Market Buzz
Tuesday newspaper round-up: Brexit bill, confidence, Mastercard, Sainsbury
Theresa May’s Brexit bill is likely to pass through the Commons without major amendment next week, as Conservative rebels are backing away from supporting changes proposed by Labour or other opposition parties. A band of Tory MPs fighting against a hard Brexit are indicating they have been largely satisfied by the prime minister’s promise of a white paper, which they believe could be published as early as Thursday. - Guardian.
Monday newspaper round-up: Public spending boost, Atkins, Trump, BAE
The vote to leave the European Union appears to have unshackled UK public spending, with data from government procurement revealing a sharp rise in the value of work put out to tender to nearly £100 billion in the last three months of 2016. According to Tussell, an analytics consultancy which runs a database of UK public sector tenders and contracts, the data could explain why official statistics have shown the economy to be more benign than the feared. - The Times.
Sunday newspaper round-up: UK rate rise, profit warning trend, O2, Rolls-Royce
The Bank of England is expected to increase its forecasts for growth and inflation, feeding speculation it will be forced to raise interest rates this year, the Sunday Times said. Although former predictions of a sharp slowdown have been confounded, economic surveys this week are expected to show British businesses have made a solid start to the year, but that the slump in the pound has filtered through to higher prices for shoppers faster than expected.
Friday newspaper round-up: ATMs, Imperial Brands, nuclear power
More than one in seven free-to-use cash machines across the UK could start charging or be shut down if the simmering row about the Link network cannot be resolved, an industry lobby group has warned. After a crucial meeting of the more than 30 members of the Link cash machine network failed to reach an agreement over a new charging system, the ATM Industry Association said 8,000 ATMs were at risk of being removed or starting to charge for withdrawals. – Guardian.
Thursday newspaper round-up: Car industry, Southern, Barratt Developments
The car industry has told Theresa May that the introduction of tariffs after Britain leaves the EU is a “red line” issue that would lead to a fall in sales and potentially result in job losses. In a severe warning about the consequences of a hard Brexit, Mike Hawes, the chief executive of the Society of Motor Manufacturers and Traders, said tariffs would make UK car plants uncompetitive and it was critical that any trade deal with the EU contained some of the benefits of the single market and customs union.
Wednesday newspaper round-up: ATMs, corruption, RBS
Last-ditch proposals to overhaul the way the Link cash machine network operates have been tabled in a bid to avert charges for bank customers withdrawing money at thousands of ATMs. A number of ideas have been put forward in an effort to head off a breakup of the 70,000-strong network amid fears that if banks and building societies drop Link, thousands more machines could be forced to charge for withdrawals. - Guardian.
Tuesday newspaper round-up: Brexit decision, Tesco, Hinkley Point
Jeremy Corbyn is expected to launch a new bid to frustrate Brexit by forcing Theresa May to send her final deal back to Brussels if Parliament votes against it. The Supreme Court will on Tuesday morning return its judgement on whether Parliament should be given a vote before formal Brexit negotiations begin in March. - Telegraph.
Monday newspaper round-up: GDP forecasts, May's industrial strategy, Bovis
Financiers are losing confidence in the economy and one of the country’s most closely watched forecasting panels has predicted a three-year grind of slow growth. The gloomy expectations come as officials prepare this week to publish their first estimate for growth in the final quarter. This is expected to slow slightly from 0. 6 per cent in the second and third quarters to 0. 5 per cent in Q4. - The Times.
Sunday newspaper round-up: Industrial strategy, May to meet Trump, Barclays, courgettes
Theresa May will on Monday reveal her '10 pillars' industrial strategy that will aim to boost sector productivity. The Sunday Times said the Prime Minister's long-awaited green paper includes measures to improve skills, boost scientific research, and increasing spending on broadband, transport and energy networks, as well as £170m for the building of 'new polytechnics' in every region.
Friday newspaper round-up: EasyJet, Ofgem, Brexit, Rolls-Royce
A French court on Thursday fined British low-cost airline easyJet €60,000 (£52,000) for having refused to allow a disabled passenger to board for “security” reasons. The criminal court in Bayonne, southern France, heard that staff at the budget carrier refused to allow Joseph Etcheveste, 55, to board an Easyjet flight in Biarritz in July 2010 because he was “unaccompanied”. – Guardian.
