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.

Tuesday Papers: May makes last ditch plea to break Brexit impasse

Tuesday Papers: May makes last ditch plea to break Brexit impasse

Top stories

  • The Times: Theresa May has urged EU leaders not to derail what she calls an “achievable” compromise, in a last-ditch effort to rescue Brexit talks deadlocked over how to avoid a hard border in Ireland.
  • The Daily Telegraph: Italians funnelling their money across the border into Switzerland, amid concern that an epic clash with the EU could set off a Greek-style banking crisis.
  • Financial Times: Activist investor Carl Icahn announced that he would fight against Michael Dell's plan to take the eponymous computer company Dell public again.
  • Financial Times: Sacha Romanovitch, Grant Thornton’s chief executive, said she would quit just weeks after disgruntled colleagues attacked her leadership style and “socialist agenda”.
  • Financial Times: The head of private equity group Carlyle’s energy division, Marcel van Poecke, is contributing $100 million of his own money to its latest $4 billion fund.

Business and economics

  • The Guardian: Prime minister’s promises to end austerity and boost NHS spending will need £19 billion in this month’s budget from higher taxes, extra borrowing or faster-than-expected growth, experts have warned.
  • The Times: Bank of America registered a record quarterly profit that jumped by nearly a third to $7.2 billion on the back of rising interest rates and a deep corporate tax cut.
  • The Daily Telegraph: Shares in footwear company Shoe Zone rose by more than 12% to £1.85 after it reported revenues of £161 million, up 1.8% compared to the previous year.
  • Financial Times: Total’s chief Patrick Pouyanné wants the French oil and gas company to be the largest oil and gas player in Russia, despite fears over international sanctions.
  • The Daily Telegraph: Sears, the iconic US department store chain, has filed for Chapter 11 bankruptcy after succumbing to its debt pile of $5.6 billion and rise of online shopping.
  • The Guardian: Contactless payments are now more popular than chip and pin card transactions when people pay in UK stores, according to the payments technology company Worldpay.
  • The Guardian: Fashion chain Superdry has issued a profit warning, sending its shares sharply lower, after it was hit by this summer’s heatwave and the warm autumn weather.
  • Daily Mail: ConvaTec shares plummeted almost 30% on Monday after the medical device maker warned of a hit to profits at the same time as announcing the retirement of its chief executive.
  • The Guardian: Claire’s has become the latest high street firm to show signs of distress as the troubled fashion accessories chain is considering closing a number of British stores.
  • The Daily Telegraph: BP and its Italian partner Eni are expected to start exploratory drilling in Libya early in the first quarter of 2019.
  • Daily Mail: Paul May, the boss of cafe chain Patisserie Valerie, has quit his role on The Restaurant Group’s board as he grapples with the fallout of a massive accounting scandal.
  • The Times: Robert Tchenguiz has dropped a lawsuit against Grant Thornton just hours before he was due to give evidence and after reaching a settlement with Kaupthing Bank.
  • Financial Times: Swiss elevator maker Schindler Holding is suing South Korea for more than $300 million over losses it suffered from “damaging” deals done by Hyundai Elevator.
  • The Times: President Macron’s government has denounced US carmaker Ford as indefensible for planning to shut a gearbox factory near Bordeaux despite an offer from a French group to buy the plant.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL Greencore; AVOID Schroders.
  • The Times: Harris Corporation and L3 Technologies are to combine in the largest merger in the defence industry, creating a $33.5 billion provider of military communications systems.
  • Financial Times: BMG has acquired World Circuit, which is one of the world’s largest record labels that specialises in music from Latin America and west Africa.
  • Financial Times: Greencore Group, the convenience food company that churns out more than 700 million sandwiches a year in the UK, is selling its US business for £817 million to Hearthside Food Solutions.
  • The Daily Telegraph (Comment): As a no-deal Brexit looms it’s time for businesses to be prepared – fast.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play CEO Tapes: dangerous data and great technology

CEO Tapes: dangerous data and great technology

In the third part of our latest series the debate turns to technology and the huge impact it is having on the fund management industry.

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.

Read More
Wealth Manager on Twitter