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Monday Papers: Trump targets tax reform to woo Republicans

And shareholders reap rewards as dividends hit $5 billion a day emphatically ending the hiatus of last year.

 
Monday Papers: Trump targets tax reform to woo Republicans

Top stories

  • Financial Times: The Trump administration has decided to push hard for tax reform and dial down a controversial national security investigation into steel imports in a bid to swing Republican support behind the president after the turmoil of recent weeks, according to senior officials.
  • The Times: Companies worldwide are handing cash to shareholders in unprecedented amounts, paying out dividends at the rate of $5 billion a day in the second quarter of this year.
  • The Times: Britain could retain access to the single market without answering to the EU’s court under plans put forward by one of Europe’s leading judges.
  • Financial Times: BT’s mobile network EE is planning legal action against the UK telecoms regulator over its decision to restrict the amount of mobile airwaves any one company can own.
  • The Guardian: Tesla’s Elon Musk and Google’s Mustafa Suleyman are leading a group of 116 specialists from across 26 countries who are calling on the United Nations to ban the development and use of killer robots.
  • Financial Times: Car rental companies are being asked to carry out tougher background checks on individuals looking to hire a vehicle, following recent terrorist attacks in European cities including Barcelona and London.

Business and economics

  • Financial Times: Linklaters, the big British law firm, resigned from advising Barclays over a controversial loan to Qatar at the heart of a $1 billion lawsuit over fears it would be illegal, court documents have claimed.
  • Daily Mail: Britain looks set for the longest run of budget shortfalls since Napoleonic times – pushing the national debt towards £2 trillion.
  • The Times: The holiday season has cast its usual shadow over the housing market, sending asking prices down slightly; the average price of property fell by 0.9% - or £2,758 - this month compared to last, according to Rightmove.
  • Financial Times: Hikma, the London-listed generic drugmaker, has sharply increased the price of a string of medicines in the US - including a diarrhoea treatment that has risen 430% - in the latest instance of “gouging”.
  • Daily Mail: Jamaican franchise company Franjam, in which Usain Bolt is a partner, has reportedly signed a deal with Middlesex-based SME Group to launch 15 Tracks and Records restaurants across the UK over the next five years.
  • Financial Times: The Federal Bureau of Investigation is growing concerned that Wall Street traders are turning to encrypted apps to hide illicit communications from internal compliance programmes and regulators.
  • The Times: Delvaux, the luxury Belgian leather handbag retailer, has agreed a new lease on the former Pinet store on New Bond Street, pushing the image of the exclusive Mayfair shopping street even further upmarket.
  • The Times: Two out of three bosses at the UK’s biggest companies have not been trained in how to deal with a cyberattack, the government has warned, despite growing awareness at board level of the havoc that can be wreaked on organisations by hackers.
  • The Times: Famed for its sunshine and high temperatures, Qatar might seem the ideal place to install solar panels, but as it looks to branch out into renewable energy, it has found that it is too hot for the panels to work properly.
  • Financial Times: Car sales have more than halved, dozens of supermarkets have closed and tourist visits are down nearly 70% as a government-led Chinese boycott of South Korean companies over Seoul’s missile shield takes a toll on business.
  • Financial Times: A number of companies are selling bonds and taking advantage of low borrowing costs to support their retirement obligations as corporate treasurers anticipate US tax reform in 2018.

Share tips, comment and bids

  • Daily Mail (Traders' tips): BUY Merlin Entertainments but SELL Kaz Minerals.
  • Financial Times: Prodigy Finance, a peer-to-peer lending company that helps overseas postgraduate students pay tuition fees by borrowing from an alumni network, has secured $240 million of extra debt and equity funding for expansion in the US.
  • Daily Mail: Wealth manager Rathbone Brothers has confirmed it is in exclusive talks with smaller financial services provider Smith & Williamson over a possible all-share merger to create a giant managing more than £50 billion.
  • The Times: IVP, a venture capital firm based in Silicon Valley which has backed Snapchat, is poised to buy a stake in Transferwise in a deal expected to value the British online currency exchange business at more than £1 billion only seven years after it was created.
  • The Times: Britain’s only listed computer games company Frontier Developments has teamed up with Universal Studios to create a game based on the Jurassic Park films in a deal that is expected to double its revenue by 2019.
  • The Guardian (Comment): Global investors look to Jackson Hole for signs of how QE will end.
  • Financial Times (Comment): Hong Kong presents a test of China’s good faith; Beijing would be wrong to assume that its clampdown carries no cost.

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FTSE falls but Imagination soars on bid

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