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Tuesday Papers: North Sea gas pipeline faces threat of closure

And Saudi Arabia loses oil market share to rivals as the world’s largest oil exporter suffers setback amid low prices.

Tuesday Papers: North Sea gas pipeline faces threat of closure

Top stories

  • The Times: ConocoPhillips is drawing up plans to shut down one of the North Sea’s biggest gas pipeline systems in a move that threatens to knock out 10% of the UK’s gas capacity and a string of active fields.
  • Financial Times: Saudi Arabia lost market share in more than half of the most important countries it sold crude to in the past three years, even as the kingdom increased output to record levels.
  • Financial Times: Anbang has fired a new shot in the fiercest bidding war dealmakers have seen in recent years, after the Chinese insurer raised its bid for Starwood Hotels & Resorts to $14 billion in its latest effort to trump a rival offer from Marriott International.
  • The Daily Telegraph: A “perfect storm” of fears over the state of the world economy, Britain’s place in the EU, and market volatility is gathering over Britain’s dominant financial services sector, according to a new survey.
  • The Daily Telegraph: The chief executive of the takeover target Premier Foods has claimed a rival bidder could challenge its American suitor McCormick, as he defended the company’s heavily criticised decision to reject a 60p per share offer.
  • Financial Times: Robert Jain, the head of Credit Suisse’s $325 billion money management arm, has jumped ship for a top job at Israel Englander’s Millennium Management, one of the biggest hedge funds in the world.
  • Financial Times: Global miners have bought back billions of dollars of their debt in a display of financial strength designed to address investor concerns over their leverage as they try to deal with the after-effects of the commodities slump.
  • The Guardian: Savers have withdrawn almost £6 billion from their retirement funds after the introduction of pension reforms last year.

Business and economics

  • The Guardian: China’s industrial profits returned to growth in the first two months of 2016, partly due to a recovery in the property market despite an otherwise struggling economy.
  • Financial Times: Portugal’s Novo Banco is planning to meet investors in the US and UK as early as next month to discuss a potential share sale, joining a growing list of southern European banks seeking to raise equity.
  • Financial Times: Five months after its historic split, HP Inc, maker of printers and PCs, is hoping to take on Apple in the laptop market as it searches for fresh sources of growth.
  • The Daily Telegraph: Old Mutual Wealth could end up as a FTSE 100 company in its own right once it is carved out of Old Mutual, according to its chief executive.
  • Financial Times: Revlon has appointed a Colgate-Palmolive executive as its next chief to overhaul the cosmetics company, a move which sparked an 8.3% share price drop.
  • The Guardian: Volkswagen is recalling nearly 5,600 electric e-Golf cars in the US to address a battery problem that can cause stalling.
  • Financial Times: Yamaha Motor is aiming to bring self-driving technology to motorcycles by tapping into know-how from Silicon Valley, in the midst of its third big attempt to crack the car market.
  • The Daily Telegraph: Analysts at Barclays have warned of a “rush for the exits” as investors back away from commodities, resulting in price levels for oil and copper dropping as much as 25%.
  • Daily Mail: George Osborne is to be quizzed by MPs about the planned takeover of the London Stock Exchange by the Germans.
  • The Guardian: California governor Jerry Brown has announced a deal to raise the state minimum wage to $15 per hour by 2022, marking the largest victory to date of the national “Fight for $15” campaign to raise pay for low-income workers.
  • The Guardian: Fresh evidence of subdued consumer spending and soft inflation in the US has bolstered expectations that the Federal Reserve will hold back from raising interest rates over the coming months.

Share tips, comment and bids

  • The Times: AccorHotels, one of the world’s largest hotel operators, has taken a 30% stake in Oasis Collection, an online platform for private rental accommodation, in the latest sign of interest from the traditional hospitality industry in the sharing economy.
  • The Times: Freixenet, one of the world leaders in cava, the Spanish sparkling wine, is facing a €500 million takeover bid from its German rivals Henkell & Co.
  • Financial Times: Japan’s NTT Data has acquired Dell’s information technology services business for $3.1 billion, as the US company looks to bolster its finances ahead of its planned $63 billion acquisition of data storage group EMC.
  • Financial Times: I Squared Capital, a US infrastructure fund, is buying Viridian, the Irish power company, in a €1 billion deal that will serve as a springboard to enter the turbulent UK energy market.
  • The Times: MaxCyte, biotech company that hopes to capitalise on the popularity of immunotherapy treatments being developed by the pharmaceuticals industry is bucking the trend by spurning Nasdaq in favour of London.
  • The Daily Telegraph (Comment): Cloud of doubt as Port Talbot awaits rescue verdict.
  • Financial Times (Comment): Crédit Mutuel holds lessons for wider banking world.
  • Financial Times (Lex): Dell/EMC: use of fuzzy shadow stocks has not really caught on.
  • Financial Times (Lex): Drug royalty deals: there is science innovation and then there is financial innovation.
  • Financial Times (Lex): India telecoms: reliance Jio will finally plunge into the 4G market.
  • Financial Times (Lex): China: a rebound in heavy industry’s profits is unlikely to last.
  • Financial Times (Lex): Rightmove: the UK property website is a case study in network effects.

1 comment so far. Why not have your say?


Mar 29, 2016 at 11:18

Guardian news

The usa is suffering from low inflation with incomes not showing much progress .housebuyers over the last four years cannot afford to buy .their is a bubble developing the same as in the uk. the fed has been cought short with the interest rate that it impemented they are talking round any further increases .

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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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