Saturday Papers: Tata Steel pensions deal paves the way to merger
- The Times: The potential merger of Tata Steel’s European operations with a German rival has cleared a significant hurdle with a deal to offload its £15 billion British pension scheme.
- Financial Times: An unofficial blacklist of some of London’s top hotels with links to Qatar is being circulated among Gulf dignitaries and business people in support of their governments’ continuing economic boycott of their neighbour; the list includes Claridge’s, the Connaught and the Berkeley, all of which are owned by Constellation Hotels, part of Qatar Holding.
- The Daily Telegraph: Nationwide has seen its mortgage lending dive on last year as the Government's tax crackdown on buy-to-let landlords chills the market.
- Financial Times: JC Penney, the mid-market US department store operator, lost around one-fifth of its market value on Friday after the company said heavy discounting pushed it into a wider-than-expected loss for the second quarter.
- Financial Times: Companies that make or distribute opioid painkillers are facing a “tidal wave” of litigation as US officials seek to raise funds to fight the country's addiction epidemic and punish those they accuse of fuelling the crisis.
- Financial Times: The UN wants to expand a scheme to resettle refugees in the EU in a plan that was welcomed by Angela Merkel, German chancellor, but could prove controversial among neighbouring states hostile to immigration.
Business and economics
- The Times: The FTSE 100 index closed at a three-month low last night as concern about geopolitical tension continued to put world stock markets under pressure.
- The Times: The Trump presidency has proved to be a drag thus far for Wall Street’s corporate defence and white-collar crime attorneys as enforcement actions brought by financial watchdogs have fallen off a cliff since he took office.
- The Times: Oil prices reversed early losses yesterday, despite the International Energy Agency warning that the rebalancing of the crude market was proving “stubborn” because Opec members were failing to deliver on their promised production cutbacks.
- The Guardian: Google cancelled a company-wide meeting on Thursday after several of its employees became targets of a Gamergate-style campaign of harassment by internet trolls angered by the firing of an engineer who had written a controversial memo about diversity.
- The Daily Telegraph: Npower will remain a drain on its German parent company Innogy this year as the Big Six supplier continues to sell energy at a loss to defend its share of the increasingly competitive market.
- Daily Mail: Hundreds of Asda staff could lose their jobs as the US-owned chain battles slumping sales and changing shopping habits.
- Daily Mail: Thousands of jobs at discount retailer Wilko are at risk after it said it has entered redundancy consultation with nearly 4,000 staff, weeks after bemoaning a rise in costs as a result of the pound's Brexit-induced fall.
- The Daily Telegraph: Three Uber Technologies investors said a lawsuit against Travis Kalanick was designed to “hold the company hostage” and asked Benchmark, the venture capital firm that brought the suit, to step down from the board.
- The Daily Telegraph: US biotech Spark Therapeutics has set up a UK office as it targets a rapid launch of its under-review gene therapy for a form of inherited blindness.
- Financial Times: Music streaming service SoundCloud has received a “significant investment” from Temasek, Singapore’s state investment company, and Raine Group, the boutique investment bank.
Share tips, comment and bids
- The Times (Tempus share tips): Nerves and a golden opportunity; buying shares in the handful of London-quoted goldminers makes more sense because they provide income.
- The Times: Old Mutual said it would seek to list two of its main divisions on the stock market instead of selling them outright as the South African financial group gave further details of its plans for the break-up of its business.
- The Times: Saudi Arabia has made New York its favoured location to list shares in Saudi Aramco, according to a report, in an apparent change of heart that would be a big blow to the London stock market.
- The Times: Domino’s Pizza Group abandoned its franchise-only model yesterday and acquired a controlling stake in its biggest franchisee in London.
- Financial Times (Lex): UK energy: Britain is a tough market that continues to attract new entrants.
- Financial Times (Lex): Snap: the company may bemoan analysts’ readings but it needs to drop the purity act.
- Financial Times (Lex): European earnings: exuberance at the half-year is usually replaced by realism come the winter.
- Financial Times (Lex): US department stores: sector has been brutalised by the shift towards e-commerce.