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Monday Papers: Britain may partner Australia for Galileo rival

Monday Papers: Britain may partner Australia for Galileo rival

Top stories

  • Financial Times: Britain is expecting Australia to become partner in the satellite navigation system to rival Europe’s €10 billion Galileo project and will announce first tenders by the end of the year.
  • The Daily Telegraph: The US and China have stepped back from brink a trade war, after the world’s second largest economy agreed to “significantly increase purchases” of American goods and services to “substantially reduce” the trade deficit between the two countries.
  • The Times: UK has not renewed visa of Russian oligarch Roman Abramovich to enter Britain, a move that is likely to raise tensions between Britain and Russia; the delay in visa approval comes weeks after the government said that it was reviewing the status of more than 700 wealthy Russians who entered the country on investor visas.
  • Financial Times: The oil prices hitting $80 has resulted into the government coffers of oil producing countries swelling, but drivers in consumer nations are paying more for their fuel.
  • Financial Times: Japanese companies want their employees to be exempt from strict visa quotas in any future trade deal with Britain after Brexit.

Business and economics

  • The Times: Royal Bank of Scotland may soon restart its dividends on a scale that would make it one of Britain’s most generous payers to shareholders.
  • Financial Times: Global dividends grew by 10.2% in the first quarter of 2018, compared with the same period last year to reach $244.7 billion, boosted by favourable exchange rates and as US companies started to pay out windfalls from President Donald Trump’s tax reforms.
  • Financial Times: Stemcor, one of the world’s largest independent steel traders, has returned to profit and is now capable of paying off its long-term debt.
  • The Daily Telegraph: The troubled care homes operator Four Seasons Health Care has agreed the basic terms of a restructuring deal that is expected to halve its £595 million debt pile, paving the way for its main hedge fund lender H/2 Capital to take control this summer.
  • The Daily Telegraph: Sky is launching a new technology hub on its west London campus which will house engineers and software developers focusing on new products in areas such as virtual reality.
  • The Guardian: Royal Dutch Shell faces a shareholder challenge over climate change this week, as a growing number of pension funds have backed a resolution at Shell’s AGM on Tuesday that calls on the company to set tougher carbon targets that are in line with the goals of the Paris climate deal.
  • The Daily Telegraph: Booming boot brand Dr Martens has poached Kenny Wilson, boss of Cath Kidston, to lead the next stage of its remarkable revival.
  • The Guardian: Will Gardiner, new boss of Drax Group has warned that Britain’s increasing reliance on electricity imported from Europe threatens energy security and will import carbon emissions.
  • Financial Times: Russian oligarch Viktor Vekselberg’s Renova group said on Sunday that it has repaid all of its debts to western banks before it is hit with US sanctions next month.
  • The Times: Harold Tillman is preparing to sue Lloyds and Jon Moulton's Better Capital over their role in driving Jaeger and Aquascutum into the ground.
  • The Times: The family behind collapsed caravan park business Arthur Holgate & Son is suing Deloitte over its role in the company’s failure.
  • Financial Times: Big banks are increasing their budgets to prepare for Brexit, as they stick to a March 2019 deadline to transfer parts of their businesses from London.

Share tips, comment and bids

  • Daily Mail (Traders tips): BUT cyber-security specialist Sophos; SELL SSP Group.
  • The Times: Sirius Minerals has signed a provisional agreement to lease part of the site of collapsed Redcar steelworks on Teesside, in a tentative deal struck with a company behind a £2.2 billion mining project in the nearby North York Moors.
  • The Times: EDF Energy is looking for bidders for a potential 49% stake in its UK wind farm business to finance future projects.
  • The Times (Comment): How to attract the next wave of foreign talent.
  • The Times (Comment): The paradox of a rising US dollar and fears of erratic American policy.

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