Sunday newspaper round-up: BT Group, Aston Martin, MPs

9th Jul 2023 22:41

(Sharecast News) - BT has intensified its preparations to see off a possible takeover bid by its major shareholder Deutsche Telekom. For months now, the telecoms services provider had been working with Robey Warshaw and Goldman Sachs to prepare against such a scenario. Speculation in that regard was reaching a crescendo both in the City and within the sector, due to BT's need to invest £15bn in its new fibre-optic broadband network and multiple potentially destabilising factors. - The Sunday Telegraph

Aston Martin's decision to team up with Lucid Motors is but the latest move by Saudi to grow its economic influence in the UK. Indeed, Lucid's majority owner, Saudi's Public Investment Fund, was already the second-largest investor in Aston Martin, holding a 18% stake worth approximately £450m. PIH also has holdings in Carnival and in 2021 took over Newcastle United. The moves come amid a drive by the UK government to agree free-trade deal with the Gulf Cooperation Council. - The Financial Mail on Sunday

There are over 50 MPs who own stakes in publicly listed firms, raising questions regarding possible conflicts of interest. Under parliamentary rules, the shareholdings, including those of former PM Theresa May or former education secretary Gavin Williamson, did not need to be publicly disclosed in parliamentary registers. Among the companies now held by MPs were Barclays, HSBC, BP and Sainsbury's. Such companies could be impacted by laws or news policies introduced by Parliament. A spokesperson for May said she entirely rejected any suggestion that she broke any of the rules regarding shares in BT held by her husband. - Guardian

Fintech outfit Revolut was reportedly the target of an £18m by criminals who targetted a flaw in its US payments system. The Financial Times reported that the funds were stolen over the course of several months in 2022 before Revolut was able to close the loophole. The company, which has been pursuing a UK banking licence, was dealt another setback in March, when auditor BDO said three quarters of its revenues could not be verified and might have been misstated. - The Financial Mail on Sunday