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Thursday Papers: Google hit with record €4.3bn fine

Thursday Papers: Google hit with record €4.3bn fine

Top stories

  • The Times: Google has warned that it could start charging handset makers for using its Android software, after the technology company was fined a record €4.3 billion by the European Commission yesterday.
  • The Daily Telegraph: The boss of Premier Foods, Gavin Darby, who had been facing calls from a clutch of activist investors to stand down, was saved by its largest shareholder, Japanese noodle giant Nissin Foods.
  • Financial Times: Brexit secretary Dominic Raab is about to inundate businesses and households with technical advice on how to prepare for a no-deal Brexit scenario.
  • Financial Times: London's luxury developers are selling off homes in bulk to corporate landlords at steep discounts to counter waning demand among individual buyers.
  • Financial Times: Morgan Stanley reported a 39% increase in profits to $2.4 billion as the bank's revenue broke through the $10 billion mark in the second quarter.

Business and economics

  • The Times: Inflation in Britain and Brexit-linked political uncertainty pushed the value of the pound to a ten-month low against the US dollar.
  • The Times: UK’s static inflation in June raised questions over whether the Bank of England will lift interest rates next month.
  • Financial Times: A research by the ECB has countered the claims that the monetary easing widened inequality by saying that it helped vulnerable citizens more than the rich during the financial crisis.
  • The Times: GVC Holdings said that the 5% fall in like-for-like net gaming revenues in its UK retail estate in the first quarter was followed by a 2% increase in the second quarter, thanks to World Cup.
  • The Guardian: EasyJet has increased its profits forecast after climbing revenues in the spring notwithstanding air traffic control strikes and the unusually hot weather dampening demand.
  • Financial Times: Swiss watch group Swatch reported 70% rise in half-year operating profits to SFr629 million on the back of surging demands.
  • The Times: Turnover at Hotel Chocolat increased to £116 million in the year to 1 July as the chocolatier opened 15 stores and enjoyed sales growth of 12% over the past year.
  • Daily Mail: British Steel has posted profits of £21 million for the quarter as its turnaround continues.
  • The Daily Telegraph: TalkTalk’s chairman Sir Charles Dunstone walked out of its annual meeting unscathed after almost 97% of the broadband provider’s shareholders backed him despite advisory firms Glass Lewis and ISS calling for him to go.
  • The Daily Telegraph: Capita’s finance director Nick Greatorexis to step down from his role following a transition period with his successor.
  • The Times: Smiths Group reported falling sales, hitting profits and share price, due to disruptive changes to European Union regulations on medical devices.
  • Daily Mail: Dulux owner Akzo Nobel has increased the price of its paints by 5%, blaming higher raw material costs for oil solvents and the white chemical titanium dioxide.
  • Financial Times: Novartis has shelved its price increase for medicines in the US after criticism of the sector from President Donald Trump over rising costs.
  • The Guardian: The restaurant group Gaucho is on the verge of filing for administration, putting 1,500 jobs at risk.
  • The Daily Telegraph: The Competition and Markets Authority's (CMA), which has been investigating the pension investment consultants since September, has issued tough new rules for the sector but stopped short of ordering a break up of powerful consultants Mercer, Aon Hewitt and Willis Towers Watson.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL RPC; AVOID Severn Trent.
  • The Daily Telegraph (Questor share tips): BUY Icade; HOLD Capita.
  • The Guardian: The Football Association is likely to gain the necessary approvals of public bodies for its proposed sale of Wembley stadium after the grant-giving agency Sport England expressed conditional support.
  • The Times: Future, the owner of Classic Rock and Total Film magazines, is buying an American rival Purch’s consumer technology and science websites such as Tom’s Guide, Tom’s Hardware and Top Ten reviews for $132.5 million.
  • Daily Mail: Intersnack Group revealed that its British arm, KP Snacks had bought the UK-based potato crisps maker Popchips for an undisclosed sum.
  • The Guardian (Comment): Donald Trump may kill the global recovery.
  • Financial Times (Comment): Subdued pound volatility contrasts with febrile Brexit politics.
  • The Times (Comment): Google built an empire on our inertia but this ruling will cost it dearly.

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