Tuesday newspaper round-up: Brexit customs deal, Sainsbury's, stamp duty

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Tuesday newspaper round-up: