Tuesday Papers: Zuckerberg hit by Facebook staff revolt after Trump posts

Top stories

  • The Times: Senior Facebook employees are openly criticising Mark Zuckerberg’s refusal to remove posts by President Trump about protests in Minneapolis that rival social media sites have censured for “glorifying violence”.
  • The Daily Telegraph: Eight insurers, including Hiscox, RSA and Zurich, face a courtroom showdown with the City watchdog after refusing payouts to crisis-hit small businesses.
  • Financial Times: Stephen Welton, one of the UK’s biggest investors in small companies, is planning a £15 billion fund to help bail out thousands of businesses that will struggle to repay state-guaranteed coronavirus loans.
  • Financial Times: FarmVille maker Zynga has acquired Peak Games, the Istanbul-based creator of Toon Blast, for $1.8 billion, at a time when video games are booming under lockdown.
  • Financial Times: Ted Baker plans to raise more than its entire listed equity in a £95 million cash call to see it through the coronavirus crisis.

Business and economics

  • The Daily Telegraph: Public spending is set to rocket past £1 trillion for the first time this year as ministers pour taxpayer money into tackling the health and economic crises sparked by Covid-19.
  • The Guardian: The downturn in the British manufacturing sector eased last month as lockdown measures were gradually lifted, a monthly snapshot from IHS Markit and the Chartered Institute of Procurement and Supply, showed.
  • The Times: Hopes of a turnaround of De La Rue were buoyed yesterday, more than doubling its share price, after it announced that it had secured a “series of significant” contracts in its currency and authentication businesses.
  • The Times: Camelot is due to report record annual National Lottery ticket sales, providing a fillip to its chances of winning a new licence.
  • Daily Mail: Balfour Beatty has cancelled its dividend and warned that Covid-19 will impact its finances.
  • The Daily Telegraph: Ailing retailer Monsoon Accessorize has warned landlords that they have a week to offer up rent waivers or it will shut down stores.
  • The Daily Telegraph: Parkdean Resorts, Britain’s biggest holiday park operator, could run out of money within weeks unless the lockdown is lifted.
  • The Guardian: The clothing retailer Primark plans to reopen all 153 of its English stores on 15 June.
  • The Times: The drugs pipeline of Astrazeneca was given a boost as a key cancer treatment received the backing of European regulators.
  • The Times: Marketing spending could bounce back rapidly after governments ease lockdown restrictions, according to a study by Citigroup citing some of the world’s largest advertisers.
  • Financial Times: JAB Holdings, the majority owner of cosmetics maker Coty, will tighten its control over the problem-plagued group by installing its chairman Peter Harf as chief executive.
  • Daily Mail: Playtech’s boss asked his staff to take a pay cut weeks before the gambling software company tried to drive a £2.9 million pay package past shareholders.
  • The Daily Telegraph: City groups favour cutting market trading hours to boost liquidity and improve diversity within the financial sector, according to a London Stock Exchange consultation.
  • Financial Times: The government of South Africa’s President Cyril Ramaphosa is considering resurrecting the country’s flag carrier with state funds.
  • The Daily Telegraph: High interest lender Amigo has revealed it is under investigation by the City watchdog, and vowed to go to court in a bitter row with founder James Benamor.

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Tuesday Papers: Zuckerberg hit by Facebook staff revolt after Trump posts

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