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Thursday Papers: EU rebuffs UK vision for post-Brexit trade

And Rupert Murdoch lobbies watchdogs to put the brakes on Comcast's raid on Sky.

Thursday Papers: EU rebuffs UK vision for post-Brexit trade

Top stories

  • Financial Times: The EU has forcefully rebuffed Theresa May’s vision for trade after Brexit, warning of the “negative economic consequences” of the British prime minister’s choices.
  • The Daily Telegraph: A Murdoch backlash against the £22 billion bid by Comcast to gatecrash the takeover of Sky has begun with public calls for regulators to intervene on 21st Century Fox’s behalf.
  • The Times: Rolls-Royce has bounced back into the black a year after delivering record losses, despite its chief executive warning that the company had “much further to go” to restore its fortunes.
  • The Daily Telegraph: Struggling retailer New Look could close 60 stores, putting 980 jobs at risk, as it becomes the latest business to fall victim to difficult conditions on the high street.
  • Financial Times: A former Russian double agent and his daughter were poisoned with a nerve agent, British counter-terrorism police said on Wednesday, marking one of the first times it has been used as a weapon away from the battlefield and increasing the likelihood that the attack was backed by a foreign government.

Business and economics

  • The Daily Telegraph: Chancellor Philip Hammond has warned rival European cities such as Paris and Frankfurt that they should not expect to sweep up business if London's finance sector is fragmented after Brexit.
  • The Times: Goldman Sachs and Standard Chartered are said to be close to starting the relocation of small numbers of staff to Frankfurt, above, as the banks begin to execute pre-Brexit contingency plans.
  • The Guardian: A slowdown in improvements in life expectancy in Britain has driven a sharp rise in annual profits at the insurance and pensions firm Legal & General.
  • The Daily Telegraph: Recruitment firm PageGroup's exposure to the UK is likely to reduce as its overseas trading continues to drive its profits.
  • The Daily Telegraph: Property company Tritax, which provides warehouse space for companies such as Amazon and Next, expects a "silver lining" from Brexit as domestic companies look to base more of their operations in the UK.
  • The Guardian: Coca-Cola is to produce the first alcoholic drink in its 132-year-history, with plans to launch an alcopop in Japan.
  • The Times: The new chief executive of Paddy Power Betfair has surprised investors by announcing that £20 million will be spent on winning back market share.
  • The Daily Telegraph: Digital-only challenger bank Atom has raised nearly £150 million in fresh funding, as two of its largest investors reaffirmed their commitment by increasing their stakes in the business.
  • Financial Times: Virgin Atlantic is fighting back against the rise of low-cost competitors with its first hand-baggage only ticket for those wanting a cheap flight across the Atlantic.
  • The Guardian: Airbus has confirmed it is cutting production of two aircraft in a move that will put up to 3,700 jobs at risk in France, Germany, Spain and at Filton, near Bristol.
  • Financial Times: The mining arm of Israeli tycoon Beny Steinmetz’s business empire has gone into administration in the face of legal battles stemming from allegations that it orchestrated a bribery scheme to win a prized prospect in west Africa.
  • The Guardian: The NME is to cease publication in print after 66 years, the weekly music title joining a growing list of once mighty magazine brands that now only exist online.
  • The Daily Telegraph: The average number of properties on estate agents' books has hit a record low and is "unlikely to improve", according to a survey by the Royal Institution of Chartered Surveyors (Rics).
  • Daily Mail: The Restaurant Group, owner of the Frankie and Benny's restaurant chain, reported a slip in sales in 2017 but saw its share price soar 12% higher on Wednesday.
  • The Guardian: Next is facing a demand for up to £30 million in back pay from thousands of mainly female shop-floor staff in the first major equal pay claim against a fashion retailer.
  • The Times: Companies that run Britain’s gas pipelines and electricity networks face significantly lower profits from 2021 under proposed new regulations that could save every household up to £25 a year.
  • Daily Mail: Calls to split up big accountancy firms were given fresh breath today after other former Carillion shareholders raised concerns about KPMG’s auditing of the company and lamented a lack of competition in the sector.
  • Daily Mail: The AA boss sacked over a hotel brawl is suing the company for up to £220 million – and claims he was victimised while suffering from stress.
  • Financial Times: Australia and East Timor have signed a treaty redrawing their maritime boundary, ending a decade-long dispute between the countries and unlocking tens of billions of dollars in oil and gas reserves in the Timor Sea.
  • Financial Times: Fossil fuel companies risk wasting almost $1.6 trillion on oil, gas and coal projects that will become uneconomic if the world steps up efforts to tackle climate change, according to an analysis of projected capital expenditure in the energy sector.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Lookers; HOLD Ophir Energy.
  • The Daily Telegraph (Questor share tips): BUY Polypipe Group; HOLD Galliford Try.
  • Financial Times: The investors including Singapore’s Temasek and GIC are in talks over buying a minority stake in a group of high-end restaurants including the Nusr-Et Steakhouse, known for the social media phenomenon Salt Bae, the Turkish chef.
  • The Guardian: The eleventh-hour deal to save Harvey Weinstein’s TV and film company from going bankrupt has fallen through, after the buyers discovered tens of millions of dollars more in liabilities on the books than expected.
  • Financial Times: Broadcom has refused to back down from its months-long pursuit of Qualcomm, the San Diego-based chipmaker, despite intervention by the US government, announcing that it would create a $1.5 billion fund to invest in American engineering talent.
  • Financial Times: Magic Leap, the secretive US start-up, confirmed on Wednesday that Saudi Arabia’s sovereign wealth fund would invest $400 million in the developer of “mixed reality” headsets, as it races to get ahead of competing efforts from Apple, Microsoft and Facebook.
  • The Daily Telegraph: WANdisco, the British technology company, has secured a tie-up with Alibaba that will grant it access to China’s booming online market.
  • The Times: Prudential is in talks to sell a stake of as much as 30% stake in its Malaysian business to one of the Asian country’s biggest pension funds.
  • The Daily Telegraph (Comment): Whoever governs Italy will destroy the euro from within.
  • The Times (Comment): Trump’s mission to fix ‘unfair’ trade deals risks breaking global system.

1 comment so far. Why not have your say?

Hank Elvis Dobbs (texan)

Mar 08, 2018 at 12:55

..oh no!..looks like i'm selling plp

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