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Thursday Papers: Boeing suffers $1bn blow to revenue

Thursday Papers: Boeing suffers $1bn blow to revenue

Top stories

  • Financial Times: Boeing’s quarterly revenues in its commercial aircraft division took a $ 1 billion hit and the company suspended guidance on future earnings amid uncertainty over 737 Max jet.
  • The Daily Telegraph: Facebook's quarterly net income plunged 51% since the same period last year after admitting that it expects to pay up to $5 billion to US regulators over its role in the Cambridge Analytica scandal.
  • The Times: Tesla registered one of its worst losses on record yesterday potentially dashing hopes that the company had turned a corner.
  • Financial Times: Online retailer Boohoo delivered 48% jump in revenues and a bumper profit last year, as celebrity influencers continued to drive consumers to its fast fashion.
  • Financial Times: Occidental Petroleum has launched a hostile $55 billion bid for Anadarko Petroleum, in an attempt to stop its planned acquisition by Chevron.
  • Financial Times: US justice department is pushing Goldman Sachs to include a guilty plea at the parent company level in a settlement over its role in the multibillion-dollar 1MDB corruption scandal.

Business and economics

  • Daily Mail: Primark delivered a 25% jump in profits to £426 million, bucking the gloom sweeping the High Street.
  • The Times: Microsoft comfortably beat market expectations last night with a 19% jump in profit to $8.8 billion as its commercial cloud business grew to $9.6 billion.
  • The Daily Telegraph: Credit Suisse’ wealth arm attracted SwFr 9.6 billion (£7.3bn) of new money in the first quarter, despite its arch rival UBS warning that the start of this year was one of the "worst" periods in recent history.
  • The Times: The boss of HSBC has declared that “the future is bright” for Saudi Arabia, only months after withdrawing from a conference in the kingdom over the killing of Jamal Khashoggi.
  • The Daily Telegraph: Cafe Rouge owner Casual Dining Group has appointed operations head James Spragg as its new boss.
  • Financial Times: Embattled carmaker Nissan issued a second profit warning in two months as it grapples with the weak sales in the US and fallout from the ousting of ex-boss Carlos Ghosn.
  • The Daily Telegraph: Head of Aviva’s UK insurance business Andy Briggs is stepping down after losing out on the top job to the group’s new chief executive Maurice Tulloch.
  • The Daily Telegraph: GSK may face a shareholder rebellion after advisory group Glass Lewis told investors to reject the company's remuneration policy at its forthcoming annual meeting.
  • The Daily Telegraph: Interserve’s finance chief Mark Whiteling is standing down just weeks after the struggling government contractor’s contentious rescue deal.
  • The Guardian: Javad Zarif, the Iranian foreign minister, has said Tehran will continue to defy US sanctions by finding buyers for its oil.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): SELL Invidior.
  • The Times (Tempus share tips): HOLD Hargreaves Lansdown.
  • The Daily Telegraph: USSL, one of Britain's biggest pension schemes, has taken KCom, the Hull telecoms operator, private in a £500 million deal.
  • The Daily Telegraph: BT is planning a retreat from Ireland with a £400 million auction of its business serving corporate clients in the Republic.
  • The Times: Loungers, the café-bar operator behind the Lounge and Cosy Club brands, has raised about £80 million via a listing on the junior stock market shrugging off pressure on the sector and Brexit uncertainty.
  • Financial Times: Elliott Management disclosed it had built up a €1.2 billion stake in SAP, Europe’s largest software group.
  • Financial Times: Japan’s SoftBank has agreed to invest €900 million in Wirecard, the German digital payments company battling an accounting scandal.
  • The Guardian (Comment): Hammond must seek answers from Bank of England hopefuls.
  • The Daily Telegraph (Comment): Trump's oil war on two fronts is the biggest economic gamble of his presidency.

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