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Saturday Papers: German car giants ‘may have colluded on emissions’

And power struggle between CEO and investment chief rattles $240 billion asset manager and investment bank Guggenheim Partners.

Saturday Papers: German car giants ‘may have colluded on emissions’

Top stories

  • The Daily Telegraph: Germany’s biggest carmakers are being investigated on suspicion of operating a secret technology cartel for the past 20 years that led to the dieselgate emissions scandal.
  • Financial Times: A power struggle has broken out between Guggenheim Partners’ two most prominent executives, sapping morale, alarming clients and contributing to the departure of several top managers, according to current and former employees of the $240 billion asset manager and investment bank.
  • The Times: The surprise £2.9 billion bid by Blackstone and CVC Capital Partners for the FTSE 250 payments business Paysafe is likely to stoke fears that other British companies are vulnerable to opportunistic offers from international private equity firms at a time when sterling has fallen by 13% since the Brexit vote.
  • Financial Times: Lyft, the San Francisco-based transportation company, has started developing its own autonomous car technology.
  • Financial Times: Bank of America has picked Dublin as the main base for its EU investment banking and markets operations after Brexit, chief executive Brian Moynihan said.

Business and economics

  • The Times: The euro surged to a two-year high against the dollar yesterday amid growing expectations that the European Central Bank will soon bring its long era of cheap money to an end.
  • Daily Mail: Swatch has ticked back into growth as it fights back against Apple’s smart watches.
  • Daily Mail: Lloyds Banking Group has made more than £10 million of compensation offers and hardship payments to customers affected by the HBOS fraud scandal.
  • The Daily Telegraph: A £14 billion lawsuit brought against MasterCard for allegedly imposing charges on 46 million consumers in the UK has been stopped from proceeding as a class action, a tribunal has ruled.
  • The Times: An export ban in Tanzania has hit revenues at Acacia Mining, the company said yesterday, as it emerged two of the company’s staff had been questioned by authorities in the country.
  • Daily Mail: Ebay was battered in after-hours trading on Thursday after revealing a sharp drop in profits, which highlighted its struggle against Amazon.
  • Daily Mail: Online electricals retailer AO World increased its sales by 2.5% in the second quarter, driven by a sharp revenue rise in Europe.
  • Financial Times: Beazley, the London-based insurer, is expanding overseas operations after conditions worsened for its core UK business.
  • The Daily Telegraph: Vodafone’s UK arm is preparing a major revamp of its offers in a bid to kickstart growth after a chaotic IT overhaul battered its customer service record and sent its share of the market sliding.
  • The Daily Telegraph: Jaguar Land Rover has opened its first engine plant outside the UK, picking China for the new facility.
  • The Times: An internal memo from Astrazeneca’s chief executive Pascal Soriot has stifled rumours of his imminent departure.
  • The Times: Glaxosmithkline has appointed Laurie Glimcher, an expert in the field of immuno-oncology and a champion of women in science, to its board, signalling its intention to focus on science and innovation.
  • The Daily Telegraph: Bookmaker Ladbrokes Coral has ended a dispute with a major racecourse owner over the price of broadcast rights.

Share tips, comment and bids

  • The Times (Tempus share tips): Is lithium the next big thing?
  • The Daily Telegraph (Questor share tips): Next and Royal Mail fit the 'terminal decline' narrative but reinvention is possible.
  • Financial Times: US oil services provider Schlumberger has agreed to buy a 51% stake in Russia’s Eurasia Drilling Company in a renewed attempt to take control of the country’s biggest oil and gas exploration company.
  • The Times: Clarion Events, a British exhibitions group that stages arms fairs, horse shows and homeware fairs, is to be bought by Blackstone, the American private equity group, for almost £600 million.
  • The Daily Telegraph: Glencore has agreed to invest up to 66 million reais (£16.16 million) in Brazilian copper producer Paranapanema, taking a 5% stake the group, after earlier this year voicing expectations copper prices looked likely to rise.
  • The Daily Telegraph: Miller Homes is in advanced talks to be taken over by the owner of Pret A Manger, it emerged on Friday.
  • Financial Times (Lex): Swatch: recovery from a prolonged downturn may be at hand.
  • Financial Times (Lex): Electric vehicles: large-scale take-up will mean the need to switch on to an improved network.
  • Financial Times (Lex): Apollo/ClubCorp: shrewd management could wring more profit out of a game on the wane.
  • Financial Times (Lex): Dairy Crest: after selling milk business in 2015, growth will need to come from other products.

1 comment so far. Why not have your say?

Nigel James

Jul 22, 2017 at 19:46

German car giants ‘MAY HAVE colluded on emissions’? No, seriously? I'm amazed...

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