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Tuesday Papers: Musk to take Tesla private with Saudi Money

Tuesday Papers: Musk to take Tesla private with Saudi Money

Top stories

  • Daily Mail: After days of speculation, Elon Musk has revealed Saudi Arabia as the main source of cash in his grand plan to take Tesla private.
  • The Daily Telegraph: The Turkish lira remains under intense pressure on Monday and plunged a further 8%, with analysts warning of “total meltdown” as president Recep Tayyip Erdogan said the economy is under “siege”.
  • The Times: Sports Direct is promising to pay suppliers and concessionaires to House of Fraser only for goods sold since Friday, when the sportswear retailer took over the stricken department stores.
  • Financial Times: Google’s artificial intelligence business DeepMind is planning clinical trials of technology that can help diagnose eye disease by analyzing 3D retinal scans.

Business and economics

  • The Guardian: UK regulators have launched a TV advertising campaign to warn the public about pension scams as new figures show that victims are losing an average of £91,000 each.
  • The Times: Opec predicts oil demand will dip from 1.64 to 1.63 million barrels a day this year, slowing to 1.41 million barrels a day growth next year - assuming trade tensions remain between the US and China in both cases.
  • The Daily Telegraph: Shares in online trading firm Plus500 fell as much as 13% on Monday as a wary outlook offset a near threefold surge in profits and a 147% jump in revenues for the first half of the year.
  • Daily Mail: Annual revenues of British gin around the world have surpassed the £500 million mark for the first time, according to the Wine And Spirit Trade Association.
  • The Independent: Chemring’s shares plunged 20% yesterday after an employee died and another was “badly” injured in an accident at the defence company’s site near Salisbury on Friday.
  • Daily Mail: Shares in pharma and chemicals group Bayer fell 11%, wiping more than £8 billion, after a court ruled the weedkiller caused cancer.
  • The Daily Telegraph: The German renewables firm Innogy said it would sell 41% of its Knoll project to Japan’s Electric Power Development and Kansai Electric Power for nearly £1 billion.
  • The Independent: Ticketmaster UK is closing its controversial resale websites Get Me In and Seatwave and instead launching a new fan-to-fan ticket exchange to let customers sell tickets that can no longer be used.
  • Financial Times: Tencent has been ordered by Chinese authorities to halt sales of a video game that has drawn more than 1 million pre-orders just days after it was released.
  • The Times: Tim Martin, the founder of the Wetherspoons pub chain, is reviewing the “whole range” of products it sources from the EU in an attempt to find alternatives from Britain and non-EU countries.
  • Financial Times: Netflix’s chief financial officer David Wells is stepping down after more than seven years in the role.
  • Financial Times: Australia’s biggest steelmaker BlueScope Steel is evaluating a $500 to $700 million investment in its North Star business in Ohio as tariffs make foreign imports more expensive.
  • Daily Mail: Phones 4U’s administrators are investigating whether O2, EE and Vodafone colluded to sink the High Street phone retailer which went bust four years ago.
  • The Daily Telegraph: Donald Trump has signed a new bill into law which widens the US government's powers to review and block foreign investments in the country.
  • Financial Times: The head of Citigroup’s global cards business, Jud Linville, is departing from the bank.
  • Daily Mail: Clarkson registered an 18% decline in pre-tax profits for the six months to the end of June to £18 million, from £21.9 million in the same period last year; however, the shipping services giant, said trading had improved in the second quarter.
  • The Times: The Easyjet billionaire Sir Stelios Haji-Ioannou is suing two Latin American airlines, accusing them of brand theft for using the word “easy”.
  • The Times: Neptune Energy Group, founded by the former Centrica chief executive Sam Laidlaw, is buying stakes in licences owned by Apache Corporation of the US in the North Sea.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Baring Emerging Europe investment trust; HOLD Chemring.
  • Financial Times: KKR is planning to float the bulk of its Indian operations on the local stock exchange, excluding its India private equity business.
  • Daily Mail: Insurance company Esure is in talks about a possible takeover by Bain Capital for nearly £1.2 billion; Insurance tycoon Sir Peter Wood, who set up Esure in 2000, is set for a £360 million payday from the deal.
  • Financial Times: MyDreamPlus, which provides shared office space in China, has raised $120 million from a group of investors.
  • Financial Times: Artemis, a UK asset manager which holds a stake of 6% in LumX through its Artemis Alpha Trust, is trying to exit its holding.
  • The Daily Telegraph (Comment): Turkey is the first big victim of Fed tightening, but it won't be the last.
  • The Daily Telegraph (Comment): Fall in house prices is just the beginning of a very bumpy ride.

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