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Thursday Papers: UK turns to sanctioned Russian project for gas supply

And Rupert Murdoch and his family will hold a stake in Walt Disney of less than 5% following the planned $60 billion sale of 21st Century Fox assets.

Thursday Papers: UK turns to sanctioned Russian project for gas supply

Top stories

  • The Daily Telegraph: Britain has emerged as the unlikely first recipient of gas from a sanctioned Russian project after fears of a winter supply crisis drove prices close to five year highs.
  • Financial Times: Rupert Murdoch and his family will hold a stake in Walt Disney of less than 5% following the planned $60 billion sale of 21st Century Fox entertainment assets to the media company, sources said.
  • The Independent: The Federal Reserve has raised interest rates by a quarter of a percentage point, but has left its rate outlook for the coming years unchanged even as policymakers project a short-term acceleration in US economic growth.
  • The Daily Telegraph: Donald Trump’s tax plan should give a lift to US economic growth, investment and potentially even productivity, Janet Yellen believes.
  • Daily Express: The World Bank will cease its financial support for oil and gas exploration within the next two years as it makes a public commitment to climate change.
  • The Guardian: Britain’s long jobs boom appears to have come to an end after official figures showed the number of people in work fell by 56,000 in the three months ending in October.

Business and economics

  • Financial Times: Spotify, Deezer and other European digital platforms have urged Brussels to clamp down on big US tech companies, including Apple and Amazon, accusing their US rivals of unfair competition.
  • Financial Times: The UK’s biggest international banks are set to move fewer than 4,600 jobs from London in preparation for Brexit.
  • Financial Times: Tui, the world’s largest holiday company, is putting in place “contingency plans” to deal with the impact of Brexit.
  • Daily Express: Bitcoin fork litecoin has skyrocketed this year after splitting from the world’s largest cryptocurrency – becoming the fourth biggest cyber tender; litecoin has reached $320 this week and risen by 7,291% against bitcoin’s 1,731% increase since the start of this year.
  • The Independent: One in three millennials will be invested in a cryptocurrency by the end of next year, according to a study by cryptocurrency exchange London Block Exchange; the research reveals that 5% of those aged below 35 already have cash invested in a cryptocurrecy, while 11% are definitely planning to invest next year.
  • The Times: Deutsche Börse, the German stock exchange operator, is to consider the launch of a bitcoin future on its Eurex derivative exchange.
  • The Times: Changes appear imminent in the leadership of Airbus as the board meets today against a background of corruption inquiries that have cast doubt on the future of Thomas Enders, the German chief executive of the aerospace giant.
  • Daily Mail: BT now faces a damaging row with its own staff over pensions after profit warnings, clashes with regulators and criticisms over awful broadband.
  • The Guardian: Sports Direct’s independent shareholders have blocked a proposed £11 million payout to the brother of Mike Ashley, the company’s founder and majority shareholder.
  • The Times: Inditex, the world’s largest clothing retailer, has reported a 10% rise in sales in the first nine months of the year and said that its like-for-like growth remained strong.
  • The Daily Telegraph: The cost of developing a cutting-edge medicine has jumped 70% in just seven years to £1.2 billion, a Deloitte study has found.
  • Daily Mail: The bosses of two firms - Active Wealth UK and Celtic Wealth Management - accused of preying on British Steel workers' pension pots ducked out of a grilling by MPs at a committee inquiry yesterday.
  • Daily Mail: Dixons Carphone has sparked fears over shop closures and job losses – and admitted customers don't want to pay £1,000 for the latest iPhone; the company blamed a 3% drop in UK mobile phone sales on the delayed launch of the iPhone X.
  • Financial Times: China Mobile, the world’s largest telecoms company by number of subscribers, has launched a mobile phone service in the UK after striking a deal to lease capacity on BT’s network.
  • The Daily Telegraph: Interserve has secured additional short-term funding, coming as a welcome reprieve for the support services and construction company following a turbulent few months.
  • The Daily Telegraph: Boeing claims it is being used as a "scapegoat" by Bombardier to the cover up the Canadian company's poor commercial performance, MPs have heard.
  • The Daily Telegraph: A drone aircraft which does away with conventional flight controls to manoeuvre and instead uses jets of air to change direction has been tested by defence company BAE Systems and the University of Manchester.
  • The Times: The Serious Fraud Office has been accused of misrepresenting evidence, giving “sinister meanings” to innocent events and documents and failing to properly investigate an alleged accounting fraud at Tesco.
  • The Daily Telegraph: A whistleblower is aiding UK financial regulators’ investigation into alleged money laundering in South Africa by British banks including HSBC, it has emerged.
  • The Times: A French-designed nuclear reactor ordered by Britain is facing further scrutiny after the disclosure that defects were detected in one of the same models under construction in China.
  • Financial Times: Shares in German energy group Innogy dropped more than 13% after it issued a profit warning.
  • The Times: Chris Sier, the academic appointed by the finance watchdog to throw light on hidden costs in fund management, was forced to apologise yesterday after the industry’s lobbying organisation made a furious complaint about him.
  • Financial Times: Toyota and Panasonic are to launch a study into a partnership to develop battery technology for electric cars.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Glencore; BUY La Compagnie des Alpes.
  • Daily Mail: Snow-related delays and weak demand sent shares in double-glazing group Safestyle plummeting by more than 14%.
  • The Times: A Swedish hotel investment company Pandox has agreed to buy Jury’s Inns, the British hotel chain, for £800 million.
  • The Times: Croydon-based Zotefoams announced that it had struck a exclusive strategic partnership with Nike, sending its shares up 14%, or 56¾p, to 458p; the company will supply Nike with material for its footwear.
  • Financial Times: Lufthansa has abandoned plans to buy Air Berlin’s subsidiary Niki after the European Commission raised concerns the deal would lead to higher prices and less consumer choice.
  • Financial Times: Renault buys a 40% stake in Perdriel Group, the publishing house behind weekly business magazine Challenges.
  • Financial Times: Apple has invested $390 million in Finisar, a maker of specialised laser scanners used in the iPhone X, as it looks to scale up production of a component in its augmented-reality camera systems.
  • Daily Mail (Comment): Changes at the Fed suggest Trump may be looking for a less stringent approach.
  • The Daily Telegraph (Comment): 2018 spells reckoning for the US-China economic axis; China is winding down fiscal stimulus very quickly, while the US is on the cusp of overheating for the first time in a decade.
  • The Times (Comment): Calling for eurozone integration doesn’t mean it’s going to happen.

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FTSE battles against wave of UK profit warnings

by Michelle McGagh on Jun 19, 2018 at 09:53

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