Exclusive: Spotify’s valuation turned up to $16 billion in private trades – sources

FILE PHOTO: Earphones are seen on a tablet screen with a Spotify logo on it, in Zenica, Bosnia and Herzegovina, February 20, 2014. REUTERS/Dado Ruvic/File Photo

September 27, 2017

By Sophie Sassard, Helena Soderpalm and Olof Swahnberg

LONDON/STOCKHOLM (Reuters) – Private trades in Spotify shares are valuing the music streaming company at about $16 billion, according to people familiar with the deals, raising the prospect of a bumper flotation next year.

That is around $3 billion higher than in similar trades up until June, the people said, adding strong demand for the shares and rising subscription numbers at the Swedish business meant it could be worth at least $20 billion when it goes public.

Spotify declined to comment.

The market for shares prior to their public listing allows employees and founders of big name private companies such as Spotify, Airbnb and Uber to cash in on some of their paper wealth, while letting other investors get a head start on the listing. Early investors tired of waiting for a payout are selling shares too.

While this secondary market was hit by Facebook’s chaotic listing in 2012, it has recently made a comeback.

A $13 billion price tag would value Spotify, the world’s biggest music streaming company with more than 140 million active users, at around four times its 2016 sales.

But investors and sector bankers not involved with the company said Netflix’s valuation of seven times expected 2017 sales was a more appropriate benchmark, supporting speculation of a price tag of at least $20 billion around listing.

Spotify is aiming to file its intention to float with U.S. regulators towards the end of this year in order to list in the first or second quarter next year, one of the sources said.

MARKET LEADER

An investor survey led by technology investment and advisory firm GP Bullhound, which owns shares in Spotify, estimated the company’s valuation could reach $50 billion in a few years.

The investors and venture capitalists polled pointed to Spotify’s position as the “undisputed market leader” in music streaming, and to rapid growth in its paying users from 5 million in 2012 to over 60 million today.

While its net losses doubled last year to $600 million, a more than 50 percent increase in revenues to $3.4 billion has raised hopes it is on the right track to make money.

A bumper equity valuation would give Spotify a currency to help meet the challenge from rivals such as Apple Music and Amazon Music, and potentially fund an expansion into adjacent businesses, such as video, or geographies it has yet to reach.

That could be vital, as Spotify does not have the large, profitable devices and retail businesses that its rivals can respectively draw on for support.

A high market valuation would also bolster Spotify’s position in licensing negotiations with major music labels on which its business model depends.

The trade-off, though, is that it piles the pressure on management to deliver results, and raises the specter of Twitter and Snap – two once white-hot internet players that have disappointed investors as public companies. Snap has lost nearly a quarter of its value since its flotation in March.

“It’s hard to speculate on Spotify’s valuation since we only have historic results prior to the most recent renegotiation with the music majors,” said Louis Citroen, an analyst at Arete Research.

“But a $20 billion valuation sounds punchy as it implies both that Spotify can continue growing customers at a fast pace, and that it might achieve a double-digit margin. We can believe in the customer growth, but are less sure about profitability given high royalty costs and limited differentiation with rivals on content, price or technology”.

PAVING THE WAY

Spotify is pursuing a so-called direct listing on the New York Stock Exchange (NYSE), allowing existing investors to sell shares without raising money from new ones, sources have previously told Reuters. The move is also aimed at saving hundreds of millions of underwriting fees from investment banks.

A successful listing could pave the way for others, with France-based rival Deezer saying it could consider going public if Spotify is well received.

Vivendi’s Universal Music Group, the world’s largest recording label, is also considering a listing.

Worldwide, music streaming revenue leapt 60.4 percent in 2016, lifting recorded music sales for the second consecutive year after 15 years of decline during which revenue dropped by nearly 40 percent, according to data compiled by the International Federation of the Phonographic Industry.

(Editing by Mark Potter)

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Britain warns Boeing it might lose business over Bombardier row

A model of Bombardier C Series aeroplane is seen in the Bombardier offices in Belfast, Northern Ireland September 26, 2017. REUTERS/Clodagh Kilcoyne

September 27, 2017

By Amanda Ferguson and Estelle Shirbon

BELFAST/LONDON (Reuters) – Britain told U.S. planemaker Boeing on Wednesday that it could lose out on British defence contracts because of its dispute with Canadian rival Bombardier which has put 4,200 jobs at risk in Northern Ireland.

