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Monday Papers: Britain may partner Australia for Galileo rival

And America and China carve out deal for more US goods to be purchased de-escalating trade war threat.

Monday Papers: Britain may partner Australia for Galileo rival

Top stories

  • Financial Times: Britain is expecting Australia to become partner in the satellite navigation system to rival Europe’s €10 billion Galileo project and will announce first tenders by the end of the year.
  • The Daily Telegraph: The US and China have stepped back from brink a trade war, after the world’s second largest economy agreed to “significantly increase purchases” of American goods and services to “substantially reduce” the trade deficit between the two countries.
  • The Times: UK has not renewed visa of Russian oligarch Roman Abramovich to enter Britain, a move that is likely to raise tensions between Britain and Russia; the delay in visa approval comes weeks after the government said that it was reviewing the status of more than 700 wealthy Russians who entered the country on investor visas.
  • Financial Times: The oil prices hitting $80 has resulted into the government coffers of oil producing countries swelling, but drivers in consumer nations are paying more for their fuel.
  • Financial Times: Japanese companies want their employees to be exempt from strict visa quotas in any future trade deal with Britain after Brexit.

Business and economics

  • The Times: Royal Bank of Scotland may soon restart its dividends on a scale that would make it one of Britain’s most generous payers to shareholders.
  • Financial Times: Global dividends grew by 10.2% in the first quarter of 2018, compared with the same period last year to reach $244.7 billion, boosted by favourable exchange rates and as US companies started to pay out windfalls from President Donald Trump’s tax reforms.
  • Financial Times: Stemcor, one of the world’s largest independent steel traders, has returned to profit and is now capable of paying off its long-term debt.
  • The Daily Telegraph: The troubled care homes operator Four Seasons Health Care has agreed the basic terms of a restructuring deal that is expected to halve its £595 million debt pile, paving the way for its main hedge fund lender H/2 Capital to take control this summer.
  • The Daily Telegraph: Sky is launching a new technology hub on its west London campus which will house engineers and software developers focusing on new products in areas such as virtual reality.
  • The Guardian: Royal Dutch Shell faces a shareholder challenge over climate change this week, as a growing number of pension funds have backed a resolution at Shell’s AGM on Tuesday that calls on the company to set tougher carbon targets that are in line with the goals of the Paris climate deal.
  • The Daily Telegraph: Booming boot brand Dr Martens has poached Kenny Wilson, boss of Cath Kidston, to lead the next stage of its remarkable revival.
  • The Guardian: Will Gardiner, new boss of Drax Group has warned that Britain’s increasing reliance on electricity imported from Europe threatens energy security and will import carbon emissions.
  • Financial Times: Russian oligarch Viktor Vekselberg’s Renova group said on Sunday that it has repaid all of its debts to western banks before it is hit with US sanctions next month.
  • The Times: Harold Tillman is preparing to sue Lloyds and Jon Moulton's Better Capital over their role in driving Jaeger and Aquascutum into the ground.
  • The Times: The family behind collapsed caravan park business Arthur Holgate & Son is suing Deloitte over its role in the company’s failure.
  • Financial Times: Big banks are increasing their budgets to prepare for Brexit, as they stick to a March 2019 deadline to transfer parts of their businesses from London.

Share tips, comment and bids

  • Daily Mail (Traders tips): BUT cyber-security specialist Sophos; SELL SSP Group.
  • The Times: Sirius Minerals has signed a provisional agreement to lease part of the site of collapsed Redcar steelworks on Teesside, in a tentative deal struck with a company behind a £2.2 billion mining project in the nearby North York Moors.
  • The Times: EDF Energy is looking for bidders for a potential 49% stake in its UK wind farm business to finance future projects.
  • The Times (Comment): How to attract the next wave of foreign talent.
  • The Times (Comment): The paradox of a rising US dollar and fears of erratic American policy.

3 comments so far. Why not have your say?


May 21, 2018 at 09:30

"Britain is expecting Australia to become partner in the satellite navigation system to rival Europe’s €10 billion Galileo project"

That is really good news, for as a leading security person said recently the threat by France to exclude us from the Galileo project on the grounds that the UK could not be trusted was simply an act of aggression.

Plainly the real reason was that it was a clumsy and potentially a disastrous attempt by France to gain a commercial advantage for its own firms working in the field where the UK is the clear European leader.

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May 21, 2018 at 10:20

@Gonk, good news, you say? I think it's one of the daftest things I've ever heard. We will still get access to the high-precision Galileo military signal, so in the grander scheme of things, who cares who builds the satellites if the alternative is going to cost £4bn?

This plan to build our own system must be from the same idiots who ordered aircraft carriers that will last about 30 minutes if war breaks out and that can only carry the world's most overpriced combat aircraft, the F-35B.

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May 21, 2018 at 14:31

Paul..look at FT on May 1st where an article on this appears.

e.g. “We want full access to Galileo, including the crucial secure elements that will help guide British missiles should they be needed to keep us all safe,” a Downing Street official said. “If we don’t get access, we will find an alternative.”

We both want and need full access and it is only sensible, sound thinking to look at alternatives if the EU (led by the nose by France) want to delay this project AND cause greater cost to the EU AND endanger both the EU and UK by simply childish game-playing.

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FTSE rebounds as China-US trade fears pause

by Michelle McGagh on Jun 20, 2018 at 16:44

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