Thursday newspaper round-up: Brexit, gambling ads, derivatives

Brexit is battering the UK property market, pushing it to its weakest level in more than six years, with almost half of surveyors reporting that sellers and buyers are sitting tight because of political uncertainty. The Royal Institution of Chartered Surveyors (Rics) said its monthly indicators for demand, supply and prices fell to multiyear lows in November. – Guardian

The gambling industry has confirmed plans to press ahead with a voluntary ban on betting adverts during sport programmes from next summer, amid mounting pressure to protect children from excessive exposure to gambling. Jeremy Wright, the culture secretary, said gambling firms were “stepping up and responding to public concerns”, as the Industry Group for Responsible Gambling (IGRG) – which coordinates five trade bodies – announced details of the proposals. – Guardian

MPs on the Foreign Affairs Select Committee have urged British universities to exercise "extreme caution" accepting money from Huawei, amid growing international concern about the security threat posed by the controversial Chinese telecom company. Huawei, the world's biggest telecom equipment manufacturer, has agreed to pour at least £6m into UK universities including Cambridge, Oxford, Manchester and York despite warnings from intelligence agencies around the world over potential security risks posed by the company’s technology. – Telegraph

An Irish virtual reality company, VR Education, has struck a deal with Finnish giant Nokia for its teaching and corporate training platform, as it launches the software commercially. Aim-listed VR Education, which is valued at around £20m, has been using funds from its initial public offering earlier this year to develop the "ENGAGE" platform. – Telegraph

The European Commission is preparing to grant European banks temporary access to British-based clearing houses for an additional year in the event of a no-deal Brexit, ending uncertainty about the status of trillions of euros of financial derivatives. Brussels had failed to provide assurances that cross-border derivative contracts would be recognised in the event of a no-deal Brexit. – The Times

The audit watchdog is to consider ways to improve the auditing of banks in Britain after it criticised the Big Four accountants for poor results in a review of their work for financial firms. The Financial Reporting Council has launched a consultation to change the requirements for the audits of banks and building societies. Under its proposals, auditors would have to apply a higher benchmark when looking at banks’ risk assessment procedures and disclosures and would have to better audit management estimates in a bank’s financial statements. Audit firms have until March 8 to respond. – The Times