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Friday Papers: Ocado seals landmark deal with Kroger

Friday Papers: Ocado seals landmark deal with Kroger

Top stories

  • The Daily Telegraph: Ocado has signed a deal with the US supermarket Kroger to provide logistics technology to power its online plans; shares in Ocado jumped 45% on the announcement.
  • Financial Times: UK Prime Minister Theresa May agreed the plan to keep the whole of the UK tied to a customs union with the EU after 2021 until an alternative to having a hard border in Ireland can be found.
  • The Times: The European Union has agreed to stick to the Iran nuclear deal after US President Donald Trump’s withdrawal, beginning work today on legislation to block US sanctions on companies doing business with Iran.
  • Financial Times: AP Moller-Maersk shares plunged yesterday as the world’s biggest container shipping group warned about increased geo-political risk caused by brewing US-China trade war amid continued losses.
  • Financial Times: Oil prices rose above $80 a barrel for the first time in nearly four years on the back of renewed fears of tighter global supply over new US sanctions that will hit Iran’s energy industry and the fallout of Venezuela’s economic collapse.

Business and economics

  • The Guardian: Strong oil prices and the falling value of sterling pushed the FTSE 100 higher by 0.7% to 7,787.97 points, just short of its record intraday high of 7,792.56 points hit in mid-January.
  • The Times: Walmart recorded 33% jump in its online sales in the US in the three months to April, showing it was making up lost ground on Amazon.
  • The Times: Strong growth in business-to-business division helped Experian register an 8% rise in annual revenues.
  • Financial Times: French video games publisher Ubisoft recorded 18.6% rise in total sales to €1.73 billion in the 12 months to 31 March, ahead of its target of €1.64 billion.
  • Financial Times: Holidays group Thomas Cook yesterday warned that UK cost pressures were still biting, particularly in relation to Spain, despite reporting a 7% rise in revenues and a milder winter loss for the six months ending in March.
  • Daily Mail: Foxtons' revenue dropped by14.7% in the first quarter to £24.5million, down from £28.7 million at the same point a year ago, amid a 'very challenging' London market.
  • The Times: The London-listed private equity company 3i has ruled out a stock market listing of its biggest asset, Action, the Dutch discount retailer, despite reporting a £200 million fall in year-on-year returns.
  • The Daily Telegraph: Royal Mail warned about reduced numbers of letters being sent after new European data laws comes into effect, while reporting annual revenue growth of 2% to almost £10.2 billion, but slip in profits from £335 million to £212 million on the back of costs to overhaul parts of the business.
  • The Times: Shares in children’s goods chain Mothercare rose by almost a quarter as investors welcomed the details of the financial package and its pledge to slash costs by cutting 50 shops.
  • The Times: The Dubai-based Landmark Group, which took Carluccio’s private in 2010 in a £90 million buyout, has pledged to invest £10 million into the restaurant chain if a company voluntary arrangement is approved.
  • The Times: Allied Healthcare, which looks after about 13,500 people and provides services to 150 local authorities, has secured a rescue deal from its creditors after buckling under rising costs.
  • Financial Times: The UK’s second-largest property company, British Land, said that focusing on building and managing rental property will now be one of its priorities as it looks to attract income from London’s growing number of renters.
  • The Guardian: Legal & General Investment Management, which manages £983 billion of assets, is launching the first £50 million fund in UK to prioritise investing in companies where women are well represented at all levels.
  • The Times: Grainger, which owns 9,000 rental homes in Britain, plans to increase its investment in the burgeoning private rental sector to £1.2 billion over the next three years as demand for its properties soars.
  • The Guardian: YouTube is launching a new subscription streaming service launching next week to take on rivals including Apple, Spotify and Amazon.
  • The Daily Telegraph: The Government's decision to slash the maximum stakes on fixed odds betting terminals (FOBT) is slashed to £2 from £100 now could lead to UK bookmakers losing £200 million on annual profits.
  • The Daily Telegraph: The international cable giant Liberty Global is looking for new chief for its British operation Virgin Media, as a replacement of Tom Mockridge as he prepares to step down.
  • Financial Times: A US court has ruled against CBS management's scheme to strip voting rights of Shari Redstone, the media group’s largest shareholder, to prevent merger between CBS and their Viacom entertainment conglomerate.
  • The Guardian: Japan is planning to slap tariffs on US imports worth $409 million in response to steel and aluminium levies imposed by President Donald Trump.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY British Land; HOLD Fever-tree Drinks.
  • The Daily Telegraph (Questor share tips): BUY Montanaro European Smaller Co's Trust; HOLD Pershing SquarePershing Square.
  • Financial Times: Chinese regulators have given antitrust clearance to Toshiba for the $18 billion sale of its memory chip business to Bain Capital.
  • Financial Times: Arion Bank, the successor bank to Iceland’s failed Kaupthing, is looking to list 40% of total shares in Reykjavik and Stockholm by the end of next month.
  • The Daily Telegraph: PayPal has acquired Swedish payments start-up iZettle in a $2.2 billion (£1.6 billion) all-cash deal.
  • The Times: The Club Company, which has 13 golf courses with health and fitness facilities, has been acquired by Epiris in a deal worth an estimated £100 million.
  • The Times: Ministers have called on the competition watchdog to probe whether the £12 billion merger between Sainsbury’s and Asda is likely to hit supermarket suppliers and the food industry.
  • Financial Times: China's Tianqi Lithium has paid $4.07 billion for a 24% stake in Chilean rival Sociedad Química y Minera.
  • The Daily Telegraph (Comment): Italy's insurgents enrage Germany and risk ECB payment freeze.
  • The Times (Comment): For the EU, the clock is ticking on Trump’s threat of steel tariffs.

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