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Market Buzz
31 Jul
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Wednesday newspaper round-up: No-deal Brexit, Car industry, Hong Kong

Boris Johnson has said that the UK could stay in the customs union and single market for another two years, as he appeared to suggest what a Brexit deal struck by his Government could look like. The Prime Minister described the chance of a no-deal Brexit as “vanishingly small” as he visited farmers in Wales on his tour of the UK. However, he stressed that the cost of no-deal preparations - such as building new customs facilities - will not be a “wasted effort” even if the UK manages to agree a deal with the European Union.

30 Jul
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Tuesday newspaper round-up: Pound, Valuations, Workers' rights

The pound has slumped to a 28-month low as investors reacted with alarm to the escalation of no-deal rhetoric by Boris Johnson’s government. Sterling dropped below $1. 23 against the US dollar and fell sharply against the euro to below €1. 10 on the international currency markets on Monday, as cabinet ministers began meetings to prepare for a no-deal Brexit. But while the pound suffered, there was confusion from Johnson’s government about whether a no-deal Brexit is the main working assumption.

29 Jul
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Monday newspaper round-up: Sports Direct, Just Eat, No-deal Brexit

Sports Direct did not tell its auditors that it faced a £605m tax demand until the day it was due to release its annual results. Accountants at Grant Thornton were only informed of the claim for VAT and penalties from Belgian authorities early on Friday, according to well-placed sources. - The Daily Telegraph.

28 Jul
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Sunday newspaper round-up: Boris Johnson, Brexit, Cobham, Just Eat, Primark

The former Tory chancellor Philip Hammond held private talks with Labour’s Brexit spokesman Keir Starmer shortly before Boris Johnson entered Downing Street last Wednesday, to plot cross-party moves aimed at preventing the new prime minister agreeing to a no-deal Brexit.

26 Jul
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Friday newspaper round-up: Sino-US trade spat, Alphabet and Amazon, De La Rue

The US government will pay American farmers hurt by the trade war with China between $15 and $150 per acre in an aid package totaling $16bn with farmers in the South poised to see higher rates than in the midwest. As US and Chinese negotiators prepare to meet face-to-face for the first time since talks on the dispute collapsed in May, the agriculture secretary, Sonny Perdue, said the package showed that Donald Trump knew farmers were “fighting the fight”. – Guardian.

25 Jul
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Thursday newspaper round-up: Nationwide, Tesla, online banking, Lendy

Most Nationwide banking customers will pay more for going into the red after it became the first major current account provider to respond to a ban on excessive fees. Nationwide, which has almost 8 million current account holders, said that following a clampdown by the Financial Conduct Authority (FCA), it would be introducing a single overdraft interest rate of 39. 9%, and removing many fees. That rate is more than double the 18. 9% that the building society now charges holders of its FlexAccount for an authorised overdraft.

24 Jul
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Wednesday newspaper round-up: British Airways, Heathrow, BoE, UK power

The US justice department is opening a broad antitrust review into major technology firms, as criticism over the companies’ growing reach and power heats up. The investigation will focus on growing complaints that the companies are unlawfully stifling competition. “The Department’s review will consider the widespread concerns that consumers, businesses and entrepreneurs have expressed about search, social media, and some retail services online,” the Department of Justice said in a statement.

23 Jul
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Tuesday newspaper round-up: Huawei, British Airways, Sports Direct, Inmarsat

Huawei equipment will continue to be used in the UK’s 5G mobile networks for now after the government delayed a decision on whether it should be restricted or banned over concerns that the Chinese government could use it to spy on countries. Jeremy Wright, the culture secretary, said the UK had no choice because it is still gauging the impact of US sanctions on Huawei. – Guardian.

22 Jul
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Monday newspaper round-up: Banks, rail passengers, Centrica, Lendy

Banks are closing branches in deprived communities in England four times faster than in wealthy areas. High street banks have collectively closed 990 branches in the most deprived areas of the country since 2010, compared with 230 in the richest local authorities. – Guardian.

19 Jul
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Friday newspaper round-up: Boeing, Waitrose, Inmarsat

Boeing reported on Thursday it would take an after-tax charge of $4. 9bn in the second quarter on estimated disruptions from the prolonged grounding of its lucrative 737 Max passenger jets, after two deadly crashes. The charge is from “potential concessions and other considerations to customers”, and the impact of continued lower production, the world’s largest plane maker said in a statement, as airlines that use the planes extend flight cancellations until November.

