Newspaper Summary
The Times
Lights go out for General Electric bulbs: The U.S. conglomerate is looking to sell its consumer lighting division, which makes bulbs for lamps and car headlights, as well as fluorescent strip lighting for the home. The price tag has been put at $500 million.
Unilever crafts new structure to deter future takeover bids: Kraft Heinz may only have parked its tanks on Unilever’s lawn for less than 72 hours but the after effects of its failed £115 billion takeover attempt could be felt for years to come.
Spotify to offer investors $10 billion shares download: Spotify, the world’s most popular music streaming service, is considering a direct listing of its shares on an American stock exchange this year with a target valuation of $10 billion, it emerged.
Hire purchase firm told to get its house in order: One of the biggest operators in the hire purchase market has said the financial regulator has given it about a year to get its house in order amid concerns about eye-watering costs and a lack of transparency for consumers.
Mum’s the word as retail remains flat: British retailers have failed to grow sales for the fourth month in a row as challenging conditions on the high street continue.
Mothercare is all grown up online: Demand for pushchairs, baby toys and maternity wear online has helped to nurture signs of a recovery at Mothercare. It said U.K. online sales rose 13.6% in the 11 weeks to March 25, its fourth quarter.
Bournville’s sweet after £75 million boost: The American owner of Cadbury hit back at critics of the takeover of the British confectionery group by saying that investment in the Bournville factory had secured it as the home of its global chocolate empire “for a generation”.
The Independent
BP slashes CEO’s pay by 40% amid shareholder protest: Oil major BP has slashed CEO Bob Dudley’s pay packet by 40% for 2016 and cut the amount that he can pocket in future, in response to shareholder protest.
Non-stop flights to Australia from London likely 'in the next 5 years': Australia's national carrier Qantas is hoping to offer non-stop flights from London to Sydney within the next five years, thanks to new aviation technology from Boeing and Airbus.
Norwegian Airlines launches low-cost flights to Seattle and Denver: The low-cost airline, Norwegian, has stepped up its battle against the existing transatlantic airlines by announcing two new routes from Gatwick to the U.S.
Ford to launch plug-in electric car in China to combat smog: Ford said it would launch a plug-in hybrid car in China in 2018 and a fully electric sport-utility vehicle in the next five years, as it works toward electrifying most of its lineup in the world's biggest auto market by 2025.
Bezos is selling $1 billion a year in Amazon stock to finance space race: Standing against the backdrop of his New Shepard rocket booster and a full-scale mock capsule for carrying humans into space, Jeff Bezos revealed Wednesday that he was selling about $1 billion in Amazon stock a year to finance his Blue Origin rocket company.
Standard Life considers making Dublin its EU hub because of Brexit: Standard Life, which is merging with Aberdeen Asset Management to create a £650 billion giant, is considering making Dublin its new hub inside the EU as it prepares for the U.K. to lose easy access to the single market, the firm’s Chairman said.
Deliveroo, Uber, Amazon accused over 'exploitative' contracts: Deliveroo, Uber and Amazon have been getting gig-economy workers to sign “unintelligible” contracts that seem designed to stop them asserting their rights, a committee of MPs has ruled.
Chinese millennials twice as likely to own a home as young Brits: Chinese millennials are more than twice as likely to own a home as their U.K. counterparts; new research has shown.
Two former Barclays bankers acquitted of Libor-rigging charges after retrial: Two former Barclays bankers have been cleared by jurors over allegations they plotted to rig Libor, the mechanism used to set interest rates.
The Daily Telegraph
Dominic Chappell told to aid BHS inquiry: Dominic Chappell, the former owner of BHS, is being hauled to court by the Insolvency Service for failing to co-operate with its inquiry into the retail chain’s collapse.
Feelunique accelerates French expansion with Beautyst buy: The French have always been better-known for beauty than the British. Dior, L'Oréal, Chanel - they're all French brands. Even the word 'beauty' comes from the Old French 'beaute'. And now British firms are making the most of the French 'savoir-faire'.
Uber-rival Lyft valued at over $7 billion in fundraising: Ride-hailing firm Lyft has raised around $500 million (£400 million) in a funding round that would value the group at $7.5 billion (£6 billion).
Mike Ashley-backed Findel fills Chief exec job for first time since 2015: Mike Ashley-backed online and catalogue retailer Findel has filled its Chief Executive seat for the first time since its previous head Roger Siddle stepped down in 2015.
