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Saturday Papers: China is set to retaliate against US tariffs

Saturday Papers: China is set to retaliate against US tariffs

Top stories

  • Financial Times: China has said that it will take countermeasures against new US tariffs on $50 billion in Chinese imports, taking the world's two largest economies to the brink of trade war.
  • The Times: Siemens has won a long awaited £2.5 billion contract to provide rolling stock for London Underground.
  • The Daily Telegraph: Charles Horton - the chief executive of Govia Thameslink, which runs the Southern, Thameslink and Northern networks - has quit following last month’s disastrous implementation of new rail timetables.
  • Financial Times: Beijing has urged Chinese banks to support bonds issued by the troubled finance-to-aviation conglomerate HNA as it tries to extricate itself from a massive debt burden.
  • Financial Times: US oil major Chevron has announced that it is expected to launch one of the world's largest carbon capture and storage projects in Australia this year.

Business and economics

  • Daily Mail: The value-end supermarket Iceland has suffered a fall in profits due to price cuts and supply chain issues, which dampened its crucial Christmas trading period.
  • Daily Mail: Tesco is stripping thousands of brands from its shelves, including Kerrygold Spreadable butter and Higgidy pies and quiches, to boost its own-label offer.
  • The Times: Indivior’s shares declined 27% after the US Food and Drug Administration approved a copycat version produced by Dr Reddy’s Laboratories of Indivior’s Suboxone Film.
  • The Times: Shares in Rolls-Royce climbed towards its highest levels as the shareholders approved the engine-makers' plans to restore the group to an even keel.
  • The Guardian: A report by the Organisation for Economic Co-operation and Development has found that income inequality has increased and social mobility stalled across the world’s richest countries since the 1990s.
  • The Guardian: Scandal-hit pension company Equitable Life is shutting down with a surprise £6,900-a-head windfall to 261,000 last remaining policyholders.
  • The Daily Telegraph: Petropavlovsk has urged the Financial Conduct Authority to probe into the role of the two investors who are seeking to oust the board of the Russian gold miner at its meeting on 29 June.
  • The Times: Glencore has agreed to resume royalty payments to an Israeli tycoon despite US sanctions to settle a legal dispute over assets in the Democratic Republic of the Congo.
  • The Daily Telegraph: The High Court is set to consider the employment status of Deliveroo riders after a ruling by the Government's Central Arbitration Committee (CAC) said riders could not be classified as “workers”.
  • The Daily Telegraph: Elizabeth Holmes, the founder of Theranos, has been charged with defrauding investors, three months after she was hit with a civil lawsuit.
  • The Daily Telegraph: Philip Green has launched a legal challenge against the Financial Reporting Council over a probe into the auditing of BHS accounts before the retailer was sold for £1.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Should you sell the best performer or the worst?
  • The Daily Telegraph: Comcast's £22 billion bid for Sky has been cleared by European regulators, helping fuel a bidding war with Rupert Murdoch's 21st Century Fox.
  • The Daily Telegraph: Chat-show host Oprah Winfrey will develop a series of programmes for Apple as per a multi-year deal signed with the technology giant.
  • Financial Times: Italian state-backed private equity group FSI has taken a 41.2% state in Italian fashion brand Missoni for €70 million.
  • The Times (Comment): If NHS patient data is worth £10 billion, put it on the balance sheet and save lives too.
  • Financial Times (Comment): Why Xi Jinping thinks China can weather a trade war with US.

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