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Friday Papers: Revolt grows over handling of Brexit talks

Friday Papers: Revolt grows over handling of Brexit talks

Top stories

  • The Times: Theresa May faces a revolt as she infuriates all sections of her party by making further concessions to Brussels; she offered to extend the transition period after Brexit without cabinet approval.
  • Financial Times: Invesco has agreed to buy rival asset manager OppenheimerFunds from MassMutual for roughly $5.7 billion, making the group one of the very largest money managers.
  • The Daily Telegraph: HSBC is poised to become the first overseas firm to list in China under plans to link the London and Shanghai stock exchanges.
  • Financial Times: The number of private equity deals that deliver more than three times the original investment has seen a sharp decline in the years since the financial crisis.
  • Financial Times: Brussels has reprimanded Italy’s populist government for breaking EU deficit rules in its first budget.
  • Financial Times: President Donald Trump on Thursday threatened to close down the US’ southern border and cut aid if Mexico does not stop the “human caravan” of migrants.

Business and economics

  • The Guardian: Unilever reported a 3.8% rise in underlying sales to €12.5 billion during the three months to the end of September, however, investors were unimpressed and shares in the FTSE 100 company fell 1.5%.
  • The Daily Telegraph: Shares in Paypal rose 2% to $79.20 after reporting revenue growth of 14% to $3.68 billion, surpassing its own forecast of $3.63 billion and market analysts' $3.66 billion forecasts.
  • Daily Mail: Ladbrokes owner GVC as the company said revenues rose 14% in the third quarter thanks to punters placing bets on their mobiles during the World Cup.
  • Daily Mail: Domino's Pizza registered year-on-year sales growth of over 6% this summer, despite 'evident uncertainty' among customers and hot weather across Europe.
  • The Daily Telegraph: National Express's third quarter revenue rose 9.5%, with profit before tax up 18.3% as passengers shunned rail travel this summer and choosing to go by coach instead.
  • The Times: Uber is planning to launch a division that would enlist out temporary workers such as waiters and security guards for corporate functions and parties.
  • The Daily Telegraph: Amazon is investing in three regional hubs across the UK, creating more than 1,000 research roles as tech giants hone in on British talent.
  • Financial Times: Tesla has paid $140 million to lease an 860,000 square metre plot of land near Shanghai’s port for its first major vehicle factory outside the US.
  • Financial Times: Several of the world’s largest banks plan to join hands to create a digital platform that aims to capture an unaddressed $1.5 trillion gap in the coverage of global trade finance.
  • The Times: Sativa Investments, a London-listed medicinal cannabis company, has lined up a 7.5-acre Wiltshire site as it tries to become the first to grow the plants and sell the subsequent products in Britain.
  • The Times: Shares in Games Workshop fell by almost 5%, to £31.70, amid “uncertainties in the trading periods ahead for the rest of the 2018-19 financial year”.
  • The Times: Shares in Rank Casinos fell 4.3% as the hot summer weighed on trading at its Grosvenor Casinos and Mecca Bingo halls, while casino margins were below par.
  • The Guardian: New Look is to close all its 120 shops in China by the end of the year after disappointing sales.
  • The Times: BNP Paribas has become France’s first lender to cut jobs at its investment banking business as a result of the market turmoil.
  • The Guardian: The Cypriot airline Cobalt Air has cancelled all its flights and indefinitely suspended operations, as the company called in administrators after failing to secure long-term funding.
  • Financial Times: Nestlé has announced the departure of its head of Asia, Wan Ling Martello, who was credited with reviving Nestlé’s flagging Asian businesses.
  • The Guardian: Sky has warned broadcasters including Disney and Discovery to sort out their post-Brexit licensing plans by the end of 2018 or face being taken off its pay-TV service.
  • The Times: The Competition and Markets Authority has asked Britain’s largest companies and all its audit firms to hand thousands of internal documents within 14 days.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY JPMorgan Emerging Markets Investment Trust.
  • The Times (Tempus share tips): BUY Avast; BUY RWS Holdings.
  • The Daily Telegraph: Rentokil Initial could be forced to sell the UK arm of its newly-acquired Cannon Hygiene business after competition watchdogs warned the deal could lead to higher prices.
  • The Times: Palantir Technologies, a secretive Silicon Valley data mining company that works with American spy agencies and the Pentagon, is planning a flotation that is likely to be one of the biggest in recent years.
  • The Times: KKR and TPG Global are said to have approached Acadia Healthcare, parent of the Priory Hospital, about a potential takeover for $3.4 billion.
  • The Guardian (Comment): The Fed is ignoring Trump: this is a fight he cannot win.
  • The Daily Telegraph (Comment): With results season upon us, where next for markets?

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