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.

Wednesday Papers: May faces fresh threat of leadership coup

Wednesday Papers: May faces fresh threat of leadership coup

Top stories

  • Financial Times: UK Prime Minister Theresa May is facing the renewed threat of a leadership coup, after she postponed a crunch Commons vote on her Brexit deal in the face of an impending defeat.
  • The Times: Wages grew at their fastest pace in a decade in the three months to October, with the regular pay growing by an average of 3.3%; the number of people in work has also reached a record high.
  • The Daily Telegraph: WPP will shut dozens of offices and cut 3,500 jobs to lower down costs, in a bid by new chief executive Mark Read to revive the advertising giant.
  • Financial Times: Verizon has written off nearly $5 billion from its struggling division Oath, which was assembled through the costly acquisition of AOL and Yahoo to create an online advertising rival to Facebook and Google.
  • The Daily Telegraph: Struggling retailer Marks & Spencer has beefed up its board by bring back Justin King, the former Sainsbury's boss, as a non-executive director.
  • Financial Times: China will cut tariffs on imported American cars from 40% to 15%, in a sign of a cooling in the trade war between the world’s two largest economies.

Business and economics

  • The Guardian: Google’s chief executive, Sundar Pichai, testified before the House judiciary committee on Tuesday morning, where he refused to rule out launching a censored search engine in China.
  • Daily Mail: Hedge funds and other short-sellers likely made almost £2 million on Monday when Interserve’s share price plunged 53%; speculators have made an estimated £68 million betting against the struggling government contractor so far this year.
  • The Times: The global mining giant Anglo American shares climbed 5.5% after it announced that production should grow by more than expected this year and would rise again next year.
  • The Times: Ashtead unveiled a 19% rise in revenue and a 25% increase in pre-tax profits helped by robust results in the US.
  • The Times: Pepkor Europe, which runs Poundland in Britain and the Pepco and Dealz brands in Europe, said that revenues had risen by 12.9% in the fourth quarter to 30 September, defying conditions on the high street.
  • The Guardian: Poor figures from John Lewis, and a slowdown at Tesco and Sainsbury’s has suggested the uncertain political climate is taking its toll on consumer confidence this Christmas.
  • The Guardian: Shares in MySale plunged nearly 50% after the online flash sale retailer part-owned by Sir Philip Green and Mike Ashley issued an unexpected profits warning.
  • The Daily Telegraph: Carpetright’s pre-tax losses have ballooned to £11.7 million in the 26 weeks to 30 October as the embattled retailer has been hurt by weak consumer demand.
  • Daily Mail: The upmarket shoe and handbag retailer, Russell & Bromley, posted a 55.7% fall in profits to £6.2 million in the year to the end of December.
  • The Daily Telegraph: Transport for London expects to miss out on as much as £600 million in revenues on the back of its delayed Crossrail project.
  • The Times: Ministers are taking risks by handing so much government business to only a few large strategic suppliers, according to a new report by the Institute for Government.
  • The Times: The UK government and Sir John Kingman, the chairman of Legal & General and a former Treasury mandarin, are under increasing pressure to publish documents relating to his investigation into the audit watchdog.
  • The Times: The biggest companies in Britain paid a combined £84 billion in tax last year, an increase of more than £1 billion on the previous year, according to PWC.

Share tips, comment and bids

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 Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: what this duo did after quitting Hargreave Hale

1 Comment Profile: what this duo did after quitting Hargreave Hale

Two former Hargreave Hale staffers left following its purchase by Canaccord, but insist their move was due to a long term structural industry shift

Wealth Manager on Twitter