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Wednesday Papers: Theresa May’s Brexit plan falls by 230 votes

Wednesday Papers: Theresa May’s Brexit plan falls by 230 votes

Top stories

  • Financial Times: Theresa May’s Brexit deal suffered a crushing defeat on Tuesday night in the House of Commons after MPs rejected the Prime Minister’s flagship policy by an overwhelming 230 votes.
  • The Independent: The pound plunged and then rallied against the euro after Theresa May’s Brexit deal was overwhelmingly rejected by Parliament; sterling fell 0.74% against the euro to hit €1.1133 but it then recovered, rising 0.37% to €1.1257.
  • The Daily Telegraph (Comment): We risk talking the UK economy into recession with all those Brexit scare tactics.
  • The Independent: The International Air Transport Association has warned of potentially higher air fares, and reiterated that some flights from the UK could be cancelled if the country crashes out of the European Union.

Business and economics

  • Daily Mail: Tesco Bank has cut rates for homeowners with smaller deposits looking to remortgage.
  • Daily Mail: HSBC has boosted its fixed rates with 1.6% one-year deal just behind the best offered by smaller providers.
  • The Independent: No-deal Brexit would hit Danish bacon and butter exports to the UK, says OECD.
  • The Guardian: The food and drink multinational Nestlé has pledged to phase out all plastics that are not recyclable or are hard to recycle for all its products worldwide between 2020 and 2025.
  • The Times: JP Morgan yesterday missed Wall Street’s profit and revenue forecasts for the first time since 2014 as it reported a sharp fall in revenue from fixed-income, currency and commodities trading.
  • The Independent: McDonald’s has been stripped of its trademark on Big Mac burgers after a legal challenge by an Irish restaurant chain.
  • Daily Mail: Housebuilder Persimmon has raked in profits of more than £1 billion last year as it cashed in on the taxpayer-funded Help To Buy scheme.
  • The Guardian: The City watchdog is considering fresh guidelines around the sale of private polling data to hedge funds looking to profit from major political events such as Brexit.
  • The Daily Telegraph: Ineos will make Europe’s largest chemical plant investment in 20 years in Belgium just months after a number of its top executives left the UK.
  • Daily Mail: Marks & Spencer has revealed its latest round of store closures with another 17 shops lined up to shut, risking more than 1,000 jobs.
  • The Guardian: China is set to unveil a package of tax cuts for small businesses and higher public spending to support its slowing economy.
  • The Daily Telegraph: Netflix’s stocks soared yesterday after the video streaming company introduced its biggest ever price hike for US customers.
  • Daily Mail: German economy expanded by just 1.5% in 2018 - the weakest showing since 2013 - amid growing fears for the health of the eurozone.
  • The Daily Telegraph: Pub giant Greene King has hired Nick Mackenzie - the man who runs Madame Tussauds, the London Eye and the Blackpool Tower for Merlin Entertainments – as new chief.
  • Daily Mail: JP Morgan's boss Jamie Dimon has warned that the US government's shutdown could bring its economy grinding to a halt.
  • Daily Mail: Santander has abandoned a bid to hire Italian Andrea Orcel as it s new chief executive after he demanded a massive payout.
  • The Guardian: The online fashion group Boohoo has reported strong growth in demand for its £6 dresses and £10 jeans as young shoppers made a beeline for its PrettyLittleThing and Nasty Gal websites during Christmas holiday.
  • The Daily Telegraph: Ashmore, the fund manager which specialises in emerging markets, said assets under management rose by just 0.4% to $76.7 billion over the three months to December as it attracted $500 million of net inflows.
  • The Guardian: Ford and Volkswagen have announced details of a new alliance on Tuesday as the two car companies look to slash the cost of the technological revolution now shaking the industry and deal with slowing sales.
  • Daily Mail: Ivanka Trump will play a key role in choosing the next head of the World Bank after its boss suddenly quit.
  • Financial Times: ByteDance, the private Chinese company behind TikTok, has launched a new chat app in a direct challenge to WeChat.
  • The Times: Spire Healthcare, one of Britain’s biggest private hospital companies, has cut its expected annual earnings owing to the funding pressures being felt by the NHS.
  • Daily Mail: Serial entrepreneur Luke Johnson enjoyed a £555,000 boost after shares in Elegant Hotels jumped 7.4% after it posted a 5% rise in revenues to £49 million in the year to 30 September.
  • Financial Times: A group of gold investors have hit out at Newmont’s planned $10 billion acquisition of rival Goldcorp.
  • The Daily Telegraph: Property agent Savills has warned it will struggle to eke out growth next year as a cocktail of economic worries discourage people from investing in property.
  • Daily Mail: Doorstep lender Provident Financial saw its market value wiped off by nearly £320 million after it warned profits will be lower than forecast.
  • The Times: Huawei chief executive Ren Zhengfei has denied that China uses the telecoms group to spy on other countries and has heaped praise on President Trump as the company grapples with a fierce American onslaught.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Vodafone; BUY Gym Group.
  • The Guardian: The consortium led by Virgin Atlantic and Stobart Group has injected £2.2 million into Flybe, after the struggling regional airline failed to mollify banks that were withholding money.
  • The Times: Relx, the FTSE 100 media group, has acquired the St Albans-based Mack Brooks Exhibitions, an arranger of corporate jamborees, for £200 million.
  • The Times: Immersive Labs, a start-up established by a former employee of GCHQ, has secured $8 million in backing from Goldman Sachs to develop a platform that helps businesses to defend themselves against hackers.
  • Daily Mail (CITY DIARY): Is JP Morgan boss Jamie Dimon preparing a presidential run in 2020?
  • Daily Mail (Comment): Parliament may be broken but Britain just keeps on working.
  • The Independent (Comment): Would Theresa May’s Brexit plan destroy the prospect of a US trade deal?
  • The Independent (Comment): How easy would it really be for the UK to do trade deals with emerging markets after Brexit?

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