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Thursday Papers: May survives Labour no-confidence vote

Thursday Papers: May survives Labour no-confidence vote

Top stories

  • Financial Times: Theresa May narrowly survived a vote of no confidence by relying on Northern Ireland’s Democratic Unionists.
  • The Daily Telegraph: Philip Hammond has said that the 'threat' of a no-deal Brexit could be taken 'off the table' within days and potentially lead to Article 50 being rescinded, a leaked recording of his conference call with business leaders has revealed.
  • The Times: Patisserie Valerie has admitted that a £40 million alleged fraud was more extensive than had been thought; the company has hired KPMG to carry out a 'review of all options'.
  • Financial Times: Reckitt Benckiser CEO Rakesh Kapoor is to step down by the end of 2019 after two years of problems marred previously strong results.
  • The Times: Goldman Sachs has allocated more than $500 million to cover legal costs last year as it was drawn deeper into the 1MDB scandal.
  • Financial Times: Niantic, the company behind hit mobile game Pokémon Go, is now valued at almost $4 billion, up more than three-fold in just over a year.

Business and economics

  • The Guardian: Bank of England governor Mark Carney has said that the country should expect continued volatility on the financial markets as investors expect a delay to Britain’s exit from the EU.
  • The Guardian: The UK property market has registered prices falling at the fastest rate in six years and the outlook for sales the weakest in two decades amid the looming threat of Brexit.
  • The Daily Telegraph: There will be a sharp slowdown in takeover activity and escalations in trade tensions over the coming year due to rising protectionism fuelled by heightened concerns about national security, law firm Freshfields and the World Economic Forum have warned.
  • The Daily Telegraph: Arts and crafts retailer The Works has defied the wider high street gloom by issuing its first dividend after registering record sales over the Christmas period.
  • The Guardian: Sear’s chairman and largest shareholder, Eddie Lampert, won a bankruptcy auction for the company, averting liquidation of the iconic chain.
  • The Times: Cineworld has registered a record year for its box office thanks to a bold foray into the American market 12 months ago, although the absence of a Star Wars release put a dent in its British revenues.
  • The Daily Telegraph: Housebuilder Bovis has bounced back from a faulty homes scandal and is on track to deliver 'record' profits ahead of market expectations.
  • Daily Mail: Marks & Spencer must axe even more stores than the 100 already planned to revive its fortunes, it said last night.
  • Daily Mail: Education publishing group Pearson’s share price fell more than 6% after revealing its total revenue slipped by 1% in the last year.
  • The Daily Telegraph: Clarks looks set to abandon UK manufacturing for a second time with the closure of an advanced factory in the shoe-maker’s hometown less than two years after opening it.
  • The Daily Telegraph: Walsham Chalet Park Limited, a holiday park operator that promised static caravan enthusiasts a “guaranteed return”, has collapsed into administration, potentially leaving investors millions of pounds out of pocket.
  • Financial Times: Senior French government officials have travelled to Tokyo to talk with Nissan stakeholders as plans to replace Carlos Ghosn at Renault accelerate following his rejected bail request.
  • The Times: Johnny Thompson, who did not get the top job at Compass, has been named as chief executive of Diploma, the £1.4 billion specialist distribution company.
  • The Times: Tim Stone, the chief financial officer of Snap, the company behind Snapchat, is joining an exodus of top executives after less than a year in the role.
  • The Daily Telegraph: The US government is pursuing criminal charges against Huawei for the alleged theft of trade secrets.

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