Citywire for Financial Professionals

View the article online at http://citywire.co.uk/money/article/a1117649

Wednesday Papers: Trump ditches nuclear deal with Iran

And Vodafone is finalising €18 billion deal for parts of Liberty Global.

 
Wednesday Papers: Trump ditches nuclear deal with Iran

Top stories

  • The Times: US President Donald Trump last night announced that the US would quit the Iran nuclear deal and vowed to impose “the highest level of economic sanctions” against Tehran despite attempts by his European allies to make him stick to the agreement.
  • Financial Times: Vodafone is finalising a €18 billion deal to purchase large parts of John Malone’s European cable group Liberty Global.
  • The Times: The government is looking for ways to stop British technology companies from transferring sensitive information to Europe if Brussels moves ahead to block the UK from the Galileo satellite navigation system.
  • Financial Times: The UK’s financial markets watchdog is investigating the 15% jump in the shares of Virgin Money last week ahead of CYBG’s £1.6 billion takeover approach.
  • Financial Times: Sainsbury’s chief executive and colleagues exercised option awards over £4.5 million worth of shares within four days of announcing a proposed takeover of Asda that sent the group’s stock price soaring.
  • The Daily Telegraph: Google's Android software update will set time limits on apps and make smartphones easier to ignore in response to fears that they are becoming too addictive.

Business and economics

  • The Guardian: Boris Johnson has called prime minister’s preferred option for a post-Brexit EU customs partnership crazy and saying it would lead to Britain losing control of trade policy.
  • The Times: Eon posted a 41% rise in profits helped by an improvement in its German retail business.
  • Daily Mail: William Hill’s first quarter revenue increased rise 3% despite weaker UK high street thanks to favourable sporting results and a strong performance online and in the US.
  • Daily Mail: German discounters Aldi and Lidl have vowed to fight back against the planned merger of Sainsbury’s and Asda by offering cheapest price to the consumers.
  • The Guardian: Britain’s biggest mortgage lender Halifax has dismissed fears that the UK housing market is heading for a crash despite plunge in house prices.
  • Financial Times: Martin Sorrell has vowed to “start again”, weeks after being “extracted” from WPP, the advertising, marketing and communications group he built over 33 years.
  • Financial Times: Deloitte plans to spend $580 million on its own cyber security defences over the next three years after suffering a high-profile cyber breach last year that affected a small number of its clients.
  • Daily Mail: Standard Life Aberdeen could take Llyods to court over the bank's decision to dissolve its agreement in which the asset manager looked after money for the bank's pensions division.
  • Financial Times: Caius Capital, a London-based distressed credit fund launched two years ago, has complained to the European Banking Authority that two-thirds of UniCredit’s equity capital is invalid under EU rules.
  • The Daily Telegraph: Restaurant chain Cote is planning to close sites after it became the latest victim of bitter trading conditions in the casual dining space.
  • The Daily Telegraph: Tata Steel has began to seek buyers for five of its European businesses after the international steel company’s British arm failed to hit internal profit targets.
  • Financial Times: Centrica, the owner of British Gas, is hunting for a new chairman after Rick Haythornthwaite, who was appointed in January 2014, announced on Tuesday that he would step down within 12 months.
  • Daily Mail: The boss of outsourcing giant Serco has accused the Government of 'bad behaviour' for passing 'unreasonable' contracts to suppliers and expecting them to shoulder the risk of law and policy changes.
  • The Daily Telegraph: Facebook has revealed its blockchain ambitions by appointing new leaders to its main divisions, in the most substantial reshuffle in its history.
  • Financial Times: Bloomberg will base its European trading operations in Amsterdam, which will give it an access to EU markets after Britain leaves the 27-country bloc next year.
  • Financial Times: The UK’s trade deficit was almost £10 billion lower during 2016 than first estimated, according to research from the Office for National Statistics.
  • The Times: Argentina is seeking an emergency credit line from the International Monetary Fund after a series of dramatic interventions failed to stop the markets selling off the peso.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY National Grid; BUY Morrisons.
  • The Times (Tempus share tips): AVOID William Hill; HOLD Greencoat UK Wind.
  • Daily Mail (Midas share tip update): Young professionals help our property tip Grainger move up the ladder.
  • The Times: Comcast, the American cable television giant, is preparing an all-cash hostile bid for 21st Century Fox’s entertainment assets.
  • The Daily Telegraph: Dublin based pharmaceutical Shire's board has unanimously approved £46 billion takeover by Japanese rival Takeda.
  • Financial Times: Swedish payments company iZettle aims to raise SKr2 billion from its initial public offering on Nasdaq Stockholm.
  • The Guardian: The Competition and Markets Authority has launched a full-scale investigation into the proposed merger of “big six” energy firms npower and SSE.
  • The Daily Telegraph: Belgian billionaire Albert Frère is planning to offload his entire £520 million stake in Burberry just over a year after first disclosing his interest in the company.
  • The Times: Royal Dutch Shell is selling its shareholding in Canadian Natural Resources for $3.3 billion.
  • The Daily Telegraph: Shares in the train and bus operator FirstGroup slid by 13% after the US private equity giant Apollo Management pulled back from tabling a formal takeover bid.
  • Financial Times (Comment): What to watch if you’re becoming anxious about EM assets.
  • The Guardian (Comment): Challenger banks discover they won't get far on their own.
  • The Daily Telegraph (Comment): Trump may actually do some good in targeting the eurozone's destabilising trade surplus.
  • The Times (Comment): Only way is up for rates now, economists tell Bank officials.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

IFS says taxes need to hit historic highs to save NHS

by Dylan Lobo on May 24, 2018 at 07:56

Sorry, this link is not
quite ready yet