Tuesday newspaper round-up: Amazon, BSkyB, Ebola, Chinese investment

Daniel Cancian Sharecast | 06 Oct, 2014 22:04 - Updated: 07:00 | | |

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Online retailing giant Amazon has come under scrutiny from the European Union (EU) because of an unorthodox deal with Luxembourg, the Financial Times reported on Tuesday.

According to the report, a tax deal struck between Amazon and the tiny European state allegedly allowed the American firm to reap potentially illegal state subsidies for its European operations over almost ten years.

The total number of new cars sold in the UK in 2014 has reached almost two million, as the economy continues to strengthen, the Guardian reported on Tuesday.

According to data released by the Society of Motor Manufacturers and Traders (SMMT), almost 430,000 new cars were sold in September, the highest total for the month in over 10 years and a 5.6% increase year-on-year.

The number of new cars sold in the UK has increased 18% since March, a promising sign according to SMMT chief executive Mike Hawes.

“September’s strong performance underlined the continuing robustness of the UK new car market, particularly in the context of last September’s bumper volumes,” he said.

BskyB shareholders have given the green light to the proposed takeover of Sky Italia and Sky Deutschland, the Daily Telegraph reported.

The broadcaster's shareholders have “overwhelmingly” expressed themselves in favour of the company's plan to buy Sky Deutschland and Sky Italia from Rupert Murdoch's 21st Century Fox, the broadsheet added.

BskyB will pay £7.4bn for the double takeover paving the way to the formation of a pan-European platform called Sky Europe, which the broadcaster say will maximise its growth opportunities outside Britain’s satellite TV market.

The first case of an Ebola infection outside of Africa was reported overnight in Spain. That comes amid warnings that the virus has been impacting on economies across Africa despite the original focus having only been in three countries, the Financial Times reports.

The model of Chinese outbound investment underwent a transformation during the worst years of the sovereign debt crisis in the Eurozone and is set to continue steadily over the coming decade. Those are the findings of a Financial Times study tracking international investment flows.

From a nadir of just €6.1bn in 2010 the stock of Chinese direct investment in the EU rose to nearly €27bn by 2012, figures collated by Deutsche Bank show. That is part and parcel of the country's "going out" policy, set in 1999, as part of which investors and migrants have built up China's strength in new markets.

More news

11:34 Wednesday broker round-up

Petrofac: Morgan Stanley upgrades to Equal Weight with a target price of 475p.

11:33 WPP still working to restore services after 'Petya' ransomware attack

Advertising giant WPP said on Wednesday that a number of its companies - not all - were affected by the 'Petya' ransomware attack that has hit organisations around the world.

11:12 It's not the right time to raise interest rates, BoE's Cunliffe says

It's not the tight time for a hike in Bank Rate, the Deputy Governor for Financial Stability said.

10:59 French consumer confidence soars after elections

French consumer spirits were buoyed following the elections, a possible indication that the French had bought into new president Emmanuele Macron's promises of deep reforms to reinvigorate the economy, the results of an official survey revealed.

10:58 FCA clamps down on asset managers

The Financial Conduct Authority has called for asset managers to overhaul their charging structures and prices following a near two-year consultation on the £7trn industry.

10:30 Investors in 7digital to hear more about 24-7 acquisition

Business-to-business digital music solutions provider 7digital was holding its annual general meeting on Wednesday, with shareholders set to hear more about the benefits of the company’s recent acquisition of 24-7 Entertainment from MediaMarktSaturn.

10:28 William Hill rallies as Stifel highlights New Jersey sports betting news

William Hill racked up healthy gains on Wednesday as Stifel said the US Supreme Court's decision to hear the bid by New Jersey to legalise sports betting in that state should be seen a small positive.

10:12 Work Group posts negligible numbers as it seeks reverse takeover opportunity

Work Group released its final results for the year to 31 December 2016 on Wednesday, with revenue coming in at £0.008m alongside gross profit of £0.003m, compared to figures of £7.1m and £4.5m for the 2015 year, as a result of the sale of its operations at the end of 2015.

09:21 United Utilities appoints Steve Fraser as COO

United Utilities has appointed Steve Fraser as chief operating officer with effect from 1 August.

09:19 Euro headed back to 1.30?

The European single currency pierced a key level of technical resistance and past a certain point further gains might trigger another large move higher, according to technical analysts.