Friday newspaper round-up: Trade war, Hamleys, Jaguar Land Rover, Metro Bank

Financial markets were braced for a full-blown trade war between the world’s two economic superpowers as the US imposed higher tariffs on $200bn worth of Chinese goods. Last-minute talks in Washington between Chinese vice premier Liu He and US trade representative Robert Lighthizer failed to salvage months of talks on a deal and at 12.01am on Friday tariffs on Chinese goods were raised to 25% from 10%. – Guardian

The famous London toy retailer Hamleys has been sold to its Indian business partner, Reliance Industries, in a deal worth nearly £70m. Founded in 1760, Hamleys is the world’s oldest toy shop and over the last 16 years the retailer, best known for its seven-storey store on Regent Street, in London, has passed from owners in Iceland, to France and, most recently, to China. – Guardian

Uber, the American cab-hailing app, is set to go public on Friday at a valuation of $82bn (£63bn), the biggest tech flotation in five years, and one that will mint hundreds of millionaires. Since it was formed in 2009, Uber has transformed cities. 93 million people use it every month to get around, and 1.5bn Uber journeys took place in the first three months of this year. – Telegraph

Jaguar Land Rover could tie up with Peugeot and Vauxhall-owner PSA Groupe as the French company swoops in a move that raises fears about job losses – but could help stem losses at Britain’s biggest carmaker. Leaked “post-integration documents” identifying benefits such as shared administrative functions of a combination – possibly a sale of part of Tata-owned JLR to PSA – are circulating at high levels within the companies, according to sources. – Telegraph

Metro Bank could substantially increase the amount of capital it raises in a planned rights issue and unveil a new management team as part of efforts to stabilise the high street lender reeling from an accounting blunder. Shares in Metro slumped another 8 per cent yesterday to a new record low on speculation that the bank could tap investors for even more than the £350 million it said in February it would raise. Banking sources said that they expected the bank to have to change its senior management as the price for its recent mistakes and the sharp fall in the share price. – The Times

Walt Disney has written off its entire investment in Vice Media in a sign that the publisher continues to struggle in a highly competitive online advertising market. Disney, which has invested $400 million in Vice and has a 21 per cent stake, recorded a $353 million writedown of the investments on top of a $157 million writedown in November. – The Times