Thursday November 26 2015

Get the latest news from The City at 8am, plus a US business update landing at 4pm

Is Alibaba about to buy South China Morning Post?

Alibaba has moved to buy the South China Morning Post, reports Sky News. The front page of the 112-year-old English-language newspaper has noted "intense speculation" about such a deal. It is believed that the Post's publisher SCMP Group is considering an offer from the Chinese e-commerce giant. Some newspaper staff are said to be concerned over perceived close ties between Alibaba's founder and chairman Jack Ma and the leadership in Beijing.


Apple snaps up Star Wars virtual reality firm

Apple has bought the 'Star Wars' tech firm Faceshift, reports USA Today. The system of the Swiss-based virtual reality company, whose motion capture technology permits animated avatars to double the facial movements of human actors, was used in the new Star Wars movie. Apple past acquisitions in the market include AR pioneer Metaio and 3D sensor outfit PrimeSense.


Controversial HIV drug firm lowers prices - for some

The US drug firm that raised the price of its HIV drug in the US by 5,000% says it will cut its price for some users in America. Martin Shkreli's drug company Turing Pharmaceuticals provoked outrage when, after buying the rights to 62-year old drug Daraprim, it increased the price per pill from $13.50 to $750. Turing now says it will cut the price by 50% for hospitals and offer financial assistance to individuals.


Obama’s favourite burger chain heads for UK

US burger chain Good Stuff Eatery is opening its first UK restaurant, reports The Independent. The Washington DC-based, family-run chain, whose burgers have been eaten by Barack and Michelle Obama, is on the brink of closing a deal to open in Leicester Square as part of a UK roll-out plan for 2016. Upmarket burgers are increasingly popular in the UK, as seen by the success of Shake Shack and Five Guys.


Brazilian billionaire arrested on suspicion of corruption

Brazilian billionaire André Esteves has been arrested, reports the Financial Times. The charismatic former systems analyst, who rose from a middle-class family to co-found BTG Pactual, Latin America’s biggest independent investment bank, is accused of trying to obstruct justice in a vast corruption investigation into Petrobras, the state-owned oil company.


Quote of the day… Who are tax inversion deals good for?

“Bernie Sanders and Hillary Clinton be damned! The Pfizer-Allergan merger – let’s call it “Pfallergan” – is good for America - if you’re in the 1%.” Suzanne McGee of The Guardian says tax inversion deals like Pfizer’s are likely to reinforce and even exacerbate existing economic inequality.



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