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Friday Papers: US-North Korea summit cancelled

Friday Papers: US-North Korea summit cancelled

Top stories

  • The Times: US President Donald Trump cancelled the peace summit with North Korean leader Kim Jong-un blaming China for souring North Korea’s relations with the US.
  • The Daily Telegraph: Italy’s insurgent government plans to would create a rival payment structure based on ‘IOU’ notes subverting monetary control of European Central Bank will set off a red alert in financial markets and call into question the survival of Europe’s monetary union, Standard & Poor’s has warned.
  • Financial Times: Britain faces dangers of a “disruptive Brexit”, the Bank of England Governor Mark Carney has warned after talks between the UK and Brussels over future relationship degenerated into angry bickering.
  • The Guardian: The BoE governor said the institution was ready to respond to Brexit in “whatever form it takes” signalling that the bank would be prepared to cut interest rates.
  • The Daily Telegraph: Deutsche Bank chairman Paul Achleitner survived a bid by angry shareholders to oust him from the board, fending off a fresh crisis as the German lender announced 7000 job cuts.
  • The Guardian: Lloyds Banking Group endured its first significant shareholder rebellion after more than a fifth of investors refused to back its remuneration report.

Business and economics

  • Daily Mail: Shares of video streaming website Netflix gained yesterday, helping it to overtake Disney to become America's most valuable media company.
  • The Times: Uber’s revenue in the first three months of the year jumped by 70% to $2.6 billion compared with a year earlier due to rapidly rising demand for Uber taxis.
  • The Daily Telegraph: DMGT, the owner of MailOnline, suffered a slowdown with revenues increasing by just £1 million in the first half of its financial year as number of visitors to the website fell 9% last year after Facebook changed its newsfeed algorithm.
  • The Daily Telegraph: TalkTalk has posted pre-tax losses of £73 million in the year to 31 March, compared with profits of £70 million the previous year, after absorbing a £119 million of turnaround costs.
  • The Times: The value of Shop Direct’s bonds plunged yesterday after the online retailer shelled out £25 million as “dividend payment” to the billionaire owners, the Barclay brothers.
  • The Daily Telegraph: Wizz Air may increase fare prices to counter rising costs such as higher oil prices and pay hikes for staff, boss of the budget airline József Váradi has warned.
  • Daily Mail: Kingfisher, the owner of B&Q, recorded 9% drop in like-for-like sales in the three months to 30 April, as the Beast from the East forced them to close stores in the face of extreme weather.
  • Financial Times: Guggenheim agreed to pay $30 million last year to its highest-ranking female fund manager as divisions at the Wall Street firm raised fears of defections.
  • The Times: The US Department of Justice is examining Bitcoin traders in Britain as part of an inquiry into criminal price manipulation in digital currency markets.
  • Financial Times: Small US businesses, including tech start-ups, video games makers and advertising technology firms, are dropping EU customers over the new General Data Protection Regulation.
  • The Times: The chief executive and seven directors have left Russia’s largest aluminium producer Rusal after the company warned that the crippling US sanctions could leave it struggling to repay debts.
  • The Daily Telegraph: Samsung will have to pay $539 million (£400 million) in damages to Apple in patents case.
  • Financial Times: Pfizer is under pressure from its manufacturing partner Mylan to make more efforts to tackle shortages of the life-saving medicine EpiPen, which can stave off deadly anaphylactic shock.
  • The Guardian: Russian state-controlled energy giant Gazprom has agreed to change its operations in central and eastern Europe, settling a long running dispute with the EU.
  • The Guardian: Spotify has agreed to pay $112 million to settle two lawsuits that claimed songwriters hadn’t been paid enough in royalties for their work being streamed on the service.
  • Financial Times: LafargeHolcim is likely to provoke a political backlash in Paris over its plan of restructuring its European headquarter that scales back its office in the French capital.
  • The Times: Nick Hampton, the new chief executive of Tate & Lyle, is targeting $100 million of savings to improve the performance of the food ingredients group.
  • Financial Times: Investment banks’ revenues from providing services to hedge funds jumped 20% in the first quarter of the year, according to new data.
  • The Daily Telegraph: BT chief executive Gavin Patterson was handed £2.3 million for the year to the end of March, less than a month after the telecoms company announced it was slashing 13,000 roles in an effort to cut costs.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL Mediclinic; HOLD Young’s.
  • The Daily Telegraph (Questor share tips): Caught up in the Invesco Enhanced Income debacle? Switch to City Merchants High Yield.
  • The Daily Telegraph: Investment fund CorpAcq, owner of Sale Sharks rugby club, has bought a majority stake in clothing retailer Cotton Traders from founders, and former England rugby players, Fran Cotton and Steve Smith.
  • The Daily Telegraph: Private equity group Electra has put its assets up for sale just two months after corporate raider Edward Bramson stepped down as chief executive.
  • Financial Times: The San Francisco 49ers NF team has acquired a 10% stake in Leeds United.
  • The Times: Capital & Counties is considering a demerger of its prime £2.5 billion shopping district Covent Garden estate from its large mixed-use development site in Earls Court.
  • The Times: The London-listed mining group Petra Diamonds has warned that it may run out of cash if it fails to raise $178 million through rights issue.
  • The Times: Ryanair has issued a statement insisting that it had never made an approach for Norwegian and does not intend to, despite comments from the chief executive of Norwegian that it had been approached by the Irish airline.
  • Financial Times: South African media group Naspers is investing $89 million in Frontier Car Group, an online marketplace for second-hand cars.
  • The Guardian (Comment): Is BT remuneration committee measuring the right things?
  • The Daily Telegraph (Comment): As Deutsche shrinks, its home market stagnates.
  • The Times (Comment): Miserable compromise is the best solution to the border question.

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