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Friday Papers: EU rejects May’s Brexit plan as unworkable

Friday Papers: EU rejects May’s Brexit plan as unworkable

Top stories

  • Financial Times: Donald Tusk, the European Council president, has dismissed Theresa May’s Chequers proposals as unworkable after a private meeting of national leaders and gave her four weeks to save the exit talks.
  • The Daily Telegraph: Three global media heavyweights are preparing for a potential £27 billion auction of Sky this weekend; Comcast will take on the tag team of 21st Century Fox and Disney.
  • The Times: The Dow Jones Industrial Average and the S&P 500 closed at new highs yesterday, supported by a weakening dollar and strong economic data.
  • Financial Times: The Trump administration has imposed sanctions on the Chinese military's Equipment Development Department for buying Russian fighter jets and missiles.
  • Financial Times: Denmark’s financial regulator has reopened its investigation into Danske Bank over a €200 billion money-laundering scandal.

Business and economics

  • The Times: Retail sales rose by 3.3% in August compared with the same month a year earlier, beating all expectations, driven by a dramatic and unexpected jump in demand for furniture and lighting.
  • Daily Mail: Satellite business Inmarsat has struck a deal with Japan’s Panasonic to provide in-flight broadband for commercial airlines.
  • Daily Mail: Boots parent Walgreens Boots Alliance has signed a deal with Chinese e-commerce giant Alibaba to sell its No7 make-up brand.
  • The Guardian: French Connection has reported a big increase in half-year losses and plans to shut a further eight stores, blaming tough conditions on the high street and the demise of House of Fraser.
  • The Guardian: Ryanair’s chairman David Bonderman has survived a shareholder rebellion but investors have demanded change at the airline after a summer of strikes and flight cancellations.
  • Daily Mail: Global drinks titan Diageo has warned profits are expected to take a £45 million hit due to currency fluctuations.
  • The Daily Telegraph: Estate agency Connells has declared its online business Hatched as commercially unviable and said that it will be closing the "online-only/hybrid" business with immediate effect.
  • Financial Times: Haier Group has suspended plans to sell products made in the US by its GE Appliances brand in China, citing the deepening trade war.
  • The Guardian: The Organisation for Economic Cooperation and Development has warned that the expansion in the global economy may have peaked after cutting its growth forecasts for an array of rich and developing countries.
  • Daily Mail: British American Tobacco has confirmed that chief executive Nicandro Durante plans to retire after nearly 37 years with the company and eight years at the helm.
  • The Times: China could cut levies on goods from most of its trading partners next month as officials seek to soften the impact of its dispute with the US.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY Keystone Investment Trust.
  • The Times (Tempus share tips): HOLD Diageo for long term; AVOID Rio Tinto.
  • The Daily Telegraph: Persian Gulf airline Emirates is considering taking over unprofitable neighbour Etihad.
  • Financial Times: Aston Martin is targeting a valuation of between £4 billion and £5 billion when it lists its shares on the London Stock Exchange next month.
  • The Times: Ian Osborne, the British technology consultant and former adviser to David Cameron, has held talks with the owner of Fortune about acquiring the American business magazine.
  • The Daily Telegraph: PayPal has bought Swedish payments specialist iZettle for $2.2 billion in a move designed to boost the range of services it offers small businesses.
  • The Times: Nestlé has put its skin health division, which owns brands such as Proactiv and Cetaphil, up for sale to sharpen its focus on its food, beverage and nutritional health products.
  • The Times: Uber is in talks to buy the British food delivery start-up Deliveroo for a sum in excess of $2 billion.
  • The Times: SDX Energy, an Aim-listed oil explorer, is nearing a billion-dollar deal to buy BP’s ageing oilfields in Egypt.
  • The Guardian: The bike shop chain Evans Cycles is urgently seeking a buyer as the retailer needs to find £20 million to fund a rescue plan.
  • Daily Mail (Comment): Is Aston Martin worth its £5 billion IPO valuation?
  • Financial Times (Comment): Is Kier the next Carillion? Not if you play ‘spot the difference’.

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