Berlusconi scores point off Bolloré in mogul feud 3 Apr 2018 Shares in the former prime minister’s Mediaset TV group jumped after it agreed to collaborate with Sky’s Italian unit. An investor in Mediaset, Vincent Bolloré’s Vivendi will gain from the deal. But, as Berlusconi and Sky grow closer, Bolloré’s own ambitions risk being sidelined.
Telegram sends warning to Wall St and Sand Hill Rd 3 Apr 2018 Russian entrepreneur Pavel Durov’s messaging service raised $1.7 bln from private sales of its crypto-currency this year, besting all but three IPOs. Booming coin offerings face more oversight and many ring hollow. But Durov’s tech chops should give bankers and VC firms pause.
Disney and Fox open door to higher Sky bid 3 Apr 2018 The U.S. media giant may buy the UK group’s news business to ease regulatory concerns over merger partner Fox’s bid for the whole company. Given Disney probably has little interest in the loss-making channel, the tactic shows a readiness to fight off Comcast’s rival bid for Sky.
Siemens’ slimming strategy is half-hearted 3 Apr 2018 A part-sale of medical unit Healthineers has failed to shrink the German company’s conglomerate discount. After all, the 84 bln euro group still spans trains, energy and factories. Siemens’ exit from the lighting and mobile businesses offers CEO Joe Kaeser a useful template.
Harbour closes in on $10 bln Santos at a price 3 Apr 2018 The private equity-backed outfit is offering 43 pct more for the Australian gas group than it did in August. That’s bold, even if energy prices have risen and the target is in better shape. Harbour must have re-run its spreadsheets, but Santos is wise to engage at this point.
China’s soybean trade card is difficult to play 3 Apr 2018 New tariffs target $3 billion worth of U.S. imports. But they don’t touch a big American pressure point: soybeans. This first round is a warning shot, to be sure. But retaliating against this commodity would hurt Chinese farmers and consumers, so Beijing might save it for last.
Spotify direct listing piles risks upon risks 2 Apr 2018 The music-streaming service’s market debut is unusual – both the price and the number of shares are up for grabs. And it comes as specific fears over Facebook and Amazon are spilling over into wider tech valuations. Those uncertainties could add up to a heap of volatility.
Dodd-Frank sheds surprising light on Wall St pay 2 Apr 2018 The widest income disparities in finance don’t involve the biggest CEO paychecks. And median comp can say more about geography and sector than inequality. The law’s pay-ratio disclosures offer useful data for investors and job seekers, and could revive a debate about offshoring.
Top Apple supplier makes case for branching out 2 Apr 2018 A one-off gain flattered quarterly results from Foxconn. But margins slid as the Taiwanese group grappled with rising expenses and the late release of the flagship iPhone X. No wonder boss Terry Gou is looking to cut the group’s heavy reliance on its Californian customer.