Market Buzz
Friday newspaper round-up: Business confidence, Brexit, chicken scandal, BT
Business confidence is rising but still at its second-lowest level this year, according to the latest survey from Lloyds Bank’s business barometer. Britain’s biggest high street lender said that the reading rose by six points this month to 23 per cent. Economic confidence among businesses surveyed rose by 7 points to 12 per cent, though this was also at the second-lowest level this year. - The Times.
Thursday newspaper round-up: Ryanair, Bombardier, Superfunds
Ryanair is facing enforcement action from the Civil Aviation Authority for “persistently misleading passengers” about their rights, piling more woe on the no-frills carrier as it announced a second wave of flight cancellations that will affect 400,000 people. In a letter to the Dublin-based airline, the CAA said chief executive Michael O’Leary was wrong to tell passengers last week that it did not have to arrange new flights for them after an initial batch of cancellations were announced.
Wednesday newspaper round-up: Imagination, Bombardier, Google, EU pensions
The Chinese takeover of Imagination Technologies was mired in confusion last night as the bidding vehicle, a Silicon Valley-based private equity fund, struggled to recover from claims that ministers could intervene. Speculation is growing that the government will look into the £550 million deal amid fears that another leading British technology company will fall into foreign hands, with some onlookers citing national security issues and talk that Imagination’s computer chip science could be utilised in Chinese military programmes.
Tuesday newspaper round-up: Brexit talks, PFIs, ARM, easyJet
The Brexit secretary, David Davis, and the EU’s chief negotiator, Michel Barnier, have clashed over the UK’s exit bill and Britain’s request for a transition period after Theresa May’s speech in Florence last week failed to unlock the stalemate in negotiations. On the first day of the fourth round of talks, Barnier said the prime minister’s €20bn (£17. 6bn) offer did not mean the UK would be given a transition period or that negotiations could move on to the detail of a future trading relationship.
Monday newspaper round-up: Credit report, Uber, drug spat, Canyon Bridge
Britain’s biggest banks are braced for new restrictions on consumer lending as the Bank of England today prepares to unveil the results of its review of the booming sector. Credit cards, unsecured loans and car finance deals have all surged in popularity over the past year, leading Mark Carney and his colleagues on the powerful Financial Policy Committee (FPC) to investigate if there are any growing risks in the sector. - Telegraph.
Sunday newspaper round-up: UK property, Treasury, Brexit, banks, Ladbrokes
Foreign buyers will face tougher restrictions on purchasing British property under plans being worked up by the Treasury in an attempt to help first time buyers. Policies could be announced within weeks as getting younger Britons on the housing ladder becomes a major part of the Tories autumn political drive. - Sunday Telegraph.
Friday newspaper round-up: North Korea, May's speech, SEC, HBOS
North Korean leader Kim Jong-un Friday mocked Donald Trump as "mentally deranged" – and warned he will make the US president "pay dearly" for threatening the destruction of his country at the United Nations. Then hours later Ri Yong Ho, the North Korean foreign minister, raised the stakes suggesting Pyongyang could consider a hydrogen bomb test on the Pacific Ocean of an unprecedented scale. - Telegraph.
Thursday newspaper round-up: Google-HTC, BHS, Sky
Google has announced a deal to acquire part of Taiwanese firm HTC Corp’s smartphone operations for about $1bn. The deal will not involve the purchase of a direct stake and HTC will continue to run its remaining smartphone business. Google has sought to beef up its hardware capability with deals and product launches, and last year hired Rick Osterloh, a former Motorola executive, to run its hardware division. – Guardian.
Wednesday newspaper round-up: Takeover rules, defence cuts, hotel issues
Bidders for UK stock market listed companies must lay out more detailed plans for their target, including location of its head office and research and development investment, under proposed rules put forward by the takeover watchdog and backed by the government. The new rules, which were published in a consultation document on Tuesday, also give companies, unions and other employee representatives more time to respond to bids in changes which follow the controversial £115bn attempted takeover of Unilever by Kraft Heinz earlier this year.
Tuesday newspaper round-up: FCA debt warning, Hurricane Maria, Trump at the UN
The government needs to step in to help tackle the mountain of debt being racked up by the most vulnerable consumers in Britain, the chief financial regulator has warned, as new data shows that personal debt burdens are continuing to rise. New figures seen by the Guardian showed the worsening consequences of Britain’s borrowing binge. According to the Money Advice Service, there are now 8. 3 million people in the UK with problem debts. - Guardian.
