Thursday newspaper round-up: Tariffs, Pfizer, Facebook, Cambridge Analytica
America and the European Union have pledged to reach an agreement on President Trump’s steep steel and aluminium tariffs “as rapidly as possible”. Donald Tusk, the European Council president, expressed “cautious optimism” that the EU would persuade the US to offer an exemption from the duties. “Everything will be clear tomorrow,” he said. - The Times
Reckitt Benckiser has ended talks with Pfizer over a multibillion-pound acquisition of its consumer healthcare business leaving the way clear for Glaxosmithkline to complete the deal. In a surprise statement last night, the consumer goods company behind Cillit Bang and Clearasil said its proposal had been for “part of the business only”. - The Times
Britain’s post-Brexit blue passport is set to be made by a Franco-Dutch firm, according to reports. Changing the colour from the burgundy favoured across the EU is regarded by some Brexiters as a powerful symbol of Britain’s restored sovereignty. - Guardian
Interserve late on Wednesday agreed a refinancing deal worth almost £300m with its lenders after tense months struggling to convince investors after the collapse of outsourcing peer Carillion. Management made an agreement in principle with lenders and other financial stakeholders which will give it £196.6m of cash as well as bonding facilities of up to £95m which expire in 2021. Bonding facilities are a type of guarantee for construction projects. - Telegraph
Conservative party donors are among the investors in the company that spawned the election consultancy at the centre of a storm about use of data from Facebook. Filings for SCL Group, which is at the top of a web of companies linked to Cambridge Analytica, show that since its conception in 2005 its shareholders and officers have included a wine millionaire who has given more than £700,000 to the party, a former Conservative MP, and a peer who was a business minister under David Cameron. - Guardian
Advertisers threatened to abandon Facebook last night as Mark Zuckerberg apologised for the Cambridge Analytica scandal and admitted that the company made mistakes. Mr Zuckerberg, co-founder and chief executive of the US technology giant, broke his silence to head off a revolt among users and financial backers. He described the incident as a “major breach of trust” and said he was open to further regulation of the website. - The Times
Conviviality is meeting with investors over the coming days as it scrambles to raise funds to pay off its debts, though warned that if it failed to secure the cash, it could go bust. The Bargain Booze owner, which earlier this month said it was considering tapping shareholders for funds, said it had arranged meetings with institutional investor this week to persuade them to take part in its share placing to raise £125m. - Telegraph
Troubled retailer New Look secured approval from 98pc of its creditors for a deal to stem losses by closing 60 stores through a company voluntary arrangement that puts 980 jobs at risk. The retailer on Wednesday initiated the CVA, a form of insolvency aimed at protecting a business from going bust entirely, earlier this month. - Telegraph