Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1068082

Saturday Papers: Uber loses key appeal over drivers' rights

And troubled Japanese conglomerate Toshiba slides on potential $5.3 billion share sale.

 
Saturday Papers: Uber loses key appeal over drivers' rights

Top stories

  • The Daily Telegraph: Uber has failed to overturn a landmark legal judgement over drivers’ working rights, in a fresh setback for the company in the UK.
  • Financial Times: Toshiba is considering the sale of new shares worth as much ¥600 billion ($5.3 billion) to shore up its balance sheet and prevent a possible delisting, according to people close to the troubled Japanese conglomerate.
  • The Times: Bakkavor, the chilled foods supplier to Tesco, Marks & Spencer and other big grocers, has shocked the City by floating on the stock market with a value of just over £1 billion, only a week after pulling the IPO blaming market volatility.
  • Financial Times: Patrick Drahi, the billionaire founder of Altice, has retaken the reins at the European telecoms company after a one-third drop in its shares sparked the resignation of its chief executive.
  • Financial Times: Equifax is scrapping executive bonuses and suspending share buybacks as the US credit reporting company counts the cost of one of the most serious data breaches in corporate history.
  • Financial Times: Fear and suspicion have swept through the “offshore magic circle” law firms that advise wealthy individuals and large multinationals on how to minimise their tax bills, following the leak of the Paradise Papers.

Business and economics

  • Daily Mail: The FTSE 100 suffered its worst day of trading in two weeks as it was weighed down by a gloomy outlook for the High Street, combined with results from retailers that did little to allay investor concerns about the sector.
  • The Guardian: HSBC has revealed that it closed accounts linked to South Africa’s Gupta family corruption investigation, admitting for the first time concerns about its potential ties to the snowballing scandal.
  • The Guardian: A weaker pound and a pick up in the global economy helped deliver the fifth straight monthly rise in UK factory output in September, providing a much-needed boost to Philip Hammond ahead of his budget later this month.
  • The Times: The world’s largest interdealer broker TP Icap has successfully challenged a fine for Libor-rigging in the European courts after it said the authorities in Brussels did not have enough evidence to prove it knew of a conspiracy among major banks to manipulate rates.
  • The Times: The third housebuilder to report a trading update this week, Galliford Try, has reassured the market that sales at its Linden Homes business this autumn are running higher than in the same period last year.
  • The Times: Vedanta Resources has continued to dig itself out of a hole, with the natural resources group announcing a big jump in profit.
  • The Daily Telegraph: Scandal-hit Kobe Steel's troubles were driven by a relentless focus on profits and the company’s regimented corporate culture, which led to more than decade of faked quality guarantees on its products.
  • The Times: Richemont has appointed Jérôme Lambert to the newly created role of chief operating officer to steer its watchmaking as it pulls out of a downturn in luxury goods.
  • Financial Times: Capita, the troubled outsourcer, will stump up as much as £66 million in compensation to investors in a fund that collapsed in the wake of the financial crisis, closing one chapter in a long-running saga involving £118 million of losses.
  • The Daily Telegraph: Budget airline easyJet has hired senior Tui executive Johan Lundgren to lead the carrier just weeks before outgoing chief Dame Carolyn McCall leaves the company.
  • Financial Times: Investors on Friday voted to end a battle between a Hong Kong-based private equity house and the manager of an Asian real estate investment trust that has embroiled the British car servicing chain Kwik Fit.
  • The Times: The London Stock Exchange has bowed to pressure from one of its investors and agreed to call an extraordinary meeting of shareholders to consider dismissing its chairman.
  • The Daily Telegraph: Defence company Ultra Electronics’ chief executive has been dramatically ousted in a surprise move that was revealed in an after-hours announcement.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Netflix.
  • The Daily Telegraph (Questor share tips): HOLD National Grid; HOLD Dairy Crest.
  • The Times: Hasbro, America’s biggest toymaker, has offered to buy Mattel, the country’s second largest, in a deal that would bring together brands such as Barbie, Transformers and My Little Pony.
  • Daily Mail: Ferguson has struck an agreement to sell its Nordic building materials business to US private equity firm Lone Star Funds for £885 million.
  • The Daily Telegraph: Faroe Petroleum plans to bolster its fully funded balance sheet with a $100 million (£76 million) bond issuance ahead of talks to sell a stake in its growing North Sea portfolio.
  • The Daily Telegraph (Comment): The economy is growing faster than we think.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet