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Monday Papers: May urges Merkel to end stand-off over Brexit

And revised figures reveal UK is £490 billion poorer than previously thought.

 
Monday Papers: May urges Merkel to end stand-off over Brexit

Top stories

  • Financial Times: Theresa May has personally urged Angela Merkel to end the Brexit stand-off at this week’s EU summit in Brussels after Berlin and Paris led moves to toughen the EU’s negotiating line in the next phase of talks.
  • The Daily Telegraph: Global banks and international bond strategists have been left stunned by revised ONS figures showing that Britain is £490 billion poorer than had been ­assumed and no longer has any reserve of net foreign assets, depriving the country of its safety margin as Brexit talks reach a crucial juncture.
  • Financial Times: US banks and insurers will be forced to review their auditor relationships that often stretch back decades after being caught by new European rules aimed at ending the cosy relationships between companies and the “big four” accounting firms.
  • Financial Times: Volkswagen issued a tender last month seeking a minimum of five years of supply at a fixed price but struggled to find any takers; the carmaker put off miners by suggesting a price that was well below current market prices, which have jumped by more than 80% this year.
  • Financial Times: Austria’s far-right nationalist Freedom party has scored its best result in a national election for two decades and is likely to join the country’s next government, in a significant boost for Europe’s nationalist and anti-establishment movements.

Business and economics

  • The Daily Telegraph: Moody's has warned that British retailers will be outstripped by their European rivals next year as disposable incomes are squeezed by slowing wage growth and a return of inflation.
  • The Daily Telegraph: One in five FTSE 100-defined benefit pension schemes would be at risk of failure if Britain entered another economic downturn, research reveals.
  • Financial Times: Uber’s fast-growing food delivery service accounted for nearly a tenth of the company’s global gross bookings in the second quarter, according to people who have seen the figures, a level that implies the unit is on track to exceed $3 billion in gross sales this year.
  • The Guardian: The UK chief of Ikea has thrown her weight behind a Brexit transition period as pressure mounts on the government to sign a deal to protect Britain’s businesses from a “cliff edge” departure from the EU.
  • The Times: Bordeaux’s winemakers anticipate a fall in revenue of more than €1.5 billion this year after their vines were devastated by frost in April and hailstones in August.
  • The Daily Telegraph: Dutch brewing giant Heineken boosted Formula One’s sponsorship revenue by around $16.8 million (£12.6 million) last year, according to accounts.
  • Financial Times: Elliott Advisors, the activist investor run by billionaire Paul Singer, is expected to attend BHP Billiton’s annual shareholder meeting in London this week, as it continues to press for strategic change at the world’s biggest mining company.
  • The Guardian: Vauxhall workers will hear on Monday that nearly a quarter of jobs at the company’s Ellesmere Port site are being cut as the carmaker adapts to the decline of the traditional family car and rising costs.
  • Financial Times: US renewables group Invenergy is set to initiate international arbitration proceedings against Poland in a dispute over wind farm contracts that the US energy group says has cost it about $700 million.
  • The Guardian: A £600 million case is due to begin in the high court this week which is expected to lead to five former directors of Lloyds Banking Group being asked to explain the circumstances that led to the rescue of HBOS during the height of the financial crisis.
  • The Times: Polluting coal-fired power plants could make a comeback unless the government increases the carbon tax, new analysis suggests.

Share tips, comment and bids

  • The Times: The City regulator has been urged to reconsider altering stock market rules and allowing London to host what would be the world’s biggest flotation.
  • Financial Times: The maker of Angry Birds is positioning itself as a consolidator in the fledgling mobile gaming industry after successfully listing itself on the stock market.
  • The Daily Telegraph (Comment): Why a 'no-deal' scenario could be the best outcome from Brexit negotiations.
  • The Times (Comment): Japan’s failed corporate culture at root of Kobe scandal.
  • Financial Times (Comment): Catalan business exodus signals deep corporate concerns.

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Centrica shares crash after loss of 823,000 customers

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