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Saturday Papers: British jets join attack on Syria

And Bank of England governor warned new technology risks a return to 19th-century wage stagnation and Marxism.

Saturday Papers: British jets join attack on Syria

Top stories

  • The Times: Britain joined US and France in launching airstrikes against Syria early this morning in response to a suspected chemical weapons attack by President Assad’s regime a week ago.
  • The Daily Telegraph: Massive job losses driven by automation of millions of blue and white collar jobs could resuscitate Marxism in the West, the Governor of the Bank of England has warned.
  • Financial Times: Increased trading volumes, low loan losses and a big cut in the corporate tax rate has helped JP Morgan Chase record the largest quarterly profit ever by a US bank.
  • Financial Times: Rio Tinto is set to walk away from contracts with a giant metal refinery in Ireland owned by US sanctions-hit Russian billionaire Oleg Deripaska.
  • Financial Times: Jaguar Land Rover moved to shed 1,000 workers and cut production due to decline in diesel vehicle sales and lower consumer confidence, the largest carmaker of Britain has said.
  • Financial Times: The London Stock Exchange has appointed David Schwimmer, a little-known investment banker at Goldman Sachs, as its new chief executive.

Business and economics

  • The Daily Telegraph: The International Energy Agency claims the world’s oil inventories have decreased close to normal levels for the market in recent years, after over a year of production cuts led by Saudi Arabia.
  • The Times: In retaliation to the US sanctions on Russian businesses, Moscow has drawn up a list of American products that could be banned.
  • The Times: Saudi Aramco generated $34 billion of net income in the first half of 2017, becoming the world’s most profitable company.
  • Daily Mail: Sage Group’s poor performance forced it to revise down its annual sales forecast yesterday, driving its shares down by 17%.
  • The Guardian: Five years after being rescued from administration, camera specialist retailer Jessops recorded 24% rise in sales to nearly £100 million in the year to April 2017 and expects return to profit this year.
  • Financial Times: Institutional Shareholder Services, a proxy adviser to the world’s biggest investors, recommended Unilever's shareholders to vote against the binding pay policy, increasing the possibility of investor rebellion at its annual general meeting next month.
  • The Guardian: The luxury brand Burberry has appointed Gerry Murphy, the former boss of B&Q owner Kingfisher, as its new chairman.
  • Daily Mail: Rolls-Royce was forced to ramp up inspections on its flagship Trent 1000 Package C engines on 380 Boeing 787 Dreamliner planesamid fears they are deteriorating faster than expected.
  • The Times: American finance watchdogs, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, have told Wells Fargo to pay $1 billion to settle allegations that it mis-sold mortgages and car insurance.
  • Daily Mail: Boston Consulting Group has been brought in to advise Damian McGloughlin, boss of the struggling retailer Homebase, who only took the helm in January, two years after it was bought by Australian conglomerate Wesfarmers for £340 million.
  • Financial Times: The UK financial markets watchdog is investigating irregular movements in the share price of FirstGroup, before its takeover bid from Apollo Management emerged this week.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Follow these rules of investing to avoid being hit by the next Conviviality.
  • The Times: In a fresh blow to Hammerson, who just fended off a takeover approach from Frensh property group Klépierre, top five investors in the Britain's biggest shopping centre owner have refused to back its proposed takeover of its rival Intu.
  • The Times: Founder of Norwegian Air Shuttle, Bjorn Kjos, said that he had “not at all thought of selling”, in response to the rumours of posssible takeover by International Airlines Group that took a stake in the no-frills airline.
  • Financial Times (Comment): Deutsche Bank disarray may not end with Cryan’s ousting.
  • The Times (Comment): The economic watchdog is caught between a rock and a hard Brexit.
  • Financial Times (Lex): Law firms/gender pay gap: definitive numbers must be published to dispel uncertainties.
  • Financial Times (Lex): London Stock Exchange: new chief David Schwimmer’s broader mission is to capitalise on his predecessor’s legacy.
  • Financial Times (Lex): JP Morgan: US banks are almost in full bloom.
  • Financial Times (Lex): Rusal/Norilsk Nickel: aluminium group’s owner Deripaska handed measure of protection from US sanctions.

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Sunday Papers: Bosses attack May on Brexit muddle

by Himanshu Singh on Jun 24, 2018 at 05:58

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