Thursday newspaper round-up: Brexit, US rates, power, restaurants

Theresa May has hinted that the UK could extend the Brexit transition period to allow more time for trade talks, but she dismayed leaders at a crunch Brussels summit by failing to offer any new ideas to break the impasse over the Irish border. In a development that immediately drew the wrath of Brexit supporters, EU officials said that the prime minister had suggested she was “ready to consider” a longer transition period in the hope of breaking open the deadlocked talks. - Guardian

Interest rates in the United States should be raised to the point where they have a cooling effect on the economy, officials at the Federal Reserve have said. Several participants at the central bank’s September rate-setting meeting expressed support for raising the base rate above a neutral level to keep inflation in check, according to minutes released last night. The next rate rise could come as soon as December. - The Times

A top US regulator has threatened to prevent European banks from accessing US futures markets over EU plans for the oversight of foreign clearing houses after Brexit. Speaking at the Futures and Options Expo in Chicago, Christopher Giancarlo, head of the Commodity Futures Trading Commission, called the EU plans to amend European Market Infrastructure Regulation “unprecedented and wholly unacceptable” and warned they could create “costly burdensome regulatory requirements” in the US. - Telegraph

A group of Britain’s biggest banks and insurers plans to create a body to help to defend the financial system against the growing threat of cyberattacks. The new Financial Sector Cyber Collaboration Centre is being backed by 20 large banks, insurers and securities exchanges. - The Times

Britain could be forced to choose between the United States and China as it searches for post-Brexit trade deals, Liam Fox has been warned. President Trump’s officials have indicated they plan to insert a “poison pill” clause into future American free trade agreements which would allow the White House to terminate them if partners strike a deal with Beijing. - The Times

Britain’s largest power generators have called on Chancellor Philip Hammond to resist watering down the carbon taxes which have helped wean the country off coal. In a letter, seen by the Daily Telegraph, the bosses behind energy giant SSE, wind power developer Orsted and coal-generator Drax said the existing carbon price is “crucial” to the industry’s post-Brexit confidence. - Telegraph

Households are set for a costly winter as best buy energy tariffs have soared by more than a fifth, from £864 to £1,042 a year, thanks to a steep rise in wholesale energy prices. A surge in wholesale energy costs has had a knock-on effect on the competitive prices many energy providers had previously been able to offer households, analysis shows. - Mail

New onshore wind turbines could soon begin spinning as fresh support for onshore wind plans grows within the Conservative Party and wind-swept local communities. Government ministers have hinted that the block on wind farms could fall away in the case of communities which don’t oppose the plans. - Telegraph

Bosses of crisis-hit cake chain Patisserie Valerie could be hauled before parliament after a shock £40million black hole was uncovered in its accounts. Chief executive Luke Johnson, who owns more than a third of the cafe's parent company Patisserie Holdings, is facing calls to account for his governance of the business in Parliament. - Mail

Cypriot airline Cobalt has announced that it is cancelling all its flights and indefinitely suspending operations. Cobalt, which has services from Heathrow, Stansted and Gatwick, warned travellers on Wednesday night not to arrive for flights. The carrier said all flights would be cancelled as of 11.50pm. - Guardian

The Trump administration will begin withdrawing from a United Nations treaty that offered low rates for foreign postal deliveries of small packages in the US – the latest move to challenge practices it sees as unfairly advantageous to China. White House officials said on Wednesday the US would start the process of leaving the Universal Postal Union (UPU), a Switzerland-based organisation that connects postal services worldwide. - Guardian

A multibillion-dollar Asian rival to KFC will make its first foray into the UK on Thursday, opening in London’s Earl’s Court. Jollibee, which offers single plates combining fried chicken, tomato spaghetti, beef with gravy and rice, has plans for rapid expansion across Europe. - Telegraph

A copycat rival to the world’s bestselling prescription drug has been launched in Europe, which NHS bosses hope could help to save £150 million a year. Samsung Bioepis, a joint venture between Samsung Biologics, part of the South Korean conglomerate, and Biogen, an American company, have created a “biosimilar” of the Humira medicine sold by Abbvie. - The Times