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Wednesday Papers: Huawei says it is victim of geopolitical attacks

Wednesday Papers: Huawei says it is victim of geopolitical attacks

Top stories

  • Financial Times: Huawei has slammed the US and its allies for spreading fear about its telecoms equipment because of “ideological or geopolitical concerns.”
  • The Times: Theresa May is to start ditching key pledges from Tory manifesto after her cabinet decided yesterday to free resources for a no-deal Brexit.
  • The Daily Telegraph: Ofgem is poised to wipe £6.5 billion out of the earnings of the companies operating Britain’s electricity networks as they prepare to plug in to a boom in renewable power and electric vehicle charging.
  • Financial Times: Credit Suisse’s private bankers have advised customers to consider moving assets out of the UK because of a lack of clarity around Brexit.
  • Financial Times: US regulators have fined Barclays $15 million over its chief executive Jes Staley’s attempts to uncover the identity of a whistleblower in 2016.
  • The Guardian: A PwC report forecasts that Britain’s stalled economy will fall back in the international rankings next year to sit in seventh place behind India and France.

Business and economics

  • The Guardian: Donald Trump is increasing pressure on the US Federal Reserve to shelve plans for an expected increase in interest rates.
  • The Times: Oil price fell more than 4% yesterday amid concerns about America’s shale industry and a slowing global economy even as Opec nations agreed to cut production.
  • The Daily Telegraph: Wellcome Trust, the giant charitable investment fund, has increased its total assets by 13.4% over the past year, outperforming UK markets.
  • The Guardian: John Lewis has reported a fashion and beauty sales rise of 9.3% in the week to 15 December as compared with the same period last year, bucking the trend for gloomy retail trading updates.
  • Daily Mail: Fishing equipment retailer Angling Direct reported sales rise by 31.5% to £14.6 million in the four months to 30 November despite a 'difficult trading environment'.
  • Financial Times: The AA has won a two-year extension to its contract to service all new cars from the Volkswagen group.
  • The Times: Investors are more pessimistic about the world economy than they have been at any point since the 2008 financial crisis, a report by Bank of America Merrill Lynch said.
  • The Daily Telegraph: BT is planning to overhaul senior managers’ payment after shareholders staged a protest over the bonus awarded to outgoing chief executive Gavin Patterson earlier this year.
  • The Times: Indivior has drawn up contingency plans as part of attempts to protect the embattled drugs company’s cash position and debt covenants.
  • The Daily Telegraph: A Glencore subsidiary has paid £17.6 million to Canadian regulators for misstating the financial position of its copper mines in the Democratic Republic of Congo.
  • The Times: The competition watchdog’s bid to reform the auditing industry could create risk for businesses and lead to higher costs, accountants have claimed.
  • The Daily Telegraph: New regulations will stamp out high charges for unarranged overdrafts in a bid to protect vulnerable customers from racking up hundreds of pounds in fees.
  • The Times: Financial Conduct Authority has widened its investigation into stock market statements made by Telit Communications.
  • The Times: Former WPP chief executive Martin Sorrell has been dragged into the Grenfell Tower disaster fallout through a lawsuit against Arconic, manufacturer of the cladding panels blamed for the rapid spread of the fire, where Sorrell was a director.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Britvic; AVOID Fevertree, AG Barr and Nichols.
  • Daily Mail: Royal Dutch Shell is in talks to buy a Texas-based oil producer, Endeavor Energy Resources, in a cut-price £6.3 billion deal.
  • Daily Mail: Property baron Nick Candy has emerged as a potential buyer for fallen tech start-up Blippar.
  • The Times (Comment): Central bankers get the party going – then take away the punch bowl.

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