FT News Briefing Tuesday, November 19
Nov 19, 2019
Alibaba is looking to raise a staggering $13.4 billion in Hong Kong amidst rising violence, highlighting mounting tension in the region. Coty’s bold move to acquire a controlling stake in Kylie Jenner’s cosmetics brand is also making waves. Meanwhile, UK Prime Minister Boris Johnson has put a pause on a major corporate tax cut. Additionally, Facebook grapples with the fallout from shutting down 5.4 billion fake accounts, raising questions about user authenticity and its ongoing revenue resilience despite scandals.
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Hong Kong Protests Escalate
- Hong Kong protests escalated with shootings, a burning, and a death.
- Protesters blocked roads and transportation, causing chaos.
Alibaba's Listing: A Test for Hong Kong
- Alibaba's secondary listing in Hong Kong is seen as a test for the territory and Beijing.
- It could signal confidence in Hong Kong as a financial center despite ongoing protests.
Coty Acquires Kylie Cosmetics Stake
- Coty acquired 51% of Kylie Cosmetics for $600 million.
- Kylie Jenner's social media reach makes the acquisition attractive for Coty.