Thursday newspaper round-up: Brexit, pubs, Silicon Valley, Sky

Michele Maatouk WebFG News | 14 Sep, 2017 07:44 - Updated: 07:44 | | |

noticias

The UK will not water down rules to protect its financial services sector in the wake of Brexit, the chancellor said on Wednesday as he sent a message to his counterparts in the EU that he would not tolerate protectionist measures being imposed to lure business way. Philip Hammond also told his audience of financiers in a set-piece speech in the City that his priority was to devise policies that would allow the UK to retain its place as a leading global financial centre. – Guardian

The great British boozer is under threat as a result of spiralling business rates, according to a campaign group which warns they are a “ticking time bomb” which could devastate the sector. The Campaign for Real Ale (Camra) is calling for an annual £5,000 reduction in business rates for every pub across England, after revealing that since the early 1970s nearly 30,000 pubs have called “last orders” and closed their doors for good. – Guardian

The Government is stepping up pressure on Silicon Valley giants to take responsibility for unlawful material online and share the spoils of the internet with media companies. The digital minister Matt Hancock told a gathering of technology lobbyists that the likes of Google and Facebook must intervene to help preserve freedom and liberal values. The shift is an opportunity for Britain to gain a “massive advantage” after Brexit by being the first country to make sure offline principles apply online. – Telegraph

It couldn’t happen again, could it? It is more than six years since Rupert Murdoch abandoned his last bid for Sky in the teeth of the phone hacking scandal and suffered what he said was the most humble day of his life in Parliament. Much has changed. He has cleaved his empire in two, promoted his sons to lead alongside him and got divorced, and remarried. Yet this week may feel like deja vu all over again for the 86-year-old mogul. The Government said on Tuesday there were “non-fanciful” concerns about governance and compliance at Fox News, including around its sexual harassment scandal. It means 21st Century Fox, the vehicle for the bid, faces an investigation of its commitment to broadcasting standards by the Competition and Markets Authority (CMA). – Telegraph

Drax could build one of the world’s largest batteries and create Britain’s biggest gas plant under ambitious plans to transform its North Yorkshire power station. The Drax coal and biomass plant near Selby is already the country’s biggest power station, capable of generating 3.9 gigawatts, or about 7 per cent of the country’s electricity needs. - The Times

The rapid growth in “dinner party landlords” looks set to end, according to surveyors and estate agents, who are warning of a likely rise in the number of landlords leaving the lettings market. The Royal Institution of Chartered Surveyors said that 61 per cent of its members believed there would be more landlords quitting, rather than joining, the market over the coming year. Just over half of its members believe that this will remain the case over the next three years. – The Times

More news

18:36 Numis sticks to 'hold' on Entertainment One after strong first half performance

Analysts at Numis Securities said "robust progress" evident in Canadian entertainment company Entertainment One's first-half trading results led it to the reiteration of its 'hold' rating and target price.

18:28 Europe close: Shares end near session highs

Stocks finished near their best levels of the day, possibly influenced by the latest German poll results which might help coax the country's politicians to return to the negotiating table in order to help thrash out a stable government coalition - or face the voters again.

18:08 Faroe Petroleum issues $100m senior, unsecured bond in Nordic bond market

The independent oil and gas company, Faroe Petroleum, announced on Tuesday the issue of a $100m senior, unsecured bond in the Nordic bond market, in an attempt to strengthen the company's balance sheet.

17:56 FX round-up: UK trade budget widens as greenback trades on the backfoot

Data out for the UK on Tuesday showed an unexpectedly wider budget deficit, while in the US, the dollar weakened 0.17% to 93.923 against a basket of currencies.

18:02 London close: FTSE higher on the day as UK deficit widens unexpectedly

Shares closed higher on Tuesday as data revealed an unexpected widening of the UK deficit ahead of the Autumn Budget.

17:38 Improved Asia-Pacific trading puts Spirax-Sarco in line with full-year targets

Industrial engineer Spirax-Sarco stayed on track to hit full-year expectations as sales in the four months leading to 31 October were boosted by growth in Asia Pacific, though offered limited visibility for 2018 due to the usual short-term nature of its order book.

17:27 US open: S&P 500 and Nasdaq Composite at fresh record highs

The S&P 500 and tech-laden Nasdaq Composite are pushing to fresh record highs amid a 'bullish' call on stocks out of Goldman and against a backdrop of supportive economic data.

17:04 JPMorgan upgrades ITV as European broadcaster concerns 'overstated'

UK broadcaster ITV was boosted by an upgrade from investment bank JPMorgan Cazenove, which views the European sector as markedly undervalued by the market, with addressable-TV a development that "will transform TV" for advertisers.

16:52 Investec cuts water company price target due to nationalisation threat

United Utilities could be forced to slash its dividend from 2020 due to new regulation, warned Investec, leading it to downgrade its rating on the water company, and cut target prices across the sector.

17:48 Robert Mugabe resigns as president of Zimbabwe

President Mugabe has handed in a written letter of resignation, putting a halt to impeachment hearings, the speaker of Zimbabwe's parliament said on Tuesday.