Thursday newspaper round-up: VW, Lloyds, May, Hinkley Point

Michele Maatouk Sharecast | 18 May, 2017 07:49 - Updated: 07:49 | | |

noticias

Countries seeking a trade deal with the EU should meet European standards on labour law and fair competition, one of the bloc’s most senior officials has said in remarks that reinforce Brexit red lines. Margrethe Vestager, the EU competition commissioner, described the trade agreement with Canada as a model for the future because it enshrined recognition of labour standards, human rights and animal welfare. – Guardian

The Volkswagen chief executive and his predecessor are facing an investigation by German authorities into whether they misled investors by not releasing information about the company’s cheating on diesel emissions tests soon enough. Prosecutors in Stuttgart yesterday formally launched their case against Matthias Müller and his predecessor Martin Winterkorn, who resigned as VW chief executive when the diesel emissions scandal broke in September 2015. The investigation relates to their role as executives in 2015 at Stuttgart-based Porsche Automobil Holding SE, the holding company that controls Volkswagen. PorscheSE chairman Hans Dieter Pötsch is also under investigation.- Guardian

The chairman of Lloyds Banking Group has given the strongest signal yet that chief executive Antonio Horta-Osorio will remain with the bank for the foreseeable future despite speculation about his tenure. Amid continued reports linking the Portuguese banker to the top job at HSBC, Lord Blackwell assured that Mr Horta-Osorio has no intention of leaving the bank in the short term. - Telegraph

Theresa May is to commit to wipe out the UK deficit by the middle of the next decade, allowing for greater borrowing levels to support the economy in the run-up to Brexit. The undertaking, which will be viewed by some as a loosening of fiscal policy, is a departure from Philip Hammond’s pledge at the Budget in March, at which he said the deficit would fall to 0.7pc by 2021-22, the lowest level in two decades. – Telegraph

Britain’s new £18 billion nuclear power plant is being funded by illegal French state aid, according to a lawsuit filed by Greenpeace. The environmental group is urging the European Commission to order EDF, the French state-owned energy giant that is building the plant at Hinkley Point in Somerset, to repay the €6.8 billion it received from the French government. – The Times

Creditors of the European operations of Lehman Brothers have won a £5 billion court victory against the defunct Wall Street bank’s administrators. The administrators have paid £11.5 billion to creditors, which include several big hedge funds, but had asked for a court ruling on what should be done with the interest that had accumulated on the money while the complex web of claims was untangled. – The Times

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Sterling ended Tuesday lower on most key pairs in a UK market sombre all day after the deadly Manchester suicide bomb attack last night.

17:43 Europe close: Stocks end higher as euro slips

European stocks ended the day on a high note on the heels of a slate of positive economic data out of the single currency bloc.

17:34 London close: FTSE 100 limps to mildly lower close after Manchester terror attack

London stocks limped to a mildly lower close as a sombre UK came to terms with the deadly suicide bomb attack in Manchester last night.

17:12 Wednesday preview: Retail display as Marks, Dixons, Kingfisher all report

Wednesday will see three big UK retail groups reports results: Marks & Spencer, Dixons Carphone and B&Q owner Kingfisher; while the focus Stateside will be on GDP and meeting minutes from the Federal Reserve.

16:12 Strong US services growth balances softer industrials, PMI surveys show

US services activity grew faster than expected in May, though manufacturing output slowed on the previous month, according to a purchasing managers' index survey published on Tuesday.

15:11 More patents and shelf space for Ventura Life breath care brand

International consumer self-care group Venture Life announced on Tuesday that it had been granted patents in Japan, Indonesia, Australia and Mexico for its UltraDEX Sensitive range.

15:06 ThinkSmart nabs Gerald Grimes from Hitachi Capital

Retail point-of-sale lease finance provider ThinkSmart announced the appointment of Gerald Grimes as chief executive officer on Monday.

15:01 Shanta makes good progress at New Luika and Bauhinia Creek

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14:54 FTSE 100 movers: EasyJet flies higher on RBC upgrade; M&S drops before results

London's FTSE 100 was up 0.2% to 7,508.08 in afternoon trade.

14:31 Suicide bomb attack in Manchester pop concert leaves 22 dead

A suicide bomber killed 22 people, including many children, and injured more than 50 others at the Manchester Arena on Monday night after an Ariana Grande concert.