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In the Papers - Coca-Cola, Collagen Solutions, Nestlé, McDonald’s

Published: 08:55 26 Apr 2017 BST

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Newspaper Summary

The Times

Trump levy on imports sparks fears of trade war: Donald Trump looked set to have sparked a potentially damaging trade war with Canada after the U.S. President slapped $1 billion of tariffs on imports of the country’s timber.

RBS toxic debt settlement is delayed: Royal Bank of Scotland has hit a brick wall in its attempt to resolve the U.S. investigation into its mis-sale of toxic mortgage securities because of changes at the Department of Justice since the election of President Trump.

Nasdaq breaks 6,000 mark for first time as Dow powers on: The Nasdaq index finished above 6,000 for the first time and the Dow Jones roared ahead as America’s big companies continued to beat expectations with their quarterly results.

Hornby Boss derails bid to force him out: New Pistoia, Hornby’s second biggest investor with a 21% holding, called a shareholder meeting this month to overthrow Roger Canham, Chairman of the toy train, Airfix and Scalextric manufacturer.

Big Six need shock of a price cap, says Ovo Boss: Government plans to cap energy prices have won the backing of the leading independent supplier Ovo Energy, which argued that the policy would force the Big Six companies to become more efficient.

Battersea group fails to generate target return: The developer behind London’s Battersea power station now expects to deliver less than half of its original targeted return due to rising construction costs and said it will delay building some affordable homes due to “wider economic changes”.

McDonald’s offers workers switch from zero-hours contracts: McDonald’s is to offer its 115,000 U.K. employees on zero-hours contracts the chance to move off them.

Grosvenor feeling the chill as top-end property market cools: One of the country’s oldest and largest landlords has reported a steep drop in returns from its collection of U.K. properties after uncertainty around the Brexit vote contributed to a “chilling” effect on market values.

The Independent

European stock rally extends after Emmanuel Macron’s French election round win: Global shares continued to charge higher on Tuesday, with stocks across Europe spurred for a second day by centrist candidate Emmanuel Macron on Sunday winning the first round of France’s deeply divisive Presidential election.

Poundworld faces £500,000 fine for ‘selling food covered in mouse urine and droppings’: Poundworld has been accused of selling food “unfit for human consumption” and is facing a £500,000 fine after shoppers allegedly bought product covered in mouse urine and droppings, a court heard.

McDonald’s profits beat expectations thanks to its new Big Mac burger: A revamp of McDonald’s iconic Big Mac burger and more aggressive drink promotions are helping the restaurant giant overcome a broader slump in the fast-food industry.

Brexit Britain can replace EU trade, claims think tank: Britain can make up for all of the exports that it will lose as a result of Brexit by building on underdeveloped links with countries such as India, Canada and Israel, according to a think tank.

Former Apprentice contestant toasts success of wine business: A former Apprentice contestant is toasting the success of his wine investment business, five years after Lord Sugar rejected it - and he has Brexit to thank.

Ivanka Trump clothing secretly sold under another brand: When she spoke at the Republican National Convention in Cleveland to rousing applause, Ivanka Trump made sure she was wearing something from her own fashion line.

Leaving London post-Brexit will be ‘too impractical’ for many firms: London’s location, infrastructure and a constantly growing pool of highly-skilled university graduates, means that for many companies it will simply be “too impractical” to move talent elsewhere after Brexit, according to one of the world’s biggest commercial real estate companies.

Luxury brand LVMH to snap up Christian Dior for £10 billion: The French billionaire Bernard Arnault has moved to consolidate control over Christian Dior for about €12.1 billion (£10.3 billion), folding the fashion house’s operations into the LVMH luxury empire in one of his biggest transactions to date.

The Daily Telegraph

U.K.’s deficit slashed to level last seen before the financial crisis: The Government borrowed £52 billion in the last financial year, a fall of £20 billion compared to the year before, as the long struggle to eliminate the deficit moved closer towards its goal.

Wikipedia co-Founder Jimmy Wales exits Guardian board over conflict of interest with Wikitribune news site: Jimmy Wales, the co-Founder of Wikipedia, will leave the board of the Guardian newspaper after opting to launch his own rival news operation that will compete for staff, stories and donations.

Heathrow starts search for four regional construction hubs: Four U.K. construction hubs are being sought by Heathrow to allow components of its £16 billion expansion project to be built away from the airport.

Yahoo’s Chief Mayer to receive $186 million golden parachute from Verizon sale: Yahoo’s Chief Executive Marissa Mayer is set to make $186 million once the sale of the group’s core business to U.S. telecoms giant Verizon completes, securities filings have shown.

Sanjeev Gupta continues on acquisition trail with second U.S. deal in a week: Entrepreneur Sanjeev Gupta is continuing his ambitious expansions plans in the industrial sector with a bid for a U.S. steel sector business - the second such deal in less than a week.

Tyrie’s resignation to trigger battle to chair influential Treasury Committee: Andrew Tyrie’s surprise decision to step down as an MP will trigger a battle to become the next Chairman of the Treasury Select Committee, one of the most influential backbench positions in Parliament and one that Mr. Tyrie used to interrogate City Executives.

Flying taxis will be cheaper than driving a car, says Uber: Uber has claimed that ordering a flying taxi will one day be cheaper than taking a journey in a car as it laid out an ambitious vision for tests of aerial vehicles.

The Questor Column:

Buy Saga for its healthy dividend and profits (and growing customer base): Profits up, dividend up and debt down sounds like a pretty promising starting point for any potential portfolio pick. Travel-to-insurance-to-personal finance group Saga looks capable of providing long-term capital returns and income for patient investors. Last month’s full-year figures from the FTSE 250 company looked solid, as underlying pre-tax profit rose 6%, debt fell 15% and the dividend rose 18%. Further improvements on all three counts look possible as Chief Executive Lance Batchelor and his team look to use Saga’s brand to further develop its travel arm, as well as other services for its remarkably loyal customer base. Insurance remains the bedrock of the company, making more than £200 million in pre-tax income (before exceptionals) last year, compared with £15 million from its travel business. But the plan is to quadruple the travel earnings over the past five years, helped by the arrival of two new cruise ships. Saga also intends to roll out financial services and home care and retirement villages, among other areas of expansion. This combination of initiatives underpins consensus earnings growth forecasts of 5% for this year and 6% for next. It may mean they turn out to be conservative. A forward price-to-earnings ratio of 13.8 times and a prospective dividend yield of 4.1% suggest the stock is not expensive either, given its long-term potential. Questor says ‘Buy’.

Update: Ashtead: We are going to bank a near-25% gain in equipment rental expert Ashtead. The full-year results due on June 13 should look very strong, with the analysts’ consensus looking for a 22% jump in earnings per share and a 16% hike in the full-year dividend to 26.1p. Earnings forecast momentum remains healthy too, with consensus profit forecasts having increased by 11% for this year, since we first flagged the stock at around the £12.70 mark last November. But the shares have gone up much faster, and a forward rating of 14 times for the year to April 2018 is pretty much in line with the broader U.K. market. Investors in Ashtead have been boosted by the Trump trade, given that its American subsidiary Sunbelt generates more than 90% of the company’s profits. The stock has made little progress in the wake of what were excellent third-quarter numbers last month and the share price looks like it is flattening off a bit. Some profit-taking seems prudent. Questor says ‘Sell’.

The Guardian

Stock markets surge to new highs ahead of Trump’s tax reform plan: World markets have hit new peaks, pushed higher by continuing optimism about the outcome of the French Presidential election, a series of positive U.S. company results and growing anticipation over Donald Trump’s promised tax reforms.

Brexit economy: living standards are falling as the snap election looms: The pound’s sharp fall since the Brexit vote and a mood of uncertainty among employers has hit household budgets, creating a tough economic backdrop for Theresa May’s snap election, a Guardian analysis shows.

Duke of Westminster’s £12 billion property firm hit by London slump: The 26-year-old Duke of Westminster, who is believed to be the world’s richest person under 30 with a £9 billion fortune, has been hit by a steep drop in returns on his family’s British property empire, which includes many of the most famous addresses in London’s Mayfair and Belgravia.

Nestlé to axe 300 U.K. jobs and move Blue Riband production to Poland: Nestlé is cutting up to 300 jobs in the U.K. and switching production of the Blue Riband chocolate bar to Poland, a move that has angered unions. The Swiss confectioner said most of the jobs would be lost in Newcastle and York, during 2017-18, but that its sites in Halifax, West Yorkshire, and Girvan, Ayrshire, would also be affected.

U.K. government borrowing at lowest level since 2008 financial crisis: Government borrowing fell to the lowest level since the financial crisis in the year to the end of March as the economy proved more resilient than expected in the aftermath of the Brexit vote.

Daily Mail

London shares subdued as euphoria over French election front runner Emmanuel Macron cools: London shares made minor gains this session after ‘s euphoria surrounding Emmanuel Macron’s victory in the first round of the French Presidential elections.

Wealth management giant St James’s Place reports bumper set of results as it adds £2 billion of new client money to its books: FTSE 100 listed wealth management firm St James’s Place has added £2 billion of client money to its books in just three months.

Virgin Money to keep a close eye on surge in borrowing as it posts an 8% rise in credit card balances: Virgin Money saw an 8% leap in lending by its credit card business but said arrears levels remained ‘stable’ despite concerns that rising consumer debt could pose a risk to the U.K. economy.

Costa Coffee owner Whitbread sees growth slowdown as rising popularity of artisan coffee shops and Airbnb takes a toll: Costa Coffee and Premier Inn owner Whitbread saw annual profits come in lower than expected as competition intensified from the likes of artisan coffee shops and Airbnb.

Daily Express

Millions rethink their investment plans and move away from buy-to-let property: THE Conservatives are supposed to be the party of low taxation, but their onslaught on buy-to-let landlords has almost killed off property as an investment.

Millions could reclaim cash on energy bills after an unexpected mild winter: Householders could be in line for a significant rebate on gas and electricity they paid for but did not use over the winter.

Coffee sales dip blows froth off £500 million Whitbread shares: More than £500 million was wiped from Whitbread’s market value as the Costa owner braces itself for cooling demand for coffee as consumers tighten their belts.

Spanish government embroiled in ‘scandalous manipulation’ of debt figures: The European Commission has been accused of failing to meet its legal obligations in an astonishing letter sent to the Eurogroup President by Spanish financial experts.

Bottoms up for British wine firm as Brexit pound boosts business by 47%: A British wine company is feeling the benefits of the Brexit pound devaluation and driving home winning results for investors. And Cult Wines says its Asian market is growing as investors use their pounds to splash out on the world’s best wines.

The Scottish Herald

Havelock Europa celebrates return to profit in tough year: Shopfitting and interiors business Havelock Europa has returned to profit after a restructuring instituted in 2015 began to bear fruit.

Law Society seeks delay of code for police work: The Law Society of Scotland is calling on the Scottish Legal Aid Board (SLAB) to put off bringing in a new code of practice for criminal solicitors until there is clarity on the fees they will receive for doing police station work.

Losses double at North Sea oil services heavyweight: North Sea oil services giant Amec Foster Wheeler has posted a 135% increase in annual losses highlighting the challenges faced by the company which Aberdeen’s Wood Group is set to buy for £2.2 billion.

Premier Oil makes progress: Premier Oil, which has a big North Sea business, is making progress in long-running talks about a refinancing after winning the support required from a group of creditors.

Entrepreneur body names new partner: Entrepreneurial Scotland has unveiled a partnership with wealth management firm Cazenove Capital, which will be lead sponsor of the network’s annual conference at Gleneagles next week.

Omega has high hopes for HIV kit after trials: Omega Diagnostics has underlined its confidence of completing the verification and validation checks needed to deliver its HIV testing kit, which it believes can transform the lives of patients living with the condition in developing countries.

Bruce Dingwall highlights progress at Trinity: North Sea oil and gas veteran Bruce Dingwall has said the Trinity Exploration and Production business he heads in Trinidad will increase drilling after completing a restructuring in January which ended a period of uncertainty for the firm.

Jockey Club growth continues with record revenues and profits: The Jockey Club, which runs 15 racecourses including Aintree, has reported record full-year revenues and profits. The group saw turnover increase 4.5% to £191.5 million in 2016, its eight-consecutive year of growth.

The Scotsman

Stagecoach goes head-to-head with First for HS2: Stagecoach and Virgin are looking to extend their grip on the west coast rail service, with help from the French state-owned operator SNCF.

STV Boss Rob Woodward quits after new channel launch: The Chief Executive of broadcaster STV has announced he is standing down the day after the group launched its new channel, STV2.

Ethical bank Triodos to launch first current account: Ethical lender Triodos said it was opening registrations for its first personal current account in the U.K.

Schools deal is class act for construction group Kier: Two schools in Motherwell are to receive a facelift following the award of a £5 million contract to Kier Construction Scotland.

Collagen Solutions cheers surge in full-year sales: Biomaterials business Collagen Solutions said it has racked up a 28% increase in revenues for the year to the end of March.

City A.M.

Activist investor Elliott blasts “afraid” AkzoNobel for refusing to hold vote on dismissal of Chairman: Activist hedge fund Elliott Advisors has hit back at AkzoNobel after the Dutch paints firm rejected its call for a vote on the future of its Chairman.

BT cleared for acquisition of Belgium’s IP Trade by Competition and Markets Authority: BT’s takeover of Belgian trading floor communications company IP Trade has been cleared by the U.K.’s Competition and Markets Authority (CMA).

BBC misses cost-cutting targets as headcount remains just below 19,000, National Audit Office report finds: The BBC has missed several cost-cutting targets in recent years, a report from the public spending watchdog reveals.

Mirror Group Newspapers settles a slew of celebrity phone hacking cases: More than 40 celebrities settled with Mirror Group Newspapers over phone hacking claims heard in the High Court.

Coca-Cola to cull 1,200 of global workforce in drive to increase cost savings: Coca-Cola has revealed plans to cut up to 1,200 jobs as part of an operational restructuring programme to make $3.8 billion (£3 billion) of annual savings by 2019.

Lockheed Martin shares fall following downward earnings revision: U.S. defence giant Lockheed Martin posted worse-than-expected sales, prompting shares to fall over 2.5%.

Very and Littlewoods owner Shop Direct put up for sale by Daily Telegraph owners: The business magnate twins that own the Daily Telegraph have put their online retail clothing firm up for sale, according to reports.

Tullow Oil shareholder Royal London Asset Management to oppose appointment of current Chief Executive Aidan Heavey as Chairman at ‘s AGM: A Tullow Oil shareholder said it will oppose the appointment of the company’s Founder and current Chief Executive, Aidan Heavey, as Chairman at its annual general meeting (AGM).

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