City morning headlines: Canary Wharf sale, Apple’s record results and a tube station bidding war

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The decision comes just two weeks after Songbird told shareholders to reject the bid because it undervalued the company and its prospects, particularly the major new additions Canary Wharf has permission to build.

But it would appear that songbird changed tack after the bid won the backing of 86% of shareholders, including major investors the China Investment Corporation and US investor Simon Glick.

Apple’s record results

Apple shares surged 7% after it reported the best ever quarterly profits for any corporate.

The record results were driven by sales of the iPhone 6, which it released last year. The iPad was a weak spot, however.

Apple wasn’t the only basking in glory, iPhone chip supplier, Korea’s SK Hynix, also reported record profits.

Alibaba under attack

China has released a report into Alibaba’s, accusing it of taking a lax approach to the quality of its goods and having poor customer relations.

The news comes as Yahoo announced it is to spin off $39 billion of the e-commerce giant’s stock.

Tube station bidding war

Transport for London is to put around 50 underground stations and land up for tender, sparking a bidding war between developers for the space that could be worth between around £3 billion, the Telegraph reported.

It is thought tube stops, bus stations and adjacent buildings could be converted into tourist attractions, luxury penthouse apartments and new homes.

Companies news highlights

Experian says it could up its dividend after review of its cash.

Severn Trent will cut bills and its dividend this year after reaching an agreement with Ofwat on spending.

Anglo American is to write down some assets after commodity price falls..

Sage reports a 5% increase in first quarter revenues.

Irn Bru maker AG Barr comfortably beats market expectations in the final quarter if 2014.

Brewin Dolphin’s funds under management rise 3% in the last quarter but its commissions fall.

Saga buys “iconic” motorbike insurer Bennetts for £23 million.

Machtech agrees a bid for quoted rival Networker for £53 million.

Sopheon issues a profit warning.

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January 28, 2015 |
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