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Tuesday Papers: Brexit deal falls through over Irish border dispute

And progress on corporate tax cuts is trump card for fresh bets on Wall Street.

Tuesday Papers: Brexit deal falls through over Irish border dispute

Top stories

  • Financial Times: A carefully choreographed divorce deal between London and Brussels was derailed at the eleventh hour on Monday after Northern Ireland’s hardline Unionists rejected Theresa May’s agreement to potentially keep the province aligned with EU law after Brexit.
  • The Times: Wall Street surged to a new high and world stock markets climbed yesterday as investors cheered significant progress on President Trump’s tax cuts.
  • The Daily Telegraph: Bitcoin could join gold as a reliable, long-term way to store wealth as the cryptocurrency gains users and value in a craze which JP Morgan’s analysts believe may turn into something resembling a more traditional asset class.
  • Financial Times: A $1 trillion wave of fixed-income debt is set to mature in Europe, the Middle East and Africa in the coming year, posing a significant challenge for investors searching for returns, according to new research.
  • Financial Times: Toys R Us will close at least a quarter of its UK stores starting early next year, the struggling children’s retailer said.
  • Financial Times: More than two dozen countries face being named on a European tax-haven blacklist as the EU moves to crack down on aggressive avoidance.
  • Financial Times: Broadcom turned its $130 billion takeover offer for Qualcomm into a full-blown hostile bid on Monday after it proposed overthrowing the entire board of its rival chipmaker in an effort to win the biggest technology deal in history.

Business and economics

  • The Daily Telegraph: Higher profits and the new bank surcharge meant Britain’s top businesses paid an extra 33% in corporation tax last year.
  • The Daily Telegraph: The pound’s Brexit-induced weakness has helped London attract more visitors than any other European destination this year, despite a spate of terror attacks in the capital.
  • Financial Times: Facebook is launching a messaging app for kids as young as six, as it looks to woo parents who want their children to have a safer space on the internet to talk.
  • The Times: Activity in the construction industry is rising at the fastest pace in five months, but growth is being driven entirely by housebuilding.
  • Financial Times: Goldman Sachs has tried to cut its debt exposure to Altice, the French telecoms and cable group whose share price has more than halved in the past month, in the latest sign of nervousness about the company’s €51 billion debt pile.
  • The Times: Britain’s largest car retailer Pendragon plans to give itself a £200 million cash injection by paring back operations in a declining domestic new car market and by quitting the United States altogether.
  • The Daily Telegraph: Hedge fund billionaire Sir Christopher Hohn is showing no signs of dialing back on his campaign to oust the London Stock Exchange's chairman, ignoring the board's plea for him to back down by issuing a scathing dossier.
  • Financial Times: Dialog Semiconductor has admitted that Apple, its biggest customer, could stop using its power management chips in the future, triggering the second major slide in shares in recent days.
  • The Times: The biggest private care home operator Four Seasons in Britain could be heading for administration as a large interest payment looms and amid a growing dispute between its owner and its main bondholder.
  • The Guardian: Palmer & Harvey’s pension deficit more than doubled over the past 10 years to £80 million, as shareholders and some directors took about £70 million in dividends from the heavily indebted and loss-making convenience store supplier.
  • The Times: The Indian tycoon Vijay Mallya, chairman of UB Group, secured hundreds of millions of pounds in bank loans for an airline that he knew to be in financial trouble before laundering the cash to fund his Formula One motor racing team, a court was told during his extradition hearing.
  • The Guardian: The Italian fashion house Gucci has confirmed that its offices in Milan and Florence were raided last week over suspected tax evasion.
  • Daily Mail: A merger between SSE and Npower should be investigated over fears it could drive up bills, MPs have urged.
  • The Daily Telegraph: Uber's request to take its appeal to overturn a ruling over drivers' rights directly to the UK's highest court, skipping the Court of Appeal, has been rejected.
  • The Guardian: A Senate committee will investigate ExxonMobil’s Australian tax records following revelations the oil and gas company paid no corporate income tax in Australia for at least two years.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Templeton Emerging Markets Investment Trust; BUY McColl’s.
  • The Daily Telegraph (Questor share tips): Time to tune in and snap up ITV shares as recent retreats in price make it a bargain.
  • The Times: The London Stock Exchange is sending a senior executive for meetings in Saudi Arabia this weekend as it fights to secure the stock market debut of the country’s state oil group.
  • Financial Times: Atlas Merchant has teamed up with a group of investors including Cornell Capital to buy Talcott Resolution, an annuity business in run-off, from US insurer The Hartford.
  • Financial Times: CVS Health, the largest drugstore chain in the US, has said its $69 billion acquisition of health insurer Aetna will create a powerful company with enough heft to bring down the spiralling cost of healthcare in America.
  • Financial Times: Italian cable group Prysmian is acquiring US rival General Cable for $30 a share in cash, in a deal that values the group at about $3 billion including debt.
  • The Times: An Aim-listed operator of hotels in the Caribbean Elegant Hotels Group has confirmed that it received a bid approach from a Spanish rival Meliá Hotels, but added that the talks had ended.
  • The Daily Telegraph (Comment): Bitcoin should serve as a wake-up call to our flawed financial systems.
  • Financial Times (Comment): Snap over-reach creates problems for Airbnb and Pinterest IPOs.

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The Accumulator: FTSE see-saws on trade war fears

by Michelle McGagh on Jun 22, 2018 at 14:57

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