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Tuesday Papers: Theresa May to delay Brexit vote

Tuesday Papers: Theresa May to delay Brexit vote

Top stories

  • The Times: Theresa May deferred the Brexit vote in parliament after accepting the “widespread and deep concern” about the deal, and pledging to go back to Brussels and seek further “reassurances” on the Northern Ireland backstop.
  • Financial Times: Chinese court has banned sales of certain iPhone models after finding it in violation of two Qualcomm patents related to photo manipulation and using apps on a touchscreen.
  • The Daily Telegraph: Economic growth in the UK has come to a virtual standstill after output from the country's manufacturing and construction industries shrank last month.
  • The Times: A bailout worth up to £2.2 billion has been handed to the Crossrail line through London amid warnings that the rail scheme could be delayed for two years.
  • Financial Times: Nissan and Carlos Ghosn have been charged by Tokyo prosecutors for understating the ex-chairman’s pay in financial documents.
  • Financial Times: The head of India’s central bank Urjit Patel abruptly resigned on Monday just days ahead of a contentious meeting of the governing board.

Business and economics

  • Daily Mail: Interserve’s stocks crashed by more than 70% on Monday morning after it confirmed a major debt restructuring.
  • The Guardian: The pound has dropped to its lowest level for almost two years amid Brexit uncertainty.
  • Daily Mail: Shares in the pensions provider and equity release specialist Just Group rose by as much as 27% after it emerged the impact of the new rules around lifetime mortgages will hurt far less than feared.
  • Financial Times: Trafigura, one of the world’s biggest oil and metal traders, has registered its lowest annual profit in eight years.
  • Daily Mail: Superdry is expected to post £8 million drop in half-year profits to £17 million amid a row between management and Superdry founder Julian Dunkerton, who is eyeing a return to the business.
  • The Guardian: Odey Asset Management and Marshall Wace have declared significant bets against companies exposed to the British consumer including big high street names.
  • The Daily Telegraph: Poundstretcher has reported a 2.5% fall in sales to £387 million in the year to the end of March as the discount retailer struggles amid difficult trading conditions in the high street.
  • Financial Times: Cleaning services provider ISS on Monday said it planned to cut 100,000 jobs in a worldwide retreat aimed at boosting growth.
  • The Times: Elon Musk, the chief executive of Tesla has said that the company’s new chairwoman will have no control over him as he remains the largest shareholder.
  • Financial Times: In a bid to revive its flagging sales, US drugmaker Gilead Sciences has poached industry veteran Daniel O’Day from Swiss rival Roche to be its new chief executive.
  • The Daily Telegraph: The French central bank has slashed forecasts for economic growth to half for the final three months of the year citing the impact of four weeks of widespread protests across the country.
  • The Times: Mike Lynch, founder of Autonomy, the former FTSE 100 software developer, who is accused of perpetrating a huge accounting fraud, is expected to request a delay to a $5 billion lawsuit from Hewlett-Packard.

Share tips, comment and bids

  • The Daily Telegraph: Australian pensions giant AMP has swooped on Care Management Group, a UK social care business catering to people with severe learning disabilities, in a deal worth hundreds of millions of pounds.
  • Financial Times: Elliott Management is teaming up with Siris Capital to buy Travelport, a UK-headquartered provider of technology services to travel companies, in a $4.4 billion deal.
  • The Guardian (Comment): Interserve's government-backed waste into energy effort stinks.
  • The Daily Mail (Comment): Interserve's rescue plan is a disaster for shareholders.
  • The Times (Comment): Trade war is trouble for China, but world will feel effects for years.

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