Morning Wrap: need to know business stories
Top stories from around the web.
Alibaba’s quarterly revenues surge 80% (FT)
Revenues at Alibaba surged by 80 per cent in the final three months of last year, keeping the Chinese ecommerce company on track for what could turn out to be one of the biggest stock market debuts by a tech company either later this year or early next.
Alibaba’s continued heady growth rate was revealed in a quarterly regulatory filing by Yahoo, which owns 24 per cent of the Chinese company. Expectations for a blockbuster IPO have been a major factor underpinning the US company’s own stock market value, which has jumped by more than 70 per cent since last August to $29bn.
Sainsbury's full-year profits fall despite rising sales (BBC)
Sainsbury's has posted a fall in pre-tax profits despite rising sales for the year.
Profits fell 1.4% to £788m ($1.2bn; 931m euros), for the year to 16 March, while sales, including fuel, rose 4.5% to £23.3bn.
The supermarket also confirmed that it will pay Lloyds Banking Group £248m for the remaining 50% of Sainsbury's Bank it does not already own.
Bank accounts will be 'open to all' in EU (BBC)
European residents will have the right to open a basic bank account in any country of the EU and compare the fees charged by providers, under new plans.
The European Commission is outlining proposals to make it easier for customers to compare charges and switch to another bank.
Government needs to be clear on its tax message, says CBI (Telegraph)
The business lobby group says the Government’s pro-enterprise drive, including cutting the corporation tax rate from 28pc to 20pc by 2015, is being muddied by its rhetoric on what companies pay.
“Many UK CEOs of global businesses have had telephone calls from their global CEOs somewhere else on the planet saying, 'We are just a bit confused,’” said John Cridland, director-general of the CBI.
Standard Chartered revenues 'strong' in first quarter (Telegraph)
The emerging markets-focused lender said the increase in its revenues had been driven by "double digit" income growth in Hong Kong and Africa, which had offset poorer performances in Korea and Singapore.
Despite the increase in revenues, Standard Chartered said it operating profits for the first quarter had fallen year-on-year, with increased costs from the hiring of 560 new staff and what the lender described as "wage inflation" weighing on its earnings.