Friday newspaper round-up: Immigration targets, News Corp, Drop Box, Poundworld

The Confederation of British Industry has urged Theresa May to drop her “blunt target” on immigration numbers and introduce new freedom of movement rules for EU citizens post-Brexit to ensure firms, large and small, can stay in business when the UK leaves the bloc. Outlining the results of a major consultation with business leaders, Josh Hardie, the CBI’s deputy director general, said companies believed an injection of honesty was urgently needed in the political debate about migration. – Guardian

Rupert Murdoch’s News Corp has shrugged off its latest annual loss with an upbeat assessment of its digital news and real estate assets. The worldwide publishing group reported a net loss of $US1.4bn for 2017/18, which was worse than the previous year’s $US643m. But the result was skewed by accounting writedowns, including $US998m for the consolidation of Foxtel and Fox Sports in Australia. – Guardian

EU leaders are considering a compromise over Brexit that would allow Britain access to the single market for goods while ending freedom of movement of people. In the first sign of divergence between EU member states and Brussels’ chief negotiator Michel Barnier, leaders are expected to sound out Theresa May about a compromise at a summit in Salzburg next month. – Telegraph

Dropbox shares plunged in extended trading despite crushing Wall Street forecasts for its second quarter, as it revealed one of its key executives would be leaving next month. Dropbox said revenue surged 27pc to $339.2m (£264m) in the three months to the end of June, ahead of analyst forecasts for $331m, as its paid user base swelled to 11.9 million people, from 9.9 million a year earlier, and it made 5pc more revenue from each of those users on average. – Telegraph

Global trade is set to lose momentum over the coming months amid tensions between the US and China that would hit the poorest hardest. The World Trade Organisation yesterday forecast a slowdown in the third quarter and said that falling export orders and a slowing car market would reduce trade growth. The WTO has 164 member states and was established in 1995 as a regulator and place for countries to negotiate deals and settle disputes. – The Times

An Irish family that owned a chain of discount retailers has agreed to buy 50 Poundworld stores on the last day of trading for the collapsed business. Poundworld, which had 335 stores in Britain, went into administration in June after posting losses last year of £17 million. The Dublin-based Henderson family, led by David Henderson, said it had agreed a deal with the administrators, Deloitte, to buy “the best and remaining stores”. He did not say how much the family would pay. Mr Henderson’s father, Ray, founded an entirely separate business called Poundworld in Ireland in 1984 and sold it in 2007. – The Times