Market Buzz
Friday newspaper round-up: Brexit, Turkey, Sports Direct, smart meters
Britain faces another year in the European Union if MPs refuse to approve a central part of Theresa May’s deal during an emergency sitting of parliament today. On the date the country was due to leave the bloc, the Commons will be asked to vote in favour of a stripped-down version of the deal, consisting of only the withdrawal agreement. - The Times.
Thursday newspaper round-up: Car manufacturers, Arriva, Anya Hindmarch, German bonds
Car manufacturers have said their anxiety over Brexit is now “at fever pitch” after latest monthly production figures showed another major decline, with a 15% year-on-year drop in output in February. The double-digit drop was the ninth consecutive month in which British car manufacturing output has fallen. The industry blamed declining demand in the UK and in key European and Asian export markets for the continuing slump, which saw just 123,203 vehicles made last month, more than 22,000 fewer than the previous February.
Wednesday newspaper round-up: Brexit, Help to Buy, Thomas Cook, fracking
The EU has pencilled in April Fools’ Day 2020 as a leading option for Britain’s first day outside the bloc, should the UK government ask Brussels for a lengthy extension of article 50 in three weeks’ time, it can be revealed. The date was to be offered at the leaders’ summit last week if Theresa May had followed through on her promise to request a short extension in the event of passing her Brexit deal, and a longer one should it be rejected again by the House of Commons.
Tuesday newspaper round-up: Brexit, Apple, Sports Direct, William Hill
Parliament seized control of Brexit last night as three government ministers quit to give MPs the power to tear up Theresa May’s deal. The business minister Richard Harrington joined Alistair Burt and Steve Brine in effectively resigning as they joined 29 Tory MPs defying a three-line whip to defeat the government. - The Times.
Monday newspaper round-up: Brexit, cyberattacks, vaping, Tesco
Confidence in the UK’s financial services industry is falling at its fastest rate since the height of the 2008 crisis. Political uncertainty continues to “chip away” at the sector, threatening the City’s international standing, new research has claimed. Headcount has also fallen across businesses, meaning that overall employment within the sector has hit its lowest level for four years in March, according to a survey from the Confederation of British Industry (CBI) and accountancy giant PwC.
Sunday newspaper round-up: Sainsbury's, Shell, M&S - and Brexit
In one of the biggest demonstrations in British history, a crowd estimated at over one million people yesterday marched peacefully through central London to demand that MPs grant them a fresh referendum on Brexit. The Put it to the People march, which included protesters from all corners of the United Kingdom and many EU nationals living here, took place amid extraordinary political turmoil and growing calls on prime minister Theresa May to resign. - Observer.
Friday newspaper round-up: Boeing, ExxonMobil, rail firms, Mike Ashley
Indonesia’s national carrier Garuda has cancelled a multibillion-dollar order for 49 Boeing 737 Max 8 jets after two fatal crashes involving the plane, the company said, blaming passengers’ loss of trust in the aircraft. In what is thought to be the first formal cancellation for the model, Garuda spokesman Ikhsan Rosan said: “We have sent a letter to Boeing requesting that the order be cancelled. “The reason is that Garuda passengers in Indonesia have lost trust and no longer have the confidence” in the plane, he said, adding that the airline was awaiting a response from Boeing.
Thursday newspaper round-up: Oil rigs, car industry, StanChart, Brexit
Oil rigs could soon be run on renewable energy and battery power under new plans to help the North Sea play its part in the energy transition. The industry’s regulator, the Oil and Gas Authority, is preparing to lead a new project to forge closer links between the oil producers and wind farm developers operating in UK waters. – Telegraph.
Wednesday newspaper round-up: Brexit, BoE, Metro Bank, Superdry
No-deal contingency plans to safeguard medicine imports are set to be triggered on Wednesday, despite the potential delay to Brexit, with approved suppliers told to book space on the government’s emergency ferry service. Although the prime minister is to request an extension to article 50 which would postpone Britain’s departure from the EU, Whitehall will enact plans to ensure the flow of critical supplies should Dover be gridlocked after 29 March. - Guardian.
Tuesday newspaper round-up: Viagogo, Boeing, Goldman, Lloyds
A committee of MPs has taken the highly unusual step of urging consumers to boycott the ticket resale firm Viagogo, criticising Google for promoting the website and calling for a review of laws against ticket touting. In a report on the live music industry, the Digital, Culture, Media and Sport select committee criticised Viagogo for “misleading” consumers, many of whom stumbled upon the site via paid-for ads on Google. – Guardian.
