Monday newspaper round-up: Brexit, Debenhams, Tui, IAG

European leaders are expected to agree to modify the EU’s formal Brexit negotiating mandate in a move that acknowledges Theresa May’s Chequers compromises. The heads of the 27 member states will discuss updating their guidelines in Salzburg next week in an attempt to provide impetus to the talks. - The Times

Leaving the European Union to operate under World Trade Organisation rules could boost Treasury revenues by £80 billion over 15 years, a report backed by leading Tory Brexiteers will claim this week. The hard Brexit group Economists for Free Trade argues in its study that leaving without a deal could increase growth and allow the government to cut taxes and raise spending. - The Times

A sharp fall in consumer spending and business investment is expected to drag Britain’s growth rate down to just 1.3% this year, dispelling hopes that the UK’s sluggish rate of expansion in the first six months will recover in the second half of the year. According to the consultancy KPMG, Brexit uncertainty will take a bigger toll on the economy than many forecasters, including the Bank of England, expect following a slump in consumer spending from 1.9% last year to 1.2% in 2018 and an even bigger drop in business investment, from 3.4% in 2017 to 0.8% this year. - Guardian

Travel titan Tui, which operates the world’s largest charter airline, is in talks with aviation regulators over a bespoke 12-month transition deal to mitigate the fallout of a no-deal Brexit. Industry sources said the London-listed travel company is negotiating a “letter of comfort” with the Civil Aviation Authority (CAA) to allow flights to continue as normal, despite Tui in theory falling foul of EU ownership rules. - Telegraph

British Airways is facing a £500m group action lawsuit over its handling of last week’s cyber attack that ­accessed 382,000 customers’ personal data. SPG Law is launching legal action over claims that BA was compensating customers for “direct financial losses” but not for the “inconvenience, distress and misuse of their private information”. - Guardian

The American investment giant that provides a vehicle for Warren Buffett to dispense his homespun financial wisdom is coming to Britain’s high streets. Berkshire Hathaway will say today that its property division has signed a franchise deal with Kay & Co, the London-based estate agent. - The Times

Former Just Eat employees have accused the company of failing to stamp out sexism and harassment in the workplace, after management were made aware of incidents. An investigation by The Daily Telegraph discovered that female workers were subject to sexist comments and harassment, with claims that management had dissuaded them from pursuing any action against their male colleagues.

Fresnillo has come under pressure from one of London’s most high-profile hedge funds, which is betting that the miner could be hit with higher taxes in its home market. Odey Asset Management has built a sizeable short position in the Mexico-based, FTSE 100 miner over recent months equivalent to 0.5 per cent of its market value. - The Times

Cuadrilla and its partners have burnt through at least £60 million in their Lancashire shale gas operations before even beginning fracking. The private equity-backed shale gas explorer has tapped its shareholders for a further $6 million in recent months after exhausting the funds provided under a deal with Centrica, the British Gas owner. - The Times

The pressure on Britain’s struggling department stores chains is intensifying, with Debenhams working with restructuring experts and John Lewis & Partners set to report weak interim results this week. Debenhams has asked KPMG to help to compile a list of options, which could include plans to hand back excess store space to landlords and a company voluntary arrangement, an insolvency process that allows retailers to close shops and reduce rents to cut costs. - The Times

The number of people in the UK earning more than £1m a year has jumped to over 18,700, with more than one in 10 of them living in Kensington and Chelsea, according to figures released by HM Revenue & Customs. The total increased by 3,700 in the latest available tax year, but there are concerns that many of the “highly mobile” high-earners could quit the UK in the wake of a messy Brexit. - Guardian

The chairman of John Lewis has ­rejected growing calls for online retailers to be hit with a so-called “Amazon tax”, instead urging traditional players to adapt more quickly. Sir Charlie Mayfield said he “struggled” with the belief that internet companies should be penalised because they have managed to carve out a leaner business model. - Telegraph

Google has been urged to stop accepting money from Viagogo to place the ticket website at the top of its search rankings, in an open letter signed by the Football Association, several MPs and trade body UK Music. The letter, sent to senior Google executives on Friday and seen by the Guardian, says that Viagogo’s prominence in search rankings is leading to consumers buying sports, music and theatre tickets that may be invalid. - Guardian

A superfast internet link between France and England will be built across the English channel, boosting high-speed financial trading between Paris and London after Brexit. Equinix, the American data centre giant, is working with an Irish cable company to create the first subsea cable across the channel for two decades. - Telegraph

An academy trust has been accused of claiming hundreds of thousands of pounds of public money for fire safety improvements and building work that it never completed. Bright Tribe runs ten schools in England and has come under scrutiny from the Department for Education for receiving funds that apparently were not fully spent on the intended purpose. Some of its schools are being rebrokered to other organisations. - The Times