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Friday Papers: Time finally runs out for Theresa May

And US-China trade clash sparks flight to safety as fears mount.

Friday Papers: Time finally runs out for Theresa May

Top stories

  • The Times: Theresa May is set to announce her resignation as the Conservative leader today, paving the way for a new prime minister by the end of July.
  • The Times: Global equity markets traded sharply lower last night after fears that trade relations between the US and China could worsen soured investor sentiment.
  • The Daily Telegraph: The US Federal Reserve has said that it will not bail out the Trump administration as the trade war expands.
  • Financial Times: Deutsche Bank’s chief executive Christian Sewing is preparing a radical overhaul of its ailing corporate and investment bank.
  • Financial Times: US activist investment group ValueAct has urged Merlin Entertainments to seek a buyer to take it private.
  • The Daily Telegraph: European private equity giant Triton has made a bid for Thomas Cook’s Scandinavian business, providing a much-needed boost to its parlous financial situation.

Business and economics

  • Daily Mail: Retailer B&M plans to open 50 new stores across Britain, bucking the trend of the failing High Street.
  • The Daily Telegraph: Online investment platform AJ Bell posted a 27% rise in profits in its first results since floating in December.
  • The Daily Telegraph: Mitchells & Butlers, which operates 1,700 pubs and restaurants across the UK, reported an 8.7% jump in pre-tax profit to £75 million for the six months to 13 April.
  • The Daily Telegraph: Deliveroo is on track to create 70,000 jobs in UK restaurant sector by next year.
  • The Times: Defence technology specialist Qinetiq has reported a record £3.1 billion order book and says it is on track for further growth next year.
  • The Guardian: Philip Green is seeking up to 70% cut in rents on a swath of stores on top of the closure of 23 outlets as part of a rescue restructure of his retail empire.
  • The Daily Telegraph: The FTSE 250 telecoms firm TalkTalk narrowed its losses as it added almost half a million fibre broadband customers and continued with its reorganisation.
  • Daily Mail: Investment firm boss Andy Brown, chief executive of investment firm Cedar Rock Capital, has received a bumper £46 million pay package even as his fund shrank in size over the last year.
  • Financial Times: Panasonic said it was halting shipments of some components to Huawei that would fall under the proposed US export restrictions.
  • The Daily Telegraph: British mobile network operator Three is urgently reviewing a planned launch of Huawei 5G smartphones after a US Presidential order threatened to block software updates to the Chinese company's phones.
  • The Times: Marks & Spencer’s shareholders have expressed concerns about the £30 million in fees and expenses the retailer is spending on its cash call to finance its food delivery venture with Ocado.
  • Financial Times: Jon Horne, president of the European Cockpit Association, has said there were “critical flaws” in the certification process for Boeing’s 737 Max 8, which crashed twice in five months, killing 346 people.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Enquest; RESIST OFFER from Acacia Mining.
  • The Daily Telegraph (Questor share tips): SELL Ediston Property Investment.
  • Financial Times: Google has acquired a historic building in Manhattan’s Meatpacking District for $600 million – a 100 times what it was sold for in 1996.
  • The Times: British investor New River Reit has launched a partnership with Pimco’s Bravo Strategies III, a private equity-style fund, to buy unloved retail parks.
  • The Times: Serco is to buy an American naval engineer from Alion for $225 million as it seeks to capitalise on President Trump’s plan to build dozens of new warships.

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