What the other papers say this morning – 10 March 2014
FINANCIAL TIMES
Spotify’s credit line hints at IPO
Spotify has secured a $200m credit facility from lenders including Morgan Stanley, bringing the Swedish music company a step closer to a potential initial public offering in the US, according to people close to the deal. The Stockholm start-up, which last year sold equity that implied a valuation of $4bn, has long refused to comment on speculation that it is preparing for a multibillion-dollar IPO.
Klarman warns of market bubble
One of the world’s most respected investors has raised the alarm over a looming asset price bubble, calling out “nosebleed valuations” in technology shares like Netflix and Tesla Motors and warning of the potential for a brutal correction across financial markets. Seth Klarman, the publicity shy head of the $27bn Baupost Group whose investment opinions have attracted a near cult-like following, said that investors were underplaying risk and were not prepared for an end to central banks reversing a five-year experiment in ultra-loose money.
Lawsky to step up assault on Wall St
Benjamin Lawsky, New York’s aggressive banking regulator who is campaigning to clean up Wall Street, is turning his sights on the individuals as well as the institutions who squeeze struggling homeowners or help banks violate US sanctions.
THE TIMES
Land Registry searches switch warning
The Land Registry could put thousands of listed homes at risk and destabilise the housing market if, as it hopes, it takes over local land searches from councils. The Council of Property Search Organisations believes that government plans to centralise local land charges registers could put 430,000 listed buildings at risk and result in home sales falling through.
La Perla pays £5m to be on Bond St
Sixty years after being founded in Bologna by Ada Masotti, the Italian corset-maker, La Perla is to make its debut on London’s Bond Street. It is understood to have paid a premium of £5m.
The Daily Telegraph
Mr Kipling’s slogan could disappear
After 47 years of using the slogan “exceedingly good cakes”, Mr Kipling is destined for a brand makeover that may mean the famous tagline disappears as its owner Premier Foods plans a new marketing push.
MtGox faced 150,000 attacks a second
Troubled Bitcoin exchange MtGox was reportedly attacked 150,000 times per second by hackers in the days leading up to its collapse last month.
The exchange, which filed for bankruptcy protection in February, was hit with crippling distributed denial-of-service (DDoS) attacks, according to the Yomiuri Shimbun newspaper.
THE WALL STREET JOURNAL
EUROPE
Boeing to inspect 787s for cracks
Boeing said a manufacturing problem had caused hairline cracks in the wings on some undelivered Dreamliner jets, requiring inspections on 43 aircraft and delaying some deliveries.
Airport operator Aena eyes IPO
Spain’s state-owned airport operator Aena Aeropuertos expects to list on Madrid’s stock exchange in the coming months, in what would be one of Europe’s largest initial public offerings so far this year. The government aims to sell 60 per cent of Aena’s capital, chairman José Manuel Vargas said.