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Wednesday Papers: Uber targets $100bn valuation in IPO

Wednesday Papers: Uber targets $100bn valuation in IPO

Top stories

  • Financial Times: Uber is preparing for a listing in the next six months, which will see the ride hailing app target a valuation of more than $100 billion.
  • The Times: Theresa May is being urged to consider extending the transition period for a “few more months” beyond the end of December 2020 to get through the Brexit impasse.
  • Financial Times: BlackRock said inflows into its funds sank to a two-year low in the third quarter.
  • The Daily Telegraph: MPs have slammed Royal Mail for handing new chief executive Rico Back a £5.8 million payout last year.
  • The Times: Netflix attracted significantly more new subscribers than expected in the third quarter on the back of exclusive television shows such as The Crown and Orange Is The New Black.

Business and economics

  • The Times: US stocks recorded their best daily gains since late March on Tuesday in response to a decent set of financial results from Goldman Sachs, and strong economic data.
  • The Daily Telegraph: The Netherlands has led an £80 million rescue package to bankroll the loss-making activities of one of Greater Anglia, Britain’s biggest train networks.
  • The Times: Rio Tinto’s $12 billion copper and goldmine development in the Gobi Desert might get delayed due to challenging conditions on the ground and tensions with the government of Mongolia.
  • The Times: Goldman Sachs and Morgan Stanley unveiled bumper profits on Tuesday to cap a solid third quarter for America’s big banks.
  • The Times: Meggitt’s shares surged 7.1% yesterday after it upgraded its forecasts for the second time this year, boosted by an increase in defence spending by the US government.
  • The Times: Bellway increased annual profits by 14 % after it built and sold more than 10,000 homes for the first time thanks to the Help to Buy scheme and a low exposure to the top end of the housing market.
  • Financial Times: British American Tobacco has slashed its full-year sales target for cigarette alternative products by 10% to £900 million, blaming lower demand in Japan and a product recall in the US.
  • The Daily Telegraph: Shares at theme park giant Merlin Entertainments slipped 7% wiping more than £270 million off its market value as investors took a dim view of visitor numbers at its key Legoland parks.
  • The Times: Footasylum, the sports fashion retailer, which targets 16 to 24-year-olds, said that it had made a pre-tax loss of £4 million in the six months to 25 August, reversing a profit of £2.3 million at this time last year.
  • The Daily Telegraph: The Institutional Investors Group on Climate Change, a shareholder group, has warned that pension funds are "unprepared" to meet fresh climate change rules and must take action.
  • The Daily Telegraph: Family fashion chain Fat Face has poached Liz Evans, boss of Oasis and Warehouse, to become its new chief executive.
  • Financial Times: Truckmaker Volvo Group is likely to recall vehicles across several continents after admitting its “emissions control component” wears down faster than expected.
  • The Times: Trading in the shares of Patisserie Holdings might get delayed for several weeks as the company rebuilds its accounts after the apparent fraud alleged to have been committed by its finance chief.
  • Financial Times: Telstra shareholders have voted down the Australian telecoms group’s remuneration report, prompting the company to proclaim the end of an era of excessive executive pay.
  • The Guardian: Paddy Power Betfair has been fined £2.2 million by the gambling industry regulator for failing to protect customers and stop stolen money being gambled.
  • The Daily Telegraph: Audi has been fined €800 million by German prosecutors over “dieselgate” scandal which rocked parent Volkswagen Group.
  • The Times: Fund managers are at their most pessimistic on the prospects for the global economy since the financial crash of 2008.
  • The Times: More 75% of businesses expect to overcome any disruption triggered by Brexit and to grow over the next three years, a study by Santander reported.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Hang on to Serco, its debt is falling while profits climb.
  • The Times (Tempus share tips): HOLD McCarthy & Stone; BUY Diversified Gas & Oil for speculative purpose.
  • The Guardian: Competition and Markets Authority has announced that, in addition to groceries, its inquiry into Sainsbury’s planned buyout of Asda will examine the sale of petrol, toys, school uniforms and small kitchen appliances.
  • The Guardian: WPP is in advanced talks to buy the Financial Times’ London headquarters for more than £90 million.
  • The Guardian: Scottish Power has switched to 100% wind power for electricity generation, by selling off its last remaining gas power stations to Drax for more than £700 million.
  • The Daily Telegraph (Comment): Big names steer clear of Saudi Arabia ... for now.

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