Friday Papers: EU threatens legal action over UK Brexit treaty breach

Top stories

  • Financial Times: The EU has issued Boris Johnson with an ultimatum to scrap his plans to override the UK’s Brexit treaty by the end of the month.
  • The Daily Telegraph: Scottish banker Jane Fraser has become the most powerful British woman in global business after being appointed boss of US titan Citigroup; she will take charge in February, replacing Michael Corbat.
  • The Times: London’s biggest stock market listing in three years has moved closer after The Hut Group set the value of its shares at GBP5.4 billion.
  • Financial Times: House prices in the UK have hit record highs against the backdrop of the deep economic crash unleashed by the coronavirus pandemic, and in defiance of many predictions.
  • Financial Times: LVMH is preparing to file a countersuit against US jeweller Tiffany alleging that it has significantly mismanaged the business during the Covid-19 crisis leading to cancellation of the takeover bid.

Business and economics

  • The Daily Telegraph: Euro surged against sterling, the dollar, and the yuan after the European Central Bank dashed hopes of fresh stimulus to buttress the faltering recovery and to restrain the surging euro.
  • The Guardian: An influential group of MPs has urged Rishi Sunak to continue to provide targeted support to struggling sectors of the economy through the wage subsidy scheme, which is coming to an end next month.
  • The Guardian: The travel sector is bracing itself for the collapse of yet more holiday companies as businesses continue to struggle to meet the challenges of the Covid-19 crisis.
  • The Guardian: Lloyd’s of London, the world’s biggest insurance market, has said it expects up to GBP5 billion to be paid out in claims related to the coronavirus pandemic.
  • The Times: Businesses may have to be compelled to take out cover for dangers to their businesses, according to the boss of Lloyd’s of London.
  • Financial Times: Shares in truck start-up Nikola fell more than 8% on Thursday after a short seller’s report claimed the business was an “intricate fraud.”
  • The Times: A boom in online sales and demand for home furnishings has helped Dunelm to cushion the blow of more than two months of store closures.
  • Daily Mail: Warhammer maker Games Workshop saw its share price soar by 11.2% after announcing that trade over the summer months was ahead of its expectations.
  • The Times: Electricals retailer Dixons Carphone has announced a healthy sales increase in the Nordic countries and plans for a partial float of its Scandinavian business.
  • Financial Times: Wm Morrison said the direct costs to the supermarket chain of responding to the pandemic were GBP155 million in the six months to August, resulting in a 25% fall in underlying pre-tax profit.
  • The Times: The boss of Saga has blamed previous private equity owners for its troubles and has accused them of losing sight of its values.
  • The Daily Telegraph: EasyJet pilots look to have avoided compulsory redundancies after volunteering for new contracts that will see many of them go part time.
  • The Times: Weak demand has led the owner of British Airways to cut more flights over the next three months, despite a recovery in bookings in June.
  • The Daily Telegraph: Rio Tinto’s chief executive Jean-Sebastien Jacques will leave the mining giant by March following the destruction of Australian Indigenous sacred sites to access iron ore.
  • The Times: Chris Grigg is to step down as the chief executive of British Land after more than a decade in charge and will be replaced by the chief financial officer of the property company.
  • The Times: Michael Macdonnell, an executive at Google Health and former director of NHS England, has been appointed as chief operating officer of Sensyne Health, a biotechnology company.
  • Financial Times: EY has reported record global revenues despite pressure on professional services during the coronavirus pandemic and audit scandals that have threatened its reputation.
  • The Times: Deloitte has become the first of the Big Four accountancy firms to devise plans for a new governance structure to comply with its regulator’s demands for a break-up of their operations.
  • The Guardian: The Labour party has called on the government to intervene to prevent parts of the microchip designer Arm from being moved out of the UK if it is bought by the US chipmaker Nvidia.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Team 17 Group; SELL Safestore.
  • Financial Times: Hipgnosis Songs Fund has landed its largest ever acquisition, buying US-based Big Deal Music.
  • The Guardian: The supercar and Formula One racing group McLaren is planning to sell and lease back its Norman Foster-designed headquarters in Surrey.
  • The Guardian: BP has taken its first major step into the offshore wind industry with the purchase of a £1.1 billion stake in two US offshore wind projects being developed by Norwegian state oil company Equinor.
  • The Daily Telegraph: Asia’s richest man Mukesh Ambani has offered to sell a roughly £20 billion stake in the retail arm of Reliance Industries to Amazon.
  • Financial Times: The Premier League hit back at Newcastle United on Thursday after the football club claimed it blocked its GBP300 million takeover by a consortium led by Saudi Arabia’s sovereign wealth fund.
  • Financial Times: EQT Partners has agreed a EUR1.3 billion deal to buy Idealista, a Madrid-based property classifieds site.
  • The Times (Comment): Moulding leaves his fans on sidelines.
  • The Times (Comment): The loneliness of the modern, high-tech, open-plan, hot desking office.