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Saturday Papers: Barclays boss set to pay £1m whistleblower fine

And Blackstone is under fire over push into UK social housing on fear that private equity giant will outbid non-profits.

Saturday Papers: Barclays boss set to pay £1m whistleblower fine

Top stories

  • The Times: Jes Staley, boss of Barclays, was fined £642,430 by British financial regulators and had £500,000 docked from his pay by the bank over a failed attempt to identify a whistleblower.
  • Financial Times: The US private equity giant Blackstone is coming under fire after muscling into Britain’s social housing market by buying a 90% stake in Sage Housing, to the dismay of non-profit housing associations, which fear being outbid for land and properties.
  • Financial Times: WPP is considering former AOL chief executive Tim Armstrong to succeed Martin Sorrell as head of the marketing and communications group, sources said.
  • Financial Times: JP Morgan Chase is seeking permission to acquire a 51% stake in a Chinese securities company in a bid to re-enter China’s securities market after exiting two years ago.
  • Financial Times: Volvo Cars has appointed Goldman Sachs, Morgan Stanley and Citigroup as joint global co-ordinators to explore an IPO.

Business and economics

  • The Times: Rusal’s profits jumped 20% in the first quarter but its shares fell 7% after the Russian aluminium producer warned that recent US sanctions were likely to have a “materially adverse” impact.
  • Daily Mail: Crisis at AA is growing as breakdown patrol drivers are quitting in droves over brutal working conditions and unrealistic response times.
  • Daily Mail: Struggling retail chain Carpetright has received £15 million of unsecured loan from Meditor European Master Fund to plug a cash shortfall as losses widen.
  • The Daily Telegraph: Challenger bank Paragon has hired Fiona Clutterbuck as its new chairman.
  • The Guardian: Politicians, consumer groups and comparison sites have condemned Npower after it became the fifth of the big six energy suppliers to raise prices.
  • The Daily Telegraph: The Financial Conduct Authority is investigating Interserve over its handling of inside information and its disclosure to the market about exiting its troublesome energy-from-waste contracts.
  • The Guardian: Cumbria-based Sellafield Ltd, Britain’s biggest nuclear waste storage and reprocessing site, might be slapped with a potential multimillion-pound fine after an employee was exposed to dangerously high levels of radiation.
  • The Times: The Home Office has received applications from banks for a special work visa arrangement that would permit them to bring foreign staff into Britain after Brexit next year.
  • Financial Times: Equity funds are suffering their worst outflows in nearly a year and bond funds are losing money for a third week running.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): More positive news from OneSavings but we need to watch Renew closely.
  • Financial Times: Yoox Net-a-Porter has set his sights on strengthening foothold in China with tie-up with a Chinese online retailer after completing its buyout by Richemont.
  • The Times: ZPG, the owner of the property website Zoopla and the comparison websites Uswitch and Money, is to be bought by the American private equity fund Silver Lake for £2.2 billion.
  • Daily Mail: Private equity house 3i Infrastructure has made an approach to buy 55% stake in motorway service station operator Welcome Break from investment bank Evercore.
  • The Daily Telegraph: IWG, the parent company of office provider Regus, is in talks with private equity groups for a potential buyout just months after a Canadian consortium abandoned a deal to buy the business.
  • Daily Mail: Sainsbury's and Asda’s £14.1 billion merger could result into selling of as many as 245 stores.
  • Financial Times: Saint-Gobain, the French building materials company, has decided not to pursue control of Swiss rival Sika in return for a pay-off.
  • Financial Times (Comment): The New World Order: Donald Trump goes it alone.
  • The Daily Telegraph (Comment): The property market is about to be swept up in a whirlwind.
  • The Times (Comment): Bank ratesetters should be guided by forecasts, not passing noises-off.

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