Thursday newspaper round-up: Yellen, Aussie trade deal, Rolls-Royce, Rics
Janet Yellen, the chairman of the US Federal Reserve, said the economy had come a long way in recovering from the 2008 financial crisis and that she and her colleagues expect the central bank to raise interest rates “a few times a year” until 2019. Ms Yellen also warned that waiting too long to raise rates could risk a “nasty surprise” down the road, but that increasing interest rates too rapidly would push the economy into a new recession. - Telegraph.
Wednesday newspaper round-up: Retailers, Deliveroo, Davos
Almost three-quarters of international retailers are choosing to expand outside of the UK because of this country’s burdensome and complex business rates system, fresh figures have shown. The findings come at a time when British firms are chastising the Government’s proposals to overhaul an appeals procedure which will limit companies’ powers to challenge incorrect business rate rises and face looming bill increases in an April revaluation. - Telegraph.
Tuesday newspaper round-up: May, Carney, Merkel, oil
Theresa May will rule out Britain staying in the European single market today as she makes immigration controls a priority in Brexit talks. Britain should not be “half-in, half-out” of the EU or “hold on to bits of membership as we leave”, the prime minister will say in a speech laying out her negotiating objectives. - The Times.
Monday newspaper round-up: May, Hammond, Trump all upbeat on Brexit
Ministers are prepared to start a tax and trade war with Europe to ensure Britain’s economic prosperity, the chancellor said yesterday. Philip Hammond said that if the EU cut off the UK’s preferential access to the single market or tried to impose tariffs and trade restrictions, a “wounded” Britain would not lie down and accept the economic damage. - The Times.
Sunday newspaper round-up: Hard Brexit, Putin, Hammond
Theresa May will announce that Britain is seeking a clean and hard Brexit in a speech this week that will promise to create a “strong new partnership” with the European Union. The prime minister will finally lay her cards on the table, making clear that the UK is set to pull out of the single market and the European customs union in order to regain control of immigration and end the jurisdiction of the European Court of Justice. - The Sunday Times.
Friday newspaper round-up: Hard Brexit, mortgages, retailers
British companies across all sectors will remain resilient after the country leaves the European Union, even if the UK heads for a "hard Brexit", according to Fitch. Officials at the rating agency said businesses would cope even if Britain did not secure a transition deal with Brussels and fell back on World Trade Organisation (WTO) rules for trade with its former EU partners. – Telegraph.
Thursday newspaper round-up: VW, Hammond, City, housebuilders
Six former Volkswagen executives are being charged over their alleged roles in the 2015 emissions scandal, as the company admits liability and is ordered to pay a record $4. 3bn (£3. 5bn) penalty, US officials have said. The men are accused of running a near decade-long conspiracy during their time at the firm and are being charged with conspiracy to defraud the United States, violations of the Clean Air Act, and wire fraud, the US attorney general Loretta Lynch said on Wednesday.
Wednesday newspaper round-up: Bovis Homes, VW, UK growth forecasts
Bovis Homes has been accused of pressuring customers to move into unfinished houses before Christmas by offering them cash incentives, a week before it issued a profit warning. Several Bovis customers said they had been offered cheques of £2,000 to £3,000, or other incentives, if they completed on their house purchases before 23 December. – Guardian .
Tuesday newspaper round-up: Retail sales, Tesco, Whitbread
UK retail sales continued to grow at the end of last year as Britons made a late dash for Christmas gifts and festive foods, according to industry figures that add to signs the economy ended 2016 on a strong note. The British Retail Consortium (BRC) pointed to challenges ahead from rising costs and political uncertainty but said its members went into the new year having enjoyed solid sales growth over the crucial Christmas period. - Guardian.
Monday newspaper round-up: Consumer spending, factory outlook, drug deals
Shoppers and business owners have signalled confidence in spending more, suggesting the credit-fuelled growth seen in late 2016 is showing few signs of flagging. Consumer spending on credit and debt cards rose 2. 6pc during last year, with higher spending both online and in bricks-and-mortar retailers, according to figures from Visa. - Telegraph.