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Friday Papers: Pound tumbles as May agrees to announce departure date

And Thomas Cook shares plunged nearly 15% after it unveiled record half-year losses of £1.5 billion.

Friday Papers: Pound tumbles as May agrees to announce departure date

Top stories

  • The Daily Telegraph: The pound tumbled to a five-month low against the dollar and entered a ninth day of decline versus the euro on resurfacing no deal worries as Theresa May agrees to announce departure date.
  • Daily Mail: Thomas Cook shares tumbled nearly 15% after it unveiled record half-year losses of £1.5 billion.
  • The Daily Telegraph: Long recovery in the global property market from the financial crisis might be nearing to an end amid slowing growth, high prices and rising risks, investment bank UBS has warned.
  • The Independent: Barclays, RBS and Japan’s MUFG received a €258 million fine from the European Commission after a probe found that traders at the lenders colluded to share information on customers’ foreign exchange orders and prices.
  • The Guardian: British Steel’s owners and lenders have agreed to provide fresh funds to the firm, staving off the threat of collapse, despite the government refusing its request to participate in the bailout.
  • The Times: The Competition and Markets Authority is to investigate housebuilders over the mis-selling of thousands of leasehold properties after a U-turn by the competition watchdog amid pressure from ministers.

Business and economics

  • Daily Mail: The Serious Fraud Office has blocked the properties worth £12 million of four men at the heart of investigation into the collapse of investment company London Capital & Finance.
  • The Guardian: Airbus is considering buying Bombardier’s Belfast wing production operation, after the Canadian firm said it was looking for a buyer for the struggling plant.
  • The Times: Angela Ahrendts, the former retail chief of Apple, and one of its most highly paid executives has joined the board of Airbnb in her first corporate position since leaving the tech giant.
  • Daily Mail: Telecoms group BT is to hand £500 worth of shares to each of its employees as its chief executive tries to rebuild morale.
  • Financial Times: The German start-up Lilium is to unveil what it claims is the world’s first all-electric, five-seater jet that it plans to use as a public air taxi service from as early as 2025.
  • Daily Mail: BHP faces huge legal claim after Brazilian mining flood left 19 dead.
  • The Guardian: The first Mr Nice store opened in London’s Soho district on Thursday, selling everything from upmarket bath bombs and face creams to hoodies.
  • The Times: KPMG UK is planning to shake up its audit arm by setting up a new executive committee responsible for the division’s performance and risk management.
  • The Guardian: Waitrose is aiming to treble the size of its online business to £1 billion annually following the end of its partnership with Ocado.
  • Financial Times: Nissan plans to unveil a new slate of directors as early as Friday that will include Renault’s chief executive Thierry Bolloré.
  • The Times: GVC Holdings has reduced the predicted impact on its betting shops from the imposition of a £2 maximum stake on fixed-odds betting terminals.
  • The Daily Telegraph: The Bank of England has lashed out at Brussels’ regulators claiming they are presenting inaccurate and conflicting views of future UK regulation in a bid to persuade international banks to quit the country.
  • Financial Times: EssilorLuxottica investors have turned down resolutions to appoint two independent board members.
  • The Times: Investec shut down its Click & Invest service to new customers with immediate effect, putting up to 54 jobs at risk.
  • Daily Mail: Troubled Metro Bank yesterday secured a £375 million rescue deal by issuing new stock at 500p per share, almost 90% less than the 4040p peak it hit in March last year.
  • The Times: Just Group said it would shut its loss-making American division as part of a cost-cutting drive after reporting a sharp slide in sales for the first quarter.
  • The Times: Burberry handed nearly £3 million in severance pay to a clutch of senior staff last year as part of an overhaul.
  • The Daily Telegraph: Asda's American owners, Walmart, has reported a slip in quarterly sales after confirming this week that it was considering a stock market flotation for the supermarket.
  • Daily Mail: Lloyds chairman Lord Blackwell has defended £6.3 million pay of the bank’s boss saying he does an 'arduous' job.
  • The Guardian: The booming online fashion retailer Boohoo is refusing to allow trade union officials to discuss recognition for employees months after its founder told MPs she was open to union representation.
  • The Daily Telegraph: The EU is endangering around 35,000 British jobs and £150 million in exports by ploughing ahead with a ban on palm oil, Malaysia has warned.
  • The Times: Remortgaging levels have bounced as the number of households that withdrew equity from their home in March jumped 9.1% compared with last year on historically low borrowing costs.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Admiral; BUY Workspace on weakness.
  • Financial Times: South African group MTN has listed its Nigerian business at a valuation of about $5 billion.
  • Daily Mail: Sandwich chain Pret a Manger is close to acquiring smaller rival Eat in a bid to roll out more vegetarian and vegan-friendly outlets.
  • The Times: The private equity group 3i has reaped another £670 million reward from its single biggest investment, the continental discount retailer Action.
  • The Times: There is a growing speculation that Amazon is close to investing hundreds of millions of pounds in the British food delivery app Deliveroo.
  • Daily Mail (Comment): BT shows how capitalism can work better by turning workers into stakeholders.
  • The Guardian (Comment): Metro Bank got there eventually, but this story is not over yet.
  • The Daily Telegraph (Comment): China cannot 'weaponise' US bond sales without shooting itself in the head.

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