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Thursday Papers: Comcast dares Disney with £50bn bid for Fox assets

And US Fed has raised interest rates again, reflecting continued robust growth and rising inflation in the world’s largest economy.

Thursday Papers: Comcast dares Disney with £50bn bid for Fox assets

Top stories

  • Daily Mail: Comcast last night launched a £50 billion bid for the bulk of Rupert Murdoch’s 21st Century Fox, setting the stage for an epic battle between the company and Disney, which has already struck a £39 billion deal to buy Fox’s entertainment assets.
  • The Independent: The US Federal Reserve has raised interest rates again on Wednesday by 0.25% to between 1.75 and 2%, reflecting the continued robust growth and rising inflation in the world’s largest economy.
  • The Independent: Car maker Volkswagen has been fined €1 billion in Germany for cheating tests on diesel engines in the US and Europe.
  • The Daily Telegraph: Rolls-Royce is set to announce tomorrow that it is cutting 10% of its workforce - about 4,000 jobs - to make annual savings of up to £400 million.
  • Financial Times: Toyota has poured $1 billion into the ride-hailing company Grab.

Business and economics

  • Daily Mail: House prices have hit a fresh record high in the UK, with average house price up 3.9% in the year to April, according to official figures.
  • Daily Express: The long-standing north-south gulf in house prices between north and south UK is beginning to narrow, according to research carried out by online estate agents
  • The Guardian: UK inflation unexpectedly stayed at a one-year low in May, despite average petrol prices rising to the highest level for almost four years.
  • Financial Times: Sixteen global financial companies have slipped into bear market territory, highlighting global financial stress even as equity indices reach new highs.
  • The Times: Tougher regulations since the 2008 crisis and investors’ desire for returns are forcing more financial services companies to follow the example of Old Mutual and break themselves up, the boss of the Anglo-South African company has predicted.
  • The Daily Telegraph: Pimlico Plumbers, founded by entrepreneur Charlie Mullins, has lost a legal battle in the UK’s highest court over workers' rights.
  • Financial Times: ING is joining forces with France’s Axa to develop a new type of digital insurance for property and casualty.
  • The Guardian: GCHQ cybersecurity experts are investigating one of the UK’s biggest data breaches at a single firm, involving unauthorised access to 5.9 million Dixons Carphone customers’ cards.
  • Financial Times: Dubai fund Abraaj is on the brink of provisional liquidation after months of value destruction.
  • The Independent: Sir Martin Sorrell is set to get a £20 million payout despite nearly a third of shareholders refusing to back the pay deal after allegations the founder misused company funds before his sudden exit.
  • Financial Times: Paris Saint-Germain is being forced to sell players worth €60 million to satisfy Uefa’s financial fair play rules.
  • The Guardian: MPs have called on the Financial Reporting Council to consider scrutinising PricewaterhouseCoopers’ auditing of Sir Philip Green’s wider retail empire, after the firm was imposed with £6.5 million fine over BHS.
  • The Guardian: Mulberry’s UK sales have been hit in recent weeks as weak pound is causing wealthy tourists to favour Paris and Milan over London for their luxury shopping sprees.
  • Daily Mail: Budget airline Ryanair is setting up a new base in Southend - in an apparent U-turn after warning that Brexit would be a disaster for the UK and the country’s airline industry.
  • Daily Express: Bulgaria will not be able to join the single currency after the European Central Bank won the battle to impose oversight on the country’s failing banks and struggling economy.
  • The Guardian: London-based Somerset Capital Management - co-founded by the influential Conservative backbencher, Jacob Rees-Mogg – has warned prospective clients of a new fund in Ireland about “considerable uncertainty” during Brexit.
  • The Independent: Pub chain Wetherspoon will replace champagne with British sparkling wines as Brexit approaches.
  • Daily Express: Tesla chief Elon Musk has justified several thousand of job cuts across the company as the electric car manufacturer attempts to address months of negative headlines and return to profitability.
  • The Daily Telegraph: Elon Musk has bought $25 million worth of stocks in Tesla, taking his holding in the business to 34 million, or around a 20% stake.
  • Daily Mail: Nearly £58 million was wiped off the value of newspaper distributor Connect Group yesterday after it slashed its profit expectations following a period of ‘extremely disappointing’ trading.
  • The Times: TSB’s disastrous transfer to a new computer platform is likely to cost the bank more than £1 billion.
  • The Times: Investment management company Charles Stanley has reported a 30% increase in profits, with funds under management rising to a record high.
  • The Times: Glencore agreed to write off a total of $5.6 billion in debt to resolve a dispute that threatened a copper and cobalt mine in the Democratic Republic of Congo.
  • Daily Express: EasyJet has claimed air fares on some UK and European routes would be reduced by nearly 33% if a new runway is built at Heathrow.
  • The Daily Telegraph: US President Donald Trump has accused the Organisation of Petroleum Exporting Countries of being “at it again” in a Twitter spat as surging oil prices take their toll on US manufacturing and industry.
  • The Times: BP has warned that global carbon emissions rose last year despite efforts to tackle climate change as the world’s reliance on burning fossil fuels for electricity has barely changed in two decades.
  • The Times: Nicky Morgan, the chairwoman of the Treasury select committee, has warned that banks are set to face tougher penalties for online failures as they continue to shut branches and push customers towards digital services.

Share tips, comment and bids

  • The Times (Tempus share tip): BUY Norcros; AVOID Autins Group.
  • The Daily Telegraph: Adyen, a Dutch payments company that works with the likes of Netflix and Uber, has secured a bumper €12 billion valuation on its first day of trading.
  • The Times: Shares in Gym Group fell 0.8% yesterday after the company acquired 13 venues from Easygym for £20.6 million in cash and an additional £4.1 million payable when lease extensions are agreed on two sites.
  • Financial Times: A consortium led by Hong Kong’s Cheung Kong Infrastructure has launched a A$13 billion bid for Australian gas pipeline company APA Group.
  • Daily Mail (Comment): Digital crisis for Dixons as new boss faces a hacking scandal and a sliding share price.
  • The Independent (Comment): Fidelity right to stop funding the Tories. But is there a downside?
  • The Daily Telegraph (Comment): AT&T-Time Warner opens floodgates for merger frenzy.
  • The Times (Comment): House of Fraser may be the last straw for high street landlords.

3 comments so far. Why not have your say?

alan franklin

Jun 14, 2018 at 07:29

•The Guardian reports: Mulberry’s UK sales have been hit in recent weeks as the weak pound is causing wealthy tourists to favour Paris and Milan over London for their luxury shopping sprees...

This makes no sense to me. If the pound is weak, foreign tourists get more for their money and would surely favour London?

But then I never believe anything in The Grauniad anyway...

report this

william barnes

Jun 14, 2018 at 08:37

Totally agree with both quotes above

report this


Jun 14, 2018 at 09:46

@alan franklin, the second sentence of the Guardian article explains why this is so.

report this

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