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Friday Papers: BoE might not hike rates next month

Friday Papers: BoE might not hike rates next month

Top stories

  • The Daily Telegraph: The Governor of the Bank of England Mark Carney has said that rates are on the way up, but cautioned the rise may not come next month at all.
  • Financial Times: Shire rejected a £42.4 billion takeover offer from Japanese rival Takeda while Botox-maker Allergan also disclosed it had considered a run at the company before announcing that it would not make a bid.
  • The Times: Facebook has moved to bring more than 1.5 billion users outside the jurisdiction of European privacy laws before restrictions on data protection come into effect next month.
  • Financial Times: Global commodities markets have been rattled in the wake of US sanctions against Russian aluminium producer Rusal, leading to highly volatile trading in metals tied to the country.
  • Financial Times: Shares in the world’s largest tobacco companies, Philip Morris, British American Tobacco and Altria, suffered on Thursday after Philip Morris International warned that consumers may take more time to turn away from cigarettes and embrace alternative devices.

Business and economics

  • Financial Times: Oil prices surged towards $75 a barrel yesterday, hitting the highest level since 2014, following 16 months of supply cuts by Opec and Russia.
  • Daily Mail: Sky's core earnings surged by 14% to £1.8 billion in the nine months to 31 March, like-for-like sales increased by 5% to £10.1 billion and over the last year the company has seen its customer base rise by 480,000 to 22.9 million.
  • Financial Times: Premier League football clubs reaped rewards of new broadcast deals by scoring record revenues of £4.5 billion last season, up nearly a quarter against the previous year.
  • The Times: Pernod Ricard, the maker of Chivas Regal Scotch and Beefeater, shrugged off decline in Europe with organic sales jumping by 9.3% to €1.98 billion in the three months to the end of March.
  • The Guardian: UK has registered an 11% surge in sales of electric cars last year; however it is still far behind Norway and China.
  • The Times: Mark Read, joint chief operating officer at WPP, has talked down the prospect of a break-up of the advertising group which was doing rounds after Martin Sorrell's exit.
  • The Guardian: Debenhams' pre-tax profits slumped by 85% forcing the retailer to cut the size of at least 30 stores as it blamed “profound change” in shopping habits and bad weather.
  • Daily Mail: House of Fraser, which suffered sluggish sales over Christmas, has called in accounting giant KPMG to look into possible restructuring plans.
  • The Times: Alan Parker, who has been at the head of Mothercare for six years, has left the retailer, which is battling for survival.
  • The Times: The senior GKN directors have formally resigned en masse as Melrose took control of the FTSE 100 engineering giant it acquired after an acrimonious battle.
  • Daily Mail: Unilever will start buying shares back off investors next month as per its promise to hand shareholders £5 billion while it faces a backlash over plans to ditch its UK headquarters and base itself in the Netherlands.
  • The Times: In an unusually strong attack, managing director of the International Monetary Fund Christine Lagarde, has urged countries to rein in big technology to break its stranglehold on the economy and drive greater competition.
  • The Daily Telegraph: Gold miner Acacia is hopeful of resolving an ongoing row with Tanzania over taxes later this year.
  • Financial Times: Irish government, which owns 71% stake in Allied Irish Banks, has struck down the bank's share bonus plan but launched a review of stringent pay caps in place since Dublin bailed out local lenders at the height of the financial crisis.
  • The Times: The Serious Fraud Office's core funding for the next financial year had been lifted 54% to £52.7 million, days before its director leaves after six years at the top.
  • The Times: The Serious Fraud Office has launched a corruption investigation into London-based expert in sonar technology Ultra Electronics for its conduct in Algeria.
  • Financial Times: German media group Axel Springer lost a landmark legal case over ad-blocking; the media company had argued that the software Adblock Plus, made by Eyeo, threatened to destroy the online business model of advertising-financed media companies.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Amazon; AVOID Acacia Mining.
  • The Daily Telegraph (Questor share tips): BUY Witan Investment Trust.
  • Financial Times: The UK engineering group Weir is set to acquire Esco, American industrial equipment maker, in a $1.3 billion deal.
  • Daily Mail: Barclays is being pressed by the activist investor Edard Bramson to sell its trading arm to free up £60 billion of capital.
  • The Daily Telegraph: Young's Seafood has been put on the block by its private equity owners, sparking a potential bidding war between Lion Capital, Bain Capital and HPS Investment Partners.
  • Financial Times: Chinese commerce ministry gas asked US chipmaker Qualcomm to make further concessions over market competition to win Beijing’s approval for its proposed $44 billion purchase of NXP Semiconductors.
  • Financial Times: Tencent and JD.com have joined a consortium of 10 private investors that are buying a $437 million stake in a subsidiary of ailing tech conglomerate LeEco.
  • Financial Times: Procter & Gamble will acquire Merck’s consumer health business for €3.4 billion.
  • The Daily Telegraph (Comment): Saudi Arabia’s desire for $100 oil is a high risk gamble with markets.
  • Financial Times (Comment): The 11 investor revolts to watch for this AGM season.
  • Financial Times (Comment): Is Norilsk Nickel too big to sanction?

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