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Saturday Papers: New rules halt luxury carmakers’ China shipments

Saturday Papers: New rules halt luxury carmakers’ China shipments

Top stories

  • Financial Times: While China’s insatiable appetite for luxury goods has been a boon for Bordeaux vintners and Swiss watchmakers, carmakers such as McLaren and Lamborghini are finding it impossible to export into the world’s largest car market.
  • The Daily Telegraph: Low-cost carrier easyJet will launch a new division in Austria aimed at shoring up its future post-Brexit.
  • Financial Times: Two of the US’s biggest banks, JP Morgan Chase and Citigroup, reported shrinking revenues from their trading business in the second quarter of the year, the latest sign one of Wall Street’s most reliable money makers was enduring an extended slump because of low volatility.
  • The Times: Carillion has hired HSBC, one of its main lenders, as a key financial adviser as its directors ponder its future after one the biggest industrial blowouts of recent times.
  • Financial Times: A top executive at Richemont has resigned unexpectedly to join rival Swiss watchmaker Breitling in a blow to the luxury group’s efforts to weather the downturn in high-quality timepieces.

Business and economics

  • The Times: Sterling rallied to its highest rate in almost ten months yesterday after figures for American consumer spending and retail sales came in below expectations, reducing further the chances of the US Federal Reserve raising interest rates again this year.
  • The Guardian: Barclays has confirmed plans to expand its Dublin operations as part of Brexit contingency plans, amid uncertainty over future trading arrangements for financial services.
  • The Times: Britain’s credit rating could be downgraded further if the government chooses to ditch its austerity measures and significantly increase borrowing, economists have warned.
  • The Daily Telegraph: A long-running impasse over Royal Mail's pension scheme may have ended after the FTSE 100 company's latest offer to workers received a hesitant welcome from unions.
  • The Times: Matalan could be facing a strike over pay with staff in its warehouses who pick and pack clothes for distribution to stores and online shoppers.
  • Daily Mail: A British tech firm Civica that provides number-plate recognition to police forces could fall into the hands of Japanese giant NEC which has offered £900million for the tech company.
  • Financial Times: PepsiCo’s attempt to shift its business away from its namesake soda to healthier, upmarket snacks continued to pay off in its latest results.
  • The Daily Telegraph: Emerging markets fund manager Ashmore has seen its assets rise for the second time since January as investors pour money back into developing markets.
  • Daily Mail: Profits at recruitment firm Hays are set to come in ahead of market expectations, despite the company grappling with a slowdown in its UK and Ireland business as London trading remains 'challenging'.
  • The Times: The parent company of the Telegraph newspapers has suffered a sharp fall in operating profits for 2016, as it struggles to find new digital revenue streams and searches for a buyer for its titles amid falling print sales.
  • The Daily Telegraph: Pascal Soriot will remain at FTSE 100 pharmaceuticals firm AstraZeneca, sources said on Friday, rebuffing rumours that he was planning a move to rival Israeli drugs giant Teva Pharmaceuticals.
  • The Daily Telegraph: Chief executive Petar Cvetkovic and finance director Daljit Basi at under pressure DX Group have exited the firm after a tumultuous period for the courier and logistics company.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY Invesco Income Growth Trust.
  • Financial Times (Lombard): Galliford tries harder.
  • Financial Times (Lombard): Last word on FirstGroup.
  • Financial Times: Play Communications, the Polish telecoms group, plans to raise €1.03 billion from its listing on the Warsaw stock exchange as it finalises the terms of its market debut.
  • The Daily Telegraph: The $175.6 billion (£134.2 billion) Ontario Teachers’ Pension Plan and the investors in charge of the C$85 billion (£51.2 billion) pension plan for Ontario’s municipal workers have sold HS1, which runs from four UK stations including St Pancras and Stratford International, to a group of UK-based and foreign investors.
  • The Daily Telegraph: Dixons Carphone has offloaded its Spanish business for almost £50 million as it continues a retreat from Europe that has seen it exit markets in Portugal, Germany and the Netherlands in recent years.
  • The Times: A host of parties are lining up to bid for Jimmy Choo, the upmarket shoe designer made famous in the television series Sex and the City, in a sale that could raise as much as £800 million.
  • Financial Times: Liberty House, the privately owned metals group, has completed a hat-trick of transactions this month with the purchase of two Tata Steel mills in north-east England.
  • The Times: Touchstone Innovations has stepped up its defence against a hostile takeover bid from IP Group, revealing in a trading update yesterday that the value of its investments has risen by 10% since the start of the financial year.
  • Financial Times (Lex): China tech: watch for signs of customer deposits being milked for investment capital.
  • Financial Times (Lex): JP Morgan: public policy may be more than an avocation for Jamie Dimon.
  • Financial Times (Lex): Santander: reimbursing Banco Popular investors is a shrewd move, politically and commercially.
  • Financial Times (Lex): Hays: Europe is working out well for the UK’s largest recruitment agency.
  • Financial Times (Lex): Best of Lex: the impact of the greatest upheaval since the 1920s is still being felt.

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