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Monday Papers: Oslo open to UK joining EEA after Brexit

Monday Papers: Oslo open to UK joining EEA after Brexit

by Himanshu Singh May 14, 2018 at 04:58

Top stories

  • Financial Times: Norwegian Prime Minister has said that Oslo is open to UK joining the European Economic Area and London should reconsider Norwegian model where it would be outside the EU but inside the single market; Solberg and other Norwegian politicians have previously warned that it would be difficult for London to join the EEA.
  • Financial Times: US President Donald Trump has ordered the commerce department to roll back sanctions on Chinese telecoms group ZTE, following a personal request from China’s president; ZTE was nearly put out of business a month ago by the agency.
  • The Times: Glass Lewis, the proxy shareholder service, has suggested investors to vote against the re-election of Roberto Quarta as the chairman of WPP over the advertising company’s secretive ousting of Martin Sorrell.
  • Financial Times: Royal Dutch Shell’s shareholders are likely to reject its chief executive’s €9 million annual pay packet.
  • Financial Times: HSBC became the world’s first bank to complete a commercially viable trade-finance transaction using blockchain; it processed a letter of credit for US food and agricultural group Cargill, opening the door to mass adoption of the technology.
  • The Daily Telegraph: Demis Hassabis, co-founder of the AI specialist DeepMind, acquired by Google for £400 million four years ago, has warned against self-driving cars, arguing they are not safe.

Business and economics

  • The Guardian: US President Donald Trump’s most senior foreign policy aides have signalled that the US administration might impose sanctions on European companies that do business in Iran after Washington withdrew from the international nuclear deal.
  • The Times: M&G Investments believes that lenders will soon be forced to push up mortgage rates because of the higher costs after cheap money provided by a closed Bank of England scheme runs out.
  • Financial Times: Strengthening dollar has resulted into paper losses for the investors who bought some of the riskiest emerging market sovereign bond sales in the past year.
  • Financial Times: UAE-based energy company Dana Gas has entered into a restructuring deal with bondholders such as BlackRock and Goldman Sachs in a bid to end a closely watched legal battle.
  • Daily Mail: Financial services tycoon Peter Hargreaves has invested £24 million into Goonhilly Earth Station to explore potential riches to be found by mining asteroids.
  • The Daily Telegraph: Virgin Media and TalkTalk are exploring ways to share the cost of new ultrafast broadband networks.
  • The Times: Online sales of vinyl records and CDs have surged by 13.6% since the same period in 2017.
  • The Daily Telegraph: British chip designer Arm’s annual profits almost halved to £325 million, down from £604 million last year, following a wave of expansion under the telecoms giant Softbank Group.
  • Financial Times: Investors in Renren have reached out to the US Securities and Exchange Commission to prevent the company, once touted as the Facebook of China, selling assets to a private entity controlled by its chief executive, Joseph Chen, and SoftBank.
  • Financial Times: US activist fund Elliott Management has urged shareholders to vote against Hyundai’s restructuring plan aimed at strengthening the founding family’s control over key units of the South Korean group in the forthcoming general meeting.
  • The Times: Avast, whose £2.4 billion listing on the London stock exchange last week was the biggest since July, is facing multimillion-pound legal claims over an acquisition.
  • Financial Times: Apple and Samsung are once again headed back to court in California for another round of their long-running patent battle.
  • The Daily Telegraph: Crossrail faces an estimated £500 million funding black hole, sparking fears of fare rises or other tax increases for Londoners.

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