What the other papers say this morning – 25 February 2014
FINANCIAL TIMES
Markit and Virtu race for IPOs
Two unique financial technology companies are preparing multibillion dollar initial public offerings, with both Markit and Virtu Financial seeking New York listings in the coming months.
Markit, the UK-based data provider, is aiming to raise at least $500m and seek a valuation of more than $5bn as early as the second quarter of this year, people familiar with its plans said.
At the same time, Virtu, a global proprietary electronic trading company that employs high frequency strategies, is aiming to raise around $300m from a listing that would value it at around $3bn, sources added. Both companies have filed confidentially.
JP Morgan Chase to cut more jobs
JP Morgan Chase is planning more job cuts in its mortgage business on top of the 13,000-15,000 positions already due to be slashed because of plunging demand for home loans.
Several thousand more cuts are planned, according to people familiar with the matter, and could be announced at JP Morgan’s annual investor day today.
Brussels probes UK state aid for Drax
Brussels has started a preliminary investigation into whether the UK breached state aid rules when it guaranteed a £75m loan to Britain’s largest coal-fired power station to help it burn wood pellets instead of coal, the Financial Times has learnt.
THE TIMES
Sky high prices for One Hyde Park
One Hyde Park, often dubbed the world’s most expensive residential block, is on offer for a weekly rent of £45,000 — two thirds more than the average Briton’s pay of £27,000 a year — or, if you prefer, £2.34m a year. You get five reception rooms, five bedrooms, five bathrooms and views of both Knightsbridge and Hyde Park.
Avincis plans to float in London
The company behind the helicopter that crashed into a pub in Glasgow in the days before Christmas, killing nine people, is looking to be listed on the London stock market. Avincis is the owner of the helicopter operator Bond Aviation.
The Daily Telegraph
Fallon calls for strong China alliance
Britain must forge an alliance with China that is as strong as its “special relationship” with the US or it could miss out on the developing nation’s huge consumer boom, according to the minister for Business and Enterprise. Michael Fallon said the world’s second-largest economy was slowly moving away from its reliance on manufacturing and becoming “increasingly advanced and consumer led”.
SSE drops wind farm plans
SSE has withdrawn planning applications for two wind farm projects on land in Scotland due to financial reasons.
THE WALL STREET JOURNAL
Airbus seeks German compensation
Airbus Group NV is demanding compensation of close to €1bn from Germany for the cancellation of an order for 37 Eurofighter combat aircraft, a spokesman for the defence ministry said yesterday. Handelsblatt reported the plane maker wants €900m in compensation. Germany last week canceled the final tranche of 37 jets that were part of an order for 180 Eurofighters.
China’s Sina plans US IPO for Weibo
Sina, the owner of China’s Weibo social-media service, hopes to take it public. Sina is aiming to raise around $500m in a US initial public offering.