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Tuesday Papers: US lifts ban on sport betting

Tuesday Papers: US lifts ban on sport betting

by Himanshu Singh May 15, 2018 at 05:04

Top stories

  • The Times: Market value of British bookmaking firms climbed more than £1.5 billion yesterday after the US Supreme Court struck down a 1992 law banning sports gambling; this could lead to sports betting being legalised across America.
  • Financial Times: CBS has launched a lawsuit against its controlling shareholder Shari Redstone to prevent her from merging the US broadcaster with rival Viacom which could lead to “harming the company and its public stockholders”.
  • The Daily Telegraph: FirstGroup’s top shareholder and activist investor West Face Capital is pushing the transport giant hard to put itself up for sale in the wake of a failed takeover bid from US private equity firm Apollo.
  • Financial Times: The UK Space Agency has asked British companies working on Europe’s Galileo satellite navigation system to consult the government before agreeing to any new contract, in the latest clash over the space programme.
  • Financial Times: Israeli forces on Monday opened fire on tens of thousands protestors along its border fence with Gaza opposing the inauguration of the US embassy in Jerusalem, killing at least 52 people.

Business and economics

  • Financial Times: Elon Musk said on Monday that he had been “undertaking a thorough reorganisation” of Tesla management to prepare the company for the future, to dissuade critics' claim that the car maker’s senior ranks are in turmoil.
  • The Times: Osaka-based Takeda is facing questions about its financial strength to buy Shire in a £46 billion cash-and-shares deal after the Japanese drug maker announced that its operating profit was set to fall to Y201 billion (£1.35 billion) for the year ahead, behind market forecasts of Y216 billion.
  • The Times: Despite announcing 2% rise in revenues, one of Britain’s biggest funeral providers Dignity has warned that it was “too early” to say whether its promising first quarter would be sustained.
  • The Daily Telegraph: Revenues at Angling Direct, Britain’s biggest seller of fishing equipment, soared 44% to £30 million in the year to January, thanks to soaring sales both online and in its shops.
  • The Daily Telegraph: Asian hotelier Dorsett Hotels, owned by one of Asia’s largest developers and hotel operators Far East Consortium, is spending £700 million into opening new sites in London and Manchester.
  • Financial Times: Goldman Sachs has picked Germany as the next market to extend its Marcus consumer bank across Europe following its imminent UK launch.
  • The Guardian: Government is preparing to either renationalise the existing East Coast rail franchise or negotiate a “not-for-profit” arrangement with Stagecoach and Virgin Trains, before the end of the week.
  • The Daily Telegraph: French train manufacturer Alstom is planning to convert a fleet of Class 321 electric trains to hydrogen fuelled rolling stock by 2040; the move will make Alstom the first company to bring hydrogen trains to the UK.
  • The Times: David Potts, the boss of Wm Morrison, took home a bumper £5.8 million pay packet last year thanks to a long-term incentive plan that has been the subject of a shareholder revolt.
  • Financial Times: British Land is seeking permission from the government to redevelop 53 acres of land in south-east London in a £4 billion plan that will create a new town centre and include 3,000 homes.
  • Daily Mail: Steve Eisman, the investor who realised the US property market was headed for collapse, has urged traders to bet against Deutsche Bank saying the struggling German lender faces huge difficulties turning a profit.
  • Financial Times: Following in the footsteps of chief executive Tom Enders, Airbus's long-serving finance director Harald Wilhelm has announced plans to quit the European aircraft maker next spring.
  • The Guardian: Investors managing more than $2.5 trillion have warned 100 fossil fuel companies and the banks that finance them to shun moves by the US President Donald Trump to open the Arctic national wildlife refuge to drilling.
  • Financial Times: Indian officials investigating an alleged $2 billion fraud at Punjab National Bank have filed charges against 22 people including a former chief executive of the bank.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Scottish Mortgage Investment Trust; AVOID Mothercare.
  • Daily Mail: Three buyout offers from Starwood Capital, TDR Capital and Lone Star Europe for office rental business IWG valuing the company around £3 billion has sent its shares soaring nearly 23%.
  • The Daily Telegraph: Zimbabwe-based gold miner Caledonia eying takeover of its local partners after the African country lifted the rules requiring foreign compnies to hold less than 50% of stakes.
  • The Guardian: Vancouver-based Strongbow Exploration, which acquired the rights to the tin mine in the Cornish town of Pool in July 2016, has announced it would float on the London stock market next month to help fund the plans to reopen the South Crofty mine in 2021.
  • Financial Times: Despite reporting first-half loss and deteriorating finance, the struggling platinum producer Lonmin has insisted a rescue takeover from South African rival Sibanye-Stillwater is on track.
  • Daily Mail: The British fashion house Burberry is buying handbags business from CF&P, which is based in Tuscany.
  • Financial Times: Aurora Cannabis bought MedReleaf in a $2.4 billion deal signalling accelerating consolidation as companies race to assert dominance in Canada's soon to be legalised marijuana industry.
  • The Times: UK Government Investments, the body charged with managing the taxpayer’s stake in Royal Bank of Scotland, have begun scoping City brokers for potential share sale to divest government's 71% holding.
  • Financial Times: Private equity group TPG Growth's impact fund, Rise Fund, has spent $4.75 million to buy an unspecified stake in digital payments provider Cellulant.
  • The Guardian (Comment): UK bookies beware: US will look after its own in betting revolution.
  • The Daily Telegraph (Comment): Investors should back Italy’s fresh thinking.

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