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Tuesday Papers: Google faces new attack on ‘abuse’ of dominance

Tuesday Papers: Google faces new attack on ‘abuse’ of dominance

Top stories

  • The Times: Google faces a new regulatory battle on an unexpected front after the chief prosecutor of an American state launched an investigation into its business practices, saying that he would not allow the state’s consumers and companies to be “exploited by industry giants”.
  • The Guardian: Theresa May was told to commit to a Brexit divorce settlement within a fortnight or face a collapse in economic confidence in Britain, according to European business leaders at a confrontational Downing Street summit on Monday.
  • Financial Times: UK chancellor Philip Hammond is drawing up plans to help first-time buyers in his Budget later this month, in an attempt to show the government is getting to grips with the housing crisis.
  • The Daily Telegraph: Channel 4 has teamed up with three European commercial broadcasters to book pan-European advertising campaigns, allowing it to take on digital ad giants Facebook and Google for the first time.
  • The Independent: General Electric will radically shrink to focus on aviation, power and healthcare, betting on sectors it thinks it can make profits in, as the most famous US conglomerate tries to revive its share price after a decade and a half of stagnation.

Business and economics

  • Daily Mail: The owners of Britain’s largest water companies used offshore tax havens as they loaded up the firms with £24 billion of debt.
  • Financial Times: Uber’s US rival Lyft is expanding outside of its home market, taking the competition between the two companies into a new arena at a time when both ride-hailing companies are in separate fundraising talks.
  • The Guardian: UK pay squeeze to last five more years, warns thinktank; average pay packet will be more than £20 lower than when financial crisis started in 2007, the Resolution Foundation report says.
  • The Times: Rio Tinto could hire the Conservative Party’s chief executive as its next chairman.
  • Financial Times: Westminster sets £10.6 billion budget for Northern Ireland; London stops short of direct rule but move seen as setback for Good Friday agreement.
  • Financial Times: The world’s riskiest countries are issuing debt at a record rate, buoyed by the global economic upturn and investors’ search for yield in a world of historically low returns.
  • Financial Times: Shares in French energy company EDF dropped more than 10% on Monday after it cut its profit and cash flow targets because of falling demand and delays in restarting some of its nuclear reactors.
  • The Guardian: The shale revolution in north America means the US is destined to become a net oil exporter within 10 years, for the first time since the 1950s.
  • The Times: The German energy company Innogy has written down the value of Npower, its British supply business, by £428 million as it grapples with increased regulatory pressure, including government plans for a domestic energy price cap.
  • The Guardian: The pound has come under pressure on international currency markets after investors were spooked by weekend rumours of a backbench revolt that could topple Theresa May’s government and add to the uncertainty surrounding Brexit talks.
  • Daily Mail: CityFibre Infrastructure Holdings has stolen a march on BT in a David versus Goliath battle over Britain’s fibre network infrastructure; CityFibre has committed to spend between £500 million and £700 million building a new ultra-fast broadband network.
  • The Daily Telegraph: HSBC has warned clients that Italy’s economic recovery is weaker than it looks and the country risks a serious funding shock when the European Central Bank slashes purchases of Italian debt.
  • The Times: Serco has scrapped plans to chase £2.5 billion of contracts running trains in Saudi Arabia and Qatar.
  • The Guardian: LacPatrick, one of the UK’s largest dairy producers, has warned that a badly handled Brexit could lead to price hikes for food, and scarcity in the shops from April 2019, with dairy and meat products particularly hit.
  • The Independent: The Government should spend an additional £20 billion on infrastructure investment each year and establish a German-style publicly-owned National Investment Bank, according to a prominent progressive think tank, the Institute for Public Policy Research.
  • The Daily Telegraph: Taxpayers could be on the hook for as much as £50 billion under Labour’s pledge to end private finance initiative contracts and bring the schemes back under state control.
  • The Times: Ikea has recorded its sixth year of growth and increased its market share in the UK, even as its rate of total sales growth slowed slightly.
  • The Times: Pre-tax profits at the British division of Victoria’s Secret have fallen by nearly 97%.

Share tips, comment and bids

  • The Times (Tempus share tips): Buy Martin Currie Global; Hold Dignity.
  • Daily Express: Moleskine, famed for its iconic notebooks and diaries, is eying London cafe as it seeks business partner for global expansion.
  • The Guardian: The Co-op has clinched the £143 million takeover of Nisa, with just over three-quarters of the convenience chain’s members voting for the deal.
  • The Daily Telegraph: Ineos has bought a Swiss football club, in the latest in a series of moves by the privately owned chemical giant beyond its core business.
  • The Times: Vodafone India and its local partner are selling their telecoms towers businesses for $1.2 billion.
  • The Independent (Comment): An outbreak of peace at the top of Uber has cleared the way for Japanese tech investor SoftBank to jump in its car rather than hailing a ride from rival Lyft.
  • Financial Times: Broadcom’s $130 billion attempt to buy Qualcomm moved a step closer to open hostilities on Monday morning, as the two chipmakers dug in for a bitter fight over what could be the tech industry's biggest ever deal.
  • Financial Times: Brookfield Property Partners, the world’s second-largest real estate fund manager, has offered to buy US shopping mall owner GGP for almost $15 billion in spite of continued pressure on the retail market.
  • Financial Times: UK start-up Graphcore has raised $50 million from Sequoia Capital, one of Silicon Valley’s top venture capital firms, as the chipmaker looks to ramp up its efforts to become a leader in the market for artificial intelligence hardware.
  • The Daily Telegraph (Comment): Rebalancing the UK into an export economy will need painful changes.
  • The Times (Comment): Be careful what you wish for if it is truly open debate in the boardroom.
  • The Times (Comment): Fishing Republic catches investor Leahy with dismal line.

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