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Saturday Papers: Siemens and Gamesa discuss wind power deal

And global markets end tumultuous month on a high but weak economic growth figures in the US underscored the scale of a global slowdown.

Saturday Papers: Siemens and Gamesa discuss wind power deal

Top stories

  • Financial Times: Germany’s Siemens is in talks to acquire Spain’s Gamesa in a move that could create the world’s biggest wind turbine maker by market share.
  • The Guardian: Global markets have ended a difficult month on a stronger note after the Bank of Japan stepped in to boost its economy with negative interest rates, however, weak economic growth figures in the US underscored the scale of a global slowdown that has rattled investors.
  • Financial Times: Chevron, the second-largest US oil group, has promised further steep cuts in capital spending and operating costs this year as it works to reduce a huge cash outflow caused by the slump in crude prices.
  • The Daily Telegraph: James Murdoch is to return as chairman of Sky four years after a phone-hacking scandal forced him out, potentially taking the Murdoch family a step closer to full ownership of the European pay-TV group.
  • Financial Times: Apple has assembled a large team of experts in virtual and augmented reality and built prototypes of headsets that could one day rival Facebook’s Oculus Rift or Microsoft’s Hololens, as it seeks new sources of growth beyond the iPhone.
  • Financial Times: Merck has launched a price war in the treatment of hepatitis C by setting the list price of its new drug at a 40% discount to rival medicines, a move designed to steal market share from a controversial $1,000 pill made by competitor Gilead.

Business and economics

  • The Independent: Google still owes the British Government hundreds of millions of pounds in unpaid taxes.
  • The Guardian: Google’s £130 million tax deal with the UK reveals the need for a radical overhaul of the international tax system, according to Britain’s leading authority on tax and spending.
  • Daily Mail: European lawmakers have launched a crackdown on cheap Chinese imports of steel that are crippling UK plants.
  • The Daily Telegraph: Boeing Co has won a contract to start preliminary work on a new fleet of Air Force One presidential aircraft based on its 747-8 jumbo jet.
  • Financial Times: Tullett Prebon, the interdealer broker buying 1,500 traders from rival ICAP, is to slash more jobs as it deepens its cost-cutting plans, even as its main trading business benefited from recent volatility in oil markets.
  • The Independent: The troubled steel producer Sheffield Forgemasters has been thrown a lifeline after a trio of British industry heavyweights agreed to help bail out the business.
  • The Daily Telegraph: Profits at Indian energy group Vedanta Resources have halved in the face of crashing oil and commodity prices.
  • The Guardian: Google is testing solar-powered drones at Spaceport America in New Mexico to explore ways to deliver high-speed internet from the air, the Guardian has learned.
  • Financial Times: Shigehisa Takada, the reclusive chief executive of Takata, is facing growing pressure to step down as the crisis-hit Japanese airbag maker seeks financial assistance from the automobile industry.
  • The Independent: HSBC’s online banking website is down, leaving thousands of customers unable to access its services after a cyber attack.
  • The Guardian: Tesco is to halt 24-hour trading at 76 of its biggest stores owing to a lack of shoppers in the early hours.
  • Financial Times: Lloyds Banking Group will call in £3 billion of special bonds early, stripping investors of as much as 16% a year in interest payments, after the bank won a landmark court case.
  • Financial Times: Online casino gambling and the revival of the UK bingo hall helped lift first-half revenues at Rank, the leisure group.
  • The Guardian: Apple, Amazon, Starbucks and McDonald’s are being unfairly targeted by the European Commission over tax avoidance, according to Robert Stack, the US Treasury official in charge of international tax policy.
  • The Daily Telegraph: Barclays’ new chief executive Jes Staley has turned to his former employer JP Morgan to find his new chief risk officer; CS Venkatakrishnan, who has spent more than two decades in the New York offices of JP Morgan, will move to the British lender in May.
  • The Daily Telegraph: Company administrations fell to an 11-year low in the final quarter of 2015, according to new data, with the UK economy demonstrating ongoing resilience in the face of international headwinds.
  • The Daily Telegraph: Inflation is finally showing signs of returning to the eurozone after figures from January suggested consumer prices had risen to their highest level since October 2014.

Share tips, comment and bids

  • Daily Mail: Top executives at Sainsbury’s are locked in talks to agree a price with Argos-owner Home Retail Group.
  • The Guardian: James Murdoch’s surprise return as Sky chairman has immediately sparked renewed speculation that Fox will mount a £14 billion takeover bid.
  • The Independent (Comment): Amazon said to hell with what Wall Street wants – and is now unstoppable.
  • Financial Times (Lex): Sky: the dramatic, irrelevant return of James Murdoch.
  • Financial Times (Lex): SSE: a price cut is not worrisome; a dividend cut is.
  • Financial Times (Lex): Blackstone: a cheap asset Steve Schwarzman’s group won’t buy.

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Barnett eyes revival and 'refines' unquoted portfolio

by Daniel Grote on May 23, 2018 at 16:09

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