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Saturday Papers: Patisserie Valerie secures lifeline

Saturday Papers: Patisserie Valerie secures lifeline

Top stories

  • Financial Times: Patisserie Valerie chairman Luke Johnson committed up to £20 million of his own cash as loans to save the café chain that has found potential fraud in its own accounts.
  • The Daily Telegraph: Facebook has downgraded the number of people whose phone numbers and personal details were exposed in a major cyber attack in September from 50 million to 30 million.
  • The Times: Greenlight Capital, a New York-based hedge fund founded by the billionaire David Einhorn, has built a stake in BT and indicated its interest in the telecoms company splitting from Openreach.
  • Financial Times: SoftBank is set to chose Goldman Sachs, Nomura and Deutsche Bank as lead underwriters for the initial public offering of its Japanese mobile telecoms business.
  • Financial Times: Car manufacturers sales suffered last month, with Germany’s big three - VW, Daimler and BMW - stung by European emissions rules and a sharp drop in Chinese sales.

Business and economics

  • Financial Times: Wall Street staged a rebound on Friday, with the S&P 500 ending up 1.4% higher, while Nasdaq gained 2.3%.
  • The Guardian: The FTSE 100 fell past 7,000-level for the first time in more than six months as share markets around the world remained under pressure amid the fear of rising US interest rates.
  • Daily Mail: Wall Street banks have raked in huge profits in the third quarter, with JP Morgan collecting £6.4 billion, up 24% on the same period in 2017, largely because of buoyant demand in its consumer division
  • Financial Times: Gary Cohn, Donald Trump’s former top economic aide, has joined fledgling fintech firm Spring Labs that hopes to use blockchain technology to overhaul the way banks share credit data.
  • The Daily Telegraph: Lloyds Banking Group has entered into a handed £30 billion investment contract with BlackRock after axing its deal with Standard Life Aberdeen; BlackRock will manage a large slice of Lloyds’ Scottish Widows assets.
  • The Guardian: RBS has paid its first dividend, worth about £240 million, to 190,000 shareholders, since it was rescued from collapse by a £45.5 billion taxpayer-funded bailout 10 years ago.
  • The Daily Telegraph: Shares in Man Group and Ashmore surged on Friday amid news that investors poured money into the two group's funds over the third quarter.
  • The Daily Telegraph: Hamleys chief executive Ralph Cunningham has expressed optimism that the iconic toyshop will become profitable again after the tough UK market left it nursing a £12 million loss.
  • The Guardian: Aid charities and trade unions have slammed a World Bank report that advises some of the poorest countries to remove laws protecting workers’ rights on the demands of multinational corporations.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Investors are overreacting to Labour's policies – and that means National Grid is a bargain.
  • Daily Mail: Sports Direct is planning to create the ‘Harrods of the North’ after snapping up Glasgow’s iconic Frasers building in a £95 million deal.
  • Financial Times: Banks that underwrote CVC’s acquisition of a more than €3 billion stake in the pharmaceutical business of Italy’s billionaire Recordati family have successfully placed the debt backing the deal on Friday.
  • The Times: Jeremy Darroch, the boss of Sky, has cashed in shares worth £38.2 million since Comcast won a battle to buy the satellite broadcaster this month.
  • Financial Times: Liberty House, owned by dealmaker Sanjeev Gupta, has agreed to buy a handful of European steelworks from ArcelorMittal.
  • The Times: Endless, a turnaround investor, has bought the bulk of the sports retailer American Golf in a quick-fire administration.
  • Financial Times: Realla, a two-year-old UK start-up that provides a Rightmove-like portal service for commercial properties, has been bought by the US real estate data giant CoStar.
  • Financial Times: Shurgard, Europe’s largest self-storage company, has priced its IPO at the bottom of its target range as it navigates a difficult European flotation market.
  • The Times (Comment): Fears of a superpower trade war trump global concerns about Brexit.
  • The Daily Telegraph (Comment): How to tell whether a company’s shares may be about to collapse.

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