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Friday Papers: Sainsbury’s £50m bill for failed Asda tie-up

Friday Papers: Sainsbury’s £50m bill for failed Asda tie-up

Top stories

  • The Times: Sainsbury’s faces £50 million bill after its £12 billion merger with rival supermarket Asda was blocked by the competition regulator over fears that the deal would lead to price rises.
  • Financial Times: Germany’s two biggest listed lenders Deutsche Bank and Commerzbank have abandoned their plan to merge after six weeks of fruitless talks.
  • The Daily Telegraph: Microsoft has become the world’s third company to reach a valuation of one trillion dollars after posting a 19% increase in profits.
  • Financial Times: A shareholder group has insisted Royal Dutch Shell to use its position as the joint owner of Brunei’s biggest oil and gas venture to push for gay rights in the country.
  • Financial Times: Former Nissan chairman Carlos Ghosn was released from detention late on Thursday after he posted $4.5 million bail and agreed to highly unusual restrictions on contacting his wife.

Business and economics

  • The Daily Telegraph: US airline Southwest said it missed out on $200 million of revenue in the first quarter after it was forced to cancel 10,000 flights after grounding of Boeing’s 737 Max jets.
  • The Daily Telegraph: McLaren Holding’s annual revenues in the year to the end of December surged 44% to £1.26 billion, but pre-tax losses widened from £44.2 million to £67.6 million.
  • The Daily Telegraph: Barclays’ under-pressure investment bank registered a 29% decline in pre-tax profits just as it fights to stop an aggressive activist getting backing for a board seat.
  • Daily Mail: The high-end French brand Hermes posted a 16% rise in sales in the first quarter driven by Chinese shoppers’ yearning for luxury goods.
  • The Daily Telegraph: Scottish Power’s profits plunged by a third due to the Government’s energy price cap and mild winter weather.
  • Daily Mail: Carpetright shares skyrocketed 37% in early trading yesterday after the troubled retailer showed signs of bouncing back from a torrid year.
  • Financial Times: Swiss lender UBS registered a 64% plunge in first-quarter profit at its investment bank.
  • The Times: Tullow Oil has cut its production guidance due to “technical” problems at its Ghana fields.
  • The Daily Telegraph: Taylor Wimpey has posted strong sales in the year to April and expects to build more homes this year but rising costs could hit its profit margins.
  • The Times: 3M saw its market value plunge nearly $15 billion yesterday after the maker of Post-it Notes reported slumping sales and cut its full-year profit forecast.
  • The Daily Telegraph: Laura Ashley has issued its second profit warning in two months following “very demanding” trading conditions in its third quarter.
  • The Times: Nokia, the Finnish telecoms equipment maker, posted a surprise loss in the first quarter, failing to capitalise on the political storm surrounding its Chinese rival Huawei.
  • The Guardian: Royal Bank of Scotland’s chief executive, Ross McEwan, has quit after five and a half years in the job.
  • The Times: Lord Rothschild has announced plans to stand down after more than three decades as chairman of RIT Capital Partners.
  • Financial Times: Senior executives at Swiss fund manager GAM face a shareholder revolt after two shareholder advisors recommended a protest vote over concerns about risk controls.
  • The Times: Significant numbers of investors have rebelled for a third year against the employment of Sir Nigel Rudd as chairman of Meggitt, the aerospace group.
  • Financial Times: An Indian court has lifted a countrywide ban on the TikTok short-video app after commitment from its owners that they will take a series of measures to improve safety.

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