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Sunday Papers: Martin Sorrell quits WPP

Sunday Papers: Martin Sorrell quits WPP

Top stories

  • The Sunday Times: Ending the three-decade reign of one of the FTSE 100’s longest-serving and best-known bosses, Sir Martin Sorrell has abruptly quit the advertising giant WPP, after investigation into an allegation of personal misconduct.
  • The Sunday Telegraph: Fifteen major retailers or restaurant groups have either applied for Company Voluntary Arrangements (CVA) or gone into administration in the last 12 months, which has put at least 12,000 more jobs on the line.
  • The Sunday Times: Whitbread is under pressure to spin off its Costa Coffee chain after the activist hedge fund Elliott Advisors secretly built a stake of more than 6%.

Business and economics

  • The Sunday Times: Oleg Deripaska-controlled metals giant Rusal is likely to launch a legal appeal in the UK to reduce the impact of US sanctions.
  • The Sunday Telegraph: Activist investor Ed Bramson has told Barclays’ top shareholders that he wants to see the lender overhaul its investment banking arm, ramping up returns and stepping up one-off payouts in a bid to rally support for his proposal.
  • The Sunday Telegraph: PSA Group is likely to shed thousands of jobs at its car dealerships across Britain as the Vauxhall owner is preparing to unveil a widespread cost-cutting plan.
  • The Sunday Telegraph: In the forthcoming annual meeting of Volkswagen, investment adviser Glass Lewis is calling for investors to vote against all but one of the management board of executives’ actions.
  • The Sunday Telegraph: Debenhams was forced to close more than half of its stores during the February blizzards, which has cost the department store chain about £5 million.

Share tips, comment and bids

  • The Sunday Telegraph (Questor share tips): HOLD Essentra.
  • The Sunday Times: Gatwick Airport could be put up for sale imminently, with a price tag of up to £10 billion, as the biggest shareholder, Global Infrastructure Partners (GIP), debate the future of its 42% stake in the business.
  • The Sunday Times: Entrepreneur Sandy Chadha is preparing to float his company Supreme Imports, which sells batteries and ecigarettes, on the stock market, with a valuation of up to £150 million.
  • The Sunday Times: Smurfit Kappa is under pressure from its largest shareholders to enter into discussions with International Paper, the US predator trying to acquire the business for more than €9 billion.
  • The Sunday Times: Daily Mail & General Trust, the publisher of the Daily Mail, has seen its stake in the Evening Standard fall from 24.9% to 10% after a refinancing of the London freesheet.
  • The Sunday Times: FC Business Intelligence, which runs events for the insurance, pharmaceutical and energy industries, is in line for a multimillion-pound cash payout after bringing in advisers to work on an £80 million sale.
  • The Sunday Telegraph (Comment): Why European investment banks are falling further behind their US rivals.
  • The Observer (Comment): The IMF senses that not all is well with this global economic upswing.
  • The Sunday Times (Comment): End of the Russian bear hug?
  • The Sunday Telegraph (Comment): The economic impact of Syrian air strikes could ripple across the globe.

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