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Wednesday Papers: Brexit costs households £900 a year

Wednesday Papers: Brexit costs households £900 a year

Top stories

  • The Times: British households are at least £900 a year worse off and the economy as much as £40 billion smaller as a result of the Brexit vote, according to the governor of the Bank of England.
  • The Daily Telegraph: Tesco is shutting down its non-food website Tesco Direct - which sells clothing, homewares and electrical - putting around 500 jobs at risk.
  • Financial Times: US President Donald Trump’s move to patch up trade relations with China has triggered rebellion from Congressional Republicans.
  • The Times: China has opened its auto market further for global manufacturers by lowering the import levy for most vehicles and parts from 25% to 15% from 1 July.
  • The Times: Stacey Cunningham has been appointed as president of NYSE Group, becoming its first female president in its 226-year history.

Business and economics

  • The Guardian: Bloomsbury Publishing reported a 13% surge in revenues to £161.5 million in the year to the end of February on the back of Harry Potter franchise and the popularity of TV chef Tom Kerridge’s Lose Weight for Good.
  • Financial Times: Marks and Spencer has confirmed that it will close more than 100 shops by 2022, up from earlier target of 60.
  • Daily Mail: Pets at Home suffered a 12.3% fall in full year profits to £84.5million in the year to the end of March after it cut prices to tackle rising competition.
  • Daily Mail: Pre-tax profits at Halfords, which sells bikes and car parts, fell 6% to £67.1 million in the year to the end of March due to higher costs linked to a weaker pound.
  • The Times: Inmarsat’s shares fell as much as 14% in early trading yesterday after it emerged that British satellite company has lost its monopoly over maritime distress communications.
  • The Times: C&J Clark, owner of the shoes retailer Clark, revealed that pre-tax profits had fallen from £63.7 million to £45.2 million in the year to the end of January due to American tax reforms, Brexit and efforts to restructure its British business.
  • Financial Times: Yelp has filed fresh complaint with the EU’s antitrust watchdog against Google over search dominance, urging Brussels to launch new charges against the internet giant.
  • The Guardian: Galliford Try faces additional costs for Aberdeen bypass due to bad weather, which will add tens of millions to scheme already hit by collapse of Carillion.
  • The Times: WPP has lost HSBC as its client less than a month after the departure of its long-standing chief executive.
  • Financial Times: Share in telecoms regulator Altice surged more than 60% yesterday after the French regulator allowed consolidation of the sector.
  • The Times: BP has shelved its plans to drill in a North Sea gasfield co-owned by the National Iranian Oil Company due to American sanctions.
  • The Guardian: The US-EU may be entering into a trade war as the Trump administration signalled that the exemption granted to European steel and aluminium importers from its punitive tariffs would not be extended.
  • Financial Times: Amazon is facing demand from civil rights groups to stop selling its facial recognition technology to the US police.
  • The Times: Elon Musk said that Tesla would investigate any problem with the braking system in its new Model 3 as reported by Consumer Reports magazine and rectify it.
  • The Daily Telegraph: Martin Bennett, the UK boss of Homeserve, which provides home emergency insurance cover and repairs, is to step down after having worked for the company for 15 years.
  • Financial Times: Shares in Intermediate Capital Group surged on Tuesday after the debt manager reported a strong level of fundraising for its flagship strategy at the start of the year.
  • The Daily Telegraph: More than a quarter of the Royal Dutch Shell investors voted against its chief Ben Van Beurden's multi-million euro payout for last year, in a bruising shareholder revolt.
  • The Daily Telegraph: Investment manager Hermes has piled further pressure on Deutsche Bank chairman Paul Achleitner after shareholders secured a motion to vote for the removal of Achleitner at the investor meeting in Frankfurt on Thursday.
  • Financial Times: Entertainment One, the UK-based film and TV production company, has reported strong growth full-year growth for its family division on the back of continued success of Peppa Pig.
  • The Times: The United States has formed a cross-party congressional committee, Senate UK Trade Caucus, to come up with a US-UK free-trade deal.
  • Financial Times: The West End landlord Shaftesbury has reported higher profits on the back of rising rents as it was “largely insulated” from impact of Brexit and retail gloom.
  • The Times: The US Congress has voted to roll back a swathe of banking rules under Dodd-Frank Act enacted by President Obama after the financial crisis that will ease restrictions on all but the largest American financial companies.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL Halfords; BUY Homeserve.
  • The Daily Telegraph (Questor share tips): BUY TruFin.
  • The Guardian: Sony is buying EMI Music Publishing for $2.3 billion, which will give the world’s largest music publishing company rights to songs by the likes of Queen and Pharrell Williams.
  • Daily Mail: Private equity groups Bain Capital, CVC and TPG have informally approached Whitebread for potential buyout of Costa Coffee as the coffee chain is expected to be listed as a separate entity soon.
  • Financial Times: An influential lobby group of small-shop owners in India is trying to derail Walmart’s $16 billion bid to take over the Indian online retailer Flipkart.
  • Financial Times: Activist investor Elliott Management has reportedly acquired a stake in ThyssenKrupp in a bid to replace the German industrial group’s chief executive.
  • The Daily Telegraph: Global Ports Holding has won a contract to operate a cruise ship port in Havana for next 15 years.
  • Financial Times: The Russian state-run lender Sberbank has sold its Turkish subsidiary DenizBank to Dubai-based Emirates NBD for $3.2 billion.
  • The Guardian (Comment): M&S's latest 'radical' restructure may not be bold enough.
  • The Daily Telegraph (Comment): Fiscal ruination beckons as others scramble to follow Trump's 'great divergence'.

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