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Saturday Papers: Deutsche Bank to miss cost-cutting target for 2018

And Vodafone resumes talks over buying Liberty Global assets in Europe after 2015 failure.

 
Saturday Papers: Deutsche Bank to miss cost-cutting target for 2018

Top stories

  • Financial Times: Deutsche Bank on Friday reported a third consecutive annual loss, a worse fourth quarter than expected and said it would miss its cost-cutting target for 2018, sending the lender’s shares down sharply in early trading.
  • Financial Times: Vodafone, one of the world’s largest mobile operators, is in talks to buy large parts of John Malone’s European cable group Liberty Global in a deal that may exceed €14 billion in value and bolster the UK group’s footprint across the continent.
  • The Daily Telegraph: Wages in the United States are rising at the fastest pace since the Great Recession and the American economy is moving into a full-fledged boom, sending bond yields soaring, stocks plunging and raising the spectre of shock tightening by the US Federal Reserve.
  • The Times: Insurers and other providers of private pensions could face a crackdown by regulators, who expressed doubts yesterday that consumers with £400 billion invested are getting a good deal.
  • Financial Times: Sony has appointed Kenichiro Yoshida, the chief financial officer credited for executing the turnround at the once-struggling Japanese electronics and entertainment group, as its new chief executive.
  • Financial Times: Weak performances in refining operations at ExxonMobil and Chevron led the two largest US oil groups to report disappointing fourth-quarter earnings, despite multibillion-dollar accounting gains from the recent US corporate tax cuts.
  • Financial Times: Congressional Republicans have launched a full-scale assault on the FBI, accusing it of flouting rules intended to prevent Americans from being spied on by their own government when they wiretapped a foreign policy adviser to the Trump campaign.

Business and economics

  • Financial Times: Prime Minister Theresa May is under mounting pressure to clarify the UK’s future relationship with the EU after it emerged that a cross-party group of MPs is pushing for Britain to stay in a customs union with the bloc after Brexit.
  • The Guardian: The economist credited with predicting the 2008 global financial crisis said a 12% fall in the value of bitcoin on Friday was the latest proof that the cryptocurrency was the biggest bubble in history and destined for a crash.
  • The Guardian: Wall Street experts scalded Starbucks on Friday with an opinion many caffeine lovers – and investors - have probably been frothing about for a while – the company has opened too many coffee shops and the price of a cup of joe is too darn high.
  • The Daily Telegraph: BT blamed the upfront costs of the £1,000 iPhone X for a squeeze on profitability that rattled investors as the company heads into a crucial series of decisions on regulation, pensions and the Premier League.
  • The Times: Housebuilding activity has slipped for the first time in 18 months, adding further woes to a construction sector already suffering from stagnation in commercial work.
  • Daily Mail: Purplebricks has hit back at criticism from the City after its shares were hit by a broker's claim that listing with the online estate agent is like 'a £1,000 coin toss'.
  • The Times: The long-serving chief executive of Renault, Carlos Ghosn, will be reappointed this month, less than three years after a public feud with Emmanuel Macron over the direction of the company.
  • Financial Times: The Co-operative Bank has announced plans to appoint its fourth chairman in as many years next month when Bob Dench takes over from Dennis Holt at the helm of the British lender’s board of directors.
  • The Daily Telegraph: The chairman of Bloomberg, Peter Grauer, has stepped down from Blackstone's board after the private equity giant earlier this week agreed to take control of Thomas Reuters's data unit.
  • The Times: The fate of thousands of staff at Carillion was still uncertain last night, despite hundreds being told that they had kept or lost their jobs.
  • The Daily Telegraph: Eggborough power plant in North Yorkshire, one of Britain’s largest coal-fired power plants, will shut down before the start of next winter after failing to clinch a crucial supply contract with the National Grid.
  • Daily Mail: The energy watchdog is to investigate whether Ovo Energy gave inaccurate information to customers over the amount of energy they had used.
  • Daily Mail: Directors at Paul Smith have paid themselves £6.2 million despite suffering losses of £1.3 million last year.

Share tips, comment and bids

  • The Times (Tempus share tips): Glaxo left behind as Astra turns a corner.
  • The Daily Telegraph (Questor share tips): bold Dutch-style pension solution is good news for our Royal Mail shares.
  • Financial Times: Cobham has taken the first step to reversing the ill-fated acquisition spree that left the aerospace and defence supplier crippled with debt, with the sale on Friday of its wireless and avionics communications testing business to US-based Viavi Solutions for $455 million in cash.
  • The Times: Three months after they were forced to cancel a £1 billion stock market listing, the owners of Cabot Credit Management are considering a float of the debt collection business, with a possible announcement as soon as next month.
  • The Daily Telegraph (Comment): Days of the big iPhone reveal are now over.
  • Financial Times (Lex): English Premier League: transfer fees look to have found a comfortable level.
  • Financial Times (Lex): Deutsche Bank: the German lender’s global ambitions are proving expensive.
  • Financial Times (Lex): Apple: company’s plan to eliminate its cash pile should work as long as it keeps performing.
  • Financial Times (Lex): Purplebricks: online estate agent should heed calls to publish data on sales completions.

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