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Wednesday Papers: EU demands unilateral powers during transition

And US stocks halt losing streak as Vix gauge of market turbulence hits 50 for first time since 2015 before retreating.

Wednesday Papers: EU demands unilateral powers during transition

Top stories

  • The Times: Brussels is demanding that Theresa May submit to powers allowing the European Union to ground flights, suspend single market access and impose trade tariffs on the UK during the Brexit transition period.
  • Financial Times: US stocks staged a late rebound on Tuesday that halted a three-day global rout but underlined how volatility has returned to markets after years of unusual calm.
  • The Daily Telegraph: The fraud trial against three former Tesco directors has been abandoned after the judge was forced to discharge the jury because one of the accused suffered a major heart attack.
  • Financial Times: BP’s fourth-quarter earnings more than quadrupled from the year before as the UK oil and gas group benefited from higher crude prices and a surge in production from new projects.
  • The Daily Telegraph: Shares in Snapchat’s parent company skyrocketed on Tuesday night as it surpassed revenue expectations, a welcome relief for the messaging app after a trying first year on Wall Street.

Business and economics

  • The Guardian: Britain accounted for more than half of the new offshore wind power capacity built in Europe last year, as the sector broke installation records across the continent.
  • Financial Times: A Credit Suisse product once valued at $2.2 billion has fallen victim to Wall Street’s dramatic equities sell-off, leaving institutional investors and hedge funds nursing heavy losses while the Swiss bank said it had emerged financially unscathed.
  • The Times: The price of bitcoin reversed early losses yesterday, despite one of the world’s leading central bankers calling the cryptocurrency a Ponzi scheme and urging politicians to ban it.
  • Daily Mail: Brewdog is opening a brewery in Australia as it continues an expansion which has seen its price tag reach £1 billion in just over ten years.
  • The Daily Telegraph: Aerospace giants Airbus and Boeing have used Singapore’s Airshow to flag their confidence in the demand for airliners, hinting they may accelerate production of bestselling jets.
  • Financial Times: Intesa Sanpaolo, one of Italy’s most healthiest banks, on Tuesday unveiled an ambitious four-year plan to almost halve its stock of bad loans and boost net income.
  • Financial Times: BNP Paribas boosted its profit targets on the back of an improving economic outlook even as its fourth-quarter results came in below expectations, held back by higher costs and provisioning.
  • The Times: Frustrated customers defecting from Barclays boosted the net number of clients won by Hargreaves Lansdown to 61,000 in the half-year to December.
  • Daily Mail: Budget airline Easyjet has revealed an 8.7% boost in passenger numbers in January with 5.1 million customers jumping on board for their travels.
  • The Times: The directors of Carillion, the failed construction company, have been condemned as “delusional” after details emerged of a desperate plan to save it early this year which involved a demand for a £160 million bailout using taxpayers’ money.
  • The Guardian: Tesco is facing a demand for up to £4 billion in back pay from thousands of mainly female shopworkers in what could become the UK’s largest ever equal pay claim.
  • Financial Times: German reinsurer Munich Re revealed that a series of powerful hurricanes in the US and Caribbean last autumn had wiped 85% off its profits for 2017.
  • The Daily Telegraph: Stagecoach’s shares hit a nearly nine-year low as its chief executive railed against “misleading” comments about the premature demise of its control of the East Coast mainline.
  • Financial Times: Sales of smartphones in China - the world’s biggest market, responsible for about one in every three shipments - fell last year for the first time since 2009, raising fresh concerns about the strength of the global handset market.
  • The Times: Oyster Yachts, which also has a boatyard in Hoveton, Norwich, and offices in Ipswich, Majorca and the United States, is reported to be looking for adequate financial support to remain afloat.
  • The Guardian: Ocado has tapped shareholders for £150 million as it pumps cash into fine-tuning the expensive technology behind its hi-tech warehouses where groceries are picked by robots.
  • The Times: Shares in Babcock slid to a seven-year low yesterday as the defence contractor admitted to a £100 million revenue shortfall and said that it had held meetings with Cabinet Office officials in the light of the collapse of Carillion.
  • The Guardian: French shoemaker Christian Louboutin, famous for his stiletto heels, has suffered a severe setback in his battle to protect the trademark red sole.
  • Financial Times: Nissan is in talks with Thailand’s government about producing electric cars and automotive batteries in the Southeast Asian kingdom.
  • The Daily Telegraph: South African bank Investec has handed leadership over to the “next generation” with the appointment of two co-chief executives.
  • The Times: The man who has the job of reviving New Look said that he had “enough cash” and enough smart ideas to fix it even as profits plummeted.
  • Daily Mail: Eat is considering axing a number of restaurants as it deals with pressures from rivals like Pret A Manger, Itsu and Leon.
  • The Times: Royal Bank of Scotland bosses have been accused of “misleading parliament” over the nature of its scandal-hit restructuring division which mistreated thousands of small businesses.
  • The Daily Telegraph: Bed and furniture retailer Warren Evans collapsed into administration on Tuesday, putting almost 300 jobs at risk.
  • Financial Times: German workers won a key victory in their fight for a better work-life balance when a big employers’ group agreed to demands from the country’s largest trade union for the introduction of a 28-hour working week.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): HOLD Royal Dutcch Shell; SELL Connect.
  • The Times (Tempus share tips): BUY Lloyds Banking Group; BUY Land Securities; BUY Fresnillo; BUY St Modwen Properties.
  • Financial Times: Accor, Europe’s largest hotelier by room numbers, is in the final stages of a €6.6 billion plan to split up its business, in a long-delayed transaction designed to prepare it for the challenges facing the world’s biggest hotel companies.
  • The Daily Telegraph: European regulators will assess Apple's takeover of British song-recognition app Shazam, after seven countries argued the deal could limit competition.
  • The Guardian (Comment): Groupthink about Monday’s ‘correction’ is slightly alarming.

2 comments so far. Why not have your say?

Alan Tonks

Feb 07, 2018 at 10:53

I am sick to the back teeth of useless May kowtowing to Brussels.

After we have paid billions to this corrupt entity, we then still have to be ordered about by them for a further period of time.

No one but a pathetic mor*n would find this acceptable and the Conservative party seems to have an abundance of these.

Get out now without a payment and get a backbone, something Britain had once in abundance.

Instead the Government are like a Jellyfish, spineless and brainless.

report this

Roger Savage

Feb 08, 2018 at 00:07

100% agree Alan - I honestly think it's all part of the plan - May was pro Remain and she's doing everything possible to deliver the worst sort of Brexit (or trying to ensure that a second vote results in a Remain friendly outcome).

As you say, Britain once had a backbone, now all it has is LibLabCon traitors at the helm who hate everything Britain once stood for.

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Barnett eyes revival and 'refines' unquoted portfolio

by Daniel Grote on May 23, 2018 at 16:09

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