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Saturday Papers: Europe’s banks shed UK-related assets

Saturday Papers: Europe’s banks shed UK-related assets

Top stories

  • Financial Times: European banks have cut their exposure to Britain since it voted to leave the EU, removing €350 billion of UK-related assets from their balance sheets in just 12 months.
  • The Guardian: Uber plans to appeal to the UK’s supreme court against a ruling that drivers should be classed as workers, setting the scene for a landmark legal battle with major implications for the gig economy.
  • The Daily Telegraph: The introduction of the controversial apprenticeship levy caused a collapse in the number of people starting the training programmes, government figures have confirmed.
  • The Times: Ineos is seeking to bypass local councils by using controversial new rules to fast-track plans to drill for shale gas in the Midlands without their planning approval.
  • Financial Times: UK tax authorities have issued fines for 115 senior finance directors in the last year, a 150% rise from five years ago and a sign HM Revenue & Customs is standing its ground in efforts to hold executives personally responsible for corporate failings.
  • Financial Times: Diageo, Mars, Hewlett-Packard, Deutsche Bank and Mondelez were among brands to pull advertising from YouTube and its owner Google after campaigns appeared alongside videos featuring children and sexualised comments.
  • Financial Times: Suspected Islamist militants killed at least 235 people and wounded more than 100 others in a bomb and gun attack on a mosque in Egypt’s northern Sinai region during Friday prayers.

Business and economics

  • The Guardian: Britain’s online retailers won the battle for sales on Black Friday with overall spending up on a year ago despite a drop in the number of shoppers visiting stores.
  • Financial Times: Pension funds will be able to invest in Britain’s start-ups, said Greg Clark, the business secretary, in an effort to channel more money into industry and stimulate innovation.
  • The Daily Telegraph: HSBC has been ordered by the UK high court to disclose documents relating to alleged manipulation of foreign exchange markets by its traders in London and New York over a decade ago.
  • The Daily Telegraph: Twenty banking giants have agreed to support the scandal-hit benchmark the London interbank offered rate (Libor) until an alternative is found in 2021 so that the transition doesn't rattle markets.
  • The Times: The French economy ministry is considering a proposal to restructure EDF into two units, one of which would handle its nuclear activities, the other its renewable energy and electricity distribution businesses.
  • Daily Mail: Media group Future has seen its revenues climb by 43% to £84.4million in a year thanks to a string of recent acquisitions.
  • The Daily Telegraph: Shares in Mitsubishi Materials Corporation slumped more than 11% after the industrial conglomerate became the latest Japanese company to admit to falsifying quality assurance data.
  • The Guardian: Sports Direct is facing criticism from unions and investors over a proposed £11 million payout to the brother of Mike Ashley, the company’s founder and majority shareholder.
  • The Daily Telegraph: Hundreds of Amazon workers in Italy and Germany are striking on Black Friday, the busiest online shopping day of the year, disrupting the online retailer's plans.
  • Daily Mail: The boss of Fuller, Smith & Turner has warned that rising business rates are piling pressure on the pub chain as it faces forking out an extra £2 million next year.
  • The Times: German business confidence has hit a record high, putting the country “on track for a boom” despite Brexit and Angela Merkel’s difficulties in forming a government.
  • Financial Times: Alibaba’s finance affiliate has banned consumer-loan products that charge annual interest rates above 24% from its marketing platform.
  • The Daily Telegraph: Manjit Wolstenholme, the executive chairman of struggling subprime lender Provident Financial, has died suddenly at the age of 53, the company said.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Chancellor spares our Income Portfolio’s tax-efficient holdings.
  • The Times (Tempus share tips): Looking at Centrica? Save your energy.
  • Financial Times: German chemicals group BASF announced it is in talks to merge its oil and gas unit with rival DEA with an eye toward eventually listing the combined entity on the stock market.
  • The Daily Telegraph: Major institutional investors including Old Mutual and Baillie Gifford have backed the flotation of lifestyle concierge to the wealthy Ten Lifestyle.
  • The Times: Two of Britain’s biggest gambling companies, William Hill and Paddy Power Betfair, are competing to do a deal with Crownbet, one of Australia’s largest betting businesses, to merge their operations in the country.
  • The Daily Telegraph (Comment): Right on the issues, weak on ideas, Hammond continues to frustrate.

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