Citywire for Financial Professionals

View the article online at http://citywire.co.uk/money/article/a1056351

Sunday Papers: Monarch owner’s secret deal with Boeing

And pension trustees prove a roadblock to £130 million merger of Trinity Mirror and Express.

 
Sunday Papers: Monarch owner’s secret deal with Boeing

Top stories

  • The Sunday Times: The secretive owner of Monarch Airlines, which collapsed last week, drastically cut its exposure to losses through a back-door deal with aerospace giant Boeing; Monarch received the bulk of the money to fund a £165 million bailout one year ago from the Chicago-based plane maker — not from its private equity owner Greybull.
  • The Sunday Telegraph: A bid by Trinity Mirror to merge with rival publisher Express Newspapers faces potential opposition from pension trustees on both sides of the deal.
  • The Sunday Telegraph: British business chiefs have this weekend responded to a call from the Chancellor to defend and promote the market economy as it comes under attack from Left-wing advocates of renationalisation and of large-scale Whitehall intervention.
  • The Sunday Times: Airbnb paid less than £200,000 corporation tax last year, despite generating more than £600 million of rental income for British landlords.

Business and economics

  • The Sunday Times: The construction industry is heading for recession as Brexit uncertainty delays big projects, official figures are set to show this week.
  • The Sunday Times: Investors are on the alert for market turmoil before a potential declaration of independence by Catalonia this week, as an exodus of companies from the region gathers pace.
  • The Sunday Times: The private equity arm of Lloyds Banking Group has delivered a £425 million dividend to the lender in the past year after selling investments including the retailer Joules.
  • The Sunday Telegraph: McDonald's British operation paid £132 million in “franchise rights” last year under a controversial structure that allegedly limits its bill to the Exchequer.
  • The Sunday Times: The South African owner of fashion chain New Look is set for crunch talks with the retailer’s lenders after a collapse in profits this year.
  • The Sunday Telegraph: Honda has promised to keep making and selling cars in its Swindon factory despite the raft of uncertainties facing the economy over Brexit and a hammering of profits at the plant.
  • The Sunday Times: The BBC is embroiled in a legal battle over how much it pays songwriters for using their work on the radio and in television shows; the broadcaster is fighting demands for a substantial increase in the estimated £70 million a year it hands to PRS for Music.
  • The Sunday Telegraph: The owner of Britain’s largest energy supplier may need to raid its shareholder payouts to withstand a tougher-than-expected government crackdown on rising energy bills.
  • The Sunday Times: HSBC has asked the Bank of England for permission to install John Flint as its new chief executive.
  • The Observer: Ryanair’s chief operations officer Michael Hickey will leave the crisis-hit airline at the end of the month, its chief executive, Michael O’Leary, has announced.
  • The Sunday Telegraph: The future of BHP Billiton boss ­Andrew Mackenzie has come under ­renewed scrutiny ahead of the miner’s AGMs, as its new chairman looks to further reshape the board.

Share tips, comment and bids

  • The Sunday Telegraph (Questor share tips): AVOID Reckitt Benckiser.
  • Mail on Sunday (Midas share tips): Revolution Bars Group in high spirits after a double shot of buyer interest.
  • Mail on Sunday (Midas share tips): Is easyJet an easy bet as its rivals are hit by turmoil?
  • The Sunday Times: Sheffield-based Sumo Digital has begun preparations for a £150 million float; the computer games developer, creator of titles such as Sonic & Sega All-Stars Racing, has enlisted Zeus Capital to advise on a listing in London, City sources said.
  • Mail on Sunday: The US owners of Leeds-based Callcredit have been talking to corporate financiers from Credit Suisse and Jefferies about finding a buyer for the business.
  • The Sunday Times: The owners of Oasis, Warehouse and Coast have called off a sale of the high-street chain, weeks after it emerged the only remaining bidder was an Indian fugitive.
  • The Sunday Telegraph: Britain's largest rent-to-own retailer Brighthouse could soon be parting from its private equity owner as a consortium of bondholders gets closer to tabling a deal.

1 comment so far. Why not have your say?

Franco

Oct 08, 2017 at 12:22

Would someone please tell our government and the media that we are living in a capitalist world and it is unreasonable to expect companies to pay more tax than they are allowed to.

Relying on exhortation does not work, because companies are paying directors of finance whose first duty is to minimise tax and maximise profits.

report this

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

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.

Read more...

Woodford buys ITV on 'compelling' valuation

by David Campbell, Dylan Lobo on Oct 20, 2017 at 07:39

Sorry, this link is not
quite ready yet