Tuesday Papers: May makes last ditch plea to break Brexit impasse – Citywire Money
View the article online at http://citywire.co.uk/money/article/a1165473
And Italians shift money to Swiss safe-haven on fears of euro rupture.
- The Times: Theresa May has urged EU leaders not to derail what she calls an “achievable” compromise, in a last-ditch effort to rescue Brexit talks deadlocked over how to avoid a hard border in Ireland.
- The Daily Telegraph: Italians funnelling their money across the border into Switzerland, amid concern that an epic clash with the EU could set off a Greek-style banking crisis.
- Financial Times: Activist investor Carl Icahn announced that he would fight against Michael Dell’s plan to take the eponymous computer company Dell public again.
- Financial Times: Sacha Romanovitch, Grant Thornton’s chief executive, said she would quit just weeks after disgruntled colleagues attacked her leadership style and “socialist agenda”.
- Financial Times: The head of private equity group Carlyle’s energy division, Marcel van Poecke, is contributing $100 million of his own money to its latest $4 billion fund.
Business and economics
- The Guardian: Prime minister’s promises to end austerity and boost NHS spending will need £19 billion in this month’s budget from higher taxes, extra borrowing or faster-than-expected growth, experts have warned.
- The Times: Bank of America registered a record quarterly profit that jumped by nearly a third to $7.2 billion on the back of rising interest rates and a deep corporate tax cut.
- The Daily Telegraph: Shares in footwear company Shoe Zone rose by more than 12% to £1.85 after it reported revenues of £161 million, up 1.8% compared to the previous year.
- Financial Times: Total’s chief Patrick Pouyanné wants the French oil and gas company to be the largest oil and gas player in Russia, despite fears over international sanctions.
- The Daily Telegraph: Sears, the iconic US department store chain, has filed for Chapter 11 bankruptcy after succumbing to its debt pile of $5.6 billion and rise of online shopping.
- The Guardian: Contactless payments are now more popular than chip and pin card transactions when people pay in UK stores, according to the payments technology company Worldpay.
- The Guardian: Fashion chain Superdry has issued a profit warning, sending its shares sharply lower, after it was hit by this summer’s heatwave and the warm autumn weather.
- Daily Mail: ConvaTec shares plummeted almost 30% on Monday after the medical device maker warned of a hit to profits at the same time as announcing the retirement of its chief executive.
- The Guardian: Claire’s has become the latest high street firm to show signs of distress as the troubled fashion accessories chain is considering closing a number of British stores.
- The Daily Telegraph: BP and its Italian partner Eni are expected to start exploratory drilling in Libya early in the first quarter of 2019.
- Daily Mail: Paul May, the boss of cafe chain Patisserie Valerie, has quit his role on The Restaurant Group’s board as he grapples with the fallout of a massive accounting scandal.
- The Times: Robert Tchenguiz has dropped a lawsuit against Grant Thornton just hours before he was due to give evidence and after reaching a settlement with Kaupthing Bank.
- Financial Times: Swiss elevator maker Schindler Holding is suing South Korea for more than $300 million over losses it suffered from “damaging” deals done by Hyundai Elevator.
- The Times: President Macron’s government has denounced US carmaker Ford as indefensible for planning to shut a gearbox factory near Bordeaux despite an offer from a French group to buy the plant.
Share tips, comment and bids
- The Times (Tempus share tips): SELL Greencore; AVOID Schroders.
- The Times: Harris Corporation and L3 Technologies are to combine in the largest merger in the defence industry, creating a $33.5 billion provider of military communications systems.
- Financial Times: BMG has acquired World Circuit, which is one of the world’s largest record labels that specialises in music from Latin America and west Africa.
- Financial Times: Greencore Group, the convenience food company that churns out more than 700 million sandwiches a year in the UK, is selling its US business for £817 million to Hearthside Food Solutions.
- The Daily Telegraph (Comment): As a no-deal Brexit looms it’s time for businesses to be prepared – fast.
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