Press Round-Up Short (Premium)
Monday newspaper round-up: Russian oligarchs, Hermes, T-Mobile, Sainsburys/Asda
Labour has called on ministers to toughen the scrutiny and regulation of City flotations as a matter of urgency following the controversial $7bn (£5bn) London flotation of En+, a Russian metals group controlled by oligarch Oleg Deripaska. The shadow chancellor, John McDonnell, called on the chancellor, Philip Hammond, to introduce serious measures against oligarchs and consider “tightening initial considerations around listings” after the US said it would introduce economic sanctions against the Russian billionaire.
Sunday newspaper round-up: UK growth, Sainsbury-Asda, bookies, Capita, Apple
Traders fear the pound is about to come under further selling pressure amid mounting evidence that the economy is grinding to a halt. An ominous new survey, published today by the CBI, suggests that the first quarter’s dismal growth figures are the start of a prolonged economic slowdown rather than a weather-related blip. - Sunday Times.
Friday newspaper round-up: North/South Korea, Trump, Persimmon, Whitbread
The leaders of North and South Korea have vowed to “write a new chapter” in their peninsula’s troubled history at the start of a summit that has raised hopes for a resolution over Pyongyang’s nuclear and ballistic missile programmes. On a bright spring morning Kim Jong-un and his South Korean counterpart, Moon Jae-in, reached across a simple concrete slab marking the border between their countries and shook hands for more than 20 seconds. - Guardian.
Thursday newspaper round-up: Brexit, trade, Unilever, water
David Davis has been accused by Brussels of engaging in “fantasy” politics after he claimed that an EU trade deal could be ready for ratification by March next year. The Brexit secretary told MPs yesterday that the government intended to have a political trade partnership deal in place by October, and that it could be turned into a legal treaty in time for Britain’s official EU departure date. - The Times.
Wednesday newspaper round-up: Brexit, banks, food, Capita, fracking
The City will maintain access to European markets after Brexit if British regulations are similar enough to its own, the vice-president of the European Commission has said. Valdis Dombrovskis said that UK banks probably could use a system of equivalence to secure EU access after Britain leaves the bloc. However, he warned that Brussels had a “unilateral and discretionary” say over whether regulation would be strong enough. - The Times.
Tuesday newspaper round-up: Alphabet, Mirror, whistleblowing
Google owner Alphabet shrugged off mounting concerns over privacy on Monday to report an 84% rise in profits for the last quarter. The results eased concerns that investment in new ventures beyond its core search business was undermining Alphabet’s outlook. There also were no immediate signs that rising global privacy concerns would affect profits. – Guardian.
Monday newspaper round-up: Customs union, cyber attacks, luxury brands
Theresa May could face a cabinet revolt on a customs union as peers prepare to inflict more defeats on the government over the EU withdrawal bill in a key week for the future of the UK’s relations with Europe. Amid Brexiter threats of a leadership challenge, the former cabinet minister Nicky Morgan, who chairs the Treasury committee, said party rebels should be careful what they wished for. – Guardian.
Friday newspaper round-up: Workers' rights, WPP, tech crackdown
The World Bank is proposing lower minimum wages and greater hiring and firing powers for employers as part of a wide-ranging deregulation of labour markets deemed necessary to prepare countries for the changing nature of work. A working draft of the bank’s flagship World Development Report – which will urge policy action from governments when it comes out in the autumn – says less “burdensome” regulations are needed so that firms can hire workers at lower cost.
Thursday newspaper round-up: Housing, Porsche, Bank of England, oil
Rogue landlords should have their properties confiscated by local councils, according to a cross-party report from MPs into Britain’s private rented sector. Current financial penalties are “meaningless” in deterring the worst, criminal offenders among landlords, according to the housing, communities and local government committee. - Guardian.
Wednesday newspaper round-up: M&S, WPP, KPMG, over-55 homeowners
Marks & Spencer is to close its distribution centre near Warrington, putting 450 jobs at risk. The decision brings the total number of job losses at M&S this year to more than 1,300. In January, M&S said it was closing 14 stores, affecting nearly 500 jobs. The retailer also ditched its Neasden distribution site in London, putting a further 380 jobs at risk. – Guardian.