The U.S. Department of Commerce on Tuesday imposed a 220-percent duty on Bombardier’s <BBDb.TO> CSeries jets, whose wings are made at a plant in Belfast, following a complaint by Boeing <BA.N> which accuses Canada of unfairly subsidizing Bombardier.

The ruling is a political headache for Britain’s minority Conservative government, which relies on support from a Northern Irish party to stay in power.

It also undermines the government’s assurances to Britons that free trade and London’s close ties with Washington will be pillars of Britain’s prosperity and global influence after it leaves the European Union in 2019.

“This is not the behavior we expect from Boeing and it could indeed jeopardize our future relationship with them,” British Defence Secretary Michael Fallon told reporters in Belfast.

“Boeing has significant defence contracts with us and still expects to win further contracts. Boeing wants and we want a long-term partnership but that has to be two-way.”

Boeing says it employs 2,200 people in the United Kingdom, which is one of the company’s biggest defence clients.

“Bitterly disappointed by initial Bombardier ruling,” said British Prime Minister Theresa May, who had personally asked U.S. President Donald Trump to help resolve the dispute.

“The government will continue to work with the company to protect vital jobs for Northern Ireland,” she said on Twitter.

“DOES NOT BODE WELL” FOR BREXIT

Bombardier is the largest manufacturing employer in Northern Ireland, which is the poorest of the United Kingdom’s four parts and is mired in political difficulties after emerging from decades of armed sectarian conflict.

The U.S. penalty will only take effect if the U.S. International Trade Commission (ITC) rules in Boeing’s favor. A final decision is expected early in 2018.

British Business Secretary Greg Clark said he was confident the initial Department of Commerce ruling would be overturned.

“What needs to happen now by the trade commission is that they look to see whether there has been any detriment to Boeing,” he told Sky News.

“There hasn’t been because this aircraft does not compete with Boeing so we’re confident that we will be able to demonstrate that and have this case dismissed.”

Given the importance of Northern Ireland’s Democratic Unionist Party (DUP) to May’s own position as prime minister, mass job losses at the Belfast factory would be particularly sensitive.

The setback has come at a bad time for May, who was severely weakened by her party’s poor showing in an election in June and who has been struggling to contain infighting within her top team over Brexit.

Manufacturing Northern Ireland, an industry group, said the row was an ominous sign of the difficulties Britain could face after Brexit.

“What we could be witnessing is the fundamental difference between being a fully-fledged member of an internal market and a junior partner in a free trade agreement,” it said.

“This does not bode well for the UK’s plan to be a leader in global free trade nor indeed ambitions of a free trade agreement with the EU which cannot match the benefit we currently enjoy as part of the EU’s Single Market.”

“SABRE-RATTLING”

Arlene Foster, the DUP leader, signaled she would put pressure on May to act.

“Everyone realizes how important Bombardier is to Northern Ireland and we will use our influence with our government to make sure that continues,” she said on Sky News.

However, London’s options in fighting Bombardier’s corner may be limited because of the importance of Boeing to its defence industry.

Boeing says the United Kingdom is its third largest supply base after the United States and Japan. It has recently begun constructing its first European parts manufacturing site in Sheffield, northern England.

Britain recently ordered the Boeing P-8 maritime surveillance plane and a new fleet of Apache attack helicopters made by the U.S. giant. Its armed forces have deployed Chinook helicopters, the C-17 transport plane and the E-3 Sentry airborne early warning and command post.

British defence analyst Howard Wheeldon said it was unlikely that Britain would pursue any reprisals against Boeing.

“I think there is a lot of sabre-rattling, but in practical terms it is not on,” he said when asked whether Britain could cancel or reduce Boeing defence orders.

“They can play politics, but can’t actually walk away from what they need and have committed to buying from Boeing.”

