Tuesday Newspaper round up

“Europe’s most senior financial regulator has hit back at ‘rearguard lobbying’ by the hedge fund and private equity industries, saying he ‘will not be intimidated’ by an attempt to undermine a deal to regulate the industry for the first time. The fightback from Michel Barnier, the European Union commissioner for the single market, comes after the industry publicly raised the alarm over technical standards proposed to implement the alternative investment fund managers directive (AIFMD),” according to the Financial Times.

“The fragrance firm behind Beyonce, Lady Gaga and David and Victoria Beckham’s scents has made a bid for the troubled cosmetic giant Avon. New York-based Coty’s $10bn offer comes as Avon searches for a new Chief Executive and the firm faces a wide-ranging investigation into corruption and bribery charges in its overseas business.

“Coty said it had decided to make its offer public after Avon rejected its initial approach last month. […] In a statement, Avon described the bid as “opportunistic and not in the best interest” of shareholders. The company said the offer was “substantially” the same as the one it had rejected last month,” the Guardian writes.

“A London-listed gaming company is in talks with Donald Trump to exploit the looming legalisation of online gambling in America, The Times has learnt. Trump Entertainment Resorts, in which the property mogul has a 10% stake, has been talking to 888 Holdings and other international operators with a view to securing an online poker venture as soon as regulation is introduced. New Jersey, where Trump’s Atlantic City headquarters is based, is tipped to be among the first states to pass legislation,” reports the Times.

“Businesses are more upbeat about economic prospects than they were at the end of last year, with some activity measures at their best levels in nearly a year, according to the British Chambers of Commerce. The BCC surveyed some 8,000 of its member businesses and found overall growth patterns remain slower than before the recession, with manufacturers reporting stronger prospects than the services sector,” according to the Financial Times.

“The Dow Jones Industrial Average closed at its highest level since 2007 after America’s manufacturing industry managed to pick up the pace of its expansion last month. The better-than-expected showing from the country’s manufacturers in March helped strengthen expectations that the wider US economy enjoyed a stronger first quarter,” reports the Telegraph.

“Trinity Mirror has bowed to shareholder pressure by halving any future cash bonus for its Chief Executive Sly Bailey, but it risked investors’ wrath because it will not reduce the overall size of her controversial pay package. The owner of the Daily Mirror announced the changes as the annual report showed that Ms Bailey earned £1.3m last year in pay and pension, including a £248,000 cash bonus, despite a 40% plunge in profits,” the Independent writes.

“Whoever got there first knew some free publicity was going to come their way. And on Monday, Brian White, an analyst at Topeka Capital Markets, crossed the line by becoming the first Wall Street analyst to declare that Apple shares are worth $1,000. The veteran technology analyst slapped a $1,001 price target on Apple, a verdict unlikely to hurt Topeka Capital Markets, the little-known Wall Street brokerage where he works,” according to the Telegraph.

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