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Friday Papers: Trade conflict could trigger currency war

Friday Papers: Trade conflict could trigger currency war

Top stories

  • The Daily Telegraph: The US’s move to ratchet up tariffs to 25% on $200 billion of Chinese goods this September would trigger a currency war, warn economists.
  • Financial Times: The Trump administration has warned that new sanctions would be imposed on Turkey if a detained American evangelical pastor was not released, putting further pressure on lira.
  • Financial Times: Dollar's rise to a 13-month high has led gold price to hit its lowest level since January 2017, at $1,180 an ounce this week.
  • The Times: Schroders is considering replacing City grandee Bruno Schroder by his only daughter despite her lack of experience in financial services.
  • Financial Times: Asda has registered a fifth consecutive quarterly growth in same-store sales as it heads for a merger with Sainsbury.

Business and economics

  • The Times: Amazon has sounded out some of Europe’s largest insurers to see if they would contribute to a price comparison website run by the American online retail group, in a move to enter the British insurance market.
  • Daily Mail: Carlsberg is celebrating a successful summer thanks to the World Cup as sales were up 10% in host nation Russia, while the hot weather also boosted demand, especially in China.
  • The Times: Kingfisher, Europe’s second-largest home improvement retailer, said that like-for-like sales jumped 4.2% in the UK and Ireland, rising 3.6% at B&Q and 5.5% at Screwfix, which caters for professional builders.
  • Daily Mail: Chemring has won a £73 million contract from the US department of defence to upgrade its mine detectors.
  • The Times: Rank Group, Britain’s largest casino chain, blamed lucky high-spending gamblers, snow and sunshine as it reported a 41% drop in profits.
  • The Daily Telegraph: Italian-Spanish infrastructure company Atlantia saw more than €5 billion market value wiped off after the collapse of the motorway bridge in the port city of Genoa this week.
  • Financial Times: Bayer was hit by another legal setback in the US linked to Monsanto's weedkiller Roundup, pulling its shares down to the lowest level in 5 years.
  • The Times: Fitch has warned that it could downgrade its prospects for Britain’s economy after scaling back its expectation that the UK will be able to reach a deal to exit the EU.
  • The Guardian: Ailing department store chain Debenhams is attempting to cut costs at its fashion and home divisions, putting up to 200 head office jobs at risk.
  • The Daily Telegraph: Owners of Towcester racecourse are preparing to call in administrators, plunging its future into doubt.
  • The Times: Bruce Stout, who runs a £1.6 billion global investment trust Murray International Trust, has warned about the damage to worldwide growth from America’s protectionist policies.
  • The Times: The Kazakhstan-focused copper miner Kaz Minerals will pay its first dividend in six years in a bid to placate investors disgruntled at its $900 million move into Russia.
  • The Daily Telegraph: Hundreds of Google employees have demanded that the search engine giant be more transparent in its plans to launch its censored version in China.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): The investment trusts that offer the greatest protection from home-grown market strife.
  • The Times (Tempus share tips): Neutral outlook for insurers; BUY Marshalls.
  • The Times: Disney may have to offer at least £14 a share to buy Sky, the European satellite broadcaster, Britain’s takeover watchdog has ruled.
  • Daily Mail: Anglo-Australian miner Rio Tinto has hired bankers to sell its £4.7 billion Canadian iron-ore operations; possible bidders include ArcelorMittal and Teck.
  • Financial Times: Fidelity International and China AMC, one of the country’s largest fund managers, have entered into a partnership aimed at filling a gap in the country’s private pensions system.
  • The Times: A leading children’s social care provider Cambian has reached a deal to be acquired by Caretech, an Aim-quoted competitor in a £354 million deal.
  • The Times: Volvo Cars is planning to list in Stockholm, with plans for a secondary listing in an Asian financial centre.
  • The Times: On the Beach, an online travel agent, has acquired Classic Collection Holidays, a booking platform, for £20 million.
  • The Daily Telegraph: Proxima Capital has sold its almost 20% stake to a Cayman Island-based investment fund, Cascade.
  • The Guardian (Comment): Turkey buys time before day of IMF reckoning.

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