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Tuesday Papers: Barclays to cut bonuses for investment bankers

Tuesday Papers: Barclays to cut bonuses for investment bankers

Top stories

  • Financial Times: Barclays is planning to cut bonuses at the underperforming investment banking division as the lender steps up defence against investor Edward Bramson.
  • The Guardian: Abigail Disney, an heir to the Walt Disney fortune, has described the $65.6 million paid to the company’s chief executive, Bob Iger, as “insane”.
  • The Guardian: Facebook is this week expected to report a rare decline in profits with its founder and chief executive Mark Zuckerberg under pressure to clean up the social network.
  • The Daily Telegraph: The US government is in talks with London-headquartered mining business TechMet about potential investment in the firm to secure better supplies of the rare metals critical to electric cars.
  • The Times: Listed companies and government bodies are among organisations that have presented dubious data in their gender pay gap reports, according to a research by the Royal Statistical Society.

Business and economics

  • Daily Mail: Oil prices soar to a high of $74.34 a barrel as the US President Donald Trump tightened the sanctions noose around Iran.
  • The Times: Huawei Technologies, the Chinese telecoms company that faces intense scrutiny over alleged links to Beijing state security, has unveiled a jump in first-quarter revenue to almost £21 billion.
  • Financial Times: The London Metal Exchange will allow only responsibly sourced metals to be traded from 2022 amid concerns over cobalt that may have been mined by children.
  • The Guardian: British wine drinkers sank a record 4 million bottles of English and Welsh sparkling wine last year – up 6% on 2017, according to the Wine and Spirits Trade Association.
  • The Times: The property division of Royal Bank of Scotland’s scandal-hit restructuring unit paid out dividends of almost £450 million as it sold off customers’ assets.
  • Financial Times: US carrier JetBlue is planning to fly between London and New York from 2021, taking on incumbents such as British Airways, Virgin Atlantic and United Airlines.
  • The Daily Telegraph: Whitebox Advisors, a $9 billion US hedge fund that forecast the 2008 global financial meltdown, has quietly built a multimillion-pound bet against struggling travel agent Thomas Cook.
  • Daily Mail: The High Street enjoyed a boost from warm Easter weather with visits up by more than 8% from last year.
  • The Times: Ecclesiastical, Britain’s largest insurer of historic buildings, has offered its help to the French authorities over rebuilding Notre Dame cathedral.
  • Financial Times: Profitability at some of the world’s biggest reinsurance companies has more than halved over the past five years, according to a research by Willis Re, a reinsurance broker.
  • The Times: AIG, one of the world’s largest insurers, has approached accountancy firms outside of the industry’s Big Four to become its auditor in Britain.
  • Daily Mail: Carlos Ghosn, the former boss of Nissan, has been indicted by Japanese prosecutors on a fresh charge of aggravated breach of trust.
  • Financial Times: Centrica is planning to expand its software business to help rejuvenate its fortunes.
  • The Times: The Financial Conduct Authority has fired another warning shot at sub-prime credit companies that issue high-interest loans guaranteed by the family or friends of the borrowers.
  • The Guardian: Tesla has launched an investigation into a video on Chinese social media which showed a parked Tesla Model S car exploding, the latest in a string of fire incidents involving the company’s cars.
  • Daily Mail: Drinks veteran Miguel Patricio replaces Kraft Heinz boss Bernardo Hees after years of cost-cutting and weak sales.
  • Financial Times: Elsevier is on the verge of announcing a €9 million deal with a Norwegian consortium under which published research will be freely available.
  • The Daily Telegraph: Tesla will launch a self-driving taxi service in 2020, chief executive Elon Musk has said, adding the electric car company would have "over a million robotaxis" on the road next year.

Share tips, comment and bids

  • The Daily Telegraph: Aquila Capital, a German investor which has €8.2 billion worth of “green” investments under management, is planning to list its renewable energy fund on the London market by the end of June.
  • The Daily Telegraph: Links of London’s Greek owner Folli Follie is exploring a sale of the high street jewellery chain as it races to stave off insolvency.
  • Daily Mail (Comment): The private equity boom that threatens bust for stock market dogs.
  • The Daily Telegraph (Comment): Big Oil doing its bit with voluntary carbon offset schemes.

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