PRESS DIGEST- Financial Times - Nov 5
Nov 5 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Twitter boosts IPO valuation to $17.4 bln
J&J hit by $2.2 bln kickback fine
BlackBerry abandons sale
Co-op restructures banking arm
Ryanair cuts outlook for second time in two months
Alcatel launches 955-mln-euro capital increase
Twitter Inc IPO-TWTR.N increased its IPO price range by 25 percent after strong investor demand, putting the microblogging network on course to secure a valuation of over $17 billion at its stock market debut later this week.
Johnson & Johnson will pay $2.2 billion in fines to U.S. federal and state authorities for kickbacks to pharmacists and the marketing of pharmaceuticals for diseases beyond their approved uses over more than a decade.
BlackBerry Ltd abandoned its plan to sell itself and removed its chief executive on Monday, sending the share price of the one-time market leader down 16.4 percent to its lowest in a decade.
Britain's Co-operative Group has detailed a rescue plan for its banking arm, under which it will hand control of 70 percent of the unit to a group of bondholders, and warned it would take up to five years to fix the troubled lender.
Budget airline Ryanair Holdings Plc issued its second profit warning in two months on Monday, citing aggressive fare cuts in response to increased competition and weak economic conditions.
Loss-making telecom equipment maker Alcatel-Lucent said on Monday it plans to raise 955 million euros ($1.3 billion) from shareholders and $750 million from a high-yield bond to shore up its balance sheet.
(Compiled by Abhirup Roy in Bangalore; Editing by Prateek Chatterjee)
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