Wealth Manager - the site for professional investment managers

WM - Wealth Manager
Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Tuesday Papers: Ford to cut 10% of global workforce

And Huawei ban sparks fears of technology cold war as billions wiped off share values in Silicon Valley.

Tuesday Papers: Ford to cut 10% of global workforce

Top stories

  • Financial Times: Ford is set to cut 7,000 jobs worldwide as part of an $11 billion overhaul.
  • The Times: Washington’s move to blacklist Huawei has sparked fears of technology cold war between the US and China, wiping tens of billions of dollars off the value of some of Silicon Valley’s biggest players.
  • The Daily Telegraph: Ratings agency Morningstar has downgraded the flagship fund run by one of Britain's best-known investors Neil Woodford due to underperformance and "persistent redemptions".
  • The Times: Jaguar Land Rover has crashed to a £3.65 billion full-year loss as it pays the price of a collapse in sales in China.
  • Financial Times: Goldman Sachs has for the first time moved beyond a “Big Four” accounting firm and selected Mazars to audit its European operation.

Business and economics

  • The Guardian: Businesses would be likely to cancel their investment projects in Britain under a no-deal Brexit, a deputy governor of the Bank of England has warned.
  • The Guardian: Huawei has denounced the US ban on sharing technology with the Chinese technology giant as a “cynically timed” blow in the escalating trade war between the US and China.
  • Financial Times: Chinese smartphonemaker Xiaomi weathered a “challenging” quarter for phone sales in its home market and swung back into profit helped by a push into higher margin online services and home devices.
  • The Times: Pressures on the retail sector could have wiped £6 billion off the value of portfolios of four of Britain’s largest listed property companies - British Land, Hammerson, Intu and Landsec - over only three years, a broker has warned.
  • Daily Mail: Ryanair's annual profits plunged to a four-year low of £832 million as it was hit by a fall in fare takings and rising fuel costs.
  • Daily Mail: Thomas Cook’s shares and bonds plunged to record lows last night amid mounting concern for the 178-year-old company, with 22,000 jobs on the line.
  • Daily Mail: London-listed materials maker Low & Bonar has ousted its chief executive after being hammered by the US-China trade war which saw its share plunge more than 23%.
  • The Times: With more than 750 outlets being closed over the past 12 months, the restaurant boom is over, according to the latest Market Growth Monitor from CGA and Alix Partners, the consultancies.
  • Financial Times: Australia’s Lynas Corp is forming a joint venture with a Texas-based rare earths company, Blue Line Corporation, to build a processing plant in the US.
  • The Daily Telegraph: City Pub Group is ramping up the number of rooms at its pubs to stand out from its rivals amid a slump in casual dining.
  • The Daily Telegraph: Foxtons has parted ways with its finance chief, Mark Berry, after a decline in first quarter revenues.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Jupiter European trust; AVOID SIG.
  • The Daily Telegraph: Glodman Sachs is planning to buy French hotelier B&B Hotels, which has 52,832 rooms across 12 countries, from French private equity giant PAI Partners by the second half of this year.
  • Daily Mail: Mike Ashley has sold his entire stake in a struggling online firm Mysale, which he owned with fellow retail tycoon Sir Philip Green, after a rift opened up between the pair.
  • Financial Times: The US Federal Communications Commission chairman Ajit Pai has backed the proposed $26 billion merger of T-Mobile and Sprint.
  • Financial Times: China’s Ganfeng Lithium, the country’s second-biggest producer of the electric car raw material, agreed to buy a 30% stake in London-listed Bacanora Minerals.
  • Financial Times: Morgan Stanley is set to acquire a 5.5% stake in French asset manager Tikehau.
  • The Daily Telegraph (Comment): Google’s move is probably lethal to Huawei’s hopes of consumer brand success.

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Share this story

dot
dot

Top stories

Read More
dot