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Monday Papers: Saudi Aramco IPO delayed until 2019

And multinationals pay lower taxes than a decade ago as effective rates have fallen 9% since the financial crisis.

Monday Papers: Saudi Aramco IPO delayed until 2019

Top stories

  • Financial Times: Big multinationals are paying significantly lower tax rates than before the 2008 financial crisis, according to an analysis showing that a decade of government efforts to cut deficits and reform taxes has left the corporate world largely unscathed.
  • Financial Times: Saudi Aramco’s listing is unlikely to go ahead this year, according to British officials who have been warned by their Saudi counterparts that the world’s biggest flotation was expected to be delayed.
  • The Daily Telegraph: London mayor Sadiq Khan has told technology giants that they are not above the law and has demanded new regulations to rein the companies in if they fail to live up to expectations.
  • The Times: Nearly 400 retailers, including big high street chains, could struggle to meet higher interest payments this year, a City financial analyst has warned.
  • Financial Times: China has amended its constitution to abolish the two-term limit for the country’s president, allowing Xi Jinping to lead for life and underlining a move towards one-man rule.
  • Financial Times: Global accounting watchdogs identified serious problems at 40% of the audits they inspected last year, raising fresh concerns about the quality of work being carried out by the world’s largest accounting firms.

Business and economics

  • Financial Times: The lustre of the US equity market is fading, with the Federal Reserve’s interest rate increases eroding the gap between the dividend yield of the S&P 500 and yields on short-term US debt to the narrowest in almost a decade.
  • The Guardian: House prices in parts of London that were once at the epicentre of the UK property boom have fallen as much as 15% over the past year in fresh evidence of the impact of the EU referendum.
  • Financial Times: American Express is planning to cut the fees it charges retailers and other businesses by more than it has done in two decades, as its new chief executive pushes more outlets to accept its cards.
  • The Daily Telegraph: The owners of Silverstone are on track to make a £46.9 million profit after giving the red light to the British Grand Prix seven years early, according to the latest company filings.
  • The Times: A fast-growing luxury fashion shopping platform has struck a global partnership deal with Harvey Nichols; only weeks after signing a partnership deal with Burberry, the London-based Farfetch said that its latest agreement meant that Harvey Nichols would become the first department store in the world to join its platform.
  • Financial Times: Private equity group Equistone Partners has raised €2.8 billion from investors in just four months, its largest ever fundraising and the latest sign of how yield-hungry investors desperately look for a way to deploy their cash.
  • The Daily Telegraph: Japanese technology giant SoftBank has drafted the boss of its US mobile network onto the board of British technology company Arm Holdings.
  • The Guardian: Any trade war with the US will only bring disaster to the world economy, the Chinese commerce minister Zhong Shan has said, as Beijing stepped up its criticism of metals tariffs introduced by the White House.
  • The Times: Europe’s poorest member Greece is set to auction 12-month treasury bills this week, inching closer to ending eight years of international bailouts and draconian fiscal supervision.

Share tips, comment and bids

  • Daily Mail (Trader tips): BUY car classified Autotrader but SELL estate agent Countrywide.
  • Financial Times: GKN will on Monday launch its final attack on the hostile £7 billion bid from Melrose Industries, arguing that the measures unveiled in its defence put its true value at closer to £5 a share, substantially higher than the 415p on offer from the industrial turnround group.
  • Financial Times: The complex asset swap between Eon and longstanding rival RWE, devised by a small team of executives and investment bankers over the past six months, is certainly expected to send shockwaves across Europe’s energy industry.
  • The Daily Telegraph: Product innovation firm CPP, which was hit by a misselling scandal in 2012, is set to re-enter the UK market in the next few months after buying a significant minority stake in KYND, a start-up offering cyber security services to small businesses.
  • The Daily Telegraph (Comment): Why our reliance on the Cold War satellite technology is an accident waiting to happen.
  • Financial Times (Comment): US protectionism could set off a digital trade war.

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The Accumulator: FTSE see-saws on trade war fears

by Michelle McGagh on Jun 22, 2018 at 14:57

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