Sunday newspaper round-up: Sainsbury's, Brexit, Arqiva IPO

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Sunday newspaper round-up: Sainsbury's, Brexit, Arqiva IPO

Mon, 07 August 2017
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Sunday newspaper round-up: Sainsbury's, Brexit, Arqiva IPO
Sainsbury (J) Quote more

Price: 236.90

Chg: -0.80

Chg %: -0.34%

Date: 17:09

FTSE 100 Quote

Price: 7,382.65 Chg: 0.91 Chg %: 0.01% Date: 17:09

(ShareCast News) - Sainsbury's is taking the axe to more than 1,000 jobs at its head office as part of a giant £500m cost-cutting drive. It is understood that a team of top consultants from McKinsey have been parachuted into the supermarket's headquarters to draw up a staff reduction plan. - The Sunday Telegraph
Brexit negotiators have been accused of trying to "ram through" a £36bn divorce bill while most of the Cabinet is on holiday amid a furious backlash from ministers and senior eurosceptic Conservatives. The Sunday Telegraph yesterday disclosed that senior Whitehall officials have concluded that the offer is the only way to break the deadlock in negotiations and push ahead with discussions on a future trade deal. - The Sunday Telegraph

Some of the City's biggest banks have been hired by the owners of a mobile phone infrastructure operator to lead what could be a £6bn stock market flotation. Barclays, Goldman Sachs, HSBC and JP Morgan have been appointed to prepare a London listing of Arqiva as its Australian and Canadian backers move ahead with their plans to float the company or sell it to a trade buyer. The Sunday Times

As the latest car figures show that uncertainty over Brexit is helping to drag down sales, motor manufacturers fear the industry's revival over the past couple of decades could be put at risk by Britain's departure from the European Union. Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said: "A lot of people have spent the best part of decades turning round the industry, when you think back to how it was characterised in the 70s, 80s and into the 90s. It is very different now. It has had very difficult times and it is a cyclical industry, and there is a fear that that success could be put at jeopardy." - Guardian on Sunday

Miners are drawing up proposals for a new charter in South Africa after ­rejecting the government's latest effort as a dead duck. In a bid to break the deadlock that has gripped the industry, miners are using regular forums to "proactively" feed elements for a new charter to South Africa's Chamber of Mines, which has been leading resistance to the government's plans. The dispute has weighed on the share prices of London-listed companies such as Anglo American, Lonmin, South32 and Glencore, which have ­extensive operations in South Africa. - The Sunday Telegraph

Amec Foster Wheeler's North Sea exit is expected to open the door to an influx of American giants into the region. A source close to the British company said its North Sea business will be sold off as a block to quickly clear the way for Wood Group's £2.2bn swoop. Last week, the regulator expressed concerns that the tie-up would strangle competition in the market-hit oil basin. In anticipation of these fears, Amec Foster Wheeler is understood to have ­approached around 20 likely buyers earlier this summer, shortly after a landslide shareholder vote in favour of the deal. - The Sunday Telegraph

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