Japanese messenger Line to be 2016’s biggest tech IPO

Japanese instant messaging service Line is planning expansion into the US, aiming to list shares in both Tokyo and New York.

The listing, planning for next month, is looking to raise more than $900 million; potentially making it the largest technology IPO of the year

The app launched in 2011 and is currently the most popular messaging service in Japan, Thailand and Taiwan. Through its expansion, it hopes to compete with big players Whatsapp and Facebook Messenger.

Job losses in oil to hit 120,000

Job losses in the UK oil and gas industry are expected to hit 120,000 by the end of the year as low oil prices continue to bite.

The latest report from Oil & Gas UK estimated 84,000 jobs linked to the industry went in 2015, with 40,000 losses expected this year.

Jobs in the sector peaked in 2014 at 450,000, but since then have fallen dramatically and are likely to fall to 330,000 by the end of 2016. The price of Brent crude has halved, currently trading at around $50 a barrel – up from lows of $30.

Oil & Gas UK chief executive Deirdre Michie commented: “The industry has been spending more than it is earning since the oil price slump towards the end of 2014.

“This is not sustainable and companies have been faced with some very difficult decisions.

“To survive, the industry has had no choice but to improve its performance.”

Tesco to sell assets

Tesco have announced plans to sell off assets, including Giraffe and Turkish business Kipa.

The company will sell its Giraffe restaurant chain to Boporan, the owner of Harry Ramsden’s restaurants, just three years after its acquisition.

Its 95 percent stake in Turkish grocery business Kipa will also be sold to local rival Migros for £30 million.

Tesco shares are currently trading down 1.88 percent, at 154.94 (0957GMT).

 

10/06/2016