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Monday Papers: Brexit to cause ‘£100bn shock to UK economy’

And UK blue-chip firms were told to stop reporting every quarter in an attempt to rebalance the relationship between investors and company boards.

Monday Papers: Brexit to cause ‘£100bn shock to UK economy’

Top stories

  • The Times: A British exit from the European Union could cause a £100 billion “shock to the UK economy”, according to the CBI, which is warning that a vote to leave would constitute a “real blow” to jobs, growth and employment.
  • The Daily Telegraph: The UK’s biggest institutional investors are to demand FTSE 100 companies stop quarterly reporting as part of a radical shake-up of how shareholders interact with their investments.
  • Financial Times: Investors have rushed to snap up inflation-proofed US government bonds in the wake of last week’s Federal Reserve meeting, which analysts say indicated that officials are willing to tolerate higher inflation before tightening monetary policy more aggressively.
  • Financial Times: Marco Patuano, chief executive of Telecom Italia, is set to quit after a bust-up with Vincent Bolloré allowing the French corporate raider and Vivendi’s biggest shareholder to tighten his grip on Italy’s biggest telecoms group.
  • The Times: Barclays has come under attack from a long-term shareholder for deciding to sell its African business and rebuild its investment bank.
  • Financial Times: De Beers launched a venture as a used diamond buyer, hoping to shore up confidence in the market by offering owners a better way to cash in their carats than turning to their local jeweller or the nearest pawnbroker.
  • The Daily Telegraph: Dyson will invest £1 billion in developing new battery technology by 2020 as the business best known for its vacuum cleaners branches out into new areas.

Business and economics

  • Financial Times: Rolls-Royce will this week pledge to create 350 new jobs over the next year at its historic engine factory in Derby, in an effort to allay political concerns over the future of the group’s UK manufacturing operations after a string of profit warnings.
  • Financial Times: Barack Obama arrived in Cuba on Sunday afternoon for a historic visit after taking the three-hour flight that has eluded his predecessors for the past 88 years.
  • Financial Times: Crispin Odey, the outspoken London hedge fund manager, made a 22% loss in his €1 billion Odey European fund in the first two weeks of March as a number of big bets went against him.
  • Financial Times: The head of European equities at Carmignac Gestion, whose personal investments were the subject of an internal probe, has resigned from the €52 billion French asset manager.
  • Financial Times: Wall Street executives are facing further scrutiny of their pay deals as governance crusaders push to beef up bonus “clawback” regimes.
  • Financial Times: Deutsche Börse plans to export a version of the UK’s Aim market for smaller companies to Germany, as it seeks to leverage its proposed merger with the London Stock Exchange.
  • Daily Mail: Up to 330 Argos stores could shut if Sainsbury’s seals its £1.4 billion takeover of Home Retail Group, analysts claim.
  • The Guardian: Hundreds of passengers flying with easyJet and British Airways face flight cancellations over the next three days due to industrial action by French air traffic control employees.

Share tips, comment and bids

  • Daily Mail (Midas share tip): Ironveld is a punt for intrepid investors.
  • Daily Mail (Midas share tip): New investors can buy Quarto on any short-term weakness.
  • The Daily Telegraph (Questor share tips): Ten great share tips for your ISA - James Halstead, Ricardo, Cranswick, James Fisher & Sons, Carr’s Group, Portmeirion, Avon Rubber, WS Atkins, Yound & Co’s Brewery, British American Tobacco.
  • Daily Mail: The London Stock Exchange could ask shareholders to vote on its controversial £21 billion merger with its Frankfurt rival before the EU referendum on 23 June.
  • The Times: Opposition is growing to an attempted takeover of the Baltic Exchange by bidders in the Far East amid concerns that new owners might increase the price of its services.
  • Daily Mail: Shares in a former Polish shale gas explorer known as 3Legs will return to trading as SalvaRx this week after the company trans-formed itself into a biotech business through a reverse takeover.
  • The Times: The rush of technology companies on to the junior Aim market has continued with a cyber security company Osirium revealing plans to raise £4 million via a float.
  • Financial Times: Valeant is the latest troubled roll-up to unravel.
  • The Times (Comment): Putin’s Syria withdrawal appears to be a ploy to push up the price of oil.
  • Financial Times (Lex): Toshiba/Hitachi: Japan Inc restructures, slowly.

1 comment so far. Why not have your say?

Jeremy Watts

Mar 21, 2016 at 18:56

What planet are the CBI on? Have they not heard of the rest of the non_EU world? How can they justify a "scare" figure of £100bn?

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by Michelle McGagh on Jun 22, 2018 at 14:57

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