Thursday November 26 2015
Get the latest news from The City at 8am, plus a US business update landing at 4pm
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 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.
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.
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 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.
“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.
FTSE-100: up +0.55 to 6372.19
Dow Jones: up +0.01 to 17813.39
Dax: up +1.32 to 11316.98
Cac-40: up +0.94 to 4939.22
Nikkei: up +0.49 to 19944.41
Hang Seng: down -0.04 to 22488.94
US dollar: buys €0.94230 and £0.66310
Sterling: buys $1.50800 and €1.42110
Oil: $45.79 down -0.8