(Additional reporting by Tim Hepher and Conor Humphries in Belfast, Padraic Halpin in Dublin, Guy Faulconbridge, Kate Holton and Michael Holden in London; Writing by Estelle Shirbon; Editing by John Stonestreet and Angus MacSwan)

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Euro slips to one-month lows on resurgent dollar

U.S. Dollar and Euro notes are seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration

September 27, 2017

By Saikat Chatterjee

LONDON (Reuters) – The euro hit a fresh one-month low on Wednesday as an ongoing dollar short squeeze and reaction to the German election encouraged investors to take profits on one of the best performing currency trades this year.

Having gained more than 14 percent this year, the single currency has given back nearly 3 percent since hitting a January 2015 peak of $1.2092 earlier this month as investors rapidly repriced expectations of a U.S. rate increase in the coming days.

Futures markets have increased the likelihood of a U.S. rate rise by December to as much as 70 percent, compared to less than 20 percent only a month ago, and overnight hawkish comments by Fed Chair Janet Yellen have only boosted those bets.

“The divergence between U.S. and euro zone data surprises is closing rapidly and while the once popular dollar parity forecasts still look ridiculous, the euro looks past its peak,” said Sean Maher, an independent macro-strategist based in London.

The euro slipped 0.4 percent to $1.1747 in early trades, its lowest level since Aug. 23. It has fallen more than 1.5 percent this week against a resurgent greenback.

The euro weakened against other currencies as well, hitting a 10-week low against the British pound and a two-week low of 1.14075 Swiss franc.

“It isn’t realistic to expect EUR/USD 1.10 to be revisited any time soon but a further correction seems likely, closing some of the (clearly visible) gap in recent trends in rates and currency,” said Kit Juckes, an FX strategist at Societe Generale in London.

Investor sentiment toward the euro was dented by the rise of a far-right party and the decline of traditional parties in Sunday’s German election, which has left Chancellor Angela Merkel struggling to form a coalition government.

Tensions are also rising in Catalonia, as Spain’s government said on Tuesday that police would take control of voting booths in Catalonia to help thwart the region’s planned independence referendum that Madrid has declared illegal.

A big focus for currency markets on Wednesday will be the announcement of a tax plan by the U.S. administration and Republicans in Congress.

The plan has been developed over several months by six White House and congressional Republicans working behind closed doors. President Donald Trump told U.S. lawmakers on Tuesday he wants bipartisan cooperation on tax reform.

(Reporting by Saikat Chatterjee; Additional reporting by Hideyuki Sano in TOKYO; Editing by Susan Fenton)

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Trump urges NFL to ban players kneeling during anthem

U.S. President Donald Trump speaks before signing a memorandum “Increasing Access to High-Quality Science, Technology, Engineering and Math (STEM) Education” in the Oval Office of the White House in Washington, U.S., September 25, 2017. REUTERS/Joshua Roberts

September 27, 2017

(Reuters) – U.S. President Donald Trump ramped up his fight with the National Football League on Tuesday, calling on the league to ban players from kneeling in protest at games while the national anthem is played.

“The NFL has all sorts of rules and regulations. The only way out for them is to set a rule that you can’t kneel during our National Anthem!” Trump wrote on Twitter.

For the fifth straight day the president denounced the symbolic gesture, which has been adopted by some black players in the last year to protest against racial disparities in the criminal justice system.

An NFL spokesman did not respond to requests for comment.

Trump praised two teams that played on Monday night and largely steered clear of the controversy. The Arizona Cardinals linked arms and stood for the “Star-Spangled Banner” along with the Dallas Cowboys, who knelt before the song.

Last Friday, Trump told a political rally any protesting player was a “son of a bitch” who should be fired, and urged a boycott of NFL games, triggering protests by dozens of players, coaches and some owners before Sunday’s games.

Trump’s verbal assault may appeal to his conservative base as the Republican president grapples with critical issues including North Korea’s nuclear threats, a humanitarian crisis in hurricane-struck Puerto Rico, an investigation into Russian meddling in the 2016 election and the healthcare struggle in Congress.

Paul Ryan, the most senior Republican in the U.S. House of Representatives, said he also disapproved of the gesture.

“People are clearly within their rights to express themselves how they see fit,” he told reporters. “My own view though is that we shouldn’t do it on the anthem.”

U.S. Attorney General Jeff Session told an audience at Washington’s Georgetown Law School that the protesting athletes were wrong.

