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View the article online at http://citywire.co.uk/wealth-manager/article/a761386

Saturday Papers: Alibaba filing puts value at $133bn

by Himanshu Singh on Jul 12, 2014 at 05:57

Saturday Papers: Alibaba filing puts value at $133bn

Top stories

  • Financial Times: Chinese ecommerce group Alibaba values itself at $133 billion, up from $119 billion in June, according to a US regulatory filing on Friday.
  • The Guardian: British drug firm Shire Pharmaceuticals has confirmed it has held talks with US rival AbbVie after the American firm proposed combining the two drug makers in a £30 billion ($51.34 billion) deal.
  • Daily Express: Luxury fashion giant Burberry was dealt a bloody nose by investors yesterday as they revolted over new chief executive Christopher Bailey’s multi-million-pound pay deal.
  • Daily Express: The long-awaited review into the failure of HBOS at the height of the credit crunch in 2008 is set to be published by the end of this year.
  • The Guardian: Industry output had sharpest fall of 0.8% in three months, official figures show, but businesses claim building trade is still strong.

Business and economics

  • Daily Mail: Fuel cell firm Intelligent Energy is working with Apple on a secret partnership that could propel the recently-floated British technology champion into the big leagues.
  • Daily Mail: Waitrose sales fell last week despite soaring demand for French food as the Tour de France swept through Britain.
  • Daily Mail: Glencore boss Ivan Glasenberg has joined the board of tyre maker Pirelli as a non-executive director, the Swiss commodities firm said yesterday.
  • Daily Mail: Shares in Proteome Sciences stood out this week after a study, in partnership with King’s College London, showed its blood test could be used to detect the onset of Alzheimer’s.
  • The Daily Telegraph: Amazon is seeking permission from the Federal Aviation Administration to test 50mph drones in outdoor areas.
  • Financial Times: The world’s largest active fund managers, Fidelity and Capital Group, are losing market share to index trackers and niche rivals, as changing investor demands reshape the $30tn global mutual fund industry.
  • Financial Times: Apple has been dragged into an escalating confrontation over cyber security and US spying in China after its iPhone was branded a threat to national security by state media.
  • Financial Times: Soyabean markets went into freefall after a government report lifted supply estimates for the world’s most widely grown oilseed.

Share tips, comment and bids

  • Daily Express: Imperial Tobacco is set for a multi-billion-pound acquisition spree in America; it is in talks over buying brands which would be offloaded by US groups Reynolds and Lorillard to meet competition concerns as the pair close in on a £32 billion merger.
  • The Daily Express: Cinven owned Italian restaurant chain Pizza Express enters into exclusive talks with China’s Hony in £900 million deal.
  • Financial Times: Cynk Technology, the mysterious, Belize-based social media company whose shares rocketed to a multibillion-dollar valuation this week, was suspended from trading on Friday over concerns about “potentially manipulative transactions” in the stock, the Securities and Exchange Commission said.
  • Financial Times: Whirlpool has bought a controlling stake in white goods maker Indesit, the latest example of a prominent Italian industrial family selling up as Italy’s decade-long economic decline takes its toll.
  • Financial Times: Adam Pollock, the head of corporate broking at Panmure Gordon and a well-known figure in the small-cap sector, has left to join rival stockbroker Zeus Capital, sources said.
  • Daily Mail (Comment): Time for Sir John Peace to step aside after Burberry shareholders reject rich pay deal for Christopher Bailey.
  • Financial Times (Lex): Wells Fargo: America’s largest bank by market value finds that managing its XXL size is difficult.

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