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Thursday Papers: shake-up of audits will cut clout of Big Four

Thursday Papers: shake-up of audits will cut clout of Big Four

Top stories

  • The Times: Britain’s accountancy industry is set to be overhauled as the government is planning to introduce new laws that include forcing leading companies to appoint smaller firms as auditors.
  • The Daily Telegraph: The European Union has imposed trade tariffs on $20 billion of imports from the US as the battle between Airbus and Boeing over banned subsidies for plane-makers rumbles on.
  • Financial Times: Saudi Aramco is in talks with Mukesh Ambani’s Reliance Industries to acquire a minority stake in the Indian company’s refining and petrochemicals business.
  • The Daily Telegraph: Germany has had its official growth forecast slashed in half for the second time this year.
  • Financial Times: Foxconn chairman Terry Gou announced on Wednesday that he will contest next January’s Taiwanese presidential election.

Business and economics

  • The Guardian: The European parliament on Thursday will vote on laws that would force lorry makers to cut carbon emissions from new trucks by 15% by 2025 and by 30% by 2030.
  • The Times: Chinese economy exceeded expectations with a 6.4% growth in the first quarter thanks to buoyant industrial production, consumer demand and investment.
  • The Times: Morgan Stanley yesterday posted 21% decline in revenue from equity trading, while revenue from fixed income trading fell 9%, mirroring reports by its peers of a tough first quarter.
  • The Daily Telegraph: Serica Energy has unveiled a five-fold profit boom in its first set of financial results since a deal with BP.
  • The Times: Pepsico posted stronger sales in the first quarter than had been expected helped by a rebound in sales of Pepsi and other sugary drinks.
  • The Daily Telegraph: Ericsson increased its outlook for the year after beating profit estimates for the fifth straight quarter amid booming demand for 5G equipment.
  • The Guardian: Pendragon, one of Britain’s biggest car dealers, has slumped to a loss in the first quarter after it was forced to lower prices to shift cars.
  • The Daily Telegraph: Bunzl registered a slowdown in growth in the first quarter of this year, blaming macroeconomic and market conditions.
  • The Daily Telegraph: Homebase might close more stores even as it expects to break even this year after closing 47 stores last year as part of a restructuring by Hilco.
  • Daily Mail: Shares in European football giant Juventus fell more than 17% after the club crashed out of the Champions League.
  • The Daily Telegraph: Drax shareholders have rebelled against the energy giant’s splurge on political lobbying last year.
  • Financial Times: Ulrich Spiesshofer has made a surprise departure from ABB as its chief executive after he failed to impress shareholders, despite promising a major overhaul.
  • The Guardian: Germany’s troubled Deutsche Bank faces action over its role in a $20 billion Russian money-laundering scheme.

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