Thursday papers: Rishi Sunak warns of “economic emergency”

Top stories

  • The times: Rishi Sunak said the UK’s economic plight had only just begun as the long-term damage the pandemic had inflicted on growth, jobs and public finances was exposed.
  • Financial Times: European regulators said EU banks operating in London would continue to be subject to Brussels regulations, threatening London’s impact on a derivatives market worth € 50 billion a year after Brexit.
  • The daily telegraph: Unemployment will skyrocket to a high of 7.5% next year if Chancellor’s support for millions of workers is withdrawn as Covid continues to transform the UK job market.
  • Financial Times: The EY partners are increasingly under pressure to provide the German parliament with detailed evidence of a decade of their work in auditing the payment service provider Wirecard.
  • Financial Times: Hedge fund Odey Asset Management has urged Rio Tinto to change the way it is funding the $ 6.6 billion expansion of the miner’s giant Oyu Tolgoi copper project in Mongolia.

Business and economy

  • The daily telegraph: The UK’s largest pub chain bosses have urgently requested financial support for the sector or are risking the total collapse of hundreds of breweries and thousands of pubs.
  • The times: Babcock yesterday reported a 9% year-over-year decrease in underlying revenues for the half year ended September, as the defense company incurred heavy costs during the coronavirus pandemic.
  • Daily mail: Virgin Money is down to a full year loss after allocating £ 501m to cover non-performing loans.
  • The guard: Car dealer Lookers finally announced that it lost £ 46million in 2019, eight months after it delayed its accounts for the first time after discovering a £ 300,000 fraud.
  • The times: United Utilities yesterday reported a 4.4% year-over-year revenue decline due to cuts in water bills, the cost of helping households in trouble during the pandemic, and spending on IT to allow 3,000 employees to work from home.
  • The daily telegraph: IBM is expected to cut 10,000 jobs across Europe, including 2,000 in the UK and Ireland, to cut costs in its pre-sale service unit.
  • The times: Melrose Industries, which has been hard hit by the troubled aerospace and automotive sectors, expects 2020 results at the high end of the city’s expectations.
  • The daily telegraph: Emirates could get the world’s largest fleet of Airbus A380s back in the air by early 2022, after forecasting a significant recovery in air travel demand next year.
  • Daily mail: Just weeks after the investment banks Goldman Sachs and JP Morgan were discontinued, Deliveroo hired Claudia Arney to work on the IPO as the first chairwoman of the grocery company.
  • The daily telegraph: Shares in work intelligence company Slack rose nearly 40% on Wednesday after reports that Salesforce had talks to buy the business.
  • The guard: The government will stop measuring inflation in the retail price index in 2030, the Chancellor announced.
  • The guard: Restaurants, cafes and pubs called in over £ 849 million under the government’s month-long ‘Eat To Help’ program as diners bought more than 160 million discounted meals in August.
  • The guard: Eurostar has asked the UK government for urgent financial support and warns against struggling to survive with just one train a day from London to Paris.
  • The times: The government is in talks with De La Rue about supplying coronavirus immunity certificates and authenticating vaccines.

Share tips, comments, and bids

  • The Times (Tempus Share Tips): HOLD Greggs; Avoid Tullow Oil.
  • Daily mail: Future, the UK’s largest magazine publisher, has acquired GoCompare, a price comparison website, valued at £ 600 million.
  • The daily telegraph: Rupert Murdoch lost in Simon & Schuster’s application to the German media group Bertelsmann. This is a rare defeat reported as the latest sign of dynastic succession at News Corp. will apply.
  • Daily mail: G4S has offered shareholders one final sweetener, stating that it will resume dividend in 2021 before the deadline in response to Canadian predator Garda World’s £ 3 billion offer.
  • The guard: AA has signed a £ 219 million takeover agreement that will return the automotive group to private equity investors TowerBrook and Warburg Pincus, who will also take on its large mountain of debt.
  • The times: A second approach from an American applicant, Minerals Technologies, was rejected by the specialty chemicals company Elementis within a very short time.
  • The Daily Telegraph (Commentary): Grim prognoses formulate the ugly truth of the long economic Covid.
  • The Daily Telegraph (Commentary): The future is unclear for the magazine publisher after the takeover of GoCompare.
  • The times (comment): Flawed Codemasters deal shows the need for a long-term game plan.

Thursday papers: Rishi Sunak warns of “economic emergency”

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