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Saturday Papers: Thomas Cook risks collapse as stock dives

And Trump lifts tariffs on steel imports from US allies and delays levies on EU cars.

Saturday Papers: Thomas Cook risks collapse as stock dives

Top stories

  • Financial Times: Thomas Cook shares nosedived nearly 40% on Friday after Citigroup said it was at risk of a “vicious” cycle.
  • The Daily Telegraph: Donald Trump on Friday night lifted import taxes on Canadian and Mexican steel and aluminum, and delayed car tariffs that would have hurt Europe and Japan, easing trade tensions.
  • The Times: Theresa May is considering offering MPs a free vote on the type of long-term relationship Britain should have with the EU in a bid to persuade them to back her Brexit bill next month.
  • Financial Times: JP Morgan Chase has acquired healthcare payments and billing processor InstaMed for over $500 million.
  • Financial Times: Trump’s attack on Huawei has thrown US telecoms companies into confusion, with some worried that the move could strangle almost all technology trade between the US and China.
  • Financial Times: China’s biggest search engine Baidu posted its first loss since going public almost 15 years ago, as the country’s economic woes led to advertising lowdown.
  • Financial Times: Microsoft and Sony have joined forces to take on rivals Google, Amazon and Apple in a war over the future of the $135 billion-a-year video games market.

Business and economics

  • The Daily Telegraph: The pound recorded its 10th day of decline versus the euro as the City frets over the rising risk of a no deal Brexit.
  • The Daily Telegraph: Britain's biggest listed tech company Sage has reported revenues rising 6% from £899 million to £957 million in the six months to the end of March.
  • The Guardian: Boeing has completed a software update for its 737 Max jets, which have been grounded worldwide since March after they were involved in two fatal crashes.
  • The Times: Staffline, the Aim-listed recruitment and training group, lost half its market value yesterday after admitting it had lost some potential clients due to previous allegations that it may have broken minimum wage rules.
  • Daily Mail: Easyjet widened its loss in the six months to 31 March due in part to more expensive fuel and the drone disruption at Gatwick in December.
  • The Guardian: Ocado has admitted it would take two years to rebuild a hi-tech distribution centre destroyed by a fire in February, risking up to 400 jobs.
  • The Times: John Menzies has become the latest company to face shareholder opposition to its remuneration report after nearly 23% of votes were cast against it.
  • Daily Mail: Property tycoon Robert Tchenguiz is backing a shake-up at First Group that is being pushed by the rail and bus company's biggest investor, Coast Capital.
  • The Times: The chairman of John Lewis Partnership Sir Charlie Mayfield has been forced to defend its rebranding amid criticism from staff that it is misleading to call them “co-owners”.
  • Daily Mail: Metro Bank yesterday warned it could face criminal charges over an accounting error as it suffered a backlash from disgruntled investors.

Share tips, comment and bids

  • Daily Mail: Sports Direct is selling its scandal-hit Shirebrook warehouse in Derbyshire for £120 million.
  • The Times: The proposed combination of JD Sports and Footasylum has been temporarily restrained by the competition watchdog on the ground that it might dilute choice for consumers.
  • The Daily Telegraph: Bandlab, which provides music composition software, has acquired the NME brand and its much-depleted editorial operation.
  • The Daily Telegraph (comment): Why Uber flop is toxic news for all investors.

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