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Thursday Papers: Global number of IPOs highest since financial crisis

And European groups such as Barclays and Shell warn of billion-dollar hits from Trump tax reform.

Thursday Papers: Global number of IPOs highest since financial crisis

Top stories

  • Financial Times: Global exchanges attracted the largest number of listings since the financial crisis this year, with a resurgence of activity in the US and a record number of Chinese deals belying concerns that companies are cooling to the idea of public ownership.
  • Financial Times: Some of Europe’s biggest companies, such as Barclays and Shell, have warned investors to expect a multibillion-dollar hit from US president Donald Trump’s tax reform, which will reduce their ability to deduct past losses against future tax bills.
  • The Times: Geely, the acquisitive Chinese automotive group that makes London taxis in Coventry, is to become the largest shareholder in the £30 billion stock market-valued Volvo lorry and busmaker as it bought a €3.25 billion (£2.9 billion) stake for 8.3% of Stockholm-listed Volvo Group from Cevian Capital, a Swedish fund manager.
  • The Daily Telegraph: Embracing greater automation is vital to reap the full productivity benefits offered by technology and offer much-needed wage rises, the IPPR think tank has said.
  • Financial Times: Copper prices rallied to their highest level in almost four years on Wednesday, putting the metal on track for its best year since 2010, in what was a welcome development for some of the world’s largest mining companies following years of oversupply.
  • The Daily Telegraph: Business growth picked up at its fastest pace since 2015 in the final months of 2017, reinforcing hopes that the economy is recovering.

Business and economics

  • Financial Times: Large asset managers are set to benefit from new European rules around payment for research at the expense of smaller rivals, experts say, creating an “uneven playing field” that could have far-reaching consequences for the industry.
  • Financial Times: Smart beta funds have hit the $1 trillion of assets milestone, testifying to the increasing popularity of the investment strategy.
  • The Guardian: Five months after Boots bowed to public pressure and promised to reduce the price of emergency contraception, it has made good on its promise in less than 3% of its stores.
  • The Daily Telegraph: Shares in Premier Oil rose as much as 7.2% on Wednesday reaching their highest point since February, after its North Sea-based Catcher project produced its first oil on schedule.
  • The Daily Telegraph: Lloyds Banking Group was the UK’s biggest corporate taxpayer for the second year running last year, after paying £2.3 billion in taxes for 2016.
  • The Daily Telegraph: Shares in serviced office provider International Workplace Group jumped more than 27% after the company received a takeover approach.
  • The Guardian: A campaign to return the East Coast rail franchise to public ownership has been launched in protest against the government’s bailout of the Stagecoach-operated Virgin Trains service.
  • The Times: Apple is facing at least nine lawsuits from consumers less than a week after admitting that it deliberately slows down certain models of the iPhone without warning to compensate for poor performance of ageing batteries.
  • The Daily Telegraph: Apple's chief executive, Tim Cook, saw his salary and bonus jump 47% in the last year to almost $13 million (£9.7 million), a filing revealed on Wednesday.
  • Financial Times: The ratio of chief executives’ pay to the earnings of their employees at the UK’s biggest companies outstrips that of many of their continental European counterparts, according to a new study.
  • The Times: An electric plane backed by Easyjet will take to the air in 2018, the short-haul airline has claimed; Easyjet is a main supporter - though as yet with no financial backing - of Wright Electric, a US West Coast technology start-up that claims it will be flying zero-emission small passenger aircraft on flights from London to Paris by 2030.
  • Financial Times: A subsidiary of China State Construction Engineering, the world’s largest publicly traded contractor, has been dragged into a New York court on allegations it intentionally hampered the development of a $3.5 billion luxury casino resort in the Bahamas.
  • Financial Times: One of China’s largest cities, Guangzhao, will allow residents to link their national identity cards to the ubiquitous mobile messaging and social-media app WeChat using facial recognition, further enmeshing Chinese consumers into Tencent’s technology ecosystem.

Share tips, comment and bids

  • The Times (Tempus shares tips): Hard times were eased by Burford.
  • Daily Mail: Sofa group DFS has acquired a clutch of stores and assets from failed retailer Multiyork Furniture, in a bid to boost its share of the sofa market in 2018.
  • Financial Times: The family behind global coffee brand Lavazza has acquired a minority stake in Chili, an Italian video-on-demand platform that counts Hollywood studios Sony Pictures Entertainment and Paramount Pictures among its investors.
  • Financial Times: Ascential has bought ecommerce analytics provider Clavis Insight in a deal worth at least $119 million, as the owner of Retail Week magazine and the Cannes Lions advertising festival continues to extend its reach beyond publishing and events.
  • The Times (Comment): Economists give us reasons to be cheerful about 2018.

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