Tuesday newspaper round-up: Trade, China, housing, UK tech
The threat of a trade war between the United States and China is unnerving business leaders and hitting the entire global economy, the head of the World Trade Organisation has warned. Roberto Azevêdo, the WTO director-general, said that “just the possibility” of an escalation in the dispute between the two countries was having an impact on corporate investment decisions. - The Times.
Monday newspaper round-up: UK high street, BHP Billiton, electricity bills
Dismal weather kept consumers away from the high street last month, prompting the steepest drop in shopper numbers since the end of 2010. The number of people visiting shops in March dropped 6% compared with the same month last year after strong winds and snow hit the UK. A survey of Visa card users indicated that consumer spending slid 2% in March, rounding off a poor start to the year for the retail sector. - Guardian .
Sunday newspaper round-up: Hammerson, WPP, Whitbread, BAE
The FTSE 100 shopping centre owner Hammerson could decide to renegotiate or even abandon a £3. 4bn merger with a rival this week. The board is expected to meet amid growing investor unrest over a proposed tie-up with Intu, whose properties include the Trafford Centre in Manchester. - Sunday Times.
Market Buzz: Investors play it safe going into the weekend; 'Sell the rip', BoA says
1700:Close Stocks carved out slight gains as the pound trimmed early sharp gains, as investors reacted positively to hints of progress in Washington's trade negotiations with Beijing and its NAFTA partners.
Friday newspaper round-up: TPP, VW, FirstGroup, Facebook
Donald Trump has said he would lead America back into the controversial Trans Pacific Partnership trade pact – but only if he was offered a better deal than that negotiated by the Obama administration. After reports that he was reconsidering his decision to pull out of the pact, Trump tweeted on Thursday night that he would only do so if he was offered improved terms from the 11 existing signatories, who include Japan, Australia and Canada. “Would only join TPP if the deal were substantially better than the deal offered to Pres.
Thursday newspaper round-up: Housing market, FirstGroup, Hammerson, Melrose
Britain’s property surveyors have issued the most downbeat assessment of the housing market for five years. The Royal Institution of Chartered Surveyors (Rics) said that in March demand from buyers fell for the 12th month in a row, new instructions from sellers declined for the seventh consecutive month, and prices were flat nationally. Rics measures confidence in the property market by balancing surveyors seeing price rises against those seeing price falls. It said the figures were the lowest since 2013.
Wednesday newspaper round-up: IMF warning, 21st Century Fox, EDF
The head of the International Monetary Fund has warned of “darker clouds looming” for the global economy amid simmering trade tensions between the US and China, urging governments around the world to steer clear of protectionism or face negative consequences. Christine Lagarde said the current system for world trade was “in danger of being torn apart”, with the potential to upset the present global economic upswing and make consumers poorer. – Guardian.
Tuesday newspaper round-up: WPP, auditing, trade, food
The outcome of an inquiry into the personal conduct of Sir Martin Sorrell could be published as early as next week as potential successors for the top position at WPP continue to emerge. WPP, the world’s largest advertising agency, hopes that publishing the findings of an investigation into its long-serving chief executive next week will draw a line under a scandal that has left the group and Sir Martin vulnerable. - The Times.
Monday newspaper round-up: Growth fears, trade war, IPOs, WPP
Brexit has fallen into second place as the most significant risk facing company bosses for the first time since the EU referendum, as weak domestic growth saps demand for their goods and services. According to a Deloitte survey of chief financial officers (CFOs) at some of the UK’s biggest businesses, companies are now less pessimistic about Brexit after ministers agreed the terms of a transition period with Brussels to smooth Britain’s exit from the EU. - Guardian.
Friday newspaper round-up: Global confidence, apprentices, BP, sugar
A blizzard of weak economic data from across the world has begun to infect global confidence, indicating that surging loan costs and monetary tightening by major central banks are inflicting damage. JP Morgan’s composite index of global economic growth fell abruptly to a 16-month low in March. While it remains in expansion territory, the steepness of the drop matched the slide in early 2016 at the onset of the Chinese currency crisis. - Telegraph .