Friday newspaper round-up: Fund managers, Bitcoin, Alibaba, Marex
The star technology investor James Anderson has taken a parting shot at fellow fund managers addicted to the “near pornographic allure” of earnings reports and macroeconomic headlines, as he claimed the industry was “irretrievably broken”. The outgoing co-manager of the FTSE 100-listed Scottish Mortgage Investment Trust said his own “greatest failing has been to be insufficiently radical” over the past two decades. - Guardian
A global business tax hike masterminded by Joe Biden and Brussels could wipe out almost €6bn (£5.2bn) of state revenues in Ireland in a major blow to the country's economy, the International Monetary Fund has warned. In an "extreme scenario", Ireland's 10 largest corporation tax contributors could leave the country in response to White House plans for a 21pc minimum rate on the international earnings of US companies, the fund (IMF) said. The change could cut Ireland's €11.8bn of corporate tax revenues in half. - Telegraph
Bitcoin fell below $50,000 on Thursday as Bank of England Governor Andrew Bailey warned that anyone investing in the digital currency should be prepared for massive losses. The cryptocurrency slipped under $47,000 following an announcement by Elon Musk that his electric car company Tesla would no longer accept it for payment due to concerns about the amount of energy it uses. - Telegraph
One of the biggest dealers in the Ring of the London Metal Exchange is poised to unveil a flotation on the stock market that could value the business at more than £500 million. Marex, a London-based commodities broker, is set to join the queue of companies that are lining up to list on the stock exchange. - The Times
A fine of almost $3 billion imposed by Beijing officials has dragged the Chinese digital retail group Alibaba into the red for the first time since it went public eight years ago. The world’s second-largest ecommerce group reported a 64 per cent surge in revenues to $28.6 billion in the first three months of the year. - The Times