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Wednesday Papers: Facebook boss agrees to tighter regulation

And Volkswagen is set to replace Matthias Müller as chief executive.

 
Wednesday Papers: Facebook boss agrees to tighter regulation

Top stories

  • The Times: Facebok chief Mark Zuckerberg has agreed to stricter regulation of his company in the wake of a huge leak of personal information of nearly 87 million people from the social media network.
  • Financial Times: Volkswagen is replacing Matthias Müller as chief executive with Herbert Diess, head of the VW passenger car brand, in an unexpected move.
  • The Daily Telegraph: The European Commission's competition watchdogs raided the offices of the Murdoch entertainment empire 21st Century Fox over a suspected cartel in sports rights distribution and broadcasting.
  • The Times: The rate of shop closures on the high street has doubled in a year in response to rising prices, online competition and a slump in consumer confidence.
  • Financial Times: The Financial Reporting Council will be taking a tougher approach to monitoring the six largest audit firms amid a a series of high-profile corporate failures.
  • Financial Times: Glencore chief executive Ivan Glasenberg has quit the board of Russian aluminium producer Rusal after sweeping US sanctions.

Business and economics

  • Financial Times: Norway has opened the door for its $1 trillion sovereign wealth fund to go into renewable infrastructure but refused to allow the oil fund to invest in private equity.
  • The Daily Telegraph: The International Monetary Fund has warned that years of easy money has increased risk to economic and social stability as global investors’ relentless hunt for high-yielding assets have pushed the world’s interlinked property markets to dangerous levels seen before the Lehman crisis in 2008.
  • The Times: Shares on Wall Street jumped after Chinese premier promised to cut tariffs on imported cars easing fears of a trade war with America.
  • Daily Mail: Oil prices surpassed $70 a barrel after BP revealed plans to open two fields in North Sea - one west of Shetland and the other in the central North Sea.
  • The Daily Telegraph: The oil super major BP is joining hands with the world’s largest battery storage company Tesla to build a new project to store wind power in South Dakota.
  • The Daily Telegraph: Record industry has registered a 10.6% jump in revenues, thanks to the boom in subscription music streaming via Spotify.
  • Daily Mail: Recruitment company Robert Walters has recorded its first quarter success with a 17% jump in recruitment fee revenue.
  • The Guardian: Airbus will provide sleeping facilities for passengers in the cargo hold of planes that could be operating in A330 wide-body jets from 2020.
  • The Times: Eddie Stobart Logistics recorded 13% increase in revenues on the back of online shopping boom and the movement of construction materials into the new Hinkley Point nuclear power station in Somerset.
  • Daily Mail: Greetings card retailer Card Factory saw its pre-tax profits fall 12.3% for the year to 31 January.
  • The Guardian: Faults in pipes at EDF Energy's flagship nuclear power station it is building in France has left the €10.5 billion plant further behind schedule and over budget.
  • The Guardian: Economists have compared the rise of bitcoin with the spread of infectious diseases.
  • Financial Times: UK banks and building societies face additional interest costs of more than £800 million after the Bank of England ended six years of cheap funding schemes.
  • Financial Times: John Cryan is set to get €7 million as a severance payment for being ousted as chief executive of Deutsche Bank less than three years into his five-year term.
  • The Times: A group of City institutions has urged the government to change the Companies Act to prevent Aviva-like situation, where the company tried to redeem £450 million of preference shares without paying a premium.
  • The Daily Telegraph: Greg Barker is under mounting pressure to quit as chair of EN+, the Russian aluminium giant owned by sanction-hit billionaire Oleg Deripaska.
  • The Daily Telegraph: Strikes at Air France and Germany's Lufthansa over the issue of pay have left hundreds of planes being grounded and tens of thousands of passengers stranded.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Card Factory; BUY Hostelworld.
  • The Daily Telegraph (Questor): HOLD Morrisons; HOLD National Grid; HOLD Severn Trent.
  • The Daily Telegraph: Struggling Flowgroup is to sell off its supply arm to Co-op Energy for £9.25 million, which triggered a 75% slump in its share price.
  • The Daily Telegraph: Vivo Energy, the exclusive operator of Shell’s 1,800 petrol stations in Africa, is preparing to list on the London Stock Exchange next month.
  • The Times: The discount retailer The Works, which sells books, toys and stationery, is understood to be considering a £100 million float.
  • Financial Times: Billionaire Patrick Soon-Shiong is part of a group that is seeking to buy out US Major League Soccer team DC United in a deal that would value the club at $500 million.
  • Financial Times: CVC Capital Partners, the former owner of Formula One, is considering a deal to buy a significant stake in Dorna, a Spanish sports management company that has the exclusive rights to promote and manage MotoGP.
  • The Guardian (Comment): Wall Street sighs with relief as Xi Jinping finds the right words.

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