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Saturday Papers: GKN sell-off deals blow to Melrose bid

And US denies concession over Trump meeting with Kim as ‘Snap decision’ by president reverses decades of policy on North Korea.

Saturday Papers: GKN sell-off deals blow to Melrose bid

Top stories

  • The Times: An American maker of car parts has swooped to buy the automotive division of GKN, the British engineer that is trying to shake off a multibillion-pound hostile takeover approach from Melrose Industries.
  • Financial Times: The White House insisted Donald Trump’s decision to break with decades of precedent and grant a personal meeting with Kim Jong Un was not a concession to Pyongyang, claiming it showed its policy of isolating his regime was working.
  • Financial Times: The head of the EU’s banking regulator has struck back at calls to regulate cryptocurrencies in a speech that warned against overly regulating fintech firms.
  • The Daily Telegraph: BAE Systems has agreed a provisional sale of 48 Typhoon jets to Saudi Arabia – a deal which would secure thousands of jobs at the defence giant and its suppliers well into the next decade.
  • Financial Times: The Hong Kong securities regulator has banned UBS from sponsoring initial public offerings for 18 months, after an investigation into the Swiss bank’s role in certain listings on the city’s stock exchange.
  • The Times: Lloyd Blankfein, longstanding boss of Goldman Sachs, will step down as soon as the end of this year.
  • Financial Times: Facebook is increasing its rivalry with YouTube and television by striking new deals with Warner Music Group and Major League Baseball that will bring more video to the world’s largest social network.

Business and economics

  • The Daily Telegraph: Britain faces huge fines in an EU legal battle that would poison the Brexit negotiations, if Liam Fox secures a UK-only exemption from Donald Trump’s trade tariffs on steel and aluminium imports.
  • Financial Times: Britain is to help finance exports of Bombardier’s C Series passenger jet, just weeks after a court rejected a claim by Boeing that illegal subsidies from the UK and Canada for the aircraft had caused the US manufacturer significant damage.
  • The Guardian: Australian Prime Minister Malcolm Turnbull has confirmed that Australia has won a reprieve from the United States’ global steel and aluminium tariffs, after the US president, Donald Trump, earlier tweeted that he and Turnbull were working on a “security agreement” for an exemption.
  • Financial Times: Barclays has become the first UK bank to obtain High Court approval for the ringfencing of its day-to-day banking activities.
  • Daily Mail: Foxy Bingo owner GVC enjoyed a 24% increase in sales to £799.4 million last year, bolstered by its acquisition of and an upturn in mobile betting.
  • The Guardian: Growing global demand is driving the creation of 600 new manufacturing jobs at the digger maker JCB.
  • Financial Times: Three years ago, Lego’s then chief executive jumped up and down wildly while singing “everything is awesome” to celebrate the Danish toymaker’s results.
  • Daily Mail: Claire's is on the verge of becoming the latest High Street casualty as it teeters on the brink of bankruptcy.
  • The Times: Rising raw material costs have forced Renold to warn that its profits for the year will be lower than expected.
  • Daily Mail: London-based satellite giant Inmarsat has cut its dividend to invest more cash into its aviation arm.
  • The Times: UBS is to move up to 200 jobs out of London to Frankfurt and other European cities.
  • The Guardian: The Australian government is fighting to keep secret the amount it paid to fight a legal battle with the tobacco industry over its plain packaging laws.
  • The Daily Telegraph: The former pharmaceuticals boss dubbed "Pharma Bro", Martin Shkreli, has been sentenced to seven years in prison.
  • Daily Mail: Troubled SIG has said a number of employees will leave the business following disciplinary investigations relating to accounting irregularities and mis-stated profits.
  • The Times: The steel industry, which employs 32,000 people, said that America’s new trade tariffs could have a “profound and detrimental” impact on a sector that has only just emerged from crisis.
  • The Times: The European Commission has started an investigation into whether Britain has broken single market rules by failing to pay enough tax on commodities trading.

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The Accumulator: FTSE see-saws on trade war fears

by Michelle McGagh on Jun 22, 2018 at 14:57

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