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Friday Papers: UK to diverge from EU on financial services rules

Friday Papers: UK to diverge from EU on financial services rules

Top stories

  • Financial Times: The UK government has told the financial services industry that Britain will seek to develop a distinct regulatory framework from the EU after Brexit in an effort to secure a long term competitive advantage for banks, fund managers and insurers.
  • The Daily Telegraph: China and Hong Kong have begun to feel the first menacing tremors from monetary tightening by the US Federal Reserve, an early warning of what may lie in store for East Asia as borrowing costs rise and dollar liquidity drains away.
  • The Times: Hackers infiltrated the computer network of America’s top markets watchdog Securities and Exchange Commission, stealing private information that could have been used to make illegal trading profits.
  • Financial Times: Manchester United achieved record annual revenues last season, boosted by a new broadcasting deal for English football and trophy wins.
  • Financial Times: Hundreds of Ryanair pilots may be forced to give up their own holiday plans to keep planes flying as chief executive Michael O’Leary sought to resolve a crisis caused by the abrupt cancellation of more than 2,000 flights.
  • Financial Times: North Korea has threatened to detonate a hydrogen bomb in the Pacific, after Kim Jong Un warned that Donald Trump would “pay dearly” for his threat this week to “totally destroy” North Korea if America was forced to defend itself and its allies.

Business and economics

  • The Guardian: The EU is pushing ahead with plans to rewrite tax rules for technology companies, aimed at increasing governments’ take from the likes of Google, Facebook and Amazon.
  • The Times: Attempts to revive one of Britain’s biggest outsourcing companies Capita were dealt a series of setbacks yesterday, hitting plans to clean up the business ahead of the arrival of a new chief executive.
  • The Guardian: Creditors of Lehman Brothers are on track for a turbocharged windfall after the collapsed bank announced it is selling its stake in Nasdaq-listed Formula One auto racing, giving it a payout of $1.5 billion from a $300 million investment.
  • The Times: Kier Group vowed it was on track to achieve its much-vaunted 2020 targets yesterday as the construction group shrugged off concerns holding back parts of the sector.
  • The Guardian: The Co-operative Group has reported a fall in profits after handing out £35 million to members and community projects, and selling its final 1% stake in the Co-op Bank.
  • The Daily Telegraph: Shares in pub group Mitchells & Butlers fell in early trading after the owner of All Bar One and Nicholson's warned its margins were being squeezed in "challenging" trading.
  • Daily Mail: Deliveroo's grey and turquoise box-bearing cyclists have become so ubiquitous around the UK's towns and cities it is hard to imagine the firm was only formed in 2013.
  • The Times: Daimler is to begin making electric cars in the US with a $1 billion overhaul of its Mercedes-Benz factory in Alabama.
  • The Daily Telegraph: Johnson Matthey has revealed plans for a £200 million investment in battery technology as it aims to become a key player in the coming electric car revolution - news that sent the shares surging.
  • Daily Mail: Banks, insurers and other financial companies created almost 120 jobs every day over the past three months, making a mockery of Remainers' claims of a mass Brexit exodus.
  • Financial Times: TSB has appointed Richard Meddings, a former finance chief at Standard Chartered, as a non-executive director, paving the way for him to become the next chairman of the bank.
  • The Guardian: Dorothy Thompson, the long-serving chief executive of the UK’s biggest power station Drax Group is stepping down, as the North Yorkshire-based business continues its pursuit of a future beyond coal.
  • Daily Mail: Richard Cousins, the boss of caterer Compass, is standing down after presiding over a surge in its share price during his 11 years at the helm.
  • : Billionaire Sir James Dyson’s fortune has received another huge cash injection with the results for the parent company of his business empire revealing a £111 million dividend payout.

Share tips, comment and bids

  • The Times (Tempus share tips): Playing by the rules costs Capita dear.
  • The Daily Telegraph: Australia's biggest bank Commonwealth Bank of Australia (CBA) is eyeing up a float of its global asset management business after securing a multi-billion pound deal to sell its life insurance unit to Hong Kong-based AIA.
  • The Guardian: Google has announced a deal to acquire part of Taiwanese firm HTC Corp’s smartphone operations for about $1 billion.
  • The Times: Rio Tinto will return to shareholders the proceeds of selling a chunk of its Australian coal business via a $2.5 billion share buyback.
  • The Times: Revolution Bars has been accused of dismissing a merger offer from Britain’s biggest nightclub operator “out of hand” as it moves forward with Stonegate’s £101.5 million takeover.
  • Financial Times (Lex): Compass: Richard Cousins’ successor should maintain the premium over Sodexo.
  • Financial Times (Lex): Google/HTC: the search company is making a necessary investment to head off smartphone problems.
  • Financial Times (Lex): Commerzbank: bid speculation is frothing around German bank but best acquirer may not be the most obvious.
  • Financial Times (Lex): AIA/CBA: deal makes sense for both sides and helps address an image problem.
  • Financial Times (Lex): SEC hack: if cyber security is not assured, the agency’s entire mission is compromised.

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