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Saturday Papers: Markets rally as oil recovery grows

And Sainsbury's confirms £1.4 billion Home Retail bid as Steinhoff pulled out.

 
Saturday Papers: Markets rally as oil recovery grows

Top stories

  • The Times: The FTSE 100, the index of the UK’s biggest public companies, came within five points of overturning all this year’s losses as a week of renewed central bank support around the world and a stabilising oil price bolstered fragile equity markets.
  • The Daily Telegraph: Sainsbury's has emerged victorious in its £1.4 billion takeover battle for Argos owner Home Retail Group.
  • Financial Times: Anbang is closing in on the biggest Chinese takeover of a US company to date, after Starwood Hotels & Resorts said a $13.1 billion cash bid from a group led by the Beijing-based insurer trumped its planned deal with Marriott International.
  • The Guardian: Wafic Saïd, the billionaire philanthropist and arms deal fixer, is considering legal action against Barclays after the bank forced him to close his personal accounts and those associated with his charities and business ventures.
  • Financial Times: UBS bucked the trend in European banking by increasing its bonus pool by 14% last year, as it weathered global financial storms better than rivals.
  • Financial Times: Europe has moved to draw a line under its year-long migration crisis with a bold gamble to turn back tens of thousands of asylum seekers reaching Greek islands from Sunday.
  • Daily Mail: The Americans are preparing to gatecrash Germany’s bid for the London Stock Exchange as it emerged that the owner of the New York Stock Exchange has begun poring over the details of the proposed £21 billion merger between the LSE Group and Frankfurt’s Deutsche Boerse.

Business and economics

  • The Independent: The African budget airline Fastjet is considering legal action against its second-biggest shareholder, easyJet founder Sir Stelios Haji-Ioannou, after he said the company was at risk of going bust.
  • The Independent: Housebuilder Berkeley lashed out at the Government’s stamp duty tax rises yesterday as sales fell and investors dumped the shares.
  • The Guardian: Virgin boss Sir Richard Branson has warned that a vote for Britain to leave the European Union could see “massive numbers of routes” taken away from low-cost airlines operating from the UK, as well as onerous costs in tax and extra bureaucracy.
  • Daily Mail: Sir Richard Branson has attacked short-sighted politicians for delaying the decision to build a third runway at Heathrow.
  • The Daily Telegraph: Missile builder MBDA – part-owned by BAE Systems – has reported record orders, helped by major deals with Egypt and Qatar.
  • The Independent: HSBC’s chairman, Douglas Flint, yesterday announced the start of the hunt for his successor, adding that his eventual successor would lead the search for a new chief executive to replace Stuart Gulliver.
  • The Guardian: Amazon took legal action in an attempt to avoid having to hold a shareholder vote on whether it should work to reduce the gap between how much it pays male and female staff.
  • The Guardian: Amazon’s UK boss Chris North has quit the company to join US online photo gift retailer Shutterfly.
  • Financial Times: The future of Gawker Media, the network of websites started by Nick Denton, is hanging in the balance after a Florida jury ordered it to pay Hulk Hogan $115 million for posting a video online of him having sex with his friend’s wife.
  • The Times: The Serious Fraud Office has secured European arrest warrants against five traders in Germany and France as part of its investigation into rigging of the Euro interbank offered rate, Euribor.
  • The Times: Two former top executives of Porsche were yesterday acquitted of charges of manipulating the stock market during a failed takeover bid for Volkswagen.
  • The Daily Telegraph: A BP gas plant in Algeria came under fire in the second terror attack on the company's Algerian assets in the past three years.
  • The Daily Telegraph: Genel Energy has tendered an offer to buy back a $730 million bond after a second round of disappointing oil reserve findings piled further pressure on the struggling explorer.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tip): SELL Ted Baker as sales slow.
  • The Guardian: Strongbow Exploration is set to take over the South Crofty Tin Project, which includes mines in and around the towns of Redruth and Camborne.
  • The Times: M&C Saatchi has pledged to crack the US after taking a majority stake in a New York-based ad agency that has Samsung and Sesame Street as clients.
  • The Times: Will Adderley, son of the founder of Dunelm, has upped his stake in French Connection to try to profit from a company that he believes is undervalued.
  • Daily Mail: Next's slip could open way for M&S revival: City experts warn clothing retailer's phenomenal growth could begin to stutter.
  • Financial Times: Airbus is selling its German defence electronics arm to private equity firm KKR, 18 months after first putting it up for sale, in a deal that values the military business at €1.1 billion including debt.
  • Financial Times (Lex): CBS Radio: the broadcaster should not pile the unit with debt in any disposal.
  • Financial Times (Lex): Fifa: football’s governing body does not make a good investment.
  • Financial Times (Lex): Berkeley: by 2020, the company could look rather like it did in 1990.
  • Financial Times (Lex): Generali knowledge: the insurers shares seem cheap for those prepared to look beyond corporate governance.

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RIT Capital makes merger approach to Alliance Trust

by Gavin Lumsden on May 31, 2016 at 08:05

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