Alibaba starts trading in Hong Kong
The Chinese e-commerce giant Alibaba raised $11.3bn in a secondary listing on Hong Kong’s stock market, the biggest listing of 2019 so far. Its share rose 7%. Alibaba had its IPO (which raised $25bn) on the New York Stock Exchange in 2014. Sources: BBC, CNBC, Financial Times, Reuters and South China Morning Post (which is owned by Alibaba).
China dollar bonds listing
Beijing is planning to issue up to $6bn in dollar-denominated bonds this week, double the amount of its dollar bond sale last year. China raised more than €4bn in euro-denominated bonds earlier this month. Sources: Bloomberg, Financial Times and Reuters.
Westpac bank chief quits following compliance scandal
Brian Hartzer has resigned as CEO of Westpac, Australia’s second largest bank, after regulators alleged Westpac broke money laundering rules 23m times. Sources: ABC News, BBC and Sydney Morning Herald.
Uber losing London license
London’s transport regulator is withdrawing Uber’s operating license, citing a large number of uninsured and unauthorised drivers. Sources: The Guardian, MIT Technology Review and Washington Post.
LVMH taking over Tiffany
The world’s largest luxury goods group, LVMH, is acquiring the iconic US jeweller Tiffany & Co for $16.2bn. Sources: BBC, Financial Times and New York Times.
$1.1bn Green Vault museum heist
Thieves have stolen an important collection of 18th century jewellery, including diamonds and rubies, from the Grünes Gewölbe museum in Dresden. Sources: BBC, Deutsche Welle and Reuters.
Singapore media regulations applied
The first correction has been made, to an opposition politician’s Facebook post, under Singapore’s new “fake news” law. Sources: Deutsche Welle, Reuters and Straits Times.
Priests convicted for abusing deaf students in Argentina
Two Catholic priests were sentenced to more than 40 years each for sexually abusing children at a school for the deaf in the Argentine province of Mendoza. Sources: Associated Press, BBC and Reuters.
Russians face Olympics ban
A World Anti-Doping Agency panel has recommended a 4 year ban on Russia, alleging test data was manipulated. That would block Russia from international sporting competitions such as the Tokyo and Beijing Olympics and Euro 2020. The decision will be taken on 9 December. Sources: Associated Press, Deutsche Welle, The Guardian and Sky Sports.
Agenda
Wednesday 27 November, 6pm: Women in Digital Empowerment event on female startup founders. Thursday 28 November-Friday 29 November: Sustainable finance conference on “how capital markets can contribute to a sustainable low-carbon economy.” Thursday 28 November, 5pm: Catch Delano journalists during the The Jim Kent Show on 100,7 public radio. Thursday 28 November, 6pm: Speed dating between ABBL members and pre-screened fintech startups.
Here are 4 business & finance stories you may have missed
Fiscal matters: “ABC News can reveal that, in Australia, Amazon’s three local entities had combined revenues of more than $1 billion but a combined tax bill of just over $20 million in 2018.” Litigation: Apple and Intel are suing two Luxembourg-based investment vehicles in California alleging they have “stockpiled patents” expressly to pursue legal action against tech giants, per Reuters. IT equipment: Sales of data centre kit in Ireland jumped by double digits as firms safeguard against a hard Brexit, per The Register. Construction: There’s a global sand shortage and it’s starting to have an impact on both the environment and infrastructure, per the BBC.
Here are 3 science & technology stories you may have missed
Automotive: Researchers are developing electric cars that could be charged to go for 300km in just 10 minutes, per the Guardian. Self-driving car crash: The US watchdog agency NTSB blamed Uber’s “ineffective safety culture” for a fatal March 2018 accident in Arizona; Uber said it is “committed to improving the safety of our self-driving program”, per Reuters. Unintended consequences: Previous research found the arrival of ride hailing apps like Uber reduce drunk driving, but a recent study concluded that it also led to more binge drinking, per The Economist.
Right swipe right
These guys are trying to trick Tinder into presenting “hotter women” per Mel magazine.
Today’s breakfast briefing was written by Aaron Grunwald