Thursday newspaper round-up: Apple, Facebook, BT Sport, Greensill, Nestle

by | Apr 29, 2021

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Surging iPhone sales have given Apple its best-ever start to the year as the technology group continued to ride the latest wave in demand for its devices. Total revenues rose by 53 per cent, beating forecasts on Wall Street to hit $89.6 billion – a record for its second quarter – amid unexpectedly strong smartphone and computer sales. – The Times
The failure of Greensill Capital will cost UK taxpayers up to £5bn, a parliamentary inquiry has heard, as one expert said the lender’s business model was “as close to fraud as you could imagine”. The former City minister Paul Myners said the government could end up footing the bill of unpaid state-backed loans and social support for thousands of steelworkers whose jobs are currently at risk at one of Greensill’s largest borrowers, Liberty Steel, owned by metals magnate Sanjeev Gupta. – Guardian

BT is in talks with Amazon, Disney and others to offload a stake in its television arm, the Telegraph reported, as the pandemic casts doubt over the future of sport. The telecoms operator has appointed the investment bank Lazard to explore a partial sale of BT Sport as it focuses on upgrading Britain’s broadband network. – Telegraph

A sharp rise in digital advertising enabled Facebook to comfortably beat Wall Street expectations as its profits almost doubled. Shares in the world’s largest social media company are set to open at an all-time high today after it posted a 48 per cent jump in total revenue, to $26.17 billion. – The Times

Nestlé is planning to cut almost 600 jobs in the UK, close a factory and switch production of some products to Europe. The Swiss-owned confectioner said it was considering closing its site in Fawdon, Newcastle upon Tyne, in late 2023, with the loss of about 475 jobs, with a further 98 to go in York. – Guardian

The eurozone is at risk of a “tsunami” of bankruptcies as Covid life-support schemes for businesses are wound up, regulators have warned. A report by the EU’s key risk watchdog, which is chaired by European Central Bank president Christine Lagarde, said that companies may struggle to stay solvent the longer they relied on emergency financial support. – Telegraph

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