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Wednesday Papers: Apple talks with Imagination Technologies fail

And a manhunt was under way on Tuesday for a suspected Isis bomber after co-ordinated attacks in Brussels killed at least 30 people.

Wednesday Papers: Apple talks with Imagination Technologies fail

Top stories

  • Financial Times: Apple held acquisition talks with Imagination Technologies but decided not to make an offer after reports of a potential takeover led to a rollercoaster day of trading in the UK chip designer’s stock.
  • Financial Times: A manhunt was under way on Tuesday for a suspected Isis bomber after co-ordinated attacks in Brussels killed at least 30 people, injured hundreds of others and brought a terrorist atrocity to a European city for the second time in four months.
  • The Daily Telegraph: European bourses tumbled by more than 1% in the aftermath of the coordinated explosions in the Belgian city, but they clawed back their losses by the closing bell to post marginal gains.
  • The Guardian: The future of BHS is to be decided at a hotel in west London on Wednesday morning when the 90-year-old chain’s creditors will vote on whether to back a rescue deal.
  • The Times: Royal Bank of Scotland is paying £1.2 billion to the Treasury to clear one of the last remaining obstacles to it resuming dividend payments for the first time since the financial crisis.
  • The Daily Telegraph: George Osborne, the Chancellor, has been dealt yet another blow, as official figures have revealed that he is unlikely to meet his latest deficit reduction targets.
  • Financial Times: Credit Suisse is joining forces with Palantir Technologies, the artificial intelligence firm backed by the CIA’s venture capital arm, to use data-driven behavioural analysis to root out rogue traders and insider dealing.
  • Financial Times: Anbang Insurance’s $20 billion hotel buying spree has been thrown into doubt by reports that Chinese regulators could block its bids for two big US chains.

Business and economics

  • The Times: Sports Direct shares fell by more than 10% after Mike Ashley admitted that the retailer was in trouble.
  • Financial Times: Shares in Nintendo surged on Tuesday after the Kyoto-based company revealed that a whimsical smartphone app widely expected to be a flop had been downloaded more than 1m times in three days.
  • Financial Times: Streaming music services have displaced digital downloads as the largest source of revenue in the music industry’s biggest market, according to data from the Recording Industry Association of America.
  • Financial Times: Two of the world’s biggest independent oil traders, Vitol and Gunvor, emerged as winners from the oil price crash by reporting some of their best profits ever.
  • The Independent: The Gatwick Gusher has produced the highest flow rates of any onshore wildcat well in the UK, matching the kind of levels normally seen in the North Sea, its majority owner UK Oil & Gas said.
  • Financial Times: Bertelsmann says it will spend up to €1.3 billion a year until 2020 on acquisitions, as Europe’s largest media group looks to accelerate its shift from traditional publishing to digital video and online education.
  • The Guardian: The metals tycoon Sanjeev Gupta has vowed to take on the “herculean task” of reviving British steel, as his Liberty House firm closes in on a deal to save two Scottish steel mills.
  • The Daily Telegraph: The chief executive of British American Tobacco saw his pay jump by almost £1 million last year, despite an investor revolt over the company’s remuneration plans.
  • Financial Times: Misconduct fines, compensation and related legal costs will constrain the biggest UK banks’ profitability for at least another two years, according to fresh research that underscores the effect of a series of scandals that have tarnished the reputation of the City.
  • The Guardian: British shoemaker Jimmy Choo said strong demand in Asia would help it grow faster than the overall luxury market this year, after it posted a 7.2% rise in underlying revenue in 2015.
  • The Guardian: Johnston Press slashed costs in 2015 to boost its pre-tax profits by more than 20%, but the regional publisher has raised the prospect of more cutbacks this year.
  • Financial Times: Online gambling company 888 reported strong revenue growth so far this year even as it unveiled full-year 2015 profits that were hit hard by the costs of a failed takeover attempt and higher gambling taxes.
  • The Daily Telegraph: Gunvor reported record profits of $1.25 billion for 2015 as trading activity in its core markets climbed during the commodities price rout.
  • The Times: The economic slowdown will cost 300 jobs at Wolseley as Britain’s largest plumber’s merchant responds to an unexpected winter downturn by closing 25 branches nationwide.
  • The Daily Telegraph: Vodafone's consumer director Cindy Rose has quit after less than three years at the company, despite having been hired partly to launch a pay-TV service that has yet to materialise.
  • Financial Times: SVG Capital, the UK-listed private equity investor, reaped its sixth year of double-digit growth last year as it diversified further away from Permira, the European buyout group in which it historically has been the biggest investor.
  • Financial Times: Japan’s securities watchdog has questioned Toshiba’s former chief executive over his alleged role in a $1.3 billion accounting scandal that has now caught the attention of US authorities.
  • Financial Times: The $1.2 trillion Japanese Government Pension Investment Fund has named a new president as the once ultra-conservative state savings manager faces mounting pressure for transparency and continues a historic shift into risk assets.
  • The Guardian: John Lewis Partnership has appointed the outgoing boss of British Airways, Keith Williams, as deputy chairman.
  • Financial Times: ZTE, the Chinese telecommunications equipment maker, has agreed to provide information about sales it made to North Korea and Iran and enact internal reforms in return for a temporary lifting of US sanctions imposed earlier this month, according to a senior US official.
  • The Guardian: Several major UK banks including HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group along with the Lloyd’s of London insurance market have signed up to a new voluntary charter aimed at getting more women into senior roles in the finance industry.
  • The Daily Telegraph: Hungary has become the latest European economy to slash its main interest rate into negative territory as it attempts to revive growth and stoke inflation.

Share tips, comment and bids

  • Financial Times: Advent International, the global private equity group, has taken the unusual step of raising its latest $13 billion buyout fund without offering minimum returns to backers.
  • Financial Times: Micro Focus is set to acquire Serena Software in a move worth $540 million, as the British technology group continues to pursue big deals across the Atlantic.
  • Financial Times: Hong Kong has priced the first public float in the world to raise more than $1 billion in 2016, marking the slowest start to a year for initial public offerings since the financial crisis in 2009.
  • The Daily Telegraph (Comment): We ignore the effects of a rate rise at our peril.
  • Financial Times (Lex): US banks: sibling rivalry.
  • Financial Times (Lex): Tesco: the leading UK grocer is taking small but real steps towards recovery.
  • Financial Times (Lex): Green Investment Bank: without a sympathetic state owner, the lender is better off privatised.
  • Financial Times (Lex): Petrobras: it matters how the profits of Brazil’s state oil company are measured.
  • Financial Times (Lex): Marriott: if the Chinese raise their bid for Starwood, Marriott should step aside.
  • Financial Times (Lex): Nintendo: downloads of ‘Miitomo’ app surpass 1m in first week.

1 comment so far. Why not have your say?

alan franklin

Mar 23, 2016 at 06:46

"Apple talks with Imagination Technologies fall." I think you mean "fail."

You failed to proof-read.

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Barnett eyes revival and 'refines' unquoted portfolio

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