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Monday Papers: Britain ‘will not undercut EU rivals’ after Brexit

And Pimco has pulled in $50 billion active cash as investors drawn to new star.

 
Monday Papers: Britain ‘will not undercut EU rivals’ after Brexit

Top stories

  • The Times: Britain will not slash taxes and regulations after Brexit to undercut European rivals, Philip Hammond has said.
  • Financial Times: Pimco has staged a “remarkable turnround” to become the world’s best-selling active mutual fund manager, after investors pulled hundreds of billions of dollars from the investment house following the departure of bond king Bill Gross in 2014.
  • Financial Times: Apple has removed from its Chinese app store apps that enable users to bypass China’s “Great Firewall”, in a move that makers have condemned as “censorship”.
  • The Daily Telegraph: Virgin Atlantic’s boss has claimed the airline will overtake its big rivals in the lucrative transatlantic market following a tie-up with Air France.
  • Financial Times: MUFG, Japan’s biggest bank, plans to choose Amsterdam as the new EU base for its investment banking operations to cope with the disruption of Brexit.

Business and economics

  • Daily Mail: Embattled engineer Rolls-Royce is expected to post a boost in half-year profits in results that will be closely watched by investors judging its boss’s turnaround plans.
  • Financial Times: Prominent UK fund manager Neil Woodford suffered another setback last week as two of his largest holdings posted sharp falls in share prices, continuing a disappointing year for the investor.
  • The Daily Telegraph: The family behind upmarket grocer Booths could be forced to pump more money into the business in order to ­retain control over the company.
  • The Daily Telegraph: Losses have more than doubled at the prestigious Wentworth golf course as the cost of the loans its controversial Chinese owners took out to buy the club weighed on profits.
  • The Daily Telegraph: Five more banks have agreed to pay a total of $111 million to settle claims that they manipulated currency markets, as the foreign exchange scandal continues to haunt the finance industry.
  • The Times: The executive chairman of Micro Focus could make more than £21 million from the British company’s acquisition of Hewlett Packard Enterprise’s software business.
  • The Times: The National House Building Council is suing its auditor PWC for £35 million for its failure to alert it to the fact that it had been overpaying corporation tax for a decade.

Share tips, comment and bids

  • Daily Mail (Trader tips): BUY Loop Up, a UK tech firm; SELL Foxtons over concerns of London slowdown.
  • The Times: Prudential is about to look for buyers for about £10 billion of its annuities business, which could lead to the sale of the entire £45 billion division and the transfer of thousands of policyholders to a new provider.
  • Financial Times: Li Ka-shing, Hong Kong’s richest man, has agreed to sell his Hutchison Telecommunications fixed-line phone business for HK$14.5 billion ($1.86 billion), in the latest divestment of assets by an Asian tycoon family.
  • The Daily Telegraph (Comment): Central bankers are already repeating interest rate mistakes.

4 comments so far. Why not have your say?

Donald Chan

Jul 31, 2017 at 07:25

Has Philip Hammond taken over the Brexit negotiations?

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Alan Anderson

Jul 31, 2017 at 08:54

The EU has taken over the Brexit negotiations for now. Let's face it, Hammond is the new Cameron giving away the goods just as fast as he can - while everyone is on holiday. A Slut D'Etat. Those of us who voted to restore democracy fervently hope he will be made to do 'the walk of shame'.

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alan franklin

Jul 31, 2017 at 09:43

I agree with the above. How ridiculous to give away your feeble negotiating position in advance. Hammond makes Gordon Brown look competent.

Maybe he is looking to a future EU job.

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Alan Anderson

Jul 31, 2017 at 09:52

Too true. Running down the tracks just as fast as his legs will carry him. Trying to jump on to the EuroGravyStar as it disappears. Run Hammond run!

Nice of you to give your thoughts to French media.

Britain's first Trans Chancellor.

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