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Friday Papers: Hollande warns of tough Brexit talks

Friday Papers: Hollande warns of tough Brexit talks

Top stories

  • Financial Times: Theresa May entered her first European summit in Brussels to a frosty French warning over the “hard negotiation” she should expect if Britain opts for a full-scale break from the EU.
  • The Daily Telegraph: Deutsche Bank shares jumped on hopes that major Middle Eastern and Chinese investors were prepared to back the beleaguered lender if it decides to raise more capital.
  • The Guardian: MPs have voted to strip Sir Philip Green of his knighthood in a symbolic move that adds to the pressure on the retail tycoon over the BHS scandal.
  • Financial Times: Morgan Stanley stands to make $120 million in fees for providing less than four months of advice to Monsanto on the US agribusiness’s $66 billion takeover by Germany’s Bayer, the most a bank has ever collected for selling a company in dealmaking history.
  • Financial Times: Lufthansa’s shares jumped 7% on Thursday after the German airline group unexpectedly raised its full-year profit target, and provided some relief for the embattled European aviation sector.
  • Financial Times: The US Securities and Exchange Commission is gearing up for a root-and-branch review of the rapidly growing exchange traded fund industry amid concerns massive flows into ETFs may be exacerbating volatility in financial markets.
  • Financial Times: Glencore is selling its coal haulage business in Australia’s Hunter Valley for A$1.14 billion ($874m) to US railroad company Genesee & Wyoming as part of efforts to reduce its debt burden.
  • The Times: Fears that workers’ savings have been put at risk in unsustainable and potentially fraudulent pension schemes have prompted the government to rush through tougher rules designed to tackle rogue operators.

Business and economics

  • The Guardian: Top European central bankers have warned against politicians interfering in monetary policy, amid intense scrutiny of Mark Carney’s interest-rate strategy following the Brexit vote.
  • The Guardian: Ministers have ordered a crackdown on companies that use large numbers of self-employed or agency workers following an investigation into low pay at delivery company Hermes.
  • The Daily Telegraph: Mario Draghi has hinted that the European Central Bank will continue its €80 billion-a-month quantitative easing programme beyond March as he announced that the organisation was keeping interest rates at record lows.
  • Financial Times: In slamming an ExxonMobil-led oil consortium with a $75 billion fine this month, Chad’s government sought to flex its muscles against one of the world’s largest oil companies at a time of economic crisis.
  • Financial Times: Jac Nasser is stepping down as chairman of BHP Billiton, sparking a search for a replacement as the mining group faces up to forecasts of slower growth in the aftermath of the commodities boom.
  • The Daily Telegraph: British engineering companies Senior and Keller lost nearly 18% of their market value this morning after issuing downbeat trading updates, warning investors that full-year performance will be lower than they previously thought.
  • The Guardian: Nestlé has hinted that it might follow Pot Noodle and Marmite-maker Unilever by seeking to raise the price of some of its products, such as KitKat and Milkybar, to offset the weakness of the pound.
  • The Guardian: The US owner of the Boots chain has reported a jump in quarterly profits as it reaped the benefits of cost-cutting.
  • Daily Mail: Spanish firm Ferrovial, Heathrow’s wealthy owners, have taken a £225 million dividend despite a £370 million black hole appearing in the airport’s retirement scheme.
  • Daily Mail: Anthony Browne, chief executive of the British Bankers’ Association, said sources had told him of a plot to prevent the UK securing access under a so-called equivalence regime which allows banks to get access to EU markets provided UK rules are as strong as those overseas.
  • Financial Times: Shares in NCC, the British FTSE 250 technology company, dropped a third after it warned that a “number of setbacks” in its cyber security division could impact its profits.
  • The Times: Taking on the British Airways group IAG in its Spanish and transatlantic backyards has sent profits at Norwegian Air soaring.
  • Financial Times: MTN, Africa’s biggest mobile phone group by sales, faces deepening problems in its biggest market after Nigerian lawmakers strengthened their accusations that it illegally took at least $14 billion out of the country.
  • Financial Times: Nintendo on Thursday revealed its newest games console, the Switch, in a three-minute online video, pitching the product as the world’s first hybrid of a handheld and home console.
  • Financial Times: Shares in Publicis fell sharply after the French advertising group warned that the loss of a number of key North American media buying accounts had weighed heavily on revenue in the third quarter.
  • The Times: Pernod Ricard has warned that the slump in the pound after the Brexit vote would force it to raise prices in the UK on some of its top drinks brands.
  • The Daily Telegraph: Brazilian prosecutors have charged 26 people in connection with the Samarco mine disaster last year which killed 19 people.
  • The Daily Telegraph: Three former Tesco directors will stand trial in Crown Court next September to face charges of fraud in relation to the retailer's £263 million accounting scandal.
  • The Daily Telegraph: Royal Mail has escaped financial punishment after failing to hit targets for delivering first-class mail.
  • The Times: Sky is to press ahead with the launch of its new mobile service this month almost two years after announcing plans to break into the market.

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