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Tuesday Papers: Digital ad revenue boosts Alphabet

Tuesday Papers: Digital ad revenue boosts Alphabet

Top stories

  • The Times: The Google owner Alphabet earned $9.4 billion in the first three months of the year, nearly three quarters more than in the same period in 2017, powered by its booming digital advertising business.
  • The Daily Telegraph: Oil prices are headed to $100 amidst raging proxy war between Saudi Arabia and Iran in Yemen amid growing possibility of US imposing a round of sanctions on Iran.
  • Financial Times: Aluminium fell as much as 10% on Monday trading after the Trump administration signalled it could ease sanctions against Rusal.
  • Financial Times: HNA, the Chinese aviation-to-finance conglomerate, has reduced its stake in Deutsche Bank to 7.9%, as the German lender navigates a turbulent leadership transition.
  • Financial Times: Capita is seeking £701 million in a fundraiser after losses widened to £513 million last year.

Business and economics

  • The Guardian: Brussels has dismissed a claim from the UK’s City minister that the EU is softening its opposition to giving the country’s financial services sector a special Brexit deal.
  • Daily Mail: Growing popularity of English sparkling wine in the US has lifted revenues at the Kent-based wine maker Chapel Down by 15% to £11.8 million last year.
  • The Daily Telegraph: Diamond miner Petra’s revenue soared 44% to $172 million as proposals made on Valentines' day boosted sales.
  • Daily Mail: Melrose has become the most shorted stock on the London Stock Exchange as vulture investors, which gatecrashed the sale of GKN, have now placed a huge bet on a dramatic slump in share price on the asset stripper that bought the British engineering giant.
  • The Daily Telegraph: Aim-listed Utilitywise grew its pre-tax profits by a third in the six months to the end of January this year, but issued warning that the rising profits will falter after the company faced a two month delay auditing its books earlier this year.
  • The Daily Telegraph: Shipbroker Clarkson has issued a profit warning just over a month after annual results which gave a positive assessment of the world’s shipping market.
  • The Times: American biotechnology company Prothena’s share tumbled by 70% yesterday after it surprised investors by abandoning its treatment for AL amyloidosis, a rare disease that can lead to organ failure; the plunge wiped $290 million off Neil Woodford’s investment funds, which own just under 30% of Prothena.
  • The Times: Safestyle, Britain’s leading maker and seller of replacement windows and doors, has abandoned a planned dividend and parted ways with its chairman Steve Halbert, while hitting investors with its fifth profits warning in a year.
  • Financial Times: UK mobile phone network Three is preparing an assault on the UK business market through a major overhaul of its network and technology that will pave the way for a launch of 5G.
  • The Daily Telegraph: Legal and General Investment Management (LGIM), which manages assets worth almost £1 trillion, is preparing to ditch billions of pounds of investment in its portfolio company shares unless they clean up their act with a "climate change pledge".
  • Financial Times: Glencore’s Katanga Mining is weighing for a recapitalisation of a key unit, as it seeks to settle a dispute with Gecamines, the Democratic Republic of Congo’s state-owned mining company.
  • The Guardian: TSB's IT “upgrade” fell into turmoil as millions of customers were locked out of their accounts and some were left with rogue credits and debits on their accounts.
  • Financial Times: EU's antitrust watchdog will probe whether Alitalia benefited from €900 million of illegal bridging loans from the Italian government under state aid rules, complicating the long-running sale of the carrier.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Whitbread; BUY Randgold Resources.
  • The Guardian: The Daily Mirror publisher’s £200 million takeover of the Express and Star titles may face government investigation over issues including editorial independence.
  • The Times: Apple’s takeover of Shazam, the British music technology company, is in trouble after Europe’s competition chief has put the brakes on the deal saying that rivals to Apple’s music streaming service could be harmed.
  • The Times: Tencent Music, which is owned by Tencent, China’s dominant technology company, is in the early stages of hiring bankers to help it with plans for a $25 billion stock market float this year.
  • The Guardian: Verizon has begun the breakup of Yahoo by selling its photo repository Flickr to the independent image-hosting firm SmugMug.
  • Daily Mail: Finablr, the owner of Travelex and UAE Exchange, is eying a listing of more than £1 billion in London.
  • The Times: US activist investor Elliott Capital Advisors has increased its position in Hammerson, the shopping centre owner that pulled out of a plan to merge with Intu Properties, to 1.73%.
  • The Times: British hedge fund Meditor Capital Management, already Carpetright’s largest shareholder, has increased its stake to just under 30%, the point at which it would have to make a takeover offer.
  • Financial Times: The UK’s competition watchdog has approved The Co-operative Group’s takeover of the Nisa convenience stores.
  • The Daily Telegraph: Rosenblatt, which was founded by music lawyer Ian Rosenblatt in 1989, plans to float in London in May in a move that will make the firm fourth ever UK law firm to go public.
  • Financial Times: Eddie Lampert, the billionaire financier who controls Sears Holdings, is offering to purchase some of its best assets in his latest attempt to reduce its $3.2 billion debt load and inject liquidity into a company that has been closing stores and laying off staff.
  • The Guardian (Comment): Capita deserves place on most self-deluded outsourcer podium.
  • The Times (Comment): America’s activists are stalking the City.
  • The Daily Telegraph (Comment): Without a seat at the table, customs union membership is worthless.

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