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View the article online at http://citywire.co.uk/wealth-manager/article/a753099

Tuesday Papers: Pfizer ends attempt to buy AstraZeneca

by Himanshu Singh on May 27, 2014 at 04:33

Tuesday Papers: Pfizer ends attempt to buy AstraZeneca

Top stories

  • The Guardian: Pfizer has abandoned its attempt to buy British drugmaker AstraZeneca in the face of opposition from UK politicians, scientists and its target's boardroom.
  • Financial Times: David Cameron on Monday embarked on a round of telephone diplomacy to urge European leaders to learn the lessons of the populist uprising against Brussels in European elections and to abandon “business as usual”.
  • The Daily Telegraph: European Central Bank president Mario Draghi has said that the bank remains "alert" about whether further action was needed to reduce the risk of deflation because the eurozone is continuing to undershoot its 2% inflation target rate.
  • The Daily Telegraph: Treasury is planning to force banks to send failed loan applicants to other providers.
  • Financial Times: Apple is readying a new software platform that would turn the iPhone into a remote control for lights, security systems and other household appliances, as part of a move into the “internet of things”.
  • The Guardian: Lloyds Banking Group is expected to announce the flotation of its TSB subsidiary, despite waning interest from the City in initial public offerings.

Business and economics

  • Financial Times: HM Revenue & Customs booked more than £8 billion of extra tax from big businesses in the year to April, helping push up its overall yield from investigations 15% to a record £23.9 billion.
  • Financial Times: The vast majority of housebuilders believe an industry target to build more than 200,000 homes a year cannot be met.
  • Financial Times: Europe experienced a significant pick-up in foreign direct investment last year, as fears of a protracted recession in the region receded; the region received €223 billion in FDI, up 25% year on year and the 4,000 FDI projects - up from 3,800 in 2012 - created 166,000 jobs.
  • Financial Times: A year of turbulence in emerging markets currencies has proved punishing for multinationals; the problem is especially acute for European companies, since the recent strength of sterling and the euro has exposed them to swings of some 20% against some of the worst hit currencies.
  • Financial Times: Rio Tinto pledged to press ahead with one of Africa’s largest industrial projects after striking a deal with Guinea’s government over the $20 billion development of a giant iron ore deposit.
  • Financial Times: A team of scientists at the US Navy’s research centre were working on a $100 million project to allow the US Marine Corp to use a specially designed app to summon an airdrop of essential supplies, via a full-sized helicopter that has been converted into a pilotless, autonomous flying machine.
  • Financial Times: Four of Europe’s 10 largest carmakers are set to miss carbon dioxide emission reduction targets, according to a study, leaving them open to fines worth hundreds of millions of euros; General Motors, BMW, Fiat and Hyundai, which together sell more than 3 million cars in Europe every year, are behind the required reduction rate and are expected to miss a 2021 deadline.
  • Financial Times: The increasing reliance on joint ventures in building projects is fuelling a surge in big legal disputes worth more than $1 billion each, according to new research; the average value of construction costs in dispute globally rose from $31.7 million in 2012 to $32.7 million in 2013, according to a study by Arcadis, an engineering consultancy.
  • Financial Times: A Google or Walmart bank would be attractive to a large slice of young consumers, according to a survey that also shows almost four in 10 people aged between 18-34 would switch to a bank without a physical branch network.
  • Financial Times: The Hut Group, the fast-growing online retailer, has ruled out an initial public offering this year, amid concerns about unsustainable technology valuations and volatile share prices.
  • Financial Times: One in five of the UK’s largest public companies are facing investor protests over powers to raise funds without seeking approval from shareholders.
  • Daily Mail: Aero-engine manufacturer Rolls-Royce is eyeing a return to the market for mid-sized aircraft, the workhorses of short-haul, no-frills airlines.
  • Daily Mail: Tate & Lyle is expected to post a slight dip in profits after its American business turned sour.
  • Daily Mail: British firms are struggling to find the right people to fill jobs as economic recovery takes hold, according to CBI.
  • Daily Express: One of Britain’s biggest bus and train operators Arriva yesterday reported a sharp rise in income and said it had submitted “strong bids” to run three rail franchises.
  • The Guardian: The business secretary, Vince Cable, has said the government will tackle abuses of zero-hours contracts once a fuller picture of the number of employers using the controversial labour-hiring system becomes available.
  • The Guardian: Sir Stelios Haji-Ioannou's plan to extend the easy brand into food retailing has received a setback after a London council rejected his easyFoodstore launch plans.
  • The Guardian: The supermarket giants Coles and Woolworths have called on the federal government to lead the states towards a deregulation of retail trading hours, citing bizarre rules that dictate when a shop can or cannot trade.
  • The Independent: Japan’s Sony is to sell and manufacture the PlayStation 4 in China, as a new joint venture allows it to follow Microsoft into one of the world’s biggest gaming markets.
  • The Daily Telegraph: Defence initiative has been stalled after doubts over funding and priorities as businesses have yet to agree on the main principles and targets of the partnership.

Share tips, comment and bids

  • Financial Times: Emaar, owner of one of the world’s biggest shopping centres, said it would list up to 25% of the shares in its retail division on Dubai’s stock exchange as the emirate’s economy surges on tourism and a property revival.
  • Financial Times: MySale, the Australian fashion sales site backed by Sir Philip Green, has acquired Cocosa, Mohamed Al Fayed’s luxury flash sale site, as it prepares to launch in the UK.
  • Financial Times: Kakao Corp, operator of South Korea’s dominant mobile messaging service KakaoTalk, will merge with smaller listed internet portal Daum Communications in an all-stock deal that values the messaging app operator at Won3.1trillion ($3 billion).
  • Financial Times: Flipkart, India’s largest ecommerce company, said on Monday that it has raised $210 million in new funding from a group of investors, in the latest vote of confidence for the country’s blossoming online retail sector.
  • The Daily Telegraph: Technology start-up Hirespace has secured £1 million in funding to roll out its venue hiring concept across the UK.
  • Financial Times (Lex): EDF: on standby.
  • Financial Times (Lex): GoPro: selfie power.
  • Financial Times (Lex): Low-cost airlines: soar play.
  • Financial Times (Lex): Sony: focus on the bad.
  • Financial Times (Lex): Ebitda: dropping knowledge.
  • Financial Times (Comments): There are other bubbles out there beyond UK house prices.

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