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Tuesday Papers: Lyft seeks $23bn valuation

Tuesday Papers: Lyft seeks $23bn valuation

Top stories

  • Financial Times: Ride-hailing company Lyft is looking to raise up to $2.1 billion at a valuation of almost $23 billion in the biggest US technology listing in two years.
  • Financial Times: Speaker John Bercow has said that he would not allow Theresa May to bring back her plan for a third vote in the House of Commons without substantial changes in the agreement.
  • The Times: Boeing Co. lost a further $4 billion off its market value yesterday after it emerged that American prosecutors and government officials were investigating the safety of its 737 Max jet.
  • The Daily Telegraph: The Office for National Statistics has launched a new system to monitor growth and spot signs of danger which can track the next recession in close to real time and give advance warning about the health of the economy.
  • The Guardian: The Warner Bros chairman-CEO Kevin Tsujihara has resigned after allegations of sexual impropriety.

Business and economics

  • The Daily Telegraph: Martin Sorrell’s new advertising venture S4 Capital posted a pre-tax loss of £9.1 million for the year to December on revenues of £54.8 million; however, Sorrell said that the venture was “firing on all cylinders”.
  • The Guardian: The outsourcing firm Interserve is hoping to prevent a client exodus as rivals seek to cherry-pick parts of the business, which was bought out of administration by its lenders last week.
  • Daily Mail: Struggling Moss Bros has appointed Joules boss Colin Porter as chairman.
  • The Times: Lloyds Banking Group staff has criticised António Horta-Osório for being the only employee at the company who is entitled to a pension based on his final salary.
  • Financial Times: Travelodge, the UK budget hotel chain, plans to open 100 hotels by 2024 despite warning of short-term economic challenges.
  • The Times: Italian luxury fashion brand Prada’s shares fell more than 10% on Monday after it suffered a slowdown in sales in the second half of its financial year.
  • The Daily Telegraph: Domino’s Pizza has denied reports that it misled investors over the extent of its strained relationship with its franchise partners, who run most of its stores.
  • Daily Mail: Scandal-hit Metro Bank is said to face increasing pressure from the City watchdog to shake up its board after an accounting error.
  • The Times: A union has warned that 30,000 jobs would be at risk if Deutsche Bank’s planned merger with its rival Commerzbank goes ahead.
  • Financial Times: Mukesh Ambani has helped his brother Anil’s Reliance Communications make a $77 million payment to Ericsson, bailing him out before a deadline imposed by New Delhi’s supreme court.
  • The Daily Telegraph: A report by the Business Select Committee has criticised the Government’s industrial strategy, saying it is too focused on high-tech sectors and fast-moving companies and ignores traditional industries.
  • The Daily Telegraph: The Serious Fraud Office has arrested four people over the collapse of London Capital & Finance.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Domino’s Pizza Group; HOLD Allergy Therapeutics.
  • The Guardian: JD Sports, Britain’s biggest sports retailer, has agreed to acquire its struggling smaller rival Footasylum for £90.1 million.
  • Daily Mail: Worldpay is being bought by Florida-based Fidelity National Information Services in a £32.5 billion deal that creates one of the world's largest payment firms.
  • Daily Mail: Invesco, which owned 58.49 million Debenhams shares, or 4.8% of the company, has dumped its stock in the ailing department store as the firm battles for survival, Financial News reported.
  • Financial Times: Sports Direct has admitted for the first time that it would seek to acquire Debenhams if it collapsed.
  • The Daily Telegraph: EasyJet has abandoned talks to join a rescue deal for Italy’s troubled carrier Alitalia, which collapsed into administration two years ago.
  • The Times: Caesars Entertainment, owner of Caesars Palace casino in Las Vegas, is exploring a merger with its peer Eldorado Resorts.
  • Financial Times: Taxi-hailing company Gett is planning an initial public offering.

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Profile: Altor's Towry graduates on launching a family business

Profile: Altor's Towry graduates on launching a family business

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