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Saturday Papers: Facebook hires Nick Clegg as head of global affairs

Saturday Papers: Facebook hires Nick Clegg as head of global affairs

Top stories

  • Financial Times: Facebook has hired former UK deputy prime minister Nick Clegg to head its global affairs and communications team as it faces the threat of greater government regulation.
  • The Daily Telegraph: Chancellor Philip Hammond has a little more wriggle room for his October Budget as public borrowing is on track to hit its lowest level in 16 years.
  • The Times: Sports Direct is to close the large House of Fraser store in Manchester after the new owner blamed the site’s landlord for failing to negotiate a new rent deal.
  • Financial Times: Air France has agreed a wage deal with the majority of its unions, ending a costly stand-off.
  • Financial Times: Standard Chartered is preparing a fresh round of job cuts to reduce costs amid the bank's flagging performance.

Business and economics

  • The Times: AJ Bell has reported a double-digit increase in assets under management, months before the launch of a London stock market listing that could value it at more than £700 million.
  • Financial Times: Procter & Gamble has further increased prices of its products from toothpaste to deodorant, warning of relentless input cost pressure despite increased sales.
  • Financial Times: Daimler’s shares declined more than 3% to a five-year low after the Mercedes-Benz parent issued its second profit warning this year on Friday.
  • The Guardian: WPP’s stock market value slipped below that of US rival Omnicom for the first time in almost a decade, removing the UK company from the position the world’s biggest marketing and advertising services group by market capitalisation.
  • The Daily Telegraph: InterContinental Hotels’ shares fell more than 5% to £39.46 after a disappointing third-quarter trading update, despite the company announced a $500 million special dividend.
  • The Times: Pendragon, which operates 210 dealerships nationwide, has downgraded estimated profits for 2018 of £50 million, which is 16% lower than the forecasts of industry analysts, who had expected Pendragon to match last year’s £60 million.
  • Financial Times: Michelin shares on Friday slipped 9%, suffering its worst stock market fall in eight years, after the tyremaker cut its forecasts and said sales would slow.
  • The Daily Telegraph: Funding Circle is starting to bounce back from its difficult listing after the peer-to-peer lender's loans under management jumped in value by 60% to £2.8 billion in its third quarter.
  • The Guardian: Scottish Power, one of Britain’s biggest energy companies, is planning to invest in solar power for the first time.
  • The Daily Telegraph: Starbucks has embarked on a Europe-wide restructuring, including expansion of its London head office and closure of its Amsterdam base.
  • The Times: Banks could withstand a hard Brexit and tough trade relations after Britain leaves the European Union, according to the governor of the Bank of England.
  • The Daily Telegraph: UK and EU leaders to “avoid at all costs” Britain crashing out of the bloc without a trade deal, Toyota’s president has warned, adding it could push car prices up for consumers and cost manufacturing jobs.
  • The Guardian: Chinese officials have promised that it remained strong despite an escalating trade war with the US, in a quick reaction to a sharp slowdown in growth at the world’s second largest economy.
  • Daily Mail: Stocks in the Italian banking sector plummeted amid fears of a massive row with the EU.
  • Financial Times: Acacia Mining has threatened to sue the Tanzania Government in international court, warning of increasing concerns about the safety of its staff.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Two years since launch and the Income Portfolio has surpassed its 5% yield target.
  • Daily Mail: The London Stock Exchange is buying 15.1% stake in the British clearing house LCH in a vote of confidence for London after Brexit.
  • Daily Mail: Property mogul John Whittaker has joined forces with Brookfield Property Group of Canada and Saudi Arabia's Olayan Group to swoop for Intu, whose empire includes the Metrocentre in Gateshead, Lakeside in Essex and Manchester's Trafford Centre.
  • The Daily Telegraph: The largest shareholder in the troubled newspaper publisher Johnston Press, Norwegian entrepreneur Christen Ager-Hanssen, has increased his stake to more than 25% to be ready to block any attempt to sell or restructure the company against his wishes.
  • The Times: French Connection says that it is in talks with four parties about a possible sale of the company.
  • The Daily Telegraph (Comment): Why on earth is Facebook hiring Nick Clegg and why has he agreed to work for the company?
  • The Times (Comment): Italy is posing a far bigger challenge for Brussels bureaucrats than Brexit.

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