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Monday Papers: Bridgewater investment chief sees new era of volatility

And City analysts warn that Tesco discount store plan could be as disastrous as Sainsbury's revival of Netto.

 
Monday Papers: Bridgewater investment chief sees new era of volatility

Top stories

  • Financial Times: The world’s biggest hedge fund Bridgewater has warned that global markets are entering a new era of volatility as the world adjusts to higher interest rates after a decade of ultra-loose monetary policy.
  • The Daily Telegraph: A rumoured plan by Tesco, the supermarket giant, to create a low-cost store to rival Aldi and Lidl could prove as disastrous as Sainsbury’s attempt to revive Netto, the ditched discounter brand, City analysts have warned.
  • The Times: Fears over the economy have been laid bare by research which reveals that consumer spending has hit a five-year low.
  • Financial Times: Unilever, the world’s second-biggest marketing spender, is threatening to pull its advertising from digital platforms such as Google and Facebook if they “create division”, foster hate or fail to protect children.
  • Financial Times: Transport for London is heading for an operational deficit of nearly £1 billion next year following a fall in passenger numbers, raising concerns that the city’s transport system is being pushed to its limits.
  • The Guardian: George Soros has moved to defy his critics over his £400,000 donation to the pro-EU campaign group Best for Britain by pledging an additional £100,000 to support efforts to fight Brexit.

Business and economics

  • Financial Times: Amgen, the world’s largest biotech company, has said it is “looking hard” for deals to deploy its $27 billion cash pile but warned it is struggling to find targets amid soaring valuations in the life sciences sector.
  • The Times: Britain will have pulling power around the world despite Brexit and the prime minister is doing the right thing in keeping negotiations under wraps, according to the boss of BP, Bob Dudley.
  • The Daily Telegraph: A foreign exchange giant owned by Travelex billionaire Bavaguthu Shetty has adopted cryptocurrency Ripple for its international payments, the latest major financial player to lend its backing to blockchain technology.
  • The Times: The collapse of Carillion has thrown the much-delayed reorganisation of train services in Wales into further confusion.
  • The Guardian: Haygrove, one of the biggest growers of berries in the UK, is moving part of its business to China because it cannot guarantee it will find enough fruit pickers available to work.
  • Daily Mail: Fashion designer Sir Paul Smith has returned to the shop floor at the age of 71 to 'recapture the spirit' of his clothing and lifestyle brand after a dramatic fall in profits.
  • Daily Mail: Struggling retailer New Look has scrapped a £12 million scheme to pay bosses and directors after the chain's fortunes went into reverse.
  • Financial Times: The chief executive of French oil company Total has urged Donald Trump to keep faith with the Iran nuclear deal and told the US president that oil and gas investment would help Iranian reformers in their struggle against hardliners in Tehran.
  • The Times: The Financial Conduct Authority is facing humiliation this week over its loss of control over a report into the mistreatment of small companies by Royal Bank of Scotland.
  • Financial Times: Abu Dhabi has awarded an Indian consortium a 10% stake in one of its offshore oil concession areas, marking India’s first entry into the oil-rich Gulf emirate’s upstream hydrocarbons sector.
  • Financial Times: Saudi authorities expect to raise SR50 billion ($13.3 billion) for the state’s finances by the end of the year as they complete settlements with the princes and tycoons rounded up in Riyadh’s corruption crackdown, a senior official said.

Share tips, comment and bids

  • Daily Mail (Trader tips): BUY Cityfibre, SELL embattled internet provider TalkTalk.
  • The Times: The battle over GKN has intensified after Melrose accused the engineer of “opportunistic financial engineering” and said that any potential plan to sell its powder metallurgy business to help to fund a bumper cash dividend was flawed.
  • The Times: Chetwood Financial, a new bank based in Wales has raised £150 million from a hedge fund to launch as an online lender; it received £50 million in the form of equity from Elliott Advisors, giving the fund a majority holding, with a further debt facility of up to £100 million available.
  • The Daily Telegraph (Comment): Walmart v Amazon: the battle of the US retail beasts.
  • The Guardian (Comment): The stock market turmoil was all about good economic news.

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