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Tuesday Papers: May sets out trade plans for a no-deal Brexit

And government faces EU scrutiny over 'illegal state aid' of BT in push for ultrafast broadband.

Tuesday Papers: May sets out trade plans for a no-deal Brexit

Top stories

  • Financial Times: Theresa May has set out detailed plans for the first time on how Britain would try to keep trade flowing if it fell out of the EU without a deal, as the prime minister prepared for a high-stakes game of brinkmanship with Brussels.
  • The Daily Telegraph: The Government is under scrutiny by European competition authorities over allegations of providing illegal state aid to BT via the business rates regime, amid plans to boost investment in Britain’s broadband infrastructure with new tax breaks.
  • The Times: The chances of the first rise in interest rates in more than a decade have grown after Britons shrugged off economic uncertainty to hit the high street in September.
  • Financial Times: Ikea has become the latest big-name retailer to radically overhaul its sales strategy in the face of online competition, launching a test to sell its flat-pack furniture through big ecommerce websites amid a fall in visitors to its out-of-town outlets.
  • Financial Times: BAE Systems is expected to unveil close to 2,000 job cuts in its aerospace and naval servicing operations, in what would be new chief executive Charles Woodburn’s first move to drive efficiencies at the defence and aerospace group.
  • Financial Times: Ed Garden, chief investment officer of activist investor Trian Partners, has been elected to the board of General Electric, in the latest of a series of moves intended to demonstrate the company is focused on increasing its earnings.
  • Financial Times: Richard Thaler, the man behind “nudge” economics, has been awarded the Nobel Prize in Economic Sciences for his work on incorporating insights from psychology into economic theory and policymaking.

Business and economics

  • The Guardian: David Cameron has taken a job with the electronic payments firm First Data Corporation, his first major private sector job since leaving office.
  • The Times: Hedge funds have made their most bullish bet on the pound in more than three years, shrugging off concerns over the outcome of Brexit talks.
  • The Times: Statoil has highlighted its continued appetite for investing in the North Sea after finding an oil deposit that could contain up to 130 million barrels.
  • Financial Times: Profits at London-based estate agency Knight Frank have been hit for the second consecutive year as the EU referendum result weighs on the UK property market.
  • Daily Mail: Trinity Mirror has experienced a decline in third-quarter revenue as talks continue to acquire Northern & Shell, the owners of the Daily Express and Star newspapers.
  • Financial Times: Amazon could face an additional tax bill in the US following a demand last week by Brussels for back taxes in a regulatory pincer on untaxed profits of nearly €2 billion held in Europe.
  • The Times: The German economy has picked up speed, with industrial producers recording their largest monthly rise in output in more than six years.
  • Financial Times: Petra Diamonds said it is likely to breach its lending covenants by the end of the year, following the temporary shutdown of its mine in Tanzania and labour unrest in South Africa.
  • Financial Times: Drinks group Diageo is the best governed company of the UK’s largest listed businesses, according to new research.
  • The Daily Telegraph: FTSE 100 businesses that used the words 'mental health' or 'wellbeing' more than twice in their annual reports last year raked in up to three times more profit than those that didn't, researchers have found.
  • The Times: The chief executive of Smith & Nephew Olivier Bohuon, 58, who has been in the role since 2011, would retire by the end of 2018 and that a search had begun for his successor.
  • Financial Times: The finance director of Switzerland’s LafargeHolcim is leaving after less than two years in the job in the latest management upset at the world’s largest cement group.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Downing; TAKE PROFITS from XP Power; BUY ICG Enterprise Trust.
  • Daily Mail: TI Fluid Systems, which makes fuel tanks and brakes, has revived plans to join the stock market in London having abandoned an earlier flotation bid following the Brexit vote.
  • The Times: Deltic Group rejigged its proposed merger with Revolution Bars Group last night after receiving what it claimed was a positive reaction from shareholders of the vodka and rum bar operator.
  • The Times: Millennium & Copthorne Hotels owns Teddington Studios and operates a chain of 134 hotels, including eight in London, is to be taken private by its chairman and majority shareholder Kwek Leng Beng’s City Developments Limited in a deal valuing it at about £1.8 billion.
  • The Daily Telegraph: Wood Group has completed its £2.2 billion swoop on Amec Foster-Wheeler with the sale of its takeover target’s North Sea assets to Australian engineering group WorleyParsons.
  • The Daily Telegraph (Comment): It will be a hostile act if the EU halts progress on talks.
  • Financial Times (Lex): Ericsson: a turnround will entail short-term pain for uncertain long-term gain.
  • Financial Times (Lex): Turkish stocks: A weaker currency should help, but snag is hard currency debts of business.
  • Financial Times (Lex): Accor / Mantra Group: a modest outlay for more exposure to Australia’s unique attractions.
  • Financial Times (Lex): Petra Diamonds: time to take rough with the smooth as miner warns of debt covenant breach.
  • Financial Times (Lex): US IPOs: Treasury proposal to ease rules will do little to encourage new listings.

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FTSE 100 hands back gains as Bank turns hawkish

by Michelle McGagh on Jun 21, 2018 at 17:05

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