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Friday Papers: ECB to phase out quantitative easing by year end

Friday Papers: ECB to phase out quantitative easing by year end

Top stories

  • The Independent: The European Central Bank is set to halve the pace of its asset purchase programme after September to just €15 billion per month and then finally end two months later.
  • The Times: DWF, one of Britain’s largest law firms, is set for London listing later this year with a valuation of up to £1 billion.
  • The Daily Telegraph: Stobart Group has fired former chief executive Andrew Tinkler, who last month launched a boardroom coup to replace Stobart chairman Iain Ferguson with billionaire retail tycoon Philip Day.
  • Financial Times: A review panel has suggested denying DeepMind, Alphabet’s artificial intelligence business, further access to Britain’s National Health Service until it can clarify how it intends to make profits.
  • The Times: Unilever is likely to lose its position in the FTSE 100 index after it abandons its 88-year dual governance of being based in the Netherlands and the UK.

Business and economics

  • The Independent: Donald Trump’s controversial new import tariffs pose a stark threat to the global trading system and will ultimately damage the US economy, the International Monetary Fund has warned.
  • The Guardian: The volume of goods sold in shops and online in the UK was 1.3% up on April thanks to Royal wedding and warm weather.
  • The Guardian: Rolls-Royce has announced that it will slash 4,600 jobs worldwide as part of a major shakeup of its business; the UK would bear the brunt with around 3,000 of the job losses.
  • Financial Times: Renault chief executive Carlos Ghosn is likely to step down from the company before his term ends in 2022.
  • Daily Express: The UK Treasury received a £67 million boost in just four months after a freeze on alcohol duty at last November’s Budget.
  • Daily Express: Just Eat shares fell 40p to 810p yesterday as Deliveroo is working on a plan to sign up a further 5,000 eateries who use their own delivery fleet.
  • The Guardian: The Bank of England’s annual report has revealed that the proportion of women in senior roles fell from 30% to 29%, putting its mission to improve the diversity of staff off track.
  • The Times: Aveva, the industrial software engineer, has delivered an upbeat result, its first since it merged with Schneider Electric of France, boosted by an ambitious plan to cut costs amid rising revenues and profits.
  • Financial Times: Elon Musk’s Boring Company has won a contract to build a high-speed underground rail link between Chicago’s O’Hare airport and the city’s downtown.
  • The Daily Telegraph: The billionaire Sir Len Blavatnik has poured more than half a billion pounds into Perform Group to fund the expansion of its streaming service Dazn and create a global “Netflix of sport”.
  • Daily Mail: Tens of thousands of people are getting the wrong amount of state pension as massive clean-up of old pension data has uncovered errors in work records stretching back decades.
  • Financial Times: The shared office space provider WeWork has more than doubled its sales in the first quarter of this year to $342 million.
  • The Independent: There has been a sharp decline in the rail usage since privatisation in the mid-1990s, figures from the Office of Rail and Road has revealed, casting further doubt on the profitability of some franchises.
  • The Daily Telegraph: PZ Cussons, the maker of Imperial Leather and Carex, has said that its annual profits will be at the lower end of expectations as the problems in Nigeria have “tightened further”.
  • Daily Express: BIFFA chief Ian Wakelin is quitting after almost eight years at the waste management firm as it registered a 10% surge in annual profit.
  • Financial Times: Standard Chartered is to hire 750 people for its new office in Warsaw.
  • Daily Mail: Revolution Bars suffered a 7% decline in its share price yesterday after the cocktail chain issued a profit warning blaming both the snow and sun for keeping drinkers out of its bars.
  • The Daily Telegraph: Facebook’s head of communications and public policy Elliot Schrage is stepping down from the company after a decade-long tenure.
  • The Times: Italy’s populist government has threatened not to ratify the proposed EU’s landmark trade deal with Canada, escalating global economic tensions.
  • Financial Times: Legal & General has struck a novel pensions deal with Heathrow airport under which the insurer will take on £325 million of pension liabilities while lending £160 million in bespoke bond.
  • The Guardian: A cross-party group of MPs have threatened to publish a 2013 report disclosing what Lloyds Banking Group knew about a fraud at its HBOS Reading unit, unless the bank agrees to publish it first.
  • The Guardian: The online fashion retailer N Brown has become the latest victim of the UK high Street malaise as it plans to close all 20 of its stores in the UK with the loss of 270 jobs.
  • The Daily Telegraph: First Utility, the energy supplier owned by Royal Dutch Shell, will increase the energy bill of around 165,000 British homes by almost 6% from next month.
  • The Times: The Institute of Chartered Accountants has downgraded its forecasts for economic growth in the UK as the lack of progress on Brexit is inhibiting business investment.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Glaxosmithkline; AVOID Revolution Bars Group.
  • The Times: Royal Caribbean Cruises is set to acquire a 66.7% stake in Silversea Cruises, valuing its smaller Monaco-based rival at nearly $2 billion.
  • Daily Express: Mulberry is aiming to boost its presence in Asian markets with a £4.6 million venture in South Korea with its longstanding partner, SHK.
  • The Times: Puig, the Spanish fashion and fragrance group, has taken a majority stake in Dries Van Noten, the Belgian brand.
  • Financial Times: Volvo Cars has acquired a stake in a Silicon-valley start-up that is developing a key component of autonomous driving technology.
  • The Guardian: The London-based online ethical grocer Farmdrop has secured £10 million from investors to expand its home delivery service to the north of England.
  • The Daily Telegraph: AT&T's takeover of Time Warner is likely to close as early as this week, after the US government decided against seeking to delay the blockbuster deal.
  • Daily Mail (Comment): Rolls-Royce struggles with its past in a bid to secure its future.
  • The Guardian (Comment): Rupert Murdoch will be enjoying the hunt for 21st Century Fox.

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