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Thursday Papers: Altice lines up $185bn pitch for Charter

And US jobs most at risk as Worldpay agrees £9.3 billion tie-up with the rival Vantiv creating global sector leader.

Thursday Papers: Altice lines up $185bn pitch for Charter

Top stories

  • Financial Times: Altice, the deal-hungry cable and telecoms group controlled by Franco-Israeli billionaire Patrick Drahi, is lining up a potential $185 billion bid for Charter Communications, the second-largest US cable company with over 26 million subscribers.
  • The Daily Telegraph: Worldpay's chief executive has admitted that its £9.3 billion acquisition by US rival Vantiv will "inevitably" lead to job losses among its combined 8,700 workforce, with the axe most likely to fall on those based in the US.
  • Financial Times: Abu Dhabi has launched an informal boycott of western banks with significant Qatari shareholders, broadening the impact of the Arab quartet’s two-month embargo against the gas-rich state.
  • The Times: The Bank of England could be ordered to appear before the Treasury select committee to explain the “lessons it has learnt” from the fiasco surrounding Charlotte Hogg’s shortlived appointment as deputy governor.
  • Financial Times: Keith Hamill, a veteran of British boardrooms, has been appointed as chairman of Premier Foods, the highly indebted UK producer of Bisto gravy and Mr Kipling cakes that has been in the crosshairs of activist investors.
  • The Times: A report by the Bank of England’s 12 regional agents revealed that, thanks to the 14% fall in the value of the pound since the Brexit vote, manufacturers’ exports had risen in June and July because their goods were more attractive to overseas customers.

Business and economics

  • Daily Mail: Insurer Legal & General has posted a jump in half-year profits, helped by a slowdown in the rate at which average life expectancy is increasing and strong performance in its corporate division.
  • The Times: Unilever is to buy back its Dutch preference shares as part of an overhaul of its complex structure after long-running shareholder pressure.
  • Financial Times: Costs related to the Grenfell Tower fire in London have dented first-half results at German reinsurance group Munich Re.
  • The Daily Telegraph: The boss of support services group Interserve has insisted that its construction division is on a stable footing, despite scaling back its activities to focus on core markets and booking a £2 million loss so far this year.
  • Financial Times: Mylan sharply reduced its annual forecasts for sales and profits and posted quarterly earnings that missed Wall Street expectations as it became the latest drugmaker to fall victim to lower prices for copycat generic drugs.
  • Daily Mail: Oozi Cats, the boss of British internet firm Telit Communications, has stepped back from the company amid claims he is wanted by police in the US.
  • The Daily Telegraph: Hastings is the latest British insurer looking to invest in artificial intelligence after chief executive Gary Hoffman pledged to hire hundreds of data experts.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Interserve; AVOID Stock Spirits Group; BUY Hastings Group.
  • The Daily Telegraph (Questor share tips): BUY Galliford Try.
  • Financial Times: SoftBank is leading a $1.1 billion investment in a privately held biotech company Roivant Sciences, marking the first time the Japanese technology conglomerate has used its $93 billion Vision Fund to back a drugmaker.
  • The Daily Telegraph: Custos, which owns the free Swedish title Metro, has taken a stake in the debt-laden publisher of the i, Johnston Press.
  • The Daily Telegraph: Verditek, clean tech company backed by an oil industry veteran and former Big Six energy boss, is set to make its debut on London’s junior Aim market today.
  • The Daily Telegraph: The sale of Rio Tinto’s Australian coal mines may have hit a snag after a minority shareholder in Yancoal, the buyer of the operation, declared its opposition to the deal.
  • Financial Times (Lex): Sovereign debt/banks: the notion that no government bond carries risk is self-deluding.
  • Financial Times (Lex): Wharf Holdings: departure reflects investment bank’s doubts about the next big thing.
  • Financial Times (Lex): Goldman/Rothesay: conglomerate is restructuring itself again shortly after Peter Woo handed over reins.
  • Financial Times (Lex): Disney: the media company should be able to grab share in spite of Netflix.

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David Kempton: I’m 42% up despite Carillion carnage

by David Kempton on Jul 19, 2018 at 13:32

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