Live updates

Advertisement

Chinese online giant Alibaba set to break stock record

Chinese tech giant Alibaba is expected to set the price of its shares in what could be a record-breaking initial public offering (IPO).

Jack Ma founded Alibaba 15 years ago. Credit: Reuters

Alibaba is the online shopping leader in China, controlling four-fifths of all e-commerce in the world's second biggest economy. It handles more transactions than Amazon and eBay combined.

But unlike its western rivals, Alibaba does not own most of the goods it sells. Instead, it connects buyers with sellers - some of which offer rather unusual items.

The stock price for when the company enters New York Stock Exchange is expected to range between $66 and $68 a share due to the strong demand.

At the top end of that range, the IPO would raise almost $22 billion (£13.5 billion).

Alibaba plans to expand its business in the United States and Europe after the deal.

Dixons Carphone hopes to take on 800 Phones 4u staff

Dixons Carphone has offered to take on 800 of the 5,600 staff who faced being out of work after the collapse of mobile phone retailer Phones 4u.

The jobs are for staff who currently work at Phones 4u concessions within Currys/PC World stores, which were recently taken over by Dixons Carphone.

A statement on the company website said: "With regards to our Phones 4U shop-in-shop colleagues we hope to help them secure new roles with us and are opening up discussions with the administrators to agree our position."

Dixons Carphone also tweeted that roles could be available for Phones 4u staff at Carphone Warehouse and Dixons.

More hope was offered by reports that network operators Vodafone and EE may be willing to buy part of Phones 4u's business.

Advertisement

UBS warns of economic slump risk over Scotland vote

Banking giant UBS has warned that anything other than a decisive No vote at the Scottish referendum risks an economic slump in the country.

A narrow victory for the No campaign and a retention of the Union could still lead to an economic downturn, as uncertain investors may be spooked by the possibility of another referendum in the near future, the bank said.

Savers with Scottish banks could 'scramble' to take their money out of the country. Credit: Tim Goode/EMPICS Entertainment

UBS economist Paul Donovan said the so-called "Quebec scenario", named after the economic dip the province suffered after narrowly rejecting independence from Canada in 1995, could threaten jobs and investment.

In the event of a Yes vote, Mr Donovan suggested that the UK monetary union may not last the transitional phase as savers with Scottish banks "scramble" to take their money out of the country.

Load more updates