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Saturday Papers: Defiant May raises stakes with no-deal threat to EU

And NatWest and RBS suffer online outage as MPs attack banks for IT failures.

 
Saturday Papers: Defiant May raises stakes with no-deal threat to EU

Top stories

  • The Times: Theresa May took Britain towards the brink of a no-deal Brexit yesterday after being stung by the humiliating rebuff she received at Salzburg on Thursday; she accused the European Union of offering only “unacceptable” options.
  • The Daily Telegraph: NatWest and its parent company Royal Bank of Scotland's online banking services failed on Friday morning, less than 24 hours after rival Barclays' systems went down for several hours.
  • Financial Times: Bank of America's investment banking chief Christian Meissner left after months of disagreement over the bank’s increasing conservatism and diminished risk appetite.
  • The Daily Telegraph: Government borrowing jumped in August widening the deficit to £6.8 billion, up £2.4 billion compared with August 2017, the Office for National Statistics said.
  • Financial Times: A UK entity with links to the Danske Bank branch at the centre of a €200 billion money-laundering scandal has come under scanner of the UK’s National Crime Agency.

Business and economics

  • The Times: Walmart, the world’s biggest retailer, has warned President Trump that it could be forced to raise prices due to his escalating trade war with China.
  • Financial Times: The pound is likely to hit its biggest one-day loss in 15 months as the prospects of a favourable Brexit outcome waned.
  • Daily Mail: Lloyd's of London reported pre-tax profits of £600 million, down from £1.2 billion for the same period last year, after being hit by significantly lower investment returns.
  • The Daily Telegraph: Smiths Group’s profits plunged after the company's medical unit lost two major contracts and was stung by new regulation, which curtailed sales.
  • Daily Mail: Shares in men's apparel firm Moss Bros plunged 20% after it warned investors that full-year profits would be 'materially lower' than expectations.
  • Daily Mail: HSBC’s staff sent a damning memo to the board claiming it has the worst-performing investment unit in the industry, incompetent managers and a toxic culture.
  • Financial Times: Grant Thornton’s chief executive Sacha Romanovitch has been criticised by partners over the firm’s financial performance, her leadership style and strategy.
  • The Daily Telegraph: Scandal-hit tech firm Telit Communications has severed ties with its second chief executive, Yosi Fait, in just over a year.
  • The Daily Telegraph: India’s commercial banks and property finance companies were rocked in a day of wild trading on the Mumbai bourse, plagued by default scares and a draconian crack-down by regulators.
  • The Times: The future of plans by Unilever to relocate its headquarters to the Netherlands could be decided by tens of thousands of retail investors.
  • The Guardian: The Church of England has pulled out of an attempt to buy the loan book of the collapsed payday lender Wonga.
  • The Daily Telegraph: A judge rejected former BHS owner Dominic Chappell’s appeal for failing to hand over vital documents to the pensions watchdog and branded him "evasive" and "entirely unbelievable".
  • The Daily Telegraph: Germany’s manufacturing industries are increasingly worried about a Brexit upset at a time of mounting global trade conflict and a multi-headed crisis in emerging markets.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): Dairy Crest’s share price may have disappointed but the dividend looks safe, so hold on.
  • The Guardian: The Deliveroo founder Will Shu could receive nearly £150 million, with reports that Uber has been in talks to acquire the London-based food delivery service for at least £1.5 billion.
  • The Daily Telegraph: Airbnb has revealed plans to offer its hosts shares in the company.
  • Financial Times: Shares in Farfetch, an online luxury fashion retailer, jumped 50% on their trading debut, valuing the company at $8.6 billion.
  • The Daily Telegraph (Comment): Five key events that will drive the price of oil.

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