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Monday Papers: Pfizer renews bid interest in AstraZeneca

Monday Papers: Pfizer renews bid interest in AstraZeneca

Top stories

  • Financial Times: Pfizer, the US pharmaceuticals group, has renewed its interest in a takeover of UK rival AstraZeneca, in what would be one of the global drugs industry’s largest ever deals.
  • Financial Times: The French government has met to discuss General Electric’s bid for French rival Alstom’s energy business, with a separate proposal from Germany’s Siemens on the table.
  • The Daily Telegraph: New analysis suggests energy suppliers are in line to save up to £23 per household per year, in addition to savings they have passed on to consumers amounting to £2 billion.
  • The Daily Telegraph: BP and Shell exposed as US prepares first warning shot against Russia's oil and gas industry.
  • The Guardian: The negative equity trap that snared borrowers who bought their first home just before the credit crunch has all but disappeared, according to a report published on Monday which adds to increasing evidence that growth in the economy is gaining pace.
  • Financial Times: Apple is preparing the groundwork for another blockbuster debt sale in the region of $17 billion that could rank as the second-largest corporate bond sale of all time.
  • Financial Times: The $50 billion Kashagan oil project in Kazakhstan is likely to be delayed by two more years while 200km of pipeline is replaced, in a further blow for the companies developing the largest oilfield outside the Middle East.
  • Financial Times: China and the US have begun an ambitious new phase of talks on curbing their carbon dioxide emissions that observers say is the most promising development in nearly 20 years of global climate change negotiations.
  • Financial Times: US criminal prosecutors have flown to London to question individuals as part of their probe into the alleged rigging of foreign exchange rates in a sign that the stakes are getting higher for the traders involved in the sprawling probe.

