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Sunday Papers: Tesco planning £1.4bn debt repayment

And Tata faces further UK pain as Port Talbot plant racks up losses of £1 million a day.

Sunday Papers: Tesco planning £1.4bn debt repayment

Top stories

  • The Sunday Telegraph: Tesco is planning to take its biggest step in rebuilding its balance sheet by repaying £1.4 billion of its borrowings over the coming months.
  • The Sunday Telegraph: Tata Steel UK’s giant Port Talbot plant was losing £1 million a day in December, sources have revealed, putting the company on track to drop far deeper into the red for 2016.
  • The Guardian: Fears of a British exit from the European Union are adding to the list of concerns causing turbulence on global financial markets, the IMF’s managing director Christine Lagarde.
  • Mail on Sunday: Grocery delivery firm Ocado has been besieged in the past week by hedge funds placing huge bets on a share price fall at the online company.

Business and economics

  • The Observer: Google £130 million UK back-tax deal lambasted as ‘derisory’ by expert as the firm paid equivalent of just 2.77% of profits over last decade compared to standard 20%.
  • Mail on Sunday: Fears are growing that if the European Union grants China prized ‘market economy’ status then cheap Chinese imports of everything from cement to roof tiles will devastate Britain’s homegrown industries – as they have with steel.
  • The Observer: A proposed pipeline-expansion project in Canada will put the fishing rights and cultural heritage of US tribes at risk, a lawyer representing several Washington state tribes told Canadian energy regulators.
  • The Sunday Telegraph: British American Tobacco, the FTSE 100 giant behind Benson & Hedges and Lucky Strike cigarettes, has been rocked by a shareholder revolt over a controversial new pay plan that could see its boss take home about £10 million.
  • The Sunday Telegraph: Sir Richard Branson is planning to bring his fledgling hotel venture Virgin Hotels to the UK as early as this year.

Share tips, comment and bids

  • The Sunday Telegraph (Questor share tip): Buy Braemar as shares look cheap given profit recovery.
  • Mail on Sunday: Metro Bank, the first of Britain’s challenger banks, will this week defy stock market turmoil and launch a £2 billion flotation.
  • Mail on Sunday: Shell's bid to acquire BG Group has been given a boost by news from Brazil that a much feared tax hike will be avoided.
  • The Sunday Telegraph: Thorn Medical, a healthcare company that will shortly begin trialing stem cell research on humans, plans to list with a valuation of £340 million amid surging investor interest in the biotech sector.
  • Mail on Sunday (Comment): Stock markets are reeling and interest rates are going nowhere anytime soon.
  • The Observer (Comment): Don’t blame China for these global economic jitters.

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Watchdog plans ban on pension exit fees

by Michelle McGagh on May 26, 2016 at 13:21

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