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Thursday Papers: Netflix plans $1bn European investment drive

Thursday Papers: Netflix plans $1bn European investment drive

Top stories

  • Financial Times: Netflix has doubled its content investment budget in Europe with plans to spend about $1 billion on original productions this year, putting additional pressure on traditional broadcasters that are already struggling to attract and retain viewers.
  • Financial Times: Concerns about the health of Britain’s retailers forced Hammerson to abandon a £3.4 billion takeover of smaller shopping centre rival Intu Properties.
  • The Daily Telegraph: Despite opposition from some German conservatives, Chancellor Angela Merkel is set to back European Monetary Fund, a eurozone bailout fund modelled on the world’s lender of last resort, the International Monetary Fund.
  • The Times: International Monetary Fund has warned that extremely indebted global economy has left countries without any tools to fight if there is a downturn, urging them to take immediate action to address the issue.
  • Financial Times: Morgan Stanley posted record quarterly revenues and its best profits for a decade due to “exceptional” performance of the lender’s trading arm.
  • Financial Times: Unilever's decision to move its headquarters to Rotterdam by abandoning its 89-year-old Anglo-Dutch structure is much likely to face rebellion from its largest investors in the forthcoming annual general meeting.

Business and economics

  • The Guardian: UK inflation registered an unexpected decline in March to 2.5%, it lowest level in a year, raising doubts over possibility of the Bank of England raising interest rates in coming month.
  • The Times: Oil prices on Wednesday surged to their highest levels in three and a half years after data showed an unexpectedly big fall in US stockpiles and Saudi Arabia signalled that it wished to see prices rise to $80 or $100 per barrel.
  • The Daily Telegraph: Number of Amazon Prime paid subscribers has surpassed 100 million mark, the internet giant has revealed.
  • Financial Times: Market movements and a search for higher returns have forced Europe’s biggest insurance companies to shift €200 billion from fixed income investments to equities since 2011, AM Best, the rating agency, has revealed in an analysis.
  • The Times: Property company Sergo said that it had secured a record £27.3 million of rent in the three months to 17 April, driven by demand for warehouses due to online shopping boom.
  • Financial Times: Share prices of China’s biggest domestic carmakers move wildly on Wednesday after government decided to lift foreign investment restrictions in the industry.
  • The Daily Telegraph: Money transfer start-up TransferWise, which is backed by Richard Branson and PayPal co-founder Max Levchin, has become the first non-bank to gain access to the Bank of England's real-time payment systems on Wednesday.
  • The Times: Donald Trump has dropped plans to reconsider joining Trans-Pacific Partnership, less than a week after he had told officials to revive talks on the trade agreement.
  • The Daily Telegraph: Shares in printing company De La Rue slid 6% on profits warning while the company announced that it will not pursue the court battle over the loss of a £490 million contract to print UK passports.
  • The Times: Rio Tinto warned that US sanctions on the Russian aluminium producer Rusal will impact the London-listed miner as well because the two companies are involved in a string of joint projects.
  • Daily Mail: HSBC pulled out of insurance for New Look’s suppliers aggravating problems faced by the struggling fashion chain; the bank is no longer offering credit protection, which covers suppliers' bills if a retailer goes bust.
  • Daily Mail: CYBG, the owner of Clydesdale and Yorkshire banks, has revealed that it has to set aside £350 million over an increase in PPI complaints which would impact its half-year results.
  • The Daily Telegraph: Deutsche Bank’s chief operating officer Kim Hammonds has stepped down from her post on Wednesday evening in further proof of growing turmoil at the top of the bank.
  • The Times: Patrick Bousquet-Chavanne, executive director of customer, marketing and M&S.com, will be leaving Marks & Spencer in May with a payoff potentially worth up to £2 million in the latest shake-up under Archie Norman, the new chairman.
  • The Daily Telegraph: Graham Sutherland, the head of BT's business division, has resigned after the telecoms company revealed plans to merge the unit with its wholesale arm.
  • Financial Times: Glass Lewis, a leading adviser to large shareholders, has called on investors to vote against the re-election of Metro Banks' chairman Vernon Hill, after the bank paid £4.6 million to InterArch, owned by the chairman’s wife, for architecture, design and branding services in 2017.
  • The Times: German prosecutors raided ten locations linked with the Porsche division of Volkswagen yesterday amid investigations over the carmaker’s diesel emissions scandal.
  • Financial Times: Independent News & Media, Ireland’s biggest newspaper company, might face a high-court inquiry into a suspected data breach.
  • The Times: Creditors of Ariadne Capital, the investment business founded by Julie Meyer which collapsed in December, have been asked if they would be willing to fund a possible legal action to challenge contentious transactions involving the business.
  • The Guardian: London’s skyline is set to soar over the next decade with a record 510 tall towers, more than 20 storeys high, planned or under construction.

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