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Wednesday Papers: May faces fresh threat of leadership coup

Wednesday Papers: May faces fresh threat of leadership coup

Top stories

  • Financial Times: UK Prime Minister Theresa May is facing the renewed threat of a leadership coup, after she postponed a crunch Commons vote on her Brexit deal in the face of an impending defeat.
  • The Times: Wages grew at their fastest pace in a decade in the three months to October, with the regular pay growing by an average of 3.3%; the number of people in work has also reached a record high.
  • The Daily Telegraph: WPP will shut dozens of offices and cut 3,500 jobs to lower down costs, in a bid by new chief executive Mark Read to revive the advertising giant.
  • Financial Times: Verizon has written off nearly $5 billion from its struggling division Oath, which was assembled through the costly acquisition of AOL and Yahoo to create an online advertising rival to Facebook and Google.
  • The Daily Telegraph: Struggling retailer Marks & Spencer has beefed up its board by bring back Justin King, the former Sainsbury's boss, as a non-executive director.
  • Financial Times: China will cut tariffs on imported American cars from 40% to 15%, in a sign of a cooling in the trade war between the world’s two largest economies.

Business and economics

  • The Guardian: Google’s chief executive, Sundar Pichai, testified before the House judiciary committee on Tuesday morning, where he refused to rule out launching a censored search engine in China.
  • Daily Mail: Hedge funds and other short-sellers likely made almost £2 million on Monday when Interserve’s share price plunged 53%; speculators have made an estimated £68 million betting against the struggling government contractor so far this year.
  • The Times: The global mining giant Anglo American shares climbed 5.5% after it announced that production should grow by more than expected this year and would rise again next year.
  • The Times: Ashtead unveiled a 19% rise in revenue and a 25% increase in pre-tax profits helped by robust results in the US.
  • The Times: Pepkor Europe, which runs Poundland in Britain and the Pepco and Dealz brands in Europe, said that revenues had risen by 12.9% in the fourth quarter to 30 September, defying conditions on the high street.
  • The Guardian: Poor figures from John Lewis, and a slowdown at Tesco and Sainsbury’s has suggested the uncertain political climate is taking its toll on consumer confidence this Christmas.
  • The Guardian: Shares in MySale plunged nearly 50% after the online flash sale retailer part-owned by Sir Philip Green and Mike Ashley issued an unexpected profits warning.
  • The Daily Telegraph: Carpetright’s pre-tax losses have ballooned to £11.7 million in the 26 weeks to 30 October as the embattled retailer has been hurt by weak consumer demand.
  • Daily Mail: The upmarket shoe and handbag retailer, Russell & Bromley, posted a 55.7% fall in profits to £6.2 million in the year to the end of December.
  • The Daily Telegraph: Transport for London expects to miss out on as much as £600 million in revenues on the back of its delayed Crossrail project.
  • The Times: Ministers are taking risks by handing so much government business to only a few large strategic suppliers, according to a new report by the Institute for Government.
  • The Times: The UK government and Sir John Kingman, the chairman of Legal & General and a former Treasury mandarin, are under increasing pressure to publish documents relating to his investigation into the audit watchdog.
  • The Times: The biggest companies in Britain paid a combined £84 billion in tax last year, an increase of more than £1 billion on the previous year, according to PWC.

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