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Saturday Papers: Amazon to buy Whole Foods

And Tesco reported its sixth consecutive quarter of growth but had to work hard to appease small shareholders unhappy about executive pay.

Saturday Papers: Amazon to buy Whole Foods

Top stories

  • The Daily Telegraph: Amazon has announced a $13.7 billion (£10.7 billion) takeover of upmarket food chain Whole Foods in an all-cash takeover that will propel the US online giant's near-decade long push into groceries.
  • The Times: Tesco reported its sixth consecutive quarter of growth in a tough market but had to work hard to appease small shareholders unhappy about executive pay at its annual meeting.
  • Financial Times: The US Department of Justice is scrutinising whether Barclays breached antitrust laws by promising to stop poaching JP Morgan Chase bankers, in another blow for the British lender’s chief executive, Jes Staley.
  • Financial Times: Germany and Austria have castigated new American sanctions on Russia that target Moscow’s controversial Nord Stream 2 gas pipeline to Europe, describing them as an illegal threat to EU energy security.

Business and economics

  • The Guardian: The boss of one of the UK’s biggest energy companies SSE has been given a 72% pay rise, just weeks after arguing against consumers having their bills capped to save them £100 a year.
  • Financial Times: The Bank of Japan kept interest rates on hold and tweaked its view of the economy upwards in a steady-as-she-goes decision on monetary policy.
  • The Times: Britain has struggled to attract elite trade negotiators to broker deals with the United States and other countries after Brexit because of a pay squeeze at the top of the civil service.
  • Financial Times: Asset managers in the UK are braced for the Financial Conduct Authority’s blockbuster final report on the fund industry, which is due to be published by the end of the month.
  • The Daily Telegraph: Admiral has been forced to admit that some people who renewed their insurance policies with the UK insurer may have been misled, breaking new rules from the City watchdog to tackle an industry-wide problem.
  • Financial Times: Takata is preparing to file for bankruptcy protection as early as next week amid mounting liabilities stemming from exploding airbags manufactured by the Japanese automotive supplier, according to two people familiar with the talks.
  • The Times: The crisis-hit commodity trader Noble Group has been offered a four-month stay of execution by its lenders.
  • The Guardian: Google is reportedly facing a record-breaking fine from Brussels of more than €1 billion (£875 million) over alleged abuse of its market dominance.
  • Daily Mail: Aero-engineer Rolls-Royce is expecting a £50 million profits boost this year due to the devaluation of the pound.
  • Financial Times: McDonald’s has ended its decades-long sponsorship of the Olympic Games, becoming the latest US company to pull support and marking the latest financial blow to the body that runs the world’s biggest sporting event.
  • The Times: Sir Richard Lambert, former director of the Confederation of British Industry, is to join the Harry Potter publishing house Bloomsbury as its non-executive chairman.
  • The Daily Telegraph: Mining group BHP Billiton has picked its youngest director, Ken MacKenzie, to be chairman as it looks to quell investor discontent and reaffirm its strategy.
  • The Daily Telegraph: The UK's communications watchdog has hit Three with a £1.9 million fine after discovering a failure in its systems could have left customers unable to call the emergency services.

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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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