The Business Matrix: Tuesday 21 April 2015

Cirque du Soleil is sold to TPG

The private-equity firm TPG is buying a majority stake in Cirque du Soleil for an undisclosed price. Guy Laliberté, the billionaire founder of the Montreal-based circus, will retain a stake and provide input. Fosun, the Chinese owner of Club Med, and the Canadian pension-fund manager Caisse de dépôt et placement will hold minority stakes.

Gazprom accused of overcharging

Brussels is expected to launch a legal attack on the Russian gas giant Gazprom this week, with competition regulators accusing it of overcharging buyers in Eastern Europe. Russia’s biggest state-controlled company could receive a full charge sheet from the European Competition Commissioner Margrethe Vestager tomorrow.

Morgan Stanley profits at new high

Morgan Stanley has posted its most profitable quarter since the financial crisis, boosted by higher revenues from trading bonds and equities. The Wall Street bank’s trading business got a boost after the Swiss central bank scrapped a cap on the franc, the European Central Bank announced a quantitative easing programme and the US closed in on raising rates.

Hong Kong stocks take severe hit

Shares in Hong Kong suffered their worst one-day fall since December, after curbs were introduced on margin trading, limiting the amount investors can borrow. The Hang Seng index closed down 558 points at 27,094, with the train builders China CNR and CSR plunging more than 10 per cent. The falls came despite Beijing lowering interbank interest rates.

HSBC mulls head office relocation

HSBC has again raised the prospect of moving its headquarters out of the UK. The bank, which was the subject of intense public anger earlier this year amid details of how its Swiss arm had facilitated tax evasion, yesterday told investors in Hong Kong that it would soon reconsider the location of its head office.

Woodford’s trust raises £800m

The UK’s best-known fund manager Neil Woodford’s new investment trust has raised £800m through a London float. Shares in Woodford Patient Capital will begin trading today after the trust said its offer was oversubscribed. The fund has been set up to invest in biotechnology firms and alternative finance companies.