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Mid Week HeadlinesBack

brexit image 10

Financial Times

 

Push to marshal centre-left forces

A group set up by Lord Ashdown to back moderate pro-EU candidates of whatever party has gathered 18,000 supporters since its launch on Sunday as centre-left forces seek to gain traction.

 

Race for private rescue of Monte Paschi

Rome was last night racing to secure a privately backed bailout of Monte dei Paschi di Siena, Italy’s most exposed bank, including a push for €5bn of fresh capital to avert nationalism.

 
May under pressure to pull out of EU customs union in Brexit tussel

Theresa May is under pressure from trade secretary Liam Fox to pull out of the EU customs union, a move required to ease post-Brexit trade deals but which would impose costs on exporters and could strain Anglo-Irish relations. The issue is looming as a key battled ground in discussion over whether the UK will pursue a “hard” or “soft” Brexit. It will have to be resolved before London triggers Article 50, the starting gun for withdrawing from the EU. The Prime Minister is expected to decide before the end of the year whether Britain should leave the customs union as part of her negotiating strategy.

 

Banks ready to charge for business deposits

Britain’s largest high street banks will charge millions of businesses to deposit cash if interest rates fall according to senior bankers. HSBC, Lloyds Banking Group and Royal Bank of Scotland have all inserted clauses into customers’ terms that would allow them to impose charges for keeping cash on deposit – and others are expected to follow suit. RBS and subsidiary NatWest have told 1.3m business customers they could be charged interest if the Bank of England base rate drops below 0 per cent. A move to introduce a negative interest rate would make RBS, the biggest lender to British businesses, the first bank in the UK to make customers pay for depositing cash.

 

Workers suffer real-term pay cuts on par with Greece, says TUC

Workers in Britain have endured the biggest pay cut of any leading economy since the financial crisis, matched only by Greece, according to a new analysis. Average real hourly wages dropped 10.4 per cent between 2007 – 2015, according to OECD data analysed by the Trades Union Congress (TUC), the umbrella group for UK unions.

 

Luxembourg woos City to lure financial services business

Luxembourg has stepped up efforts to win financial services business from the City of London following the UK’s vote to leave the EU. Senior government officials were in London this week to drum up business for the tiny European country and will return soon to court asset managers and banks as well as industrial companies.

 

 The Times

 

Millions of Labour’s supporters prefer May
More than two and a half million people who voted Labour in last year’s general election think that Theresa May would make a better prime minister than Jeremey Corbyn. According to a new poll.

 

We won’t talk about trade until after Brexit, says US
The US has rebuffed attempts by Liam Fox to open negotiations on a free trade deal, saying that “meaningful” talks before Brexit were impossible. Dr Fox, the international trade secretary, who is on a three-day charm offensive in the US, later had comments he made on a possible trading agreement with the EU “clarified” by No10.

 

Brexit will not stall us, vows car and plan parts marker
GKN, the car and aircraft parts maker said it planned to cut costs by £30 million a year and divert efforts to its core automotive and aviation divisions as it brushed off Brexit threats.

 


The Daily Telegraph

 

Ukip split as Farage critics choose their own candidate
UKIP’s civil war was reignited yesterday after Nigel Farage’s most vocal internal critics backed a little-known councillor for the leadership and demanded as end to its “rugby club” image. Lisa Duffy, a Ukip councillor for Ramsey in Cambridgeshire, won the endorsement of Suzanne Evans, former Chairman, and is also backed by MEP Patrick O’Flynn.

 

financial markets

 

Companies & Markets 

 

MyTaxi and Hailo to merge for Uber battle
Daimler is to oversee a merger of taxi booking apps Hailo and MyTaxi under a single brand in an attempt to take on Uber across Europe. The Mercedes-Benz owner, which bought MyTaxi in 2014, will own around 60 per cent of Hailo and have a controlling number of board seats following the deal.

 

BP chief sets out bullish outlook despite 45% fall in profits
BP said it had drawn a line under the Deepwater Horizon disaster as chief executive Bob Dudley set out a “much stronger outlook” after six years of asset sales, cost cuts and crippling legal settlements.

 

Tesla to part ways with Israeli sensor maker
Tesla is to part ways with Israeli sensor maker Mobileye after their current arrangement ends, leaving the US electric carmaker to look for a new partner to power its self-driving technology following a fatal crash.

 

 

Posted by Paul Carpenter on 27/07/2016