Monday newspaper round-up: ONS error, Brexit talks, BT, Just Eat

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Monday newspaper round-up: ONS error, Brexit talks, BT, Just Eat

Mon, 09 October 2017
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Monday newspaper round-up: ONS error, Brexit talks, BT, Just Eat

(ShareCast News) - Pressure on the Bank of England to raise interest rates may be building more rapidly than first thought after a mistake by the Office for National Statistics led to domestic inflation being understated. On Friday, the ONS published an error in one of the critical data points used by the Bank of England to gauge domestic price pressures. In a correction to be released today, the nation's official statisticians are expected to reveal that companies' employment costs have been rising faster than previously believed. - The Times
Theresa May will warn European leaders today that Britain will make no more concessions on Brexit until they compromise on opening trade and transition talks. The embattled prime minister will use a statement to the House of Commons to tell other member states that "the ball is in their court" as British negotiators return to Brussels. - The Times

Philip Hammond's Treasury has come under fire from a leading Conservative leave campaigner, who said that the gloomy outlook and "Brexit in name only" approach of the department risked scuppering the UK's EU exit. Bernard Jenkin's highly critical intervention came while other Tory MPs urged Theresa May to sack the chancellor, as those on the right of the party flexed their muscles following days of criticism of Boris Johnson and speculation about an autumn cabinet reshuffle. - Guardian

The financial sector is failing British industry and is the main cause of weak productivity, which should prompt the Treasury select committee to look at possible reforms, the Institute for Public Policy Research claims. Its report, Financing Investment: Reforming finance markets for the long-term, is also calling for the end of relief on stamp duty for market-makers as a first step to a tax on all financial transactions. - The Times

One of Britain's leading housing experts has issued a grave warning about the national housing crisis, claiming that current policies are more likely to exacerbate inequality and homelessness than solve the problem. In a damning assessment of policy, economist Dame Kate Barker has urged the Government to come up with new policies to help buyers and renters or there will never be enough houses built to keep prices down, she said. - Telegraph

Rents in Britain dropped in the final summer months for the first time in at least five years, according to Rightmove. National asking rents outside London fell by 0.2% in the three months to September, which is one of the busiest times of year for tenants looking for a new home. It was the first fall at this time of year since Rightmove started tracking rents in late 2011. - Guardian

Almost half a million more people will be classed as living in poverty during Theresa May's premiership, most of them in working households, unless she unpicks controversial benefit changes, an analysis has found. People in low-paid jobs face a harsher than expected squeeze because inflation has exacerbated the effects of a freeze on universal credit and other means-tested benefits. - The Times

Michael Gove is demanding that Britain pull out of Europe's common fisheries policy immediately after Brexit in a move that Brussels has warned could harm the prospects of a "no change" transition deal. The environment secretary is understood to have told the cabinet that fishing policy must be repatriated as soon as Britain leaves the European Union and not at the end of a two-year implementation period. - The Times

Nearly seven months after they voted in an election on 15 March, Dutch voters are to get a new government this week, local media have reported. The prime minister, Mark Rutte, is expected to present a rocky four-party coalition to parliament on Monday, 208 days after his liberal VVD party won the March polls. - Guardian

One of Britain's biggest property owners has predicted the death of the traditional shop, as it warns that most physical stores on the high street will be wiped out by the relentless rise of online shopping. Aviva Investors, which has £20 billion worth of property under management in the UK including several shopping centres, believes that store-based retail is set to "decline significantly". - The Times

A proposal from BT to spend up to £600 million connecting a million homes in rural areas with faster broadband has been attacked by rivals as a "secretive" backroom deal that risks cementing the company's monopoly grip on the industry. On the eve of an appearance before the Commons' culture, media and sport committee by Sharon White, chief executive of Ofcom, opponents have angrily criticised the plan, which ministers have been discussing since July. - The Times

Thousands of shops are likely to ignore the Royal Mint's deadline next Sunday to stop accepting the old £1 coins. A trade organisation, which represents 170,000 firms, has advised its members to continue taking the coin as the changeover period with the new coins has been so short. - Guardian

When Just Eat announced in December that it was buying its closest UK competitor for £240 million, David Buttress, then chief executive, declared: "We're confident this deal will be cleared. There are big benefits to restaurants and consumers." As the takeaway delivery company awaits the provisional findings of the Competition and Markets Authority's in-depth, or phase two, investigation into its proposed purchase of Hungryhouse, expected this week, experts and analysts are less certain. - The Times

The City of London Corporation has backed the proposed creation of a "super-court" in the Fleet Street area of the capital to replace all the existing court services in the City excluding the Old Bailey. The new court, within the boundaries of the Square Mile, would replace existing civil courts and the City of London magistrates' court on Queen Victoria Street. Its main focus would be on fraud, economic crime and cybercrime and it would draw on the expertise of technology, financial services and professional services firms within the City. - The Times

Heathrow's plans for a third runway have been delayed until at least the end of the year as the airport tries to cut £6 billion from the cost of the project. A report by the Civil Aviation Authority said that Heathrow's proposals would be published "no earlier" than December, suggesting that the process could slip into next year. - The Times

A civil war is brewing in the normally convivial craft beer fraternity, as anxiety grows about the threat posed by multinational companies' insatiable thirst for every last drop of the market. Heineken and Molson Coors are both "associate members" of the Society of Independent Brewers (Siba), a situation that rankles with some of its members. - Guardian

Companies that wish to challenge their business rates bills are due to face stricter time limits, the government has indicated, despite complaints that the appeals system is in disarray after a botched overhaul earlier in the year. The Department for Communities and Local Government has said that there are "clear benefits to introducing a cut-off point for appeals" as it looks to reduce what it sees as speculative challenges to bills that "waste public resources" and "cause uncertainty for local authorities". - The Times

Almost a million hospitality staff are among workers at risk of a retirement in poverty, a study of blackspots in the government's flagship pensions policy has shown. According to the TUC, as many as six in 10 workers in low-paid sectors such as retail and agriculture are not enrolled in a pension. - Guardian

The British arm of the digital media company Buzzfeed has lifted the lid on its finances for the first time, revealing rapidly increasing sales but mounting losses as it pursues international ­expansion. Buzzfeed UK's first set of full ­accounts, filed at Companies House, reveal that turnover more than doubled last year to reach £20.5m. The company was previously small enough to avoid having to publish detailed ­financial information. - Telegraph

The Federation of Small Businesses has urged chancellor Philip Hammond to follow through on his "vital" pledge to help get the disabled, long-term unemployed and ex-offenders into the labour market by handing SMEs a tax exemption. With unemployment at a 42-year low, the Conservative Party has the opportunity to fulfill its 2017 election manifesto promise to incentivise small businesses hiring disadvantaged people, by offering firms a one-year National Insurance holiday, the FSB said. - Telegraph

NASDAQ 100 Top Risers

Name Last Chg.% Time
Baidu Inc. 272.82 3.86 22:58
Wynn Resorts Ltd. 146.81 3.15 22:50
Micron Technology Inc. 41.49 2.70 23:09
JD.com, Inc. 39.67 2.45 23:05
Applied Materials Inc. 55.04 2.04 23:03

NASDAQ 100 Top Fallers

Name Last Chg.% Time
Mercadolibre Inc. 233.00 -4.86 23:02
Ulta Salon, Cosmetics & Fragrance Inc. 193.70 -2.46 22:58
Intuitive Surgical Inc. 353.55 -2.41 22:58
Liberty Global Plc Lilac Class A 22.77 -2.40 22:28
J.B. Hunt Transport Services Inc. 101.64 -2.28 22:28