Monday newspaper round-up: Brexit, house prices, Barclays, Patisserie Valerie
Theresa May secured the backing of some staunch Brexiteers for her deal after personally lobbying MPs but last night remained significantly short of the number she needs to win a vote this week. Esther McVey, the former work and pensions secretary who quit over Brexit, confirmed her support yesterday after hinting late last week that she could back the deal. - The Times.
Friday newspaper round-up: Trade deal, Boeing, WPP, Interserve
Britain has signed a post-Brexit trade deal with the Pacific islands of Fiji and Papua New Guinea, as the government rushes to sign as many agreements as possible before 29 March. The Department for International Trade said the agreement would maintain access to goods including sugar and fish imported from the islands 10,000 miles away. Total trade between Britain and the region is worth about £369m a year. – Guardian.
Thursday newspaper round-up: Facebook, Johnson & Johnson, Norwegian Air
Facebook is under criminal investigation by federal prosecutors examining its data-sharing deals with other major technology companies, according to the New York Times. A New York grand jury has subpoenaed records from “at least two prominent makers of smartphones and other devices”, the Times reported, citing two unnamed sources. –Guardian.
Wednesday newspaper round-up: Boeing, spring statement, BoE, Petrofac boss
Boeing and the US aviation authorities have come under increasing pressure to ground the 737 Max despite repeated reassurances as the European Union and numerous other countries halted flights and Donald Trump weighed in following a second fatal crash involving the plane in less than five months. US regulators, airlines and the manufacturer have become increasingly isolated in maintaining that the plane is safe. - Guardian.
Tuesday newspaper round-up: Brexit, Unilever boss, Standard Life Aberdeen
Growing numbers of British companies are preparing to cut jobs or put hiring plans on hold as Brexit uncertainty intensifies, in the latest sign of stress on the economy. In an indication that Britain’s long jobs recovery since the financial crisis is gradually running out of steam as Brexit nears, IHS Markit said UK employers’ staff-hiring intentions had reached a six-year low in February. – Guardian.
Monday newspaper round-up: Brexit, financials, Just Eat, Royal Mail
Theresa May has been urged by senior Conservative MPs to pull tomorrow’s meaningful vote on her Brexit deal if she fails to secure significant concessions from Brussels. In phone calls with Downing Street, leading Tories in the Commons warned that the prime minister could face another three-figure defeat if she went ahead with her plan. - The Times.
Sunday newspaper round-up: Brexit, US economy, HSBC, airlines, Interserve
Global banks have been forced to trigger emergency plans to stop EU companies hitting trading problems if Britain crashes out of the bloc without a deal this month. With MPs potentially voting this week on whether to leave the EU without a deal, banks are warning that most of their large EU clients are underprepared and could be blocked from accessing trillions of pounds’ worth of crucial trading services in just a few weeks. - Sunday Times.
Friday newspaper round-up: Brexit, BoE split, money laundering, National Grid
Theresa May will make a last-ditch attempt to persuade the EU to give her a better Brexit deal on Friday, as she struggles to hold her crumbling government together following a day of cabinet embarrassments in Westminster. The prime minister will plead with EU leaders to offer further concessions, as it became clear that talks in Brussels have stalled and hardline Eurosceptics in her party are likely to vote down the deal for a second time in parliament next week.
Thursday newspaper round-up: Brexit, internet levy, tax avoiders, Facebook
Theresa May’s Cabinet is resigned to her Brexit deal being defeated by up to 100 votes next week after talks in Brussels collapsed without progress on Wednesday. Downing Street is already making plans for a third “meaningful vote” on the deal on the assumption that Tuesday’s vote is lost, and Mrs May is considering making a major speech on Friday to plead for support from MPs. - Telegraph.
Wednesday newspaper round-up: Cashless society, ultra rich, carmakers, Goldman, Bentley
More than 8 million UK adults would struggle to cope in a cashless society, according to a major report which claims that the country’s “cash infrastructure” is in danger of collapsing. With Britons increasingly turning to digital payments, and bank branches and ATMs closing, the Access to Cash Review said companies and organisations providing “essential” services should be required to ensure that consumers can continue to pay by cash. – Guardian.