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Thursday Papers: Merkel issues tit-for-tat trade warning

And UK real wages drop for first time in three years as economists warn that this decade is set to be worst in more than 200 years for pay packets.

 
Thursday Papers: Merkel issues tit-for-tat trade warning

Top stories

  • The Times: Britain will “pay a price” for stopping the free movement of workers in Europe, Angela Merkel said yesterday as she warned of tit-for-tat measures in response to changes to consumer or environmental protections after Brexit.
  • Financial Times: Wages in Britain have dropped in real terms for the first time in almost three years as employers remain reluctant to offer bigger pay rises in spite of the acceleration of inflation.
  • The Daily Telegraph: US stock indices suffered their worst trading day in eight months on Wednesday, as concern mounted that political turmoil in Washington could derail President Donald Trump's efforts to push through pro-growth policies.
  • Financial Times: Theresa May repeatedly declined to confirm on Wednesday that Philip Hammond will continue as Britain’s chancellor if she wins the election, adding to rumours of a cabinet reshuffle after the June vote.
  • Financial Times: The European Commission is set to fine Facebook for misleading authorities during the 2014 takeover of WhatsApp, the latest example of Brussels taking a tough stand against a Silicon Valley company.

Business and economics

  • The Daily Telegraph: The chairman of Lloyds Banking Group has given the strongest signal yet that chief executive Antonio Horta-Osorio will remain with the bank for the foreseeable future despite speculation about his tenure.
  • The Guardian: The Volkswagen chief executive and his predecessor are facing an investigation by German authorities into whether they misled investors by not releasing information about the company’s cheating on diesel emissions tests soon enough.
  • The Times: Creditors of the European operations of Lehman Brothers have won a £5 billion court victory against the defunct Wall Street bank’s administrators.
  • The Guardian: A German oil producer Wintershall has been accused by the head of Libya’s National Oil Corporation of withholding more than $900 million (£697 million) from the Libyan state and colluding with unlawful efforts by Libya’s UN-backed government to take over the sale of the country’s vastly profitable oil contracts.
  • Financial Times: Qualcomm is suing four of Apple’s top suppliers for refusing to pay royalties at the iPhone maker’s request, adding a new twist to the two companies’ already complex legal battle.
  • Financial Times: Ralph Lauren, the retailer known for its preppy Americana, has searched outside of the fashion industry to recruit Procter & Gamble executive Patrice Louvet as chief executive after his predecessor clashed with the company’s founder.
  • Financial Times: John Lewis, which aims to attract British shoppers by matching other retailers’ prices while aiming to surpass them on service, has been caught breaking its promise to be “never knowingly undersold”.
  • Financial Times: Shares in Ubisoft saw their sharpest decline in almost a year on Wednesday, after the French video games maker, which is fighting to stay independent of Vivendi, cut its sales forecast for the fiscal year ending March 2019.
  • The Daily Telegraph: Housebuilder Countryside Properties boosted its forecasts as operating profits and revenues soared by around 40%.
  • Daily Mail: Cyber security firm Sophos shot to the top of the FTSE 250 after posting an upbeat set of results in the wake of the WannaCry virus chaos.
  • Daily Mail: Mitchells & Butler, which operates more than 1,800 pubs blamed rising minimum wage and fall in the pound for the 9.6% drop to £75 million in the 28 weeks to 8 April.
  • The Times: London’s housing market shows no sign of recovering or of easing the pressure on Foxtons, which has reported a 25% fall in revenue in the first quarter of the year.
  • Financial Times: SSE has reported increased profits from supplying energy to UK homes at a time when large utility groups are under the political spotlight.
  • Financial Times: Henderson Land, a Hong Kong developer, has paid $3 billion for an old five-storey car park, the latest indicator of the frenzied state of Hong Kong’s property market.
  • The Guardian: Ikea will add 1,300 more jobs in the UK by the end of next year as it opens stores in Sheffield, Exeter and Greenwich, south London.
  • The Times: Electric vehicles will spur demand for gas for use in power plants, BP has claimed, as it tried to shrug off concerns over their impact on its oil business.
  • The Guardian: Coca-Cola has quietly reduced the sugar content of some of its biggest brands, including Sprite, Fanta and Dr Pepper, without affecting sales, the company’s chief executive has said.
  • The Times: Three thousand investors in a small London-based fund manager Strand Capital are at risk of losing millions of pounds after the firm became the 15th business to be placed into resolution by the City watchdog.
  • The Times: An uncertain commercial market has forced Britain’s second-largest property company British Land to reduce the amount of space it is prepared to develop before it secures tenants.
  • The Daily Telegraph: BT faces another fine for service failures in its Openreach business, after customers for high speed ethernet lines suffered delays of more than six months.
  • The Daily Telegraph: KitKat-maker Nestlé has lost the latest stage of its legal battle with Cadbury to trademark the chocolate bar’s four-finger shape in Britain.

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1 comment so far. Why not have your say?

samplewriter

May 18, 2017 at 14:49

Angela Merkel has yet to pull the sword from the stone .some ego there .

The attack on britain contiues .

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