Wed, Jun 12, 2019 - Page 10 News List

World Business Quick Take

Agencies

TECHNOLOGY

Apollo buying Shutterfly

Private equity firm Apollo Global Management is buying online photo publishing company Shutterfly for US$51 per share. Apollo is to pay US$1.74 billion for the 20-year-old company, which became popular offering its users prints and photobooks of their favorite shots. However, demand for that type of service has declined as people opt to share photographs online through Facebook and other social networks. Redwood City, California-based Shutterfly’s stock closed at US$50.25 on Monday — and was trading as high as US$94.28 per share a year ago. Ryan O’Hara, the former chief executive officer at real-estate company Move Inc, is to become Shutterfly’s new chief executive.

TECHNOLOGY

Salesforce to buy Tableau

Salesforce.com Inc, which makes the US’ dominant sales-tracking software, agreed to buy Tableau Software Inc in an all-stock deal valued at US$15.3 billion that it said would help give customers more ways to analyze data. The takeover would mark Salesforce’s largest deal to date, according to data compiled by Bloomberg. Tableau would remain headquartered in Seattle and would continue to be led by chief executive officer Adam Selipsky. With Tableau, Salesforce would be able to help companies tap into data they have, make smarter decisions and boost innovation, the company said.

RETAIL

Ted Baker shares plunge

Ted Baker PLC shares plunged after warning that markdowns and “extremely difficult trading conditions” would hurt its results, another setback for the UK retailer reeling from a scandal over its founder’s behavior. The apparel chain’s third move to ratchet down expectations this year followed the resignation of founder Ray Kelvin, after allegations that he gave employees unwanted hugs. While the company has moved to improve office conduct, it is succumbing to a broader UK retail crisis that has prompted stores to slash prices in an effort to move unsold goods. The shares fell as much as 30 percent early yesterday in London — the most since they began trading in 1997.

INTERNET

Alibaba picks IPO leaders

Alibaba Group Holding Ltd (阿里巴巴) has picked China International Capital Corp (中國國際金融) and Credit Suisse Group AG to lead a planned Hong Kong initial public offering (IPO), people familiar with the matter said. The online retailer is in discussions with other investment banks seeking a role on the offering, said the people, who spoke on condition of anonymity. Alibaba plans to file a formal listing application with the Hong Kong Stock Exchange as soon as the next few weeks, the people said. The offering could raise as much as US$20 billion, although Alibaba has not finalized a precise fundraising target, they said.

UNITED KINGDOM

S Korea trade deal signed

The government on Monday said that it had concluded a trade deal with South Korea to maintain links after Brexit. Secretary of State for International Trade Liam Fox has agreed a preliminary deal with South Korean Minister of Trade Yoo Myung-Hee in Seoul, the government said in a statement. It is the country’s first post-Brexit trade deal in Asia and follows similar agreements with nations including Chile, Iceland, Norway and Switzerland. Trade with South Korea was US$18.6 billion last year. The country is scheduled to leave the EU on Oct. 31.

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