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Thursday newspaper round-up: May-DUP talks, Hammond speech, AIM, BAE

Market Buzz

Thursday newspaper round-up: May-DUP talks, Hammond speech, AIM, BAE

Thu, 15 June 2017
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Thursday newspaper round-up: May-DUP talks, Hammond speech, AIM, BAE

(ShareCast News) - Theresa May's hopes of securing the support of the Democratic Unionist Party for her minority government were faltering last night as the Treasury dug in against the costs of a deal. Some ministers were urging the prime minister to call the Northern Irish party's bluff as negotiations stalled, while Britain's most senior civil servant told the prime minister that she had little choice but to gain an agreement. - The Times
Philip Hammond will outline plans to increase support for key infrastructure projects with extra government funding and guarantees to keep Britain building through Brexit. The Chancellor will use his annual Mansion House speech on Thursday night to ensure key infrastructure projects are protected as the UK leaves the European Union. - Telegraph

ost skilled workers from the EU who are employed by large companies are likely to leave the UK before Brexit, according to a survey that will raise concerns that Britain is primed for a continental brain drain. About 56 per cent of 250 EU citizens surveyed by Baker McKenzie said that they were "highly likely" or "quite likely" to leave the UK before the outcome of the Brexit negotiations was known, with healthcare, technology, media and telecoms and financial services likely to be hardest hit. - The Times

Donald Trump is reportedly being investigated for potential obstruction of justice by the special counsel looking into Russia's interference in the 2016 presidential election. This marks the first time that the ongoing investigation, which has hung over Trump since his inauguration, has potentially implicated the president himself. - Guardian

Theresa May's chief of staff is among former ministers facing questions over their alleged failure to act on warnings about fire safety in tower blocks. Gavin Barwell, the housing minister until he lost his seat at the general election, told MPs last year that the government intended to review building regulations covering fire safety. - The Times

The European Union has turned up the heat on Theresa May ahead of a summit next week as Brussels' chief Brexit negotiator warned that Britain would need to transform itself "like Alice in Wonderland" to rejoin. After President Macron offered an "open door" to rejoining the EU, Guy Verhofstadt, the European parliament's Brexit negotiator, said that coming back would be on far worse terms than when Britain left. - The Times

Accountancy firms have been warned of a gap in quality between their audits of big businesses and those of smaller firms, which are increasingly flawed, according to the industry watchdog. The Financial Reporting Council found that 81pc of audits of FTSE 350 companies in 2016-17 by the six largest accountancy firms - BDO, Deloitte, EY, Grant Thornton, KPMG and PwC - were either good or required only limited improvements, up from 77pc a year earlier and 70pc in 2014-15. - Telegraph

Britain's car insurers suffered combined losses of £3.5bn last year due to controversial new compensation rules for serious injuries, according to a report which predicts further sharp rises in insurance premiums, especially for young drivers. Consultancy EY said the new Ogden formula led to significant underwriting losses for the motor insurance market in 2016. - Guardian

The Alternative Investment Market is staining the reputation of the London Stock Exchange. The global business that competes for listings by top companies has been hit by scandals on the LSE's junior market that have prompted questions about disclosure, transparency and abuse. - The Times

BAE, Britain's biggest arms company, secretly sold mass surveillance technology to six Middle Eastern governments that have been criticised for repressing their citizens, the BBC has reported. The sophisticated technology can be used to spy on a huge number of people's emails and mobile phones, triggering accusations from human rights campaigners that it is being used to silence or jail dissidents.

Yahoo laid off dozens of staff in the UK on Wednesday, the day after Verizon completed its $4.5bn (£3.5bn) takeover of the former internet giant. The Telegraph understands at least 50 Yahoo employees were made redundant after the business became part of Verizon. - Telegraph

Residents in care homes are forced to pay unexpected bills because many would be traumatised by moving to a different home, an inquiry has found. Some families are charged fees by a care home for up to a month after their relative dies, even if the room is reoccupied, and many are not given contracts until after they have moved in. - The Times

Almost half of large airlines using Heathrow are falling short of tough restrictions on night flights, noise or emissions, the airport says today. Europe's busiest airport reports that 24 out of 50 carriers violated at least one target designed to cut disruption for households and improve air quality over the first three months of the year. - The Times

Tim Farron has announced his resignation as Liberal Democrat leader after he was repeatedly pressed during the general election over his personal beliefs on issues including homosexuality. Farron issued a statement on Wednesday night saying he felt "remaining faithful to Christ" was incompatible with being his party's leader. It is understood several senior figures in the party have visited Farron in recent days to attempt to persuade him to step down, though he was initially reluctant. - Guardian

The chief executive of News Corporation accused Google and Amazon last night of doctoring search results for commercial gain and said their deliberate manipulation of search algorithms amounted to a "charlatan's charter". Robert Thomson told the TechXLR8 conference in London that certain US tech giants claimed that their algorithms were based on "pure science" when, in reality, they were the result of human interventions designed to benefit their own companies while failing to distinguish between real and fake news or identify extremist materials. - The Times

Nick Hugh has been named as the new chief executive officer of Telegraph Media Group, taking over from Murdoch MacLennan who has run the publisher of The Daily Telegraph and The Sunday Telegraph since 2004. Mr Hugh, who joined the publisher in January in the newly created role of chief operating officer, was previously vice president of Yahoo in Europe