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Tuesday Papers: May gives Putin deadline to explain spy’s poisoning

And GKN has rejected Melrose's £8.1 billion full and final offer calling the offer “fundamentally undervaluing”.

Tuesday Papers: May gives Putin deadline to explain spy’s poisoning

Top stories

  • The Times: Theresa May has cleared the way for a cyberattack on Russia as she challenged President Putin to explain how a powerful Russian nerve agent came to be used in an assassination attempt on British soil.
  • The Daily Telegraph: The battle for control of engineer GKN has entered its final stages with hostile bidder Melrose sweetening its offer by £700 million, taking its cash-and-paper bid to a claimed £8.1 billion, however, GKN swiftly rejected the approach as “fundamentally undervaluing” the automotive and aerospace parts business.
  • The Daily Telegraph: Donald Trump has blocked Broadcom's $142 billion (£102 billion) takeover of US rival Qualcomm, killing the biggest technology deal ever after months of wrangling between the two chipmakers.
  • Financial Times: David Solomon has emerged as the favourite to succeed Lloyd Blankfein at the helm of Goldman Sachs after winning a year-long power struggle with his co-president, Harvey Schwartz.

Business and economics

  • The Daily Telegraph: If central banks ever issued their own cryptocurrencies, they could become rivals to cash, draining funds from the commercial banking system and accidentally driving up market interest rates, a global watchdog Bank of International Settlements has warned.
  • The Times: Some of Britain’s biggest mutuals have distanced themselves from Aviva’s controversial decision to cancel preference shares worth £450 million after the insurer’s action led to a crash in the value of many stocks.
  • The Guardian: Hotels, restaurants, pubs and bars are preparing to hire at the fastest pace in a year, with many being forced to act due to growing fears of an exodus of migrant workers as Britain leaves the European Union.
  • Financial Times: Shares in fashion brand Prada leapt more than 14% on Monday after the Milan-based group said like-for-like sales had finally turned positive in the first months of this year after posting declines every year since 2014.
  • Financial Times: Polymetal, one of Russia’s biggest gold and silver miners, expects to increase output by more than 20% over the next two years in a sign of renewed confidence in the country’s metals and mining industry.
  • Daily Mail: The Japanese software giant Sotbank, which bought ARM Holdings, could saddle the chip maker with £3.6 billion in loans to fund a massive payout to shareholders.
  • The Times: Neil Woodford has pumped £5 million into an Oxford biotechnology company Oxsybio a day after it emerged that his fund management firm had sold out of a leading investment platform on the eve of its stock market listing.
  • The Daily Telegraph: Higher property costs and harsh trading conditions have led to pre-tax losses deepening at the owner of Cafe Rouge and Bella Italia.
  • The Daily Telegraph: Eve Sleep, which floated on the Aim stock market 10 months ago, hopes to turn a profit by the end of next year, despite reporting widening losses.
  • Daily Mail: E-sports broadcaster Gfinity has struck a deal to air its events on Facebook.
  • Financial Times: The Renault-Nissan-Mitsubishi Alliance is working to produce an electric car that uses solid-state batteries as early as 2025, in a move that puts it amid the frontrunners in the global race to launch the next generation of electric vehicles.
  • The Times: The head of Barclays’ investment bank has received £12.5 million in shares after barely a year in the job and after 12 months in which the division’s earnings fell by a fifth.
  • The Daily Telegraph: Capita’s new boss Jonathan Lewis has appointed a former colleague from Amec Foster Wheeler as the struggling outsourcer’s new chief people officer.
  • The Times: University lecturers could return to work as early as tomorrow after sides in a dispute over pensions reached an agreement.
  • The Times: The US Treasury received less tax income last month than at any point in the last three years as President Trump’s deep cuts began to hit the government’s coffers.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Hikma Pharmaceuticals; BUY Wandisco.
  • The Guardian: The cloud storage company Dropbox that will go public next week has set the pricing at between $7 billion and $8 billion well below the $10 billion valuation when the company had raised private capital in 2014.
  • The Guardian: Apple is to buy the digital magazine service Texture, which lets users read titles for a monthly subscription fee.
  • Financial Times: Natixis has bought stakes in three M&A boutiques in the UK, China and France that build on the French investment bank’s “multi-boutique” approach to advising companies on deals.
  • Daily Mail: Farfetch has scored a deal with Harvey Nichols as rumours swirl it is preparing for a £3.6 billion listing in the US.
  • Financial Times: One of the world’s first energy storage investment funds is to list on the London market; Gore Street Capital, a private equity group, said it plans to raise £100 million from the initial public offering of its Gore Street Energy Storage Fund later this month.
  • The Daily Telegraph: Tullow Oil will continue to drive to reset its balance sheet after a tough three year downturn by selling $650 million (£470 million) of bonds to cover its 2020 debt repayments.
  • The Daily Telegraph: Energy suppliers SSE and Npower have insisted that their "big six" mega-merger will power ahead despite the €43 billion (£38 billion) German energy utility tie-up which risks entangling the deal in fresh competition concerns.
  • Financial Times (Comment): How trade wars become real wars.
  • The Daily Telegraph (Comment): US industry’s golden era is over and a trade war will not bring it back.

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