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Monday Papers: London accused of ‘bogus’ Uber ruling

Monday Papers: London accused of ‘bogus’ Uber ruling

Top stories

  • Financial Times: Transport for London is facing accusations that its decision to revoke Uber’s licence in the British capital was politically motivated rather than based on safety concerns after it was revealed that the regulator was responsible for two out of the four failings it gave for cancelling the licence.
  • Financial Times: Angela Merkel is heading for her fourth term as German chancellor after winning Sunday’s election despite a sharp fall in support for her conservative Christian Democrat-led alliance.
  • The Daily Telegraph: The boss of the Chinese-backed private equity firm behind a proposed £550 million takeover of Imagination Technologies is already eyeing further acquisition opportunities in the UK.
  • Financial Times: Walt Disney is in a stand-off with one of America’s largest cable companies Altice USA over the cost of carrying its ESPN and ABC channels in a dispute that will sharpen the focus on the performance of its networks in an age of cord-cutting.
  • The Guardian: Deliveroo has achieved a valuation of more than $2 billion (£1.5 billion) after the British takeaway food delivery firm raised $385 million in new funds.
  • Financial Times: Spread betting and foreign exchange brokers are chasing endorsements and sponsorships from Europe’s biggest sports names while regulators prepare to clamp down on their marketing to retail investors.
  • Financial Times: Sales of crisis-era government stakes in banks are pushing the amount of equity sold in Europe this year to the highest level since the end of its sovereign debt crisis as states take advantage of investor demand for Eurozone shares.

Business and economics

  • The Daily Telegraph: Annual immigration into the UK is expected to fall by 100,000 even if a smooth deal is agreed very quickly in the Brexit talks, according to economists at Bank of America Merrill Lynch (BAML) as a stronger eurozone economy encourages EU workers to stay put.
  • The Times: American officials could order Bombardier to introduce a punitive tariff of $30 million on every aircraft it sells to Delta Air Lines this week, potentially putting thousands of factory jobs in Belfast at risk.
  • Financial Times: Tullow Oil is preparing to resume drilling in Ghana after the resolution of a maritime border dispute with Ivory Coast that has halted expansion of an important new field for two years.
  • Financial Times: UK contractor Carillion is in talks with a host of Middle Eastern construction companies to sell a chunk of its overseas business as it embarks on a radical cost-cutting and disposal plan aimed at salvaging the stricken company.
  • Daily Mail: The South African's Douw Steyn and his family that are behind the price comparison website Comparethemarket.com have been handed a £138 million payout.
  • The Times: Virgin Group and Stagecoach took £47 million in dividends from the west coast main line last year as they tried to renegotiate their contract for the troubled east coast franchise.
  • The Daily Telegraph: Halloumi wraps and “porridge of the gods” helped boost Leon’s sales by 58% last year ahead of the healthy fast-food chain ramping up its ambitious expansion plans.
  • The Guardian: Completing repair work on the hundreds of buildings that have failed fire safety tests in the aftermath of the Grenfell Tower disaster could take years due to the scale of the task, according to a government document.
  • The Daily Telegraph: The backers of Swansea’s tidal lagoon power project have warned the Government that it risks ruining its reputation among investors by continuing to delay a decision on the £1.3 billion scheme.
  • Financial Times: Swissport has started providing short-term loans to companies linked to the HNA Group, raising concerns among investors about the intermingling of the Swiss airline services company’s funds with its Chinese parent.
  • Financial Times: Three former Tesco executives accused of fraud and false accounting are due to stand trial on Monday in one of the most high-profile prosecutions ever brought by the Serious Fraud Office.
  • The Daily Telegraph: Inflation is eating away at cash savings as low interest rates leave bank accounts under the cosh, and the squeeze is set to be even bigger than the crunch suffered by savers in the Seventies.
  • The Times: Companies are looking close to home for new acquisitions as figures from Thomson Reuters show that domestic merger and acquisition activity has more than doubled to £31 billion so far this year to hit the highest total for this period in eight years.

Share tips, comment and bids

  • Daily Mail (Trader tips): BUY Go-Ahead Group; SELL Mitchells & Butlers.
  • Financial Times: Hellman & Friedman is on the verge of clinching a $5 billion (DKr31.1 billion) takeover of Nets A/S, Scandinavia's largest payments processor, in a deal that would rank as the largest European leveraged buyout in almost five years and the latest transaction in a fast consolidating sector.
  • The Times: Maxims, the exclusive Kensington casino, has been put up for sale by its Malaysian owner with a price tag of at least £40 million.
  • The Times: The former Bank of Scotland headquarters in St Andrew Square, Edinburgh, is to become an outpost of the luxury Gleneagles golf resort; Ennismore, which acquired the Ryder Cup venue two years ago for about £150 million, is believed to have the bought the city centre listed building from Lloyds Banking Group for conversion to a Gleneagles Club.
  • The Guardian (Comment): The Fed’s change of direction will only fuel America’s growing debt problem.

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