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Tuesday Papers: Deutsche Bank profits surpass market expectation

Tuesday Papers: Deutsche Bank profits surpass market expectation

Top stories

  • Financial Times: Deutsche Bank has released bumper second-quarter results, with its profits surpassing market expectations despite an unrelenting run of bad news for the lender.
  • The Times: President Trump faced criticism after he refused to condemn alleged Russian meddling in the US elections while saying that America’s relationship with Russia had changed after a “deeply productive dialogue” at his first formal summit with President Putin in Helsinki.
  • The Daily Telegraph: The International Monetary Fund has warned that the world’s economic growth spurt is almost at an end after slashing growth forecasts for most of the developed economies.
  • Financial Times: Cerebrus Capital Management is in pole position to take an interest in the Dubai-based private equity group Abraaj's fund platform after liquidators rejected Colony Capital's bid.
  • The Daily Telegraph: Netflix missed analyst expectations for subscriber growth by more than one million users, in what it called a "strong but not stellar" quarter, causing 14% slump in its shares in after-hours trading.
  • Financial Times: Introduction of trade tariffs on key food commodities has added downward pressure on wheat, corn and soybeans and left them trading at multiyear lows.

Business and economics

  • Financial Times: One of the influential oil consultancies, Wood Mackenzie, has forecast that global oil demand will peak within 20 years, as transport sector will steer towards electric cars.
  • The Times: China has lodged complaint at the World Trade Organisation after President Trump threatened to impose tariffs on an extra $200 billion of goods.
  • The Daily Telegraph: Indivior shares shot up by nearly 30% after a US court granted the drugmaker a preliminary injunction which stops rival pharmaceutical company Dr Reddy's from selling a generic version of its Suboxone film, an opioid-addiction treatment, in the US.
  • The Guardian: Marks & Spencer has plans for a new wave of job cuts, with more than 300 posts to go in stores around the country.
  • Daily Mail: The AIM-listed cake supplier Finsbury Food suffered revenue fall of 3.4% to £303.6 million due to higher prices of imported goods such as sugar and cocoa after the Brexit-induced pound's slump and by a rise in the national living wage.
  • The Daily Telegraph: Audiences and profits at TalkSport declined in its first 18 months as part of News UK which bought the broadcaster for £220 million as part of the takeover of Wireless Group in 2016.
  • The Daily Telegraph: London City Airport has registered more than 10% slide in annual profits as the number of flights from the business-friendly hub dipped.
  • The Times: Goldman Sachs is set to hire David Solomon as its next chief executive.
  • The Times: A report by the Financial Conduct Authority has warned that customers of some of the biggest investment platforms could be paying up to ten times more than they would for a near-identical service.
  • The Guardian: Artificial intelligence is set to create more than seven million new UK jobs in healthcare, science and education by 2037, according to a report from PricewaterhouseCoopers.
  • The Guardian: Airbnb has been found in breach of EU law and given until the end of the summer to come out clearer on total cost including fees and charges.
  • The Times: Prince Turki bin Abdullah, seventh son of the late King Abdullah of Saudi Arabia and a former governor of Riyadh, who was to buy two Mayfair penthouses for more than £100 million has failed to complete the purchases after being caught up in a corruption purge in his home country.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL Standard Chartered; HOLD SSE.
  • The Times: John Laing Infrastructure Fund, an investor in the operation of £1.2 billion of mature private finance initiative and public private partnership schemes, said that it was “minded to recommend” a £1.45 billion takeover from Dalmore Capital and Equitix Investment Management.
  • Daily Mail: France’s anti-trust authority said it will probe Tesco, which has entered into a tie-up with French supermarket Carrefour, as part of a review into a number of deals struck between French and European firms.
  • Daily Mail: Barchester Healthcare, one of Britain’s biggest care home groups, is to be put up for sale in a deal that could net its owners more than £2.5 billion.
  • The Times: Britain’s biggest nightclub operator Deltic Group is eyeing a possible stock market listing swinging back to profit and sales growth thanks to rising admissions.
  • The Times: Asia-Pacific-focused Jadestone Energy plans to raise $95 million by listing in London to help to fund the purchase of three oilfields off Australia.
  • The Times: An Israeli telecoms company, ECI, which makes equipment for broadband and mobile networks, aims at London listing to raise about £130 million by selling a quarter of its shares to public investors.
  • The Daily Telegraph (Comment): EU's self-appointed role as policeman of the internet risks damaging free enterprise.

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