Sunday newspaper round-up: BT Group, Easyjet, Facebook

Shareholders in BT were expecting a boost in the price of their stock after it was revealed that the firm is preparing to defend itself against a hostile bid. Britain's biggest telecoms group is at risk of being taken over because its value has slumped to just above £10billion – the lowest since the depths of the financial crisis. - Mail on Sunday

EasyJet is offering pilots “seasonal” contracts that would mean flying for a six-month stretch with the rest of the year off unpaid as the budget carrier battles the collapse in air travel. The airline has warned it may have to sack 727 of its pilots – almost a third of the total – as it makes severe cuts. - Sunday Telegraph

The UK government has denied reports that it is to drop a recently introduced levy on global technology companies such as Facebook, Google and Amazon due to fears the so-called “Facebook tax” could jeopardise a post-Brexit trade deal. The Treasury said on Sunday it would drop the digital services tax when there was a global agreement on how to tax big multinational tech firms, which pay very little tax in the UK and other countries where they operate. - Guardian

A pet food company backed by the billionaire boss of the Louis Vuitton empire could change hands later this year in a deal worth hundreds of millions of pounds. City sources said Yorkshire-based Inspired Pet Nutrition (IPN), whose brands include upmarket label Harringtons, has appointed financiers from Harris Williams to work on a 'strategic review', which could lead to a sale of the business. - Mail on Sunday

Greece and the United Arab Emirates will begin joint military exercises in the sea around Crete, the latest manoeuvres showcasing the alliances that are carving up the region’s gas reserves and raising tensions in the crowded waters. The UAE has sent four F-16 fighter jets to take part in the exercises, which start tomorrow in the south, west and east of the island. Greek frigates and F-16s will also be taking part. - Sunday Times

From September 1, the government will cut its support to furloughed workers to 70% of salary, with employers required to top up pay to 80% of normal, as well as picking up employers’ National Insurance and pension contributions. The final reduction will come a month later, when the government contribution drops to 60%. Then, at the end of October, wage support will be removed, replaced by a £1,000 bonus to firms for each furloughed worker kept on until the end of January. - Sunday Times

The parent company of Debenhams has appointed advisers at FRP to work on its own administration. The department store chain’s operating subsidiaries were sold to Celine UK Newco 1 Limited, controlled by its lenders, when Debenhams collapsed in April last year. Celine, which is the issuing entity of Debenhams’ £200m of 5.25pc notes due in 2021, has drafted in Philip Watkins and Philip Armstrong at FRP Advisory. - Sunday Telegraph