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Saturday Papers: Theresa May warns Eurosceptics to ‘face facts’

And Carney has called to end the "anarchy" of cryptocurrencies being used for criminal activities.

Saturday Papers: Theresa May warns Eurosceptics to ‘face facts’

Top stories

  • Financial Times: Theresa May has confronted Eurosceptics in her party with “some hard facts” about Brexit, in a long-awaited speech in which she set out a series of compromises intended to secure an “ambitious” trade deal with the EU.
  • The Daily Telegraph: Mark Carney has called to end the "anarchy" of cryptocurrencies being used for criminal activities and warned against viewing as them true currencies.
  • The Times: President Trump’s plan to impose heavy tariffs on steel and aluminium imports sent global stock markets spinning yesterday.
  • Financial Times: BlackRock, the world’s biggest owner of global equities, has told clients it is exploring ways to switch them into investment funds that screen out firearms manufacturers and retailers, in the latest corporate fallout for the gun industry after last month’s high school shooting rampage in the US.
  • Financial Times: The US Department of Justice has charged UK broker Beaufort Securities and several of its staff with orchestrating securities fraud and money laundering schemes totalling $50 million, following a sting led by an undercover FBI agent.

Business and economics

  • The Guardian: Europe has warned Donald Trump to expect retaliatory strikes against American icons like Harley-Davidson, Levi’s jeans and Kentucky bourbon, if he sparks a trade war by going ahead with punitive US tariffs on foreign steel.
  • Daily Mail: Profits at the London Stock Exchange soared 19% to £915 million after a torrid year in which its chief executive stepped down.
  • The Daily Telegraph: Packaging firm Mondi has surprised the market with a €1 per share special dividend after recovering from a profit warning at the end of last year.
  • The Guardian: Siemens is planning to invest up to £200 million and create hundreds of jobs in a new UK train factory in a show of a faith in the drive to improve Britain’s flagging transport infrastructure.
  • The Guardian: Elon Musk may have plans to colonise Mars but back on planet Earth he is extending his reach to Athens, by opening an engineering facility called Tesla Greece.
  • The Daily Telegraph: Britain’s stagnant construction sector is beginning to show signs of life as commercial building work accelerated in February at its fastest pace since May 2017.
  • Daily Mail: Revolution Bars Group has seen its share price fall by 5% after announcing a first-half loss.
  • The Times: The squeeze on the retail sector spread to Mothercare yesterday when the maternity and children’s chain warned that it needed waivers from its lenders and that its profits would be even lower than expected.
  • The Daily Telegraph: The new chief of Spire Healthcare has pledged to open fewer new private hospitals and look to return more cash to shareholders, after a plunge in profits.
  • The Guardian: The 2 Sisters Food Group at the centre of a meat factory scandal was guilty of regulatory failures and poor hygiene at its poultry plants, according to a report by the Food Standards Agency.
  • The Guardian: Harvey Weinstein’s film and TV production company has avoided bankruptcy at the 11th hour thanks to a $500 million (£363 million) takeover led by Maria Contreras-Sweet, the former head of the Small Business Administration in Obama’s government, and US billionaire Ron Burkle.
  • The Daily Telegraph: Finnish games developer Rovio is to close its year-old London studio after disappointing financial results saw the company miss revenue targets.
  • Financial Times: Disclosure that Blackstone founder Steve Schwarzman received about $800 million in compensation including dividends last year has underscored the health of the private equity sector.
  • Financial Times: Alison Carnwath is to retire as chairman of Landsec, the UK’s largest listed property developer, after almost nine years at the helm.
  • The Daily Telegraph: Three former Tesco bosses face a retrial over allegations of fraud and false accounting, after the previous case was dropped after one of the accused suffered a major heart attack.

Share tips, comment and bids

  • The Times (Tempus share tips): Power is becoming so political.
  • The Daily Telegraph (Questor share tips): BUY Conviviality Retail; BUY Scapa.
  • Financial Times: LafargeHolcim’s new chief executive has halted a share buyback programme and announced SFr3.8 billion ($4 billion) in write-offs as he prepares the world’s largest cement company for a planned growth spurt.
  • Daily Mail: Mike Ashley has almost a 30% stake in struggling department store Debenhams after snapping up another chunk of shares.
  • The Times: Talks over a spin-off of GKN’s automotive business could derail a hostile takeover of the British engineering group.
  • Financial Times: Former White House adviser Carl Icahn last month sold 26% of his position in a manufacturer that counts steel as a major input cost shortly before the Commerce Department recommended new tariffs on steel imports that prompted sharp declines in the stock.
  • The Times: The competition watchdog has stepped in to assess Trinity Mirror’s purchase of the Express stable of newspapers from Richard Desmond.
  • Financial Times: Rothesay Life has become the leading bidder for a £12 billion book of annuities being sold by Prudential.
  • The Daily Telegraph (Comment): World reacts with horror as Trump delights in Hobbesian trade wars.
  • Financial Times (Comment): Xi Jinping needs Chinese history to be on his side.
  • Financial Times (Lex): Index providers: high profit margins have not invited more competition.
  • Financial Times (Lex): Trump/steel tariffs: China, the US president’s target, will emerge little scathed.
  • Financial Times (Lex): Spire Healthcare: last year’s upsets mean investors can have little faith in recovery plan.
  • Financial Times (Lex): Blackstone: paying higher taxes could make private equity brass richer.

3 comments so far. Why not have your say?

Alan Tonks

Mar 03, 2018 at 18:56

“Carney has called to end the "anarchy" of cryptocurrencies being used for criminal activities.”

How about Mr Carney ending his manipulation of the pound?

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Alan Tonks

Mar 03, 2018 at 19:07

May’s idea of a compromise is kowtowing to the EU and that is a total sell-out.

report this


Mar 05, 2018 at 01:00

Noteworthy that Carney isn't calling for an end to the "anarchy" of the plucked from thin air, fiat ticket frauds being used to fund and reward criminal activities around the globe on an astronomical scale by comparison. Some of those crooks a little too close to home perhaps.

Heaven forbid he might really be worried about the inherent trustless infallibility, integrity and level playing field crypto offers, continuing to develop and gain global traction.

That and the fact he, his syndicate friends and anyone else riding their coat tails have no power to profit from crypto without obtaining central control and manipulation power. I suspect that's what really irks.

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