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Saturday Papers: Equifax shares drop after data breach

And France drives EU tax blitz on revenues of US tech giants which would wreak havoc with many groups’ business models in Europe.

 
Saturday Papers: Equifax shares drop after data breach

Top stories

  • Financial Times: Shares in Equifax dropped sharply on Friday as investors, regulators and lawmakers scrambled to assess the damage from one of the largest US cyber security breaches on record.
  • Financial Times: Paris and Berlin are mounting a joint offensive to tax internet giants such as Google and Amazon based on revenues generated in EU countries, a change that would wreak havoc with many technology groups’ business models in Europe.
  • The Times: Unions fear that hundreds of jobs could be lost in the biggest shake-up to hit Britain’s newspaper business in more than a decade, after Trinity Mirror confirmed that it was in talks with Richard Desmond about the purchase of his Daily Express and Daily Star titles.
  • Financial Times: Spain’s football authorities are making plans that would see FC Barcelona and Real Madrid play competitive league matches in the US and China from as early as next season, as they seek to net greater revenues from international audiences.
  • Financial Times: Uber has confirmed it is co-operating with the Federal Bureau of Investigation over whether it interfered illegally with Lyft, using a programme that tracked locations of its competitor’s drivers.

Business and economics

  • The Times: Growth in the manufacturing sector rose at its fastest pace this year in July but the trade deficit widened and construction continued to shrink.
  • The Guardian: Toy specialist The Entertainer said playground crazes such as fidget spinners and Fingerlings were helping it buck a downturn in the toy trade.
  • Daily Mail: Dulux owner Akzo Nobel has issued a profit warning just three months after fending off a £22.5 billion takeover approach from American rival PPG.
  • The Times: Three chief executives of PSA Peugeot Citroën approved a fraudulent strategy to defeat anti-pollution tests on almost two million vehicles sold in France, according to an official report.
  • Daily Mail: Asos is planning an onslaught on the beauty market that will eat into the market share of Superdrug, Boots and the department stores.
  • Financial Times: Select workers at Sports Direct are to share a £43.3 million bonus, after recent gains in the controversial retailer’s share price boosted the value of a six-year-old share award scheme.
  • The Daily Telegraph: A rise in the cost of overseas holidays is likely to constrain consumer spending in pubs according to Rooney Anand, the chief executive of Greene King.
  • Financial Times: The Asia unit of Bell Pottinger, the scandal-tainted public relations agency, will separate from its London-based parent and change its name to Klareco Communications.
  • Financial Times: AstraZeneca, the UK drugmaker, has sought to move beyond a serious setback that wiped £10 billion off its share price in July by announcing that two of its lung cancer drugs have significantly extended the time that patients live without their disease getting worse.
  • Financial Times: Hyundai Motor shares continued to slide on Friday as the group battled with its China joint venture partner over supplier strategy, and following a drop in sales in its most important market.
  • The Times: Weaker consumer confidence has been blamed for a third profit warning this year at Safestyle, triggering a renewed sell-off in its shares yesterday.
  • The Times: Fifteen thousand current and former Dairy Crest workers are to have their pensions cut by an average of £8,300 each during their lifetimes as a result of a change to the company’s retirement arrangements
  • The Daily Telegraph: Former Marks & Spencer high-flyer Laura Wade-Gery is joining rival John Lewis Partnership's board as a non-executive director.
  • The Times: The two most senior bosses at Berkeley Group cashed in £40 million of shares yesterday, barely a day after the upmarket housebuilder had faced down a shareholder rebellion over its “grossly excessive” pay deals for executives.
  • The Daily Telegraph: Pilots at tour operator Thomas Cook have staged a 12-hour strike after failing to agree a pay deal with the company.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Dividend growth is key – and the majority of our stocks are delivering.
  • The Times (Tempus share tips): Looking for the next big thing.
  • Daily Mail: Farfetch, the British-based luxury fashion website, which is backed by Net-a-Porter founder Natalie Massenet, is preparing an IPO in New York as its racks up its expansion drive.
  • The Daily Telegraph: Glencore has sold most of its stake in Russian oil giant Rosneft to a Chinese firm, less than a year after stunning the market with the €10.2 billion (£8.6 billion) buy, in what appears to signal a warming of relations between Russia and China.
  • Financial Times (Lex): University pay: vice-chancellors are not overpaid but their employers need to be less opaque.
  • Financial Times (Lex): Equifax: data breaches are bad for retailers, but far worse for credit scoring companies.
  • Financial Times (Lex): Trinity Mirror: buying the Express titles is one way to plug the pension deficit.
  • Financial Times (Lex): Sports franchise values: now is the time for families to sell teams to plutocrats.

1 comment so far. Why not have your say?

Tomboy

Sep 09, 2017 at 12:16

The high wages by top executives in the public sector need to come under the same scrutiny as the private sector we all contribute to these exsecesive saleries as taxpayers

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