18 Jul
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Thursday newspaper round-up: Netflix, Woodford, De La Rue

The City watchdog has admitted that its rules are so complex that even its staff may not understand which investment products come under its jurisdiction. The chairman of the Financial Conduct Authority made the concession during a tempestuous annual public meeting in London on Wednesday, where consumers criticised the regulator for failing to protect them from a growing list of scandals. – Guardian.

17 Jul
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Wednesday newspaper round-up: In-work poverty, UK jobs warning, Bitcoin

Britain’s weak wage growth and rising prices have delivered a hit to living standards of a severity normally only seen during a deep recession, a leading thinktank has said. While official data has shown a pick-up in real earnings growth in recent months, the Resolution Foundation said household incomes had declined by 0. 5% in the period from 2016-17 to 2018-19. – Guardian.

16 Jul
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Tuesday newspaper round-up: Jaguar Land Rover, gender diversity, AstraZeneca

London and the southern regions of England are facing a dearth of teachers, nurses and police officers as rising rents make housing in large parts of the UK unaffordable for key public sector workers. A report by the consultancy firm PricewaterhouseCoopers said there was an urgent need to increase the supply of homes after it found that the failure of public sector pay to keep pace with soaring housing costs had made it increasingly hard for workers on modest incomes to make ends meet.

15 Jul
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Monday newspaper round-up: UK shoppers, Chinese growth, Boeing

Shoppers deserted UK high streets during June as the washout weather and continuing Brexit uncertainty helped drive store visits down to a seven-year low for the month. The “summer slump” took a particularly heavy toll on high streets, with shopping centres also badly affected, according to the British Retail Consortium’s (BRC) monthly footfall tracker for the period from 26 May to 29 June. - Guardian.

12 Jul
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Friday newspaper round-up: Amazon, Reckitt Benckiser, Thomas Cook

Britain is on course for another trade showdown with President Trump after deciding to forge ahead with a special tax on Amazon, Google and other big technology companies. The Treasury said yesterday that it will introduce a 2 per cent digital sales tax on revenues derived from UK users by big social media platforms, search engines and online marketplaces. - The Times.

10 Jul
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Wednesday newspaper round-up: Patisserie Valerie, water companies, Kingfisher

The former auditor of Patisserie Valerie, the cake and cafe chain at the centre of an alleged accounting fraud, has been placed under increased scrutiny after the industry watchdog called the quality of its work “unacceptable”. Grant Thornton was the worst performer in the Financial Reporting Council’s annual review of audits by the UK’s big accountants. The FRC said half of the eight Grant Thornton audits it inspected for 2017/18 required significant improvement.

09 Jul
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Tuesday newspaper round-up: Sole traders, retail sales, Ford

A fifth of the businesses started by Britain’s growing army of sole traders close within a year, according to a study highlighting the precarious financial states of those who opt for self-employment. A report by the Institute for Fiscal Studies found that less than half of companies set up by individuals have a long-term future, with 60% ceasing trading within five years. – Guardian.

08 Jul
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Monday newspaper round-up: Brexit, Deutsche Bank, Woodford

The feeling of relief in the British car industry was almost palpable on Friday, when Jaguar Land Rover said it would invest billions in producing new electric vehicles in the UK. After the recent closure of two other UK automotive factories in five months – Honda in Swindon and Ford in Bridgend – JLR boss Ralf Speth was clearly pleased to have good news for the 2,500 workers at the Castle Bromwich plant. Yet amid the congratulations, Speth also struck a note of warning.

05 Jul
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Friday newspaper round-up: Betting shops, digital tax, Sainsbury's

A quarter of betting shops on UK high streets have been slated for closure, putting 12,000 jobs at risk, with William Hill the latest bookmaker to blame job cuts on stricter regulation of fixed-odds betting terminals (FOBTs). Restrictions cutting the maximum stake on the controversial betting machines from £100 per spin to £2 came into force in April after a lengthy campaign by activists and MPs, who linked the controversial machines to gambling addiction. – Guardian.

04 Jul
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Thursday newspaper round-up: Woodhouse, Osborne, Boeing, Woodford

Two of the most senior advisers to Northern Powerhouse Developments, the company owned by embattled financier Gavin Woodhouse, have quit the business in the wake of a series of allegations about its finances. The departures have emerged a week after publication of an undercover investigation by the Guardian and ITV News, which raised questions about the business interests of Woodhouse, who has raised millions from private investors but whose firms have a multimillion-pound “black hole”.