“The players aren’t subject to any prosecution, but if they take a provocative act, they can expect to be condemned,” he said.

Hillary Clinton, Trump’s Democratic rival in the 2016 election, called Trump’s comments “a huge, loud dog whistle to his supporters” in an interview with CBS.

Former San Francisco 49ers quarterback Colin Kaepernick first kneeled during the anthem last year to protest police shootings of unarmed black men.

His former teammate Eric Reid wrote in a New York Times opinion article that he and Kaepernick chose to kneel as a “respectful” gesture, comparing it to “a flag flown at half-mast to mark a tragedy.”

(Reporting by Susan Heavey and Makini Brice in Washington and Jonathan Allen in New York; Editing by Jeffrey Benkoe and Jonathan Oatis)

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Mexico eyes record IPOs before election season slowdown: sources

A screen displays foreign exchange outside Mexico’s stock exchange building in Mexico City, Mexico November 18, 2016. REUTERS/Henry Romero

September 26, 2017

By Sheky Espejo

MEXICO CITY (Reuters) – As many as 10 companies could list on Mexico’s stock exchange by the end of 2017, sources from the exchange said, potentially marking a record year ahead of slower expected activity in 2018 due to Mexico’s elections.

Since January, four companies have listed in Mexico, raising a combined $2.1 billion in initial public offerings (IPOs).

In addition, Sigma Alimentos, a unit of industrial conglomerate Grupo Alfa <ALFAA.MX>, and Traxion, a transportation company controlled by private equity funds Nexxus and Discovery Americas, this week confirmed their IPOs.

In October, Banco Mifel is expected to launch its IPO, as is the transportation subsidiary of Mexican miner Grupo Mexico <GMEXICOB.MX>.

Two more companies are considering IPOs, said one of the two sources, who declined to be named citing confidentiality.

In 2013, a record year, Mexico added nine new companies to its bourse.

“A committee within the Mexican stock exchange is created for each new listing, and we’ve never had as many committees as we have this year,” said one source.

The pace of IPOs in Mexico typically slows during an election year, and some investors are especially wary of the current front-runner for next July’s presidential contest, leftist hopeful Andres Manuel Lopez Obrador.

The four new listings named above have not been affected by the massive earthquake that struck Mexico City on Sept. 19 and killed more than 330 people, market sources involved in the transactions said.

Sigma aims to raise about 18.5 billion pesos ($1.03 billion) while Traxion expects around 4.32 billion pesos.

If all the planned IPOs take place, Mexico could also break its 2012 record amount raised, which according to consultancy firm Dealogic stood at $6.8 billion, mostly driven by the $4 billion listing in 2012 of Spanish bank Santander <SANMEXB.MX>.

Tequila maker Jose Cuervo <CUERVO.MX> raised $900 million, Mexican energy investment firm Vista Oil & Gas <VISTAA.MX> raised $650 million, Banco del Bajio <BBAJIOO.MX> raised $482 million, and Mexican real estate investment trust (REIT) Fibra Nova <FNOVA17.MX> raised $68 million.

Juan Manuel Olivo, head of promotion and issuers for the Mexican stock exchange, said the IPO spike this year is primarily due to stable economic conditions, new business opportunities that require capital and attractive valuations.

He said the Mexican stock exchange has also stepped up efforts to better inform companies of their financing options, which also include issuing debt and new real estate investment trusts known locally as Fibras.

“In the last 18 months, more (financing) instruments have been created that in the previous 10 years,” said Olivo.

($1 = 17.9540 Mexican pesos)

(Reporting by Skeky Espejo; Writing by David Alire Garcia; Editing by Lisa Shumaker)

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SEC chair grilled by Senate panel over cyber breach, Equifax

Jay Clayton, Chairman of the Securities and Exchange Commission, testifies at a Senate Banking hearing on Capitol Hill in Washington, U.S. September 26, 2017. REUTERS/Aaron P. Bernstein

September 26, 2017

By Michelle Price and Pete Schroeder

WASHINGTON (Reuters) – The chairman of the U.S. Securities and Exchange Commission (SEC) told a congressional committee on Tuesday he did not believe his predecessor Mary Jo White knew of a 2016 cyber breach to the regulator’s corporate disclosure system, the exact timing of which could not be known “for sure.”

