Sunday newspaper round-up: Saudi oil output, Asos, 35-year mortgages
By Alexander Bueso
Date: Sunday 04 Jun 2023
(Sharecast News) - Saudi unveiled plans at the weekend to reduce its oil output by 1m barrels per day in a surprise unilateral decision. The move was to take effect from July. The decision came as Secretary of State, Anthony Blinken, was due to travel to Saudi Arabia over the following week. It also followed a meeting between members marred by disagreements, although the Russian and UAE energy ministers denied talk of any split with Saudi. OPEC+ meanwhile did agree to prolong the voluntary cuts announced in April until the end of 2024. The cartel and its allies were to meet again in November and plans might change. - The Sunday Telegraph
Asos received a £1bn takeover offer from Turkish rival Trendyol in late December, according to City sources. Among the Turkish outfit's backers was Chinese online retailing giant Alibaba. The offer would have valued Asos at £10-12 per share, against a closing price last Friday of £3.5. There were however no live talks and both companies declined to commit. Recently, leading credit insurers had demured from providing cover for its suppliers or reduced the same. a decision that could squeeze its cash flow. - The Sunday Times
A record proportion, or 19%, of first-time homebuyers were taking out 35-year mortgages and more in the wake of soaring costs. That was the highest share since 2005, when records began, and twice the 9% seen in December 2021. The average age of a first time buyer was now 32, according to Halifax, meaning that many persons' intention was to continue borrowing until the end of their work life and even into retirement. - The Sunday Telegraph
Sky's UK boss believes the country is entering a 'golden age' of film and television. Spend on both combined hit a record £6.2bn in 2022, which was £1.83bn more than before Covid. Furthermore, just last month ministers promised additional support as part of a strategy to add over 1m jobs in creative industries over the next decade. - The Financial Mail on Sunday
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