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Saturday Papers: UK defence secretary weighs GKN-Melrose deal

And Cambridge Analytica whistleblower accuses Facebook knew that privacy breach app might sell user data.

 
Saturday Papers: UK defence secretary weighs GKN-Melrose deal

Top stories

  • Financial Times: Melrose’s £8 billion hostile takeover of GKN, one of Britain’s oldest engineering firms, could be challenged on national security grounds as it is coming under scrutiny from Britain’s defence secretary.
  • Financial Times: Facebook knew that the app at the centre of a massive data leak could sell user data to third parties, raising fresh questions about company's user information protection practices.
  • The Guardian: Global mergers and acquisitions totaled a record $1.2 trillion in value in the first quarter, buoyed by US tax reforms and faster European economic growth.
  • The Times: Endless, a private equity firm that specialises in turnarounds, is understood to have teamed up with Steve Thomson, former boss of Matthew Clark, the drinks wholesaler, to acquire the business from the ruins of Conviviality.
  • Financial Times: Chinese tech giant Huawei spent a record $13.8 billion on research and development last year and has projected its budget will increase to as much as $20 billion each year.
  • Financial Times: In retaliation to the expulsion of Russian diplomats by British allies angered at the alleged Kremlin role in the poisoning of an ex-spy on UK soil, Moscow has expelled at least 150 western diplomats and will shut the US consulate in St Petersburg.

Business and economics

  • The Daily Telegraph: Governments are losing control of exchange rates of their own currencies, as Bitcoin creates a new way to evade official controls and move money across borders.
  • The Times: Chief executive of UK Finance Stephen Jones has called France’s campaign to win business from London as highly political claiming that French negotiators are refusing to accept that issues such as legality of contracts pose a serious risk to the financial system after Brexit.
  • The Times: Deutsche Bank could force out John Cryan within weeks, as the German bank has begun a search for a new boss.
  • The Times: The oil price registered its strongest rally in eight years over the first quarter of this year on the back of sustained demand and predictions that Opec members would hold firm with their production cuts.
  • The Guardian: Federal Communications Commission has given formal approval to Elon Musk’s SpaceX to build a global broadband network using satellites.
  • The Daily Telegraph: Around 150 million users' personal details of Under Armour’s MyFitnessPal nutrition app and website were stolen in a breach earlier this year.
  • Financial Times: Singapore’s Competition Commission will scrutinise whether Uber’s deal to sell its south-east Asian ride-hailing operations to rival company Grab potentially infringed competition rules.
  • Daily Mail: Tesla is recalling 123,000 of its high-tech vehicles, the electric car company’s biggest recall ever, because of a flaw in the steering system of its Model S sedan.
  • Financial Times: Grant Thornton is exiting audit market for Britain’s largest listed companies, citing the dominance of the Big Four firms that dominate the sector; the decision will deal a big blow to efforts by Deloitte, EY, KPMG and PwC to convince politicians and regulators not to intervene in the market.
  • Daily Mail: HSBC will shell out £71 million to end a US lawsuit accusing it of conspiring to manipulate Libor rates; HSBC is the fourth major bank to settle in the case.
  • The Daily Telegraph: Google is planning to map the “solar potential” of Britain’s rooftops through satellite imagery as part of a push into the renewable energy industry.
  • Financial Times: Microsoft is breaking up its Windows engineering team as part of a broad reorganisation, in a move that will see the division’s chief depart.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Next’s profits may have fallen but this well-run firm is taking action to cut costs.
  • The Guardian: Walmart is reportedly in initial talks to acquire the health insurer Humana, in a deal that would create one of the largest US healthcare insurers.
  • The Times: Anheuser-Busch Inbev and Anadolu Efes, of Turkey, have secured all regulatory approvals to complete a 50-50 merger of their businesses in Russia and Ukraine.
  • The Daily Telegraph: The countdown has begun for BBC to make a crunch decision over whether to take full control of UKTV after the completion of Discovery’s takeover of Scripps, the BBC’s partner in UKTV.
  • Financial Times (Comment): Tech stock woes threaten Wall Street bull market.
  • The Times (Comment): America’s trade confrontation with China is a sign of the new Cold War.
  • The Daily Telegraph (Comment): Should the London Stock Exchange gatecrash the CME's party?
  • Financial Times (Comment): Data gatherers should be regulated like financial advisers.
  • Financial Times (Lex): UK stocks: using price indices ignores the transformational impact of dividends.
  • Financial Times (Lex): Tesla/Elon Musk: SolarCity deal raises valid questions about the carmaker’s charming chief executive.
  • Financial Times (Lex): Corporate collapses: insolvency groups could find their in-trays full as lenders lose patience.
  • Financial Times (Lex): MLPs: the sector’s unpopularity belies exploding energy infrastructure needs.

2 comments so far. Why not have your say?

derek farman

Mar 31, 2018 at 11:47

Regarding the Melrose deal, I do hope ministers will make sure the GKN pensioners are adequately protected.

It is high time all pension schemes were ring fenced against predators.

report this

The Colonel

Mar 31, 2018 at 13:29

Any where else in the civilised world the Melrose Spivs would never be allowed to get their sticky fingers on a Company like GKN

report this

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