Friday Papers: Microsoft investigates global deal for TikTok

Top stories

  • The times: Microsoft is exploring the possibility of buying TikTok’s entire global business as part of talks on a deal with Bytedance.
  • Financial Times: Donald Trump has prevented US companies from negotiating with TikTok owner ByteDance and Tencent’s own messaging app WeChat because Chinese apps pose a threat to economic and national security. He gave companies a 45-day window.
  • The daily telegraph: The coronavirus crisis will destroy fewer jobs than initially feared – but the UK’s fragile recovery could be affected by a second wave of infections, according to the Bank of England.
  • Financial Times: Nintendo saw net income jump 541% during the darkest months of the Covid-19 pandemic.
  • Financial Times: The head of the California pension fund, Calpers’ boss Ben Meng, resigned days after allegations that he made incomplete public statements about his personal investments.

Business and economy

  • The guard: Mining giant Glencore cut its dividend of $ 2.6 billion after depreciating the value of its coal assets and taking a loss in the first half of the year due to the impact of the coronavirus pandemic.
  • Daily mail: ITV earnings declined 93% in the first half after the pandemic sparked a historic drop in ad sales and crippled television production.
  • The daily telegraph: Uber lost $ 1.8 billion in the second quarter as taxi business declined 75% and grocery delivery business failed to make up the deficit.
  • Financial Times: The German airline Lufthansa said it could no longer rule out job cuts in its home country after reporting the largest quarterly operating loss of all time.
  • The times: Serco, one of the private contractors working on the government’s response to Covid-19, has reported a 53% increase in half-year earnings.
  • The times: Fast growing digital bank Monzo had its capital requirements increased by the Bank of England while it made significant investments this year.
  • The times: Covid-19 emergency lending has helped Starling Bank become the fastest growing small business bank in Europe, according to its founder and CEO Anne Boden.
  • The guard: The foreign exchange firm Travelex broke into its administration and immediately lost more than 1,300 jobs.
  • The guard: Hundreds of jobs are at risk in hotels managed by LGH Hotels in England and Scotland as the company seeks to cut costs in response to the coronavirus crisis.
  • The times: JD Wetherspoon has alerted his employees at headquarters to more than 100 job losses following the slump in trade in the pub sector.
  • The times: The number of Americans seeking unemployment benefits fell last week to its lowest level since the coronavirus outbreak in March, official figures show.
  • The daily telegraph: Corporate Raider Ed Bramson has stepped up its campaign to downsize Barclays’ investment bank despite the division’s bumper performance during the coronavirus pandemic.
  • The daily telegraph: Guinness and Johnnie Walker owners Diageo have initiated arbitration proceedings against LVMH for refusing to make the € 181 million payout.
  • Financial Times: Boeing is fined $ 1.25 million by the US Aviation Administration for allegedly harassing and threatening its internal security inspectors and retaliatory act.

Share tips, comments, and bids

  • The Times (Tempus Share Tips): Avoid naked wines; Avoid Hipgnosis.
  • Daily mail: Jeff Bezos has redeemed £ 2.4 billion worth of shares as Amazon sales are accelerated by the pandemic.
  • The daily telegraph: Aviva could spark a wave of company sales if the new boss turns her attention to UK insurance.
  • The times: Struggling mall owner Hammerson has launched an emergency issue and proposed a reduced sale of his stake in a designer outlet store.
  • Financial Times: Italian soccer club AS Roma was taken over by Texas-based billionaire Daniel Friedkin for 591 million euros.

Friday Papers: Microsoft investigates global deal for TikTok

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