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Saturday Papers: Carillion shares collapse after profit warning

Saturday Papers: Carillion shares collapse after profit warning

Top stories

  • The Times: Shares in Carillion crashed yesterday after the stricken contractor issued its third profit warning in four months and told the City it was in serious danger of breaching its banking covenants.
  • Financial Times: A deal frenzy has gripped the media sector with Comcast, Verizon and Sony Pictures joining Walt Disney as potential bidders for part of the empire that media mogul Rupert Murdoch is considering breaking up.
  • The Daily Telegraph: The Swiss bank UBS has admitted that the outlook for the UK is not as bad as it thought in the immediate aftermath of the European Union referendum and that the economy is well-positioned to benefit from strong global growth.
  • Financial Times: Nissan Motor became the latest Japanese company to apologise for corporate wrongdoing yesterday as it detailed a vehicle inspection scandal that laid bare decades of rule breaking, cover-ups and management complacency.
  • Financial Times: The union representing tens of thousands of staff at UK universities has warned of “chaos” on campuses after surprise plans were unveiled to replace their guaranteed pension benefits with riskier retirement plans.
  • Financial Times: Sales at the three big auction houses this week vaulted above $2 billion on the back of the record-shattering $450.3 million paid for the last Leonardo da Vinci in private hands, making it one of the most lucrative recent New York sales seasons.
  • The Guardian: The price of the virtual currency bitcoin has broken the $8,000 barrier for the first time, prompting speculation that it could soar past $10,000 by the end of the year.

Business and economics

  • The Guardian: British shoppers are expected to spend £10.1 billion in the week of Black Friday, nearly 4% higher than last year as more retailers take part in the US-inspired promotional day.
  • The Guardian: Brexit Britain is proving a big visitor attraction: a record number of tourists arrived in the UK in August and they splashed out £2.8 billion, the highest monthly tourist spend ever.
  • The Times: Oil prices rose 2.2% yesterday amid expectations that Opec will agree to extend curbs on production at its meeting this month.
  • The Daily Telegraph: UK motor insurers, who were staring down the barrel of £3.2 billion in combined losses only a few months ago because of controversial changes to the way personal injury payouts are calculated, are likely to escape with much a much smaller hit than originally feared, according to figures from consultancy EY.
  • Financial Times: Volkswagen will invest more than €34 billion into electric and self-driving cars over the next five years as Europe’s largest carmaker steps up its efforts to develop new technology in the rapidly changing industry.
  • Daily Mail: Nationwide’s pre-tax profits dropped 10%, despite the company approving a record number of first-time buyer mortgages this year.
  • Daily Mail: Hornby is going cap in hand to investors for the third time in three years as the troubled toy maker wants to raise £12 million to help shore up its balance sheet and fund the purchase of new boss Lyndon Davies’s business LCD Enterprises.
  • Financial Times: United Utilities plumbed a three-year low on Friday as inflation and regulation worries kept pressure on the sector.
  • The Daily Telegraph: Delivery company Deliveroo has started working with pubs and bars which don’t serve their own food meaning customers no longer need to go elsewhere for a meal.
  • The Times: The Gym Group, which was accused by the work and pensions committee of assigning workers bogus “self-employed” status to avoid giving them holiday pay and other rights, said that it would be offering part-time employment to some of its personal trainers.
  • The Times: The chief executive of the London Stock Exchange told investors and analysts that his “retirement was postponed” and he was “back in the seat”, only four months before he apparently decided to quit.
  • Financial Times: Directors of the London Stock Exchange Group are weighing whether to publish a detailed dossier about the behaviour of Xavier Rolet, its chief executive, to defend themselves against accusations of wrongly forcing him to resign.
  • The Times: Kier Group was hit by a pay revolt at its annual meeting in London yesterday over a proposed 5% rise in the salary of Haydn Mursell, its chief executive, well ahead of that granted to the rest of the board and the staff.
  • The Daily Telegraph: The administrators for defunct airline Monarch will appeal a decision by the High Court to strip the carrier of its lucrative take-off and landing slots at Gatwick and Luton airports.
  • The Times: Jamie Oliver is to underwrite a debt-for-equity swap at his stuttering restaurant empire as part of a wider restructuring aimed at stabilising the business.
  • The Daily Telegraph: Dana Gas has lost its UK court battle against the backers of its $700 million Islamic bond, which are awaiting a repayment from the UAE company due at the end of last month.
  • Financial Times: China’s central bank outlined sweeping new regulations aimed at curbing financial risk in the asset management industry on Friday, in the latest signal of its determination to rein in the country’s runaway shadow banking sector.

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