Investments  

Morning papers: Twitter IPO pricing comes full circle

After at least two months in secret talks, eight weeks of generating headlines and 10 days of meeting investors in eight US cities, Twitter ended its journey to becoming a public company back where it started: pricing its shares at $26 (£16.2bn) each, reports the Financial Times.

Before Twitter announced its plans to go public at the start of September, shares were priced at $26 on the private market, giving it an equity value of $18bn.

Central bank on alert for housing bubble

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The Bank of England is keeping a careful watch on developments in the property market, but its job is not to micromanage fluctuations in asset prices, a UK policy maker said on Wednesday, reports the Financial Times.

Donald Kohn, a member of the central bank’s Financial Policy Committee, said the BoE was well-aware of the role housing had played in past credit cycles, and that it would ensure that lending standards did not get too loose this time round.

Britons pay the most property tax

UK residents are paying twice as much as the international average, a report by the influential think tank Policy Exchange found, reports The Telegraph.

Property taxes in Britain cost the equivalent of 4.1 per cent of gross domestic product – around £70bn - in 2011, the think tank said. The OECD average is 1.8 per cent.

Centrica signs £4.4bn deal with Qatar to supply gas

More British households will heat their homes using gas imported from Qatar next winter after Centrica struck a £4.4 billion supply deal with the Gulf state, reports The Times.

The owner of British Gas will import up to 3m tonnes of liquefied natural gas from state-owned Qatargas - equivalent to 13 per cent of residential gas demand or enough to meet the needs of about three million homes.

Novartis could axe 440 jobs in UK

Swiss pharmaceuticals giant Novartis aims to slash more than 440 jobs in Britain, blaming industry-wide difficulties, reports The Daily Telegraph.

Novartis is considering closing its manufacturing site in Horsham, West Sussex, which would lead to the loss of 371 jobs, the company told AFP in an email, confirming a report by the FierceBiotech website.