What the other papers say this morning – 28 February 2014
FINANCIAL TIMES
Investors disappointed in AO float
Hundreds of institutions that tried to buy into the float of online retailer AO World have been left disappointed, after 85 per cent of the new issue was awarded to just 15 investors. One-third of the 300 institutions that applied for shares in the float received no allocation at all, said people familiar with the process, and the majority of the others were granted little more than a token numbers of shares.
Loeb pushes for Sotheby’s board seats
Dan Loeb, the activist investor, will try to force his way on to the board of Sotheby’s at the company’s next annual shareholder meeting, saying the 270-year-old auction house needs a “fundamental corporate restructuring”. After months of broadsides against strategy of a management team he said was “living a life of luxury at the expense of shareholders”, Loeb’s hedge fund Third Point yesterday launched a proxy battle for board seats.
Shanghai cracks down on taxi apps
Technology companies trying to break into China’s taxi market have been dealt a setback after the Shanghai government said it would limit the use of taxi-hailing apps in the city – and ban their use during rush hour. Apps that help users hail and pay for cabs have taken off in China, and have become the battleground in a proxy war for dominance in the mobile market.
THE TIMES
Oriel Securities in takeover talks
Oriel Securities, the private City stockbroker specialising in small and mid-cap companies, is in merger talks with the US owner of Keefe, Bruyette & Woods. Oriel was approached by Stifel Financial, a $3bn brokerage and investment bank, several weeks ago, according to Sky News.
Arcadia opens HQ to pupils after fine
The Education Secretary has backed a work experience programme launched by Arcadia, the fashion chain penalised by the taxman for using unpaid interns. Chief executive Sir Philip Green was joined by Michael Gove at the launch of a scheme that gives pupils experience at its head office.
The Daily Telegraph
Rome days away from bankruptcy
Matteo Renzi, the Italian prime minister, came under pressure yesterday as the city of Rome verged towards bankruptcy after parliament threw out a bill that would have injected fresh funding.
One Direction label chief in shock exit
Sony Music UK, Britain’s second-biggest record label, was in turmoil on yesterday following the sudden departure of its chief executive Nick Gatfield. The exit of Mr Gatfield, who took the helm only two and a half years ago, was announced to shocked staff at Sony Music’s Kensington headquarters with no explanation.
THE WALL STREET JOURNAL
Capital One receives subpoenas
Regulators have issued subpoenas and requested information from Capital One Financial and one of its subsidiaries GreenPoint Mortgage Funding as part of probe into alleged mortgage-bond fraud, bank said in a regulatory filing yesterday. A spokeswoman for Capital One declined to comment.
Allianz backs new Pimco management
Allianz backed the new management team at its Pacific Investment Management Co. unit (Pimco), even as the performance of the US fund manager weighed on the German insurer’s fourth-quarter earnings. Pimco has faced some turmoil in recent months as pressure in the bond market.