Sunday newspaper round-up: Brexit, GSK, Unilever, bookmakers, trains

Brexiteers have issued a last-ditch threat to vote down the budget and destroy the government unless Theresa May takes a tougher line with Brussels — amid signs that she is on course to secure a deal with the European Union. Leading members of the hardline European Research Group (ERG) last night vowed to vote down government legislation after it was claimed the prime minister will use Labour MPs to push her plan through the Commons. - Sunday Times

Leading Brexiteers have backed a package of concessions to help unlock a Canada-style trade deal with Brussels. Senior members of the Conservatives’ 60-strong European Research Group (ERG) have said they would support EU officials being stationed at UK ports after Brexit to break the impasse with Brussels. - Sunday Telegraph

EU diplomats are primed for accelerated Brexit talks this week and expect some British proposals on the Irish border that could help to unlock the UK’s exit deal, even as agreement on the future EU relationship remains elusive. Senior diplomats said there was a mood of “cautious optimism” on Friday evening after members of Brexit negotiator Michel Barnier’s team briefed them on “signals” that the UK was ready to come forward with a new Irish border plan. - Sunday Times

Bosses have called for a massive tax break to stem Brexit-induced weakness in business investment. Ahead of the budget later this month, the British Chambers of Commerce (BCC) has written to the chancellor, Philip Hammond, calling for a five-fold increase in the annual investment allowance to £1m. - Sunday Times

President Macron has stepped up attempts to attract UK-based carmakers to France with a private dinner at the Elysée Palace, following their growing concerns about a botched Brexit deal. The heads of Renault Nissan, Vauxhall and Jaguar Land Rover are understood to have been among executives invited to a dinner last week, where the president warned against growing nationalism around the world and said he was making France more business friendly. - Observer

Nicola Sturgeon has said Scottish National party MPs would undoubtedly support a second EU referendum in a Commons vote, but suggested her party would seek a guarantee that if Scotland voted again to remain in the EU in contrast to the rest of the UK, it would not be forced to accept the result. - Observer

UK RETAIL, CHINA, GAMBLING

Figures due out on Wednesday are expected to show the British economy grew by 0.6 per cent between June and August. This was up from 0.4 per cent in the previous three months. Amit Kara, chief UK forecaster at the NIESR think-tank, said he was confident growth would continue at least until the New Year – dipping only slightly if at all. That would pave the way for a rate rise from 0.75 per cent to 1 per cent, he said. - Mail on Sunday

Amazon is working on acquiring a significant number of small retail sites as it lays the groundwork to bring its checkout-free grocery shops to Britain. The web giant is seeking stores of between 4,000 sq ft and 5,000 sq ft, according to industry sources. - Sunday Times

The Treasury is drafting plans for a new digital tax on advertising revenues in a Budget move that would hammer Facebook and Google, but leave Amazon relatively unscathed. Chancellor Philip Hammond’s ­so-called “digital services tax”, mooted in a speech to the Conservative Party Conference last week, could target the revenues US tech giants generate from advertising in the UK. - Sunday Telegraph

China has slashed the amount of cash some of its banks must hold in reserve as Beijing’s leadership seeks to bolster a flagging economy. As higher US interest rates and fears of a trade war piles pressure on economies around the world, China’s central bank said on Sunday that it was cutting the reserve requirement ratios (RRRs) by 1% from 15 October to lower financing costs and spur growth in the world’s second-biggest economy. - Observer

As finance ministers, central bankers, academics and other delegates prepare to travel to Bali for the annual meeting of the International Monetary Fund (IMF), optimism about the future is at a low ebb. On Tuesday, the fund will update its World Economic Outlook – a healthcheck on the world economy – and has already warned that the effects of rising debt and trade wars are affecting the global projections. - Observer

Central banks across the world are hoarding gold amid growing fears about global volatility and a possible downturn for financial markets. They have snapped up almost 275 tons of gold this year alone – 8 per cent ahead of 2017 – at a cost of more than £13 billion. - Mail on Sunday

Gambling bosses are calling for a compulsory levy on their industry to raise up to £100m a year for addiction clinics and research. Clive Hawkswood, chief executive of the Remote Gambling Association, whose members include Ladbrokes and William Hill, said betting companies think a statutory levy would raise more money and ensure fair contributions from all businesses. - Sunday Times

The boss of Britain’s biggest betting operator will call for a ban this week on TV gambling advertising before the 9pm watershed, in an effort to prove the industry is taking problem gambling seriously. Kenny Alexander, chief executive of GVC, the owner of Ladbrokes Coral, wants rivals such as Paddy Power Betfair, William Hill and Bet365 to come together in promising to pull all advertising during sports broadcasts. - Sunday Times

TRAINS, UNILEVER, GSK

The two train operators at the heart of the May timetabling chaos face possible fines for not keeping passengers properly informed, the rail regulator has said. The Office of Rail and Road (ORR) launched a fresh investigation on Friday into whether Govia Thameslink Railway (Go Ahead Group's 65% owned joint venture) and Northern (run by Deutsche Bahn's Arriva) breached contractual requirements by failing to do what they could to provide “appropriate, accurate and timely information” before the changes to the train timetable and during the disruption that followed. - Observer

Passenger groups have urged all rail companies to offer discount tickets for part-time workers after South Western Railway introduced a ten-ticket discount. As the way people work evolves, with more staff than ever opting to work remotely from home once or twice a week, many commuters say they feel ripped off. - Sunday Telegraph

