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Saturday Papers: May set for new battles after Brexit breakthrough

Saturday Papers: May set for new battles after Brexit breakthrough

Top stories

  • Financial Times: Theresa May achieved a crucial breakthrough after six months of Brexit divorce negotiations on Friday only to be confronted by blunt warnings about Britain’s expectations for its future relations with the EU.
  • The Daily Telegraph: Some of the world’s biggest banks have pushed back against Bitcoin, warning of “potential risks” just as futures trading in the digital currency is due to begin.
  • The Times: America’s central bank is almost certain to raise interest rates next week after a closely watched report showed that the US jobs market was stronger than thought.
  • The Daily Telegraph: UK banking stocks have made big gains after global rules designed to prevent a repeat of the 2008 financial crisis proved softer than investors initially feared.
  • Financial Times: Tencent’s music unit and Spotify are buying minority stakes in each other, marking the latest move by the Chinese internet behemoth to expand its global reach and presenting the Swedish streaming service with a way into China’s red-hot music market.
  • Financial Times: HNA Group has dismissed concerns about its liquidity but acknowledged a year-end credit squeeze as Chinese banks come to the end of their lending quotas.

Business and economics

  • Financial Times: Britain says that the Brexit bill it agreed with the European Commission at dawn on Friday will cost a net €40 billion-€45 billion but also included in the text are guarantees that could ramp up the total significantly in decades to come.
  • The Times: Output from factories grew for the sixth consecutive month in October, the longest unbroken expansion of its kind for over 20 years.
  • Financial Times: Investors poured $1.5 billion into funds that buy financial stocks in the latest week, extending a rotation into the sector on optimism about the prospects of lighter regulation and less tax.
  • The Guardian: Housebuilder Berkeley Group has posted a 36% leap in half-year profits and raised its profit expectations, despite warning of Brexit uncertainty.
  • Financial Times: Dimming expectations that the US will restrict gun ownership, despite a string of mass shootings, has had an effect on the nation’s gun manufacturers, whose sales, profits and share prices are falling.
  • Daily Mail: The future of Poundland was in doubt last night amid a deepening scandal at its South African owner; shares in the budget store’s parent company Steinhoff plunged another 20% yesterday after ratings agency Moody’s slashed its credit rating and raised doubts over how it is run.
  • The Times: The boss of Royal Bank of Scotland has warned that a long-awaited multibillion-dollar settlement with American authorities over its mis-selling of toxic financial products is now unlikely to come this year.
  • Financial Times: Rolls-Royce faces the prospect of further charges as the result of problems with the Trent 1000 engine that powers Boeing’s 787-9 Dreamliner jet after two carriers revealed they have had to ground aircraft because of faulty turbines.
  • Daily Mail: BT is bracing for a challenge to its Premier League broadcasting rights with boss Gavin Patterson warning there are limits to what he is willing to pay.
  • The Times: Another of the great industrial final-salary pension schemes is to fully close after British Airways said that it would put 37,000 workers on to the same defined-contribution plan.
  • The Daily Telegraph: Lego has won a landmark case in China against rival products which it said were almost identical to one of its ranges.
  • Financial Times: Tata Steel has launched a probe into allegations that a manager at Port Talbot steelworks received payments for referring colleagues to a firm scouting for business for financial advisers, in the latest twist to a growing scandal over pensions advice given to plant workers.
  • The Times: Exports from China have grown at their fastest pace in eight months, shaking off fears about the impact of pollution-related industry restrictions.
  • The Daily Telegraph: The watchdogs charged with policing Britain’s financial system need to be beefed up to cope with additional regulatory pressures after Brexit, a report has warned.
  • The Daily Telegraph: The safety record of the North Sea industry is once again under scrutiny after a fatal accident caused BP’s Norwegian spin-off to shut off production from the rig while investigations take place.
  • Financial Times: Japan announced plans to buy air-launched cruise missiles capable of striking North Korea in a decision that means a nation committed to pacifism will acquire its longest-range weaponry.

Share tips, comment and bids

  • The Times (Tempus share tips): Enjoy the calm after the storm; stay aboard Saga Group, the insurance-to-cruising company.
  • The Daily Telegraph (Questor share tips): BUY RWS Holdings.
  • The Times: The billionaire Barclay brothers are testing the water on a possible sale of the Ritz Club that is tipped to value the casino at up to £200 million.
  • The Daily Telegraph: Apple is nearing a deal to buy London-based music recognition app Shazam, and could announce its purchase as early as next week.
  • The Times: Kwek Leng Beng has upped the ante in his bid to take Millennium & Copthorne Hotels private after bowing to pressure from minority investors to raise his bid.
  • The Daily Telegraph: Mirriad Advertising, a UK firm that allows brands to place their products in films and TV shows that have already been produced, announced plans for a £63 million float on London’s AIM market.
  • Financial Times: US technology group Western Digital is to drop its attempt to block Toshiba’s $18 billion sale of its prized memory chip unit to a private equity-led consortium, as the two sides look to sign a settlement deal early next week.
  • The Guardian (Comment): Five reasons the US job market is not as rosy as it looks.

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