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Friday Papers: May suffers Commons defeat on Brexit plan B

Friday Papers: May suffers Commons defeat on Brexit plan B

Top stories

  • Financial Times: Theresa May suffered a substantial parliamentary defeat on her Brexit plan B on Thursday, underlining the difficulty of agreeing any deal that could win the backing of the House of Commons.
  • Financial Times: Airbus is to stop production of the A380 in 2021 after Emirates, its largest customer, slashed its order from 162 to 123 aircraft.
  • The Daily Telegraph: Amazon has pulled the plug on opening a new headquarters in New York after fierce local opposition.
  • Financial Times: Patisserie Valerie’s management team and Irish private equity fund Causeway Capital have agreed to acquire the café chain, rescuing it from administration and saving about 2,000 jobs.
  • Financial Times: Jack Ma’s Chinese financial services giant Ant Financial has agreed to buy British payments group WorldFirst in a $700 million deal.

Business and economics

  • The Guardian: Renewable energy sources will be the world’s main source of power within two decades, according to BP.
  • Daily Mail: Sales at Puma jumped 12.4% to £4.1 billion last year as younger shoppers snapped up crop-tops, leggings and chunky trainers.
  • Financial Times: A recovery in China and the US, and new healthier products boosted organic sales growth at Nestlé for the first time in seven years.
  • The Daily Telegraph: Credit Suisse’s first annual profit since 2014 was held back by its struggling global markets trading operations, which registered a 10% decline in annual net revenue.
  • Financial Times: Top shareholders of Deutsche Bank are calling for its chief executive to make deeper cuts to its perennially lossmaking US investment bank.
  • The Daily Telegraph: ConvaTec’s shares fell almost a fifth on Thursday after the medical technology company launched a $150 million restructuring.
  • Financial Times: The billionaire co-founder of Uber, Travis Kalanick, is secretly ramping up his new venture CloudKitchens after being pushed out as head of Uber.
  • The Guardian: Ryanair has said air traffic control strikes and staff shortages will cause record levels of disruption to holiday flights this summer.
  • Financial Times: Jet Airways revealed a $1.2 billion rescue package plan to shore up its finances as the Indian carrier reported its fourth consecutive quarterly loss.
  • The Times: The Restaurant Group announced resignation of its chief executive less than two months after he pushed through the controversial acquisition of the Japanese noodle bar chain Wagamama.
  • The Daily Telegraph: Interserve will be forced to immediately hand over £66 million to its lenders if its largest shareholder thwarts a controversial debt-for-equity rescue deal announced last week.
  • The Times: The Bank of England will probably cut interest rates in the event of a no-deal Brexit, one of its nine policymakers has said.
  • Daily Mail: German sports car firm Porsche has written to customers to warn them that they might have to pay extra for their new cars after Brexit.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Wood Group for now; BUY Boku.
  • Daily Mail: Japan's Mitsubishi Corporation will invest £200 million into British-based energy group Ovo.
  • Financial Times: Kremlin-run bank VTB has agreed to acquire the grain terminal of the country’s busiest port in a deal that will give it significant control over Russian grain exports.
  • The Daily Telegraph (Comment): Europe will have to offer May a Brexit concession or risk a diplomatic and economic disaster.

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