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Thursday Papers: UK City regulators turn on Brexit charm offensive

And Uber dealt new setback as EU court says it should be regulated as taxi company.

Thursday Papers: UK City regulators turn on Brexit charm offensive

Top stories

  • Financial Times: UK regulators threw down the gauntlet to their EU counterparts, saying on Wednesday they would keep the UK’s financial system open to foreign institutions after Brexit even as Brussels hardens its stance towards the City of London.
  • The Daily Telegraph: Uber has suffered a major blow in Europe with the EU’s highest court declaring it a transport provider, and not an internet company as it had argued.
  • The Times: Car production at British factories has fallen to an 18-month low after deliveries to the domestic market collapsed by more than 28%.
  • The Times: Bitcoin will come under the scrutiny of regulators worldwide, the governor of the Bank of England has said, hours after America’s largest digital currency exchange said it would be investigating potential insider trading.
  • The Times: Car production at British factories has fallen to an 18-month low after deliveries to the domestic market collapsed by more than 28%.
  • Financial Times: Elliott has taken advantage of HNA Group’s liquidity squeeze to snap up a nearly 6% stake in the Swiss duty-free retailer Dufry, with the hedge fund buying shares the Chinese conglomerate has used in elaborate financing transactions.
  • Financial Times: Subaru, the Japanese carmaker, has launched an investigation into allegations that its vehicle inspectors falsified fuel economy readings for new cars sold in the domestic market.

Business and economics

  • Financial Times: The UK accounting watchdog levied more penalties in 2017 than in the three previous years combined as it piled pressure on large audit firms to stamp out misconduct or face even higher charges.
  • The Guardian: Eurostar is expecting its busiest December on record as visitors from mainland Europe take advantage of the favourable exchange rate and do their Christmas shopping in London.
  • The Times: Three, the mobile phone operator owned by Hong Kong’s richest man, is set to launch an appeal after losing a High Court battle to change the terms of Britain’s first auction in five years of the radio frequencies or airwaves allocated to mobile phone operators.
  • Daily Mail: Fashion retailer Missguided has been plunged into the red after shelling out £2.4 million to open its first stores on the high street.
  • Financial Times: BlackBerry shares rallied on Wednesday on rising hopes that its transition from smartphone maker to software and services company is beginning to take hold.
  • Financial Times: Shire was among the fallers on Wednesday after takeover speculation around the drugmaker gave way to profit-taking.
  • The Daily Telegraph: Britain’s largest power plant is likely to lose £10 million in earnings after a fire shut down the operations of two generation units; Drax said the biomass-fuelled units will be shut for “a short time” after a fire broke out where the highly flammable pellets are offloaded onto a conveyor belt from the train containers which deliver the biomass by rail.
  • Daily Mail: Oil majors Shell and Eni, and ex-bosses at both firms, are due to stand trial in Italy over alleged corruption over an £800 million field in Nigeria.
  • The Times: William Hill has appointed a former Ladbrokes director as its next chairman to help steer the bookmaker through the regulatory and strategic challenges ahead.
  • Daily Mail: Embattled UK construction firm Carillion is parting ways with its outgoing interim chief executive three months earlier than planned; Keith Cochrane will be stepping down from the top job on 22 January rather than 2 April, paving the way for replacement Andrew Davies to take his place.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD BT; HOLD Booker.
  • The Guardian: Rival wholesalers are weighing up an appeal after Tesco’s £3.7 billion takeover of cash-and-carry giant Booker was waved through unchecked by the competition authorities.
  • The Times: Fresh from a three-year $2 billion spending spree buying up North Sea oil assets, the billionaire founder of Ineos, the petrochemicals giant, Jim Ratcliffe has invested $10 million in a safari tourism project in southern Tanzania.
  • Financial Times: Chinese investment group Fosun International has agreed to buy an 18% stake in China’s Tsingtao Brewery for HK$6.6 billion from Japanese beverage group Asahi.
  • Financial Times (Comment): Tencent positions itself to square up to Alibaba.

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