's Picks. But then he was gone, swept up in a corruption investigation just before the building’s doors opened in 2013. The media focus shifted to his hubris and his … [Read more...] about The story of China’s economy as told through the world’s biggest building
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Sears bankruptcy clash over Eddie Lampert’s bid will decide fate
Nathan Bomey USA TODAY Published 8:21 AM EST Jan 31, 2019 A last-minute bid to save Sears now faces new challenges. The U.S. government, major mall owners and other creditors are lining up to block the effort to hold off liquidation, setting up a courtroom clash to decide the fate of one of America's most iconic retailers. The federal agency that backstops corporate pensions is objecting to Sears chairman, investor and former CEO Eddie Lampert's bid to acquire the retailer out of bankruptcy, a deal that presents the last remaining alternative to going out of business altogether. The agency accused Lampert of structuring the deal to inappropriately obtain ownership of the chain's Kenmore appliance brand and the DieHard tools brand. The government's allies include certain powerful mall owners, such as Simon Property Group, which have banded together and accused Lampert of orchestrating a "scheme" to "steal" the company and capitalize on its decline. That the bankruptcy is coming … [Read more...] about Sears bankruptcy clash over Eddie Lampert’s bid will decide fate
19 Welsh businesses to watch in 2019
These 19 companies either finished the last year in a strong position or have grand plans for the year ahead. If you have a business story to tell then you can email the business desk on [email protected] 1. Acorn Recruitment The recruitment firm with its headquarters in Newport has recently expanded its operations in Australia. Acorn acquired Entire Recruitment, through its subsidiary recruitment business in Australia, Synaco, and will take over all its assets, including three branches in Sydney, Brisbane and Rock Hampton, the agency’s team of more than 20 staff and all of their current contracts. With the acquisition, Acorn’s presence in Australia will be placing a workforce of more than 1,000 temporary employees daily as well as a growing number of permanent placements across a range of industries. In 2019 its revenues will grow to approximately AUS$100m, bringing Acorn’s combined UK and global turnover to circa £180m in 2019 and placing more than … [Read more...] about 19 Welsh businesses to watch in 2019
Economic history of the United Kingdom
The economic history of the United Kingdom deals with the economic history of England and Great Britain from 1500 to the early 21st century. (For earlier periods see Economy of England in the Middle Ages and Economic history of Scotland).[1] After becoming one of the most prosperous economic regions in Europe between 1600 and 1700,[2] Britain led the industrial revolution and dominated the European and world economy during the 19th century. It was the major innovator in machinery such as steam engines (for pumps, factories, railway locomotives and steamships), textile equipment, and tool-making. It invented the railway system and built much of the equipment used by other nations. As well it was a leader in international and domestic banking, entrepreneurship, and trade. It built a global British Empire. After 1840, it abandoned mercantilism and practised "free trade," with no tariffs or quotas or restrictions. The powerful Royal Navy protected its global holdings, while its legal … [Read more...] about Economic history of the United Kingdom
Foreign relations of the United Kingdom
The diplomatic foreign relations of the United Kingdom are conducted by the Foreign and Commonwealth Office, headed by the Secretary of State for Foreign and Commonwealth Affairs. The Prime Minister and numerous other agencies play a role in setting policy, and many institutions and businesses have a voice and a role. Britain was the world's foremost power during the 18th, 19th and early 20th centuries, most notably during the so-called "Pax Britannica"—a period of totally unrivaled supremacy and unprecedented international peace during the mid-to-late 1800s. The country continued to be widely considered a 'superpower' until the Suez crisis of 1956, and this embarrassing incident coupled with the loss of the empire left the UK's dominant role in global affairs to be gradually diminished. Nevertheless, the United Kingdom remains a great power and a permanent member of the United Nations Security Council, a founding member of the G7, G8, G20, NATO, OECD, WTO, Council of Europe, … [Read more...] about Foreign relations of the United Kingdom