Business and economics

  • Financial Times: Wealthy Russians and Ukrainians are trying to shift more cash into London property, say estate agents, amid indications that eastern European oligarchs are using the capital’s housing market to conceal their assets from international sanctions.
  • Financial Times: Governments are increasingly turning to indirect taxes to raise revenue, according to a survey that has found that one in 10 countries has increased consumption tax rates over the past 15 months.
  • Financial Times: Social media are not yet a ‘game changer’ for boosting TV viewership, according to NBCUniversal’s head of research Alan Wurtzel.
  • Financial Times: European banks have more than quadrupled their equity raising as they seek to fortify their balance sheets with extra capital ahead of crucial stress tests by European regulators later this year; the continent’s banks have raised €6.5 billion in equity for the year to date compared with €1.6 billion over the same period in 2013, according to Dealogic.
  • Financial Times: Eurozone banks are set to be notified immediately if major problems emerge in their accounts as a result of current regulatory investigations as officials seek to avoid the threat of market-moving leaks over the summer.
  • Financial Times: Vale is weighing legal action after Guinea formally cancelled multi-billion-dollar iron ore rights that the Brazilian mining group held jointly with Israeli tycoon Beny Steinmetz’s family conglomerate following a two-year corruption inquiry.
  • Financial Times: Gunvor, the Swiss-based oil trader caught up in the political confrontation over Ukraine, has received $350 million of commitments for new borrowing facilities that will help to finance the group’s expansion plans in Asia.
  • Financial Times: Domestic sales at the Japanese cosmetics group Shiseido dropped by “about 30%” from the previous year in the first two weeks after a rise in consumption tax was introduced on 1 April, according to the company’s new president.
  • Financial Times: The strength of sterling will cut the dividends paid out by UK companies by £3.5 billion this year, according to research by Capita Asset Services, a branch of the outsourcing group.
  • Financial Times: Hollywood’s biggest film studios are working with Tencent, one of China’s largest internet groups, on a Netflix-style streaming service that aims to beat piracy by delivering new films to homes across China just two weeks after their US theatrical release.
  • Financial Times: Regulators are pressing ahead with plans to scrutinise insurers’ use of contentious legal schemes that critics complain give them scope to dodge corporate policyholders’ claims.
  • Financial Times: Banks are scaling back their lending to property companies despite the sharp improvement in market sentiment in recent months, as alternative investors step in to take more risk.
  • Financial Times: Huntsworth, one of the UK’s biggest independent public relations companies, is poised to name Lord Myners as chairman, just weeks after he tendered his resignation from the Co-operative Group.
  • Financial Times: Economists expect official figures this week will show the recovery gathering momentum, which is likely to provide a boost to the government ahead of elections next month.
  • Financial Times: Stagecoach is to pull a tenth of its services from Wales from July as bus operators step up their opposition to Welsh government cuts branded a “body blow to public transport and the economy”.
  • Financial Times: Bumper repayments by banks of cheap loans extended by the European Central Bank are putting upward pressure on market interest rates, even as eurozone policy makers try to head off deflation threats.
  • The Guardian: A specialist police unit has shut down more than 2,500 websites selling counterfeit goods believed to be worth tens of millions of pounds.
  • The Guardian: The director of CBI Scotland, Iain McMillan, has announced he is retiring after the independence referendum in the wake of the organisation's disastrous registration as a no campaigner.
  • The Guardian: UK ad spend rose to £17.9 billion last year and recovery is set to continue with a 5.5% increase this year and a 6.5% uplift in 2015.
  • The Guardian: A highly artificial tax avoidance scheme at Greene King, brewer of Old Speckled Hen, Abbot Ale and Belhaven Best, has been thrown out by the tax courts for the second time; the group has been battling to overturn HMRC's rejection of the scheme, which relates to a £300 millio internal loan, for more than a decade.
  • The Daily Telegraph: Wealth manager Brewin Dolphin is seeking answers to its questions over Scottish Independence before deciding whether to join exodus as CWU recommends 'No' vote.
  • The Daily Telegraph: Britain does not even rank in the top 10 nations when it comes to producing great entrepreneurs, Centre for Policy Studies finds; Britain must cut taxes and red tape to produce more entrepreneurs.
  • The Daily Telegraph: Roger Owen, sa former Director of Morrisons has called for departure of Morrisons chairman and chief executive, saying the company is 'heading for an iceberg'.
  • The Daily Telegraph: Fried chicken chain KFC is to kick off five-year expansion in UK and Ireland with £21 million investment to open 150 outlets and create 6,500 jobs.
  • The Daily Telegraph: Vince Cable and Michael Fallon are set to face MPs asking if the Royal Mail was sold too cheaply.
  • The Daily Telegraph: RBS is planning an incentive pay to make up for bonus loss as the taxpayer-owned bank is at the bottom of the banking pay league and feels it is being singled out for unfair treatment.
  • The Independent: Whether it's because of the forthcoming Tour de France or the envy of peers in the local cycling club, Britons are becoming more discerning and willing to fork out more when buying a bike.
  • Daily Mail: Marks & Spencer will this week ramp-up publicity for its relaunched website and delivery service, having pumped £150 million into a wide-scale revamp.
  • Daily Mirror: A leading UK private hospitals operator, Spire Healthcare, could join the waiting list of firms looking to float on the London Stock Exchange.

Share tips, comment and bids

  • Financial Times: Premier Oil has rejected an approach from Ophir Energy, its FTSE 250 peer, aimed at creating an enlarged exploration and production company with a market capitalisation of over £3 billion.
  • Financial Times (Lex): US loan funds: money has stopped charging into loan funds. The pause may be temporary.
  • Financial Times (Lex): Russia payments: Vladimir Putin’s plan for a self-contained Russian payments system is an attack on globalisation.
  • Financial Times (Lex): Japan Inc: Best-performing sector is, surprisingly, electronics but its problems are not over yet. Earnings season will put the rally to the test.
  • Financial Times (Comments): Human nature means financial crises are the cost of progress.
  • The Daily Telegraph (Comment): What the UK economy needs is a 'Goldilocks' pound; once an economy is unbalanced by an excessively high exchange rate, it is devilishly difficult to put things right.

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