Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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?

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
1 Comment Play Quilter CEO on IFAs, robos & his own DB transfer

Quilter CEO on IFAs, robos & his own DB transfer

In the final part of our interview with Paul Feeney, the Quilter chief executive declares that the government has 'left the ring' on savings policy, rounds on robo-advice, and reveals his own experience of the DB transfer market.

Play CEO Tapes: ESG - we need to get better at the 'G'

CEO Tapes: ESG - we need to get better at the 'G'

In the second part of our CEO series, we explore the burgeoning ESG concept with fund bosses outlining how they try to make a difference.

Play 'They've done it before': Feeney on Quilter quitters

'They've done it before': Feeney on Quilter quitters

In the second part of our exclusive video interview with Paul Feeney, we hear the Quilter CEO's views on the investment managers leaving the firm, along with his promise to platform users.

Read More
Wealth Manager on Twitter