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Wednesday Papers: Elon Musk declares plan to take Tesla private

Wednesday Papers: Elon Musk declares plan to take Tesla private

Top stories

  • Financial Times: Elon Musk announced on Twitter that he wanted to take Tesla private in a deal that would value the company at $70 billion.
  • The Daily Telegraph: Disney and 21st Century Fox buy time until autumn to decide on Sky, after declining to raise their bid from £14 per share, short of Comcast’s £14.75 per share offer.
  • The Times: Walt Disney’s film division registered upbeat sales on the back of box office successes of Avengers: Infinity War and Incredibles 2, as profits climbed to $2.9 billion in last quarter.
  • Financial Times: Rosneft’s second-quarter net profit more than tripled and the company reported record free cash flow, as it pledged an end to costly acquisitions in favour of organic growth.
  • Financial Times: Standard Life Abaerdeen recorded £16.6 billion slump in assets and drop in profits to £478 million in the first half and announced buyback programme worth £175 million.
  • Financial Times: US Sports mogul Stan Kroenke has bought controlling stake of Arsenal from Russian magnate Aosher Usmanov, becoming sole owner of the London-based football club.

Business and economics

  • The Times: The pound fell to a five-month low against the euro yesterday amid rising concern that Britain could leave the European Union without a trade deal.
  • The Times: Hargreaves Lansdown, Britain’s biggest investment platform, has increased its shareholder dividend by nearly 40% after reporting a 10% rise in annual profits.
  • The Daily Telegraph: The value of Genel Energy tripled this year as the revival of the global oil market poured cash back into the beleaguered Kurdish oil group.
  • The Daily Telegraph: Snapchat defied investor expectations with a 44% jump in revenues to $262 million despite losing three million users in the last three months.
  • Financial Times: Shares in Moller-Maersk rose more than 6% despite the shipping container group issuing profit warning as the downgrade was not as bad as expected.
  • Daily Mail: Troubled outsourcer Interserve has blamed the blockade against Qatar for some of its woes as it swung to a loss and debts spiralled.
  • The Times: The world’s largest interdealer broker TP Icap revealed its statutory pre-tax profits had fallen to £34 million in the six months to the end of June, down from £71 million a year earlier, as it continued to absorb the costs of its takeover and integration of the broking business of Icap in 2017.
  • Financial Times: Commerzbank has warned that it would miss its 2018 cost target and will probably suffer a fall in revenue due to lowered outlook for its core corporate clients segment.
  • Daily Mail: Domino’s Pizza registered strong sales, helped by investments in its online platform, but international expansion caused 9.7% slump in profits, sending shares down more than 10%.
  • The Times: The testing and certification company Intertek said that revenue had slipped to £1.35 billion in the first six months from £1.37 billion the previous year, prompting 9.8% fall in shares.
  • Daily Mail: Ailing fashion firm New Look has recorded 1.5% rise in profits to £27.6 million in its first quarter as its efforts to cut costs start to pay off.
  • The Times: Profits have crashed at Pendragon as Britain’s biggest motor retailer begins to focus on the used-car market and sell off luxury showrooms operated for the likes of Jaguar Land Rover.
  • Daily Mail: UK house prices rebounded in July as growth accelerated to the fastest pace in eight months - but sales activity in the market remains flat, according to Britain's biggest mortgage lender Halifax.
  • The Guardian: Jean Pierre Mustier, chief of UniCredit, Italy’s biggest bank, has ordered his staff to terminate all advertising and partnerships with Facebook in direct response to the social network’s behaviour revealed in the Cambridge Analytica data breach scandal.
  • Daily Mail: The Patisserie Valerie boss, Luke Johnson, is among a small number of bidders plotting a rescue of the crisis-hit, high-end restaurant group Gaucho.
  • The Guardian: India’s biggest ride-hailing firm, Ola, is planning to roll out its service across the UK by the end of the year, taking on Uber.
  • The Daily Telegraph: GSK chief executive Emma Walmsley has hired HSBC’s finance chief Iain MacKay as chief financial officer and will oversee a deep cost-cutting drive at the firm.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): HOLD British American Tobacco; HOLD Trufin; HOLD Provident Financial 7pc 2020 bond.
  • The Times (Tempus share tips): HOLD Meggitt; AVOID Interserve.
  • The Times: EY has bought a law firm Riverview Law, triggering concerns among lawyers that accountants are muscling in on their traditional market.
  • Financial Times: Activist investor Carl Icahn has called the takeover of pharmacy benefits manager Express Scripts by US health insurer Cigna "inexplicably ridiculous", urging shareholders to vote against the move.
  • The Daily Telegraph (Comment): Trump's Iran sanctions leave the world defenceless against an oil shock.

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