China's Xiaomi is seeking a bank to launch what would be the world's largest technology IPO

• Kane Wu and Julie Zhu, Reuters

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• Banks will pitch to Xiaomi next Friday for the initial public offering set to take place in 2018. 
• Xaiomi was valued at $46 billion in 2014. 
• The tech company has seen strong results this year. 

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HONG KONG (Reuters) - Chinese smartphone maker Xiaomi Inc has asked banks to pitch next Friday for an initial public offering in 2018, people familiar with the plan told Reuters.

Xiaomi was valued at $46 billion in a 2014 funding round completed before its sales stagnated. More recently it has seen expectations of its value pick up following strong results this year.

Its float could be the world's "largest technology IPO" next year, according to one of the people.

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Disney is reportedly nearing a deal to buy 21st Century Fox's TV business

• Joe Ciolli
 

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• Disney and 21st Century Fox are closing in on a deal that could come as soon as next week, CNBC reported on Tuesday.
• It's the latest development in a bidding war for Fox that also involves Comcast and Verizon, which have also reportedly made offers for parts of the business.

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Disney and 21st Century Fox are closing in on a deal that could come as quickly as next week, according to a CNBC report citing sources familiar with the matter.

The transaction would involve Disney acquiring Fox's studio and television production assets — a portion of the business that has an enterprise value of more than $60 billion, CNBC's sources say.

The package sought by Disney reportedly includes Fox's A&E and Star TV networks, as well as its regional sports operation, movie studios, and stakes in Sky and Hulu, among other assets, according to the CNBC report. As proposed, the deal would leave Fox with its news and sports assets.

This latest development comes amid considerable interest for Fox from the likes of Comcast and Verizon. The Wall Street Journal and CNBC reported in November that both had approached Fox about buying at least part of the company — which, combined with Disney's interest, was expected to spur a bidding war.

Should Disney prevail, it will have to contend with rating declines across many large cable networks as more consumer opt for cheaper and more customizable web-based services.

Fox's stock climbed 3.9% on the report, while Disney shares dropped 1.4%.

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Home Depot is buying back $15 billion of stock

• Sruthi Ramakrishnan, Reuters

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Jose Ulloa Jr. works in a Home Depot store on May 17, 2016 in Miami, FloridaJoe Raedle/Getty

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• Home Depot announced a $15 billion share repurchase program.
• The home-improvement retailer also said it plans to target annual sales of between $114.7 billion and $119.8 billion by the year ending January 2021. 

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(Reuters) - Home Depot Inc, the largest U.S. home improvement chain, on Wednesday announced a $15 billion share repurchase plan and set a target to grow annual sales to between $114.7 billion and $119.8 billion by the year ending January 2021.

The company said the new buyback program, for which it did not set a time period, would replace its previous authorization.

It announced a $15 billion share repurchase program in February.

Home Depot said it expected to buy back $8 billion of shares in 2017, ahead of its investor day event later on Wednesday.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)

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Lamborghini races after new customers with first SUV

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A Lamborghini logo is seen on a car at the SIAM International Motor Show in Monaco Thomson Reuters

By Agnieszka Flak

MILAN (Reuters) - Lamborghini unveiled its first sport-utility vehicle (SUV) on Monday, as the Volkswagen-owned luxury sportscar brand strives to grab a share of a fast-growing market.

Produced at its Sant'Agata Bolognese headquarters in Italy, Lamborghini believes the model could double its annual sales volumes, which stood at 3,457 last year.

Called the Urus, which links to the brand's bovine branding, the SUV could help it access new markets and customer groups traditionally not attracted to its high-powered, low-slung sportscars.

"It is a true Lamborghini in terms of design, performance, driving dynamics and emotion as well as drivable every day in a range of environments," Chief Executive Stefano Domenicali said in a statement.

The first Urus SUV will be delivered in the spring of next year, with a retail price tag in Europe of 171,429 euros ($202,903), excluding taxes.

The model marks Lamborghini's entry into one of the fastest-growing vehicle markets.

Global crossover and SUV sales have grown to 26.47 million units in 2016 from 7.93 million just a decade earlier, data from IHS Markit showed. The forecaster expects that to grow to 34.34 million units by 2020.

SUV sales in the upper luxury end of the market, which includes the likes of Mercedes G-Class and Bentley Bentayga, have grown nearly five-fold in the six years to 2016, IHS added.

The Urus boasts a 4.0 liter V8 twin-turbo engine with 650 horsepower and top speed of 305 km/h. It can race to 100 km/h in 3.6 seconds, Lamborghini said.

"It will feature driving modes that give it capabilities in off-tarmac situations such as snow or sand. This could make it particularly appealing in markets where its sports cars are less suitable," said Ian Fletcher, an analyst at IHS Markit.

Fletcher forecasts Urus' annual sales peaking at around 2,900 units in 2019 and 2020, making up around half of Lamborghini's total sales. The brand's line-up currently includes the Huracan and Aventador sportscars.

Lamborghini, one of Volkswagen's stable of super-luxury brands along with Bentley and Bugatti, has said a plug-in hybrid version of the Urus will be brought out by 2020.

($1 = 0.8449 euros)

(Reporting by Agnieszka Flak; Editing by Mark Potter)

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