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UK
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New Model Adviser
New Model Adviser
11 Dec, 2016

Sunday Papers: Murdoch’s ‘cheap’ Sky bid faces City revolt

And non-Opec countries agree to cut oil output to ease glut to raise prices.

Top stories

  • The Sunday Telegraph: Sky is facing a shareholder backlash over its decision to wave through a new takeover approach from the Murdoch family’s US media giant 21st Century Fox without consulting investors.
  • The Observer: Oil-producing nations that do not belong to the Opec cartel have agreed to cut output by 562,000 barrels a day, Opec sources have said.
  • The Sunday Times: Theresa May faces a new Brexit crisis this weekend as opponents launch a fresh legal action to upend her plans for leaving the European Union.
  • The Sunday Telegraph: Italy's largest bank is preparing to unveil a €13 billion (£10.9 billion) rights issue this week, in a move that should help calm fears about the future of the country’s embattled lenders.
  • The Sunday Times: Euro Disney is at war with its investors over allegations it has paid out nearly €1 billion in excess charges for royalties and licences to Walt Disney.

Business and economics

  • Mail on Sunday: South African billionaire Christo Wiese, who has been busy snapping up a raft of high street groups in Britain, has seen his fortune shrink by £400 million due to the slump in the pound.
  • The Sunday Telegraph: The boss of IG Group has hit out at the City watchdog for “mishandling” its clampdown on financial betting, claiming that sweeping measures to overhaul the industry will penalise the wrong firms.
  • The Sunday Times: Neil Woodford, the star fund manager, has thrown in the towel on his disastrous investment in Northwest Biotherapeutics, a US company labelled a “house of cards” by a short-seller.
  • The Sunday Telegraph: The embattled energy explorer Soma Oil has failed to seal a deal with the Italian giant ENI to fund the next phase of its effort to open up Somali oil fields.
  • The Sunday Times: The ailing fashion chain Blue Inc faces being taken over by its biggest supplier through a debt-for-equity swap.
  • The Sunday Telegraph: Despite worries about Brexit and its potential economic impact, car sales have continued to motor upwards, putting 2016 on track for a new record; new-car sales are expected to blow past 2.7 million when industry body the Society of Motor Manufacturers and Traders (SMMT) collates the annual data in the new year.

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