Monday newspaper round-up: 'Footnotes' debt, trains, housebuilders, gambling
The world’s top financial watchdog has uncovered $14 trillion of global dollar debt hidden in derivatives and swap contracts, a startling sum that doubles the underlying levels of offshore dollar credit in the international system. The scale of this lending greatly increases the risk of a future funding crisis if inflation ever forces the US Federal Reserve to tighten hard, draining worldwide liquidity and potentially triggering a dollar surge. - Telegraph.
Friday newspaper round-up: Sky, Sports Direct, Channel 4, RBS
James Murdoch has warned the government not to turn its back on 21st Century Fox’s bid for Sky as the UK prepares to leave the European Union, claiming Brexit makes it more important than ever that the country attracts investment. Murdoch said he was looking forward to going through the regulatory process on the deal if the UK “truly is open for business”, and defended his track record as chief executive and chairman of Sky, saying that “has to count for something”.
Thursday newspaper round-up: Brexit, pubs, Silicon Valley, Sky
The UK will not water down rules to protect its financial services sector in the wake of Brexit, the chancellor said on Wednesday as he sent a message to his counterparts in the EU that he would not tolerate protectionist measures being imposed to lure business way. Philip Hammond also told his audience of financiers in a set-piece speech in the City that his priority was to devise policies that would allow the UK to retain its place as a leading global financial centre.
Wednesday newspaper round-up: Public pay, bank warning, Amazon, Brexit
Theresa May’s government faces months of strife over public sector pay after a decision to lift the 1% annual cap on increases was met with derision from Labour and renewed threats of strikes by trade unions. Following months of pressure over the issue, Downing Street simultaneously announced above 1% pay rises for police and prison officers in the last of the 2017-18 deals, and a wider commitment to “flexibility” for all public sector workers from next year.
Tuesday newspaper round-up: Brexit vote, defence plans, FOBTs, balance transfers
Senior Tory MPs yesterday warned ministers that they would have to accept changes to their flagship Brexit legislation or face defeats when the bill returns to the Commons next month. Ministers last night won a comfortable victory at the European withdrawal bill’s second reading, with seven Labour MPs joining the DUP in supporting the government and no Conservative MPs voting against it. After more than 13 hours of debate, the government secured a majority of 36, with 326 votes for and 290 against.
Monday newspaper round-up: Consumer spending, PPI, NI's £1bn, hurricane cost
Consumer spending is set for its weakest year since 2013 due to inflation and lacklustre wage growth. Expenditure on clothing was down again last month despite retailers promoting back-to-school ranges while spending on transport and communications fell for an eighth consecutive month as shoppers continued to rein in major purchases such as cars. - The Times.
Friday newspaper round-up: BCC gloom, BoE lending, alcohol, Aramco
Britain is locked into a “low growth trajectory” that will see GDP growth dip next year while the eurozone shrugs off Brexit uncertainty to stretch ahead, according to a leading business group. The British Chambers of Commerce said a squeeze on household budgets and the failure of exporters to capitalise on the low pound meant the UK was “treading water”. - Guardian.
Thursday newspaper round-up: Brexit leak, RBS, Royal Mail, Woodford
No 10 has been asking major UK companies to sign a letter supporting its Brexit strategy, despite concerns in the corporate world about how immigration and trade will be affected. The letter, first seen by Sky News, was circulated to some FTSE 100 chiefs and others leaders but it was soon leaked by a company furious that Downing Street wanted it to support a plan that would be damaging to the interests of businesses. - Guardian.
Wednesday newspaper round-up: Free movement, divorce bill, insurance, Royal Mail
Britain will end the free movement of labour immediately after Brexit and introduce restrictions to deter all but highly-skilled EU workers under detailed proposals set out in a Home Office document. The 82-page paper, marked as extremely sensitive and dated August 2017, sets out for the first time how Britain intends to approach the politically charged issue of immigration, dramatically refocusing policy to put British workers first. - Guardian.
Tuesday newspaper round-up: Bell Pottinger, North Sea, Sports Direct, spending
Bell Pottinger, one of the City’s leading public relations agencies, has been expelled from the industry’s trade association after an investigation found its secret campaign to stir up racial tensions in South Africa to be the worst breach of ethics in its history. The Public Relations and Communications Association said Bell Pottinger was unethical and unprofessional, had brought the industry into disrepute and has banned the firm from its membership for at least five years.