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Wednesday Papers: Tories reject May’s final attempt at Brexit deal

And Banks to go after Jamie Oliver personally as restaurant empire collapses with 1,000 jobs lost.

Wednesday Papers: Tories reject May’s final attempt at Brexit deal

Top stories

  • The Times: Theresa May’s final attempt to break the Commons deadlock failed yesterday after Tory MPs including Boris Johnson turned down a “new Brexit deal” offered by her.
  • The Daily Telegraph: Banks and one of Britain’s biggest food suppliers are set to go after Jamie Oliver over debts after his portfolio of restaurants failed.
  • Financial Times: British Steel is on the brink of collapse risking thousands of jobs, after talks with the government over an emergency £75 million loan appeared all but dead.
  • Financial Times: Bridgepoint, the European private equity giant that raises funds in euros, is looking at moving back-office jobs from mainland Europe to the UK if sterling weakens significantly.
  • The Guardian: The Organisation for Economic Co-operation and Development has warned that further escalation of the US-China trade war would unleash significant damage for the American economy, as well as the rest of the world.

Business and economics

  • The Guardian: Britain’s manufacturing sector has suffered the worst slump in orders for more than two and a half years, the CBI said in its industrial trends monitor for May, as the manufacturing sector struggled against Brexit headwinds.
  • Daily Mail: Sterling slipped below $1.27 for the first time in almost five months, as traders fretted over the perils of a no deal Brexit and Labour seizing power.
  • Financial Times: British meat processor Cranswick’s exports of pork to East Asia jumped over the past year as African swine fever decimated China’s hog herds.
  • The Daily Telegraph: Severn Trent’s pre-tax profits rose to £563 million in the 12 months to the end of March, up from £527 million last year.
  • The Times: Home Depot’s comparable store sales increased by 2.5% in the first quarter, well below analysts’ predictions, due to wet weather; yet revenue came in ahead of analysts’ expectations as customers made more transactions and spent more on each one.
  • Financial Times: France’s Sephora is opening up to 150 stores a year as the LVMH-owned beauty and make-up retailer seeks to ramp up its global expansion.
  • The Daily Telegraph: Entertainment One’s pre-tax profit fell 43% to £36.8 million in the 12 months to March despite the booming popularity of Peppa Pig, the children’s character it owns.
  • The Daily Telegraph: Nationwide Building Society reported a 19% drop in underlying pre-tax profits to £788 million for the year to April after taking a £227 million hit on its technology assets and ramping up IT spending.
  • The Times: The revival of Halfords will take longer than had been hoped, the company warned yesterday, citing the “fragile” confidence of consumers.
  • The Daily Telegraph: Morgan Stanley has warned that Tesla’s shares could drop from $97 to just $10 in the worst case scenario due to fears that it could be entangled in the US' trade war with China.
  • The Times: Huawei crisis has boosted rival Samsung Electronics amid hopes that the South Korean conglomerate will increase its share of global mobile phone sales at the expense of its controversial Chinese rival.
  • The Daily Telegraph: The US is preparing to impose sanctions on the controversial Nord Stream II project that will pipe Russian gas to Germany.
  • The Daily Telegraph: WHSmith's highly regarded chief executive, Stephen Clarke, is stepping down at the end of October.
  • The Times: KPMG could face a record £12.5 million fine for misconduct after signing off on accounts for the world’s largest custodian bank, BNY Mellon.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): AVOID/HOLD Vodafone; HOLD National Grid.
  • The Times (Tempus share tips): Vodafone - keep an eye on dividend cover; BUY Bloomsbury Publishing.
  • Daily Mail: Opcapita, the private equity company that drove Comet into the ground, is on a shortlist of bidders for Majestic Wine's 200 British stores.
  • The Times: Richard Desmond, the former owner of Express Newspapers, is making a bid for the next license of the National Lottery via his Health Lottery.
  • The Times: Merck has agreed to acquire Peloton Therapeutics, which is developing a promising drug to treat renal cell carcinoma.
  • Financial Times: Trainline, the transport-booking app owned by US private equity group KKR, is expected to announce its intention to float for £1.5 billion within days.
  • The Daily Telegraph (Comment): Trump's trade war with China is no longer about fair trade - but complete decoupling.

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