The transport secretary could seize control of Crossrail as costs on the delayed tube project balloon. Chris Grayling’s department has a clause that entitles it to take ownership from Transport for London (TfL) if the new rail link blows its budget — a move that would risk a huge political row. - Sunday Times

City heavyweights have branded the board of Unilever “arrogant” after the Marmite-maker lost a fierce battle over plans to abandon its British headquarters. Major shareholders this weekend criticised the consumer goods giant, claiming its failed attempt to scrap its Anglo-Dutch structure in favour of a single base in the Netherlands has damaged the credibility of its leaders and relationships with investors. - Sunday Telegraph

British pharmaceuticals giant GlaxoSmithKline has joined a roster of investors pumping $30m into a start-up that is taking the fight to cancer. Oxford-based Sitryx, which was founded by scientists from America and Europe, plans to develop drugs in immuno-oncology — a field of medicine that directs the body’s immune system to fight cancer. - Sunday Times

Wall Street's banking giants are tightening their grip on deal making in the City as Europe's backtracking investment banks miss out on a flurry of huge takeovers. Goldman Sachs and Morgan Stanley each had advisers working on more than half of all takeover deals in London this year, up sharply from 42pc and 34pc last year, respectively, according to Dealogic figures. - Sunday Telegraph

One of the big accountancy firms is being investigated in Guernsey for its audit of a listed investment vehicle that last month said it was seeking to appoint liquidators. PwC has been approached by the Institute of Chartered Accountants in England and Wales (ICAEW) following a complaint about its audit of Juridica Investments, which is listed on AIM and was set up to fund lawsuits in the US and distribute damages won to shareholders. - Sunday Times

HOUSE OF FRASER, FRENCH CONNECTION, EASYJET

A supplier to House of Fraser is threatening to sue the administrator, EY, over its handling of the department store’s collapse. EY has classified £321,767 owed to Ehab Shouly, owner of a chain of in-store cafes called The Tea Terrace, as unsecured debt — meaning it is behind other loans in priority for repayment. - Sunday Times

French Connection founder Stephen Marks is seeking buyers for his stake in the fashion chain he founded almost 50 years ago. In the past few days, advisers to Marks, 72, are understood to have approached prospective suitors for his 41.6% holding. Marks is both chairman and chief executive and his stake is valued at about £17m. - Sunday Times

Saudi Arabia’s crown prince has said Aramco’s initial public offering will take place by 2021, and reiterated his view that the state-owned oil company will be valued at $2 trillion (£1.53 trillion) or more. Mohammed bin Salman’s comments come after a series of delays to what has been billed as the world’s biggest IPO. - Sunday Telegraph

Legal funding firm Vannin is moving ahead with its float despite a tough time for stock market offerings. Last week, financial technology firm Funding Circle and car maker Aston Martin saw their share prices dive after recently floating on the London stock market. - Mail on Sunday

A housebuilder is being groomed for a sale or float four years after a clutch of hedge funds bought it from Lloyds Bank. Derbyshire-based Avant Homes, formerly known as Gladedale, could be valued at up to £600m in a deal. - Sunday Times

Passengers who had their holidays ruined after easyJet cancelled their flights at the last minute say they are being forced to wait months for their compensation because the airline seemingly won’t pay up. - Observer

Profit-driven firms are squeezing traditional GPs out of running family doctor services because of rules that NHS bosses and ministers both believe harm patient care. Doctors, MPs and campaigners have hit out at the “creeping privatisation” of general practice, with private companies being handed contracts ahead of groups of GPs. - Observer

More than 450,000 reported bank frauds over the past three years were automatically dismissed by a “computer says no” system, according to official figures. With Britain struggling to cope with the rising problem, the figures, equal to more than half of all cases, reveal most frauds are not examined by a person. - Sunday Times

The Chinese owners of British microchip-maker Imagination Technologies have called off a bitter dispute with ­Apple. Ray Bingham, Imagination’s ­executive chairman, said the company had ceased hostilities with the US tech giant after it was bought by Beijing’s Canyon Bridge Partners 11 months ago. - Sunday Telegraph

Uber has driven up revenues for its UK business by 61pc despite spending the year battling regulators in London and across the country. Last year, the ride-hailing app was threatened with the loss of its London licence by the city's transport regulator and issued with suspensions in several towns and cities. - Sunday Telegraph

Food-maker Samworth Brothers saw profits nearly halve last year despite selling a record £1 billion of pies, pasties and other treats. The Leicester-based firm, owned by Sir David Samworth and his family, slashed its dividend from £18.3 million to £4.9 million. - Mail on Sunday

The Goodwood Estate raced ahead last year despite the departure of its chief executive Alex Williamson to preside over troubled department store House of Fraser. Turnover rose 7 per cent to £98.1 million in 2017, compared with the previous year, while profits jumped 50 per cent to £5.5 million. - Mail on Sunday

Manolo Blahnik’s plans for a global empire appear to have tripped up after he expanded into men’s shoes. Profits at Manolo Blahnik International have slipped 28 per cent from £9.7 million to £7 million for 2017, although turnover rose by 2 per cent to £30.6 million. - Mail on Sunday

Thousands of anti-coal demonstrators descended on Germany’s Hambach forest on Saturday to celebrate an unexpected court victory that suspended an energy company’s planned razing of the woodland to expand a giant opencast mine. - Observer