Friday newspaper round-up: Trade war, Brexit meeting, airlines, business rates
A long-threatened trade war between the US and China got underway on Friday as the US imposed tariffs on $34bn in Chinese goods. China has promised to levy its own tariffs immediately after on a similar quantity of US imports. Minutes after the US tariffs went into effect at 12:01 Friday US time (0401 GMT), a spokesperson for China’s ministry of commerce said, “China promised not to fire the first shot, but in order to safeguard the country’s core interests as well as that of the people, it is forced to fight back”. - Guardian
In an attempt to persuade the Trump administration to step back, Beijing officials said yesterday that $20 billion of Chinese products set to be targeted by the US are made by foreign companies. Although China’s $375.6 billion goods trade surplus over America has underpinned tensions between the countries, Mr Trump has alleged that China steals intellectual property, which China denies. - The Times
Theresa May faces the worst rebellion of her leadership today as cabinet Brexiteers attempt to force her to push for a harder exit from the European Union than she is planning. Last night seven cabinet Brexiteers held closed talks at the Foreign Office to discuss their strategy before today’s meeting at Chequers, at which Mrs May hoped to persuade the whole cabinet to sign off on her Brexit plans. - The Times
European and British aerospace officials must begin talks immediately if tens of thousands of planes are to continue flying next March, Brexit negotiators have been warned. Aircraft with British-made parts such as Rolls-Royce engines and Airbus wings could be grounded if Britain leaves the European Union without a deal, according to industry leaders. - The Times
Business rates are hitting the high street too hard, the Chancellor Philip Hammond has admitted. These taxes are calculated based on the cost of a property that a business occupies and, with prime locations, high street retailers have been hit hard compared to their online competitors. Many are already struggling, with mounting numbers of store closures. - Telegraph
Ten professional sports clubs, the Odeon cinema chain and the Navy, Army and Air Force Institute (Naafi) have been named and shamed by the government as being among more than 200 employers that have failed to pay workers the national minimum wage. About 22,400 UK workers were owed back pay worth £1.44m as a result of the underpayments – a record number of people found by HM Revenue & Customs to have fallen victim to illegally low pay. - Guardian
Sir Martin Sorrell is on the verge of beating his former employer WPP in the race to secure one of Europe’s most coveted digital advertising agencies. Sir Martin flew to Amsterdam yesterday for advanced talks with Media Monks, a Dutch company that makes online campaigns. It is understood that his new venture, S4 Capital, is the frontrunner in the auction and a deal could be struck within days, according to industry sources. The price is expected to be about €300 million and could be revealed as soon as Monday morning. - The Times
Household energy bills are likely to rise as a result of uncertainty over whether Britain will remain in Europe’s carbon trading scheme after Brexit, the industry body has claimed. Clarity over policies affecting the energy industry once Britain leaves the EU is “desperately” needed and opacity is affecting the sector, Lawrence Slade, chief executive of Energy UK, said. - The Times
The strongest growth in so-called "City jobs" has recently come from outside London, a banking lobby group has found. The North West (14pc) and East (7pc) of England saw the biggest expansion in finance sector jobs, along with Scotland (7pc), according to 2016 data. - Telegraph
The number of buy-to-let deals available for first-time landlords has reached a record high, despite recent tax and regulatory upheaval. There were 1,268 such loans on the market at the beginning of July, a 13pc increase from 1,123 in January, according to financial researchers Moneyfacts. A year ago there were 1,034 loans available. Charlotte Nelson of Moneyfacts said the rise was likely to have been caused by lenders competing for new business. - Telegraph