Liberty owner sews up needle market with Wool & the Gang deal: The owner of the Liberty department store has taken an €80 million (£68 million) bet on the burgeoning crafts and embroidery market by putting together a 137-year spinning company and a nine-year old online retailer beloved by model Cara Delevingne.
ADHD video-game treatment moves closer to approval as PureTech steps up pipeline: A video-game based treatment designed to help sufferers of ADHD could be on the market within two years after passing a key clinical stage in its development, London-listed bio-pharmaceutical company PureTech Health has announced.
Serica Energy on the hunt for North Sea deals as cash pile grows: North Sea minnow Serica Energy is on the prowl for a North Sea acquisition as its cash pile continues to grow.
The Questor Column:
Private equity tends to outperform – buy it at a 14% discount with this trust: There is plenty of evidence that private equity investments outperform the quoted sector over long periods. There are several investment trusts that focus on these assets. The one we’ve chosen, Standard Life Private Equity, adopts a “fund of funds” approach, which means that it selects private equity investment houses rather than choosing actual businesses in which to invest. The Standard Life portfolio is one of the largest holdings in the Unicorn Mastertrust fund, an “open-ended” fund that holds investment trusts. Peter Walls, who runs the Unicorn fund, told Questor: “The Standard Life managers are sensible people who have been in place for a long time and manage many billions of pounds. The Standard Life trust currently trades at a discount of 14.4% to the value of its assets. However, the net asset value figures of trusts that invest in unquoted assets can be out of date in a way that does not arise with more conventional rivals that stick to holdings listed on the stock market. Standard Life Private Equity recently announced that it would boost its dividend by adding some of the proceeds of disposals to the natural income, resulting in a yield of about 4% at the current share price. The ongoing annual charge of 2.33% is high but not unreasonable for a specialist portfolio such as this. Questor says ‘Buy’.
Update: P2P Global Investments: P2P Global Investments, which invests in “peer-to-peer” loans and was tipped by Questor as a speculative buy in February, has announced a review of its “investment management arrangements”. Little detail was given, but City experts speculated that this could entail a cut in the fee. Analysts at Numis, the stockbroker, criticised the fee structure and the fund’s failure to pay its income target without resorting to raiding its capital. Questor says ‘Hold, Await Announcement’.
The Guardian
Ryanair 'will have to suspend U.K. flights' without early Brexit aviation deal: Ryanair has warned it will have to halt flights from the U.K. for “weeks or months” if Theresa May does not seal an early bilateral Brexit deal on international aviation.
Low interest rates put global financial sector at risk, IMF warns: A prolonged period of low interest rates will tempt banks to take greater risks and sound the death knell for final salary pensions, the International Monetary Fund has warned.
Move over Suez, hello Stad – Norway to build world's first tunnel for ships: Norway plans to build the world’s first tunnel for ships, a 1,700-metre (5,610-ft) passageway burrowed through a piece of rocky peninsula that will allow vessels to avoid a treacherous part of sea.
Snack attack! Doritos and Coco Pops among latest products to shrink in U.K.: Doritos, Peperami and Coco Pops are the latest products to fall victim to shrinkflation as rising costs hit food producers.
Daily Mail
£370 million wiped off education giant Pearson after five profit warnings in four years spook investors: Education giant Pearson saw £370million knocked off its value after analysts slashed their rating for a firm which has posted five profit warnings in four years.
Computing parts seller Electrocomponents hopeful profits will beat expectations: Computing parts seller Electrocomponents says it thinks profits for the full-year will beat expectations.
I'm defending a great British name: Despite a whopping £19 billion bid from a U.S. rival, the Boss of Dulux refuses to hold takeover talks: Early last month Ton Buchner, the super-fit, dog-loving Chief Executive of the Dutch chemical group that owns Dulux was asked if he'd fancy a coffee with the Boss of a rival firm from the U.S.
John Phizackerley, Chief exec, TP Icap, trousers £3.4 million after being handed a 50% pay rise: The Boss of broker TP Icap trousered £3.4million last year – including a 50% pay rise.
Unilever Boss remains defiant in the face of overseas buccaneers, says Alex Brummer: Paul Polman has a reputation for embracing grand global causes when a bit more attention to the nitty-gritty of Unilever might have been useful.
Daily Express
Unilever's Flora auction is a butter-up: Unilever has offered investors a multibillion pound sweetener as it seeks to rally support after rejecting a £115billion takeover from Kraft Heinz.
Germany needs to harm its own economy to save euro, top economist claims: Germany must damage its own economy if it truly wants to save the euro from collapsing, a top Greek economist has stated.
Gold prices rise as fears of stock market crash take hold: Gold prices have jumped amid growing fears over-inflated stock markets are on the brink of crashing amid a cocktail of risks that includes a key meeting between Donald Trump and Chinese President Jinping Xi.
Euro hits three-week low as Mario Draghi gives gloomy ECB outlook: The euro hit a three-week low this morning after European Central Bank President Mario Draghi offered a gloomy outlook on the future of the eurozone.
Landlord tax changes come into effect; 'Renting will be more expensive', say critics: Landlord tax changes taking effect from are set to make renting more expensive and heap further pressure on buy-to-let investors, according to critics.
The Scottish Herald
Cairngorm Brewery in plan for global deals: Cairngorm Brewery has outlined ambitions to widen its distribution into new export markets, with Singapore and Canada the first targets for the Aviemore craft beer business.
Tomatin Boss gets Quaich: Stephen Bremner, sales Director at Tomatin Distillery has been inducted into the exclusive Scotch whisky society, The Keepers of the Quaich.
Murgitroyd third quarter sales ahead of forecasts: Murgitroyd Group, the trademark and patent law firm has reported a six% increase in third quarter revenue, up six% on the same period last year.
FreeAgent revenue beats forecasts: Freeagent, the Edinburgh based software-as-a-service provider has reported revenue of £8 million for the year ending March 2017 as losses narrowed more than expected.
Capital’s office vacancy record low: Vacancy levels for office space in Edinburgh have fallen to a new low of 4.5%, according to new research by property consultant JLL.
Positive results for Kyowa Kirin: Galashiels-based specialty pharmaceutical company, Kyowa Kirin International, formerly ProStrakan, has announced positive data from two paediatric studies of Burosumab for the treatment of X-linked hypophosphatemia, the most common heritable form of rickets.
Marriott to push on with Scottish plans: Global hotel chain Marriott International has reaffirmed its commitment to the Scottish tourism industry by confirming that it is pushing ahead with plans to build seven hotels across three cities in the next four years.
Demand for staff holds up in spite of slowdown: Scotland’s jobs market remains robust despite the economy shrinking during the final quarter of 2016.
Smart Home concept at the heart of £24 million redevelopment of John Lewis in Edinburgh: John Lewis has revealed that the investment in upgrades to its Edinburgh store will top £24 million as the group looks to make the most of the St James Centre redevelopment.
Cairn Energy Chief sees pay surge above £2 million: Cairn Energy Chief Executive Simon Thomson has seen his pay packet rocket by 60% to more than £2 million, but the oil group plans to slash the amount that can be earned through future long-term incentives.
The Scotsman
Pharma group receives £920k injection: An antibiotic which has been developed in Scotland for the treatment of Clostridium difficile, or C. diff, has moved a step closer to being brought to market following a six-figure cash injection for its developer.
Beano Boss appointed new global ambassador for Dundee: It’s one of the most famous products of the City of Discovery, a link between its rich printing heritage and its digital future.
Scots racing team creates U.K.’s first electric rally car: It’s a sport associated with revs, noise and litres of burning fuel - but one group of Scots motorsports devotees has sought to “future proof” car rallying for the next generation with the U.K.’s first electric competitive car.
Co-op sinks to full-year loss: The Co-operative Group has fallen into the red for the first time since 2013 after writing off the value of its stake in the troubled Co-operative Bank.
City A.M.
High street sales were flat in March, despite a rise in footfall: High street sales failed to grow for the fourth consecutive month in March, despite an increase in footfall.
Victoria's Secret Owner L Brands sees sales fall further: Shares in L Brands, the owner of lingerie brand Victoria’s Secret, surged despite sales falling as a separate division beat analyst estimates.
Embrace radical tax decentralisation to help the poor and increase freedom: It's not every day that you hand over a cheque for £50,000 in exchange for a 10-page essay and feel that you have a bargain.
More than 75% of businesses face a digital skills shortage, warns British Chambers of Commerce: Companies are facing a shortage of digital skills, according to a survey released by the British Chambers of Commerce.
Number of Americans claiming benefits undershoots expectations ahead of crucial non-farm payrolls: The number of Americans claiming unemployment benefit dipped in the last week of March in a further sign of the strong U.S. labour market.