Jay Clayton, who was formally appointed to his role in May, also said listed companies should disclose more detailed information on cyber breaches “sooner,” and that the U.S. regulator was working on new guidelines to ensure this.

The Senate Banking Committee grilled Clayton on Tuesday over a 2016 hack of EDGAR, the agency’s online corporate financial disclosure system, only disclosed last Wednesday, which has shaken confidence in the SEC’s cyber defenses.

Clayton said he had decided last weekend to disclose the breach once he had enough information to establish it was “serious,” but he would not be drawn on who at the agency had known about it and whether there was an attempt to cover it up.

“I have no belief sitting here that Chair White knew,” Clayton said when asked whether his predecessor had been aware of the hack, adding: “I don’t think we can know for sure” on the exact timing of the breach.

Clayton fielded several questions from senators on the recent Equifax Inc <EFX.N> data breach in which hackers stole personal data of about 143 million customers of the credit reporting firm, including on the timing of the company’s disclosure.

Although the former Wall Street lawyer declined to comment on whether the SEC was investigating stock sales made by Equifax executives prior to the disclosure, he said he was “not ignoring” the issue.

The hearing, which had been scheduled prior to the disclosure of the SEC’s breach, offered lawmakers, companies and investors the first opportunity to hear from the SEC chief on the incident.

Clayton originally had been scheduled to discuss capital market reform at his first hearing before the committee since being formally appointed in May, but his pro-growth agenda was largely eclipsed by the SEC breach and the Equifax scandal.

Wall Street’s top regulator came under fire last week after disclosing that hackers might have used information stolen from EDGAR, which houses millions of market-sensitive corporate disclosures such as earnings releases, for insider trading.

“When we learn a year after the fact that the SEC had its own breach and that it likely led to illegal stock trades, it raises questions about why the SEC seems to have swept this under the rug,” Senator Sherrod Brown, the ranking Democratic member of the committee, asked Clayton during opening remarks.

“What else are we not being told, what other information is at risk, and what are the consequences?” Brown asked. “How can you expect companies to do the right thing when your agency has not?”

CYBER DEFENSES EYED

Reuters reported on Monday that the Federal Bureau of Investigation and the U.S. Secret Service have launched investigations into the breach, which occurred in October 2016 and appeared to have been routed through servers in Eastern Europe. The breach appeared to have been one of several cyber incidents documented by the SEC in recent months, Reuters reported.

Clayton said he only learned about the 2016 hack in August and that the SEC’s enforcement staff and inspector general’s office have launched internal probes.

The regulator reported the breach to the Department of Homeland Security’s Computer Emergency Readiness Team when it was first discovered, Clayton said in the testimony, adding the regulator plans to hire more cyber security experts.

Clayton said the hack was possibly the result of a defect in the EDGAR software and said that personally identifiable information did not appear to have been put at risk, but he declined to provide further detail.

He said the SEC was still determining the extent and impact of the breach and that it could take “substantial time” to complete due to the amount of data that needed to be analyzed.

The committee also quizzed Clayton about other potential breaches at the agency and the regulator’s general cyber defenses.

Clayton said he could not say with “100 percent certainty” that the EDGAR breach was the only one suffered by the agency, and added that he planned to ask Congress for more funds to tackle the rising cyber threat.

“We’re going to need more money for cyber security, and I intend to ask for it.”

(Reporting by Michelle Price and Pete Schroeder; editing by Leslie Adler and G Crosse)

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Turkey threatens retaliation after Iraqi Kurdish independence vote

Kurds celebrate to show their support for the independence referendum in Erbil, Iraq September 25, 2017. REUTERS/Ahmed Jadallah

September 26, 2017

By Maher Chmaytelli

ERBIL, Iraq (Reuters) – The Iraqi government ruled out talks on possible secession for Kurdish-held northern Iraq on Tuesday and Turkey threatened to choke it off, after a referendum on independence there showed strong support for a split.

Initial results of Monday’s vote indicated 72 percent of eligible voters had taken part and an overwhelming majority, possibly over 90 percent, had said “yes”, Erbil based Rudaw TV said. Final results are expected by Wednesday.

Celebrations continued until the early hours of Tuesday in Erbil, capital of the Kurdish region, which was lit by fireworks and adorned with Kurdish red-white-green flags. People danced in the squares as convoys of cars drove around honking their horns.

In ethnically-mixed Kirkuk, where Arabs and Turkmen opposed the vote, local Kurdish-led authorities lifted an overnight curfew imposed to maintain control.

The referendum has fueled fears of a new regional conflict; on Tuesday Turkey, which has fought a Kurdish insurgency within its borders for decades, reiterated threats of economic and military retaliation.

Kurdistan Regional Government (KRG) President Masoud Barzani says the vote is not binding, but meant to provide a mandate for negotiations with Baghdad and neighboring countries over the peaceful secession of the region from Iraq.

But Iraq’s opposition to Kurdish independence did not waver.

“We are not ready to discuss or have a dialogue about the results of the referendum because it is unconstitutional,” Iraqi Prime Minister Haider al-Abadi said in a speech on Monday night.

The Kurds held the vote despite threats to block it from Baghdad, Iraq’s powerful eastern neighbor Iran, and Turkey, the region’s main link to the outside world.

“This referendum decision, which has been taken without any consultation, is treachery,” Turkish President Tayyip Erdogan said, repeating threats to cut off the pipeline that carries hundreds of thousands of barrels of oil a day from northern Iraq to global markets.

Oslo-based broker Sparebank 1 Markets said oil companies could sell some oil locally if exports were blocked but their revenues would take a hit.

Iraqi Kurds – part of the largest ethnic group left stateless when the Ottoman empire collapsed a century ago – say the referendum acknowledges their contribution in confronting Islamic State after it overwhelmed the Iraqi army in 2014 and seized control of a third of Iraq.

Voters were asked to say ‘yes’ or ‘no’ to the question: “Do you want the Kurdistan Region and Kurdistani areas outside the (Kurdistan) Region to become an independent country?”

With 30 million ethnic Kurds scattered across the region, mainly in Iraq, Iran, Turkey and Syria, governments fear the spread of separatism to their own Kurdish populations.

Iraqi soldiers joined Turkish troops for military exercises in southeast Turkey on Tuesday near the border with Iraq’s Kurdistan region.

Turkey also took the Rudaw TV channel off its satellite service TurkSat, a Turkish broadcasting official told Reuters.

The U.S. State Department said it was “deeply disappointed” by the KRG’s decision to conduct the referendum but added that Washington’s “historic relationship” with the people of the Iraqi Kurdistan Region would not change.

Asked about the referendum, White House spokeswoman Sarah Sanders said on Monday: “We hope for a unified Iraq to annihilate ISIS (Islamic State) and certainly a unified Iraq to push back on Iran.”

Iran announced a ban on direct flights to and from Kurdistan on Sunday, while Baghdad asked foreign countries to stop direct oil trading with the Kurdish region and demanded that the KRG hand over control of its international airports and border posts with Iran, Turkey and Syria.

Iranian Major General Yahya Rahim Safavi, a top military adviser to the Supreme Leader, called on “the four neighboring countries to block land borders” with the Iraqi Kurdish region, according to state news agency IRNA.

Tehran supports Shi’ite Muslim groups that have ruled or held security and government positions in Iraq since the U.S.-led invasion that toppled Saddam Hussein in 2003.

Syria, embroiled in a devastating civil war and whose Kurds are pressing ahead with their own self-determination, rejected the referendum.

KRG Prime Minister Nechirvan Barzani said he hoped to maintain good relations with Turkey. “The referendum does not mean independence will happen tomorrow, nor are we redrawing borders,” he said in Erbil on Monday. “If the ‘yes’ vote wins, we will resolve our issues with Baghdad peacefully.”

British Foreign Secretary Boris Johnson reiterated London’s opposition to the vote, urging “all sides to refrain from provocative statements and actions in its aftermath.

“The priority must remain the defeat of Daesh and returning stability to liberated areas,” he added, a reference to Islamic State militants who continue to control parts of Iraq and Syria, including a pocket west of Kirkuk.

(Editing by Philippa Fletcher; Additional reporting by Ece Toksabay in ANKARA and Umit Bektas in HABUR, Turkey and Gwadys Fouche in OSLO)

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