Economics News Report.pptVIP

News Report 1 Chinese internet giant Alibaba has filed documents for a public share sale in the US, which is widely expected to be one of the biggest in history. In its filing, the company said it was seeking to raise $1bn. But analysts expect it to raise more than $15bn and top Facebooks share sale. Alibaba did not disclose details of the number of shares it intends to sell or their price range. Analysts said there was likely to be keen interest in the share sale as investors hope the firm will be able to replicate its success in China on a global scale. News Report 2 Rolls-Royce says it has agreed to sell its energy gas turbine and compressor business to Siemens for ￡785m. Its customers include oil and gas companies and firms in the electricity generation sector. John Rishton, Rolls-Royces chief executive, said: This agreement will give the energy business greater opportunities as part of a much larger energy company and allows R-R to concentrate on the areas of business where we can add most value. The deal comes as Siemens emerges as a possible rival to US conglomerate General Electric in bidding for French group Alstoms power business. News Report 3 Barclays is to cut 14,000 jobs this year - half of them in the UK - as part of a new strategy, the bank has said. The investment bank, which has been hit by a slowdown in the demand for government and company debt, will lose about 7,000 jobs by 2016. Barclays will also set up a bad bank which will eventually sell or run down ￡115bn of non-core operations. These include ￡90bn of investment bank assets and all of its European retail banking operations, amounting to ￡16bn of assets. The carve-up will give greater prominence to Barclays retail operations in the UK, its Barclaycard credit card arm and its African business. News Report 4 Tourists visiting Brazil for the World Cup are advised to pack a bathing suit, sunscreen, and a whole lot of cash. Home to some of the worlds most expensive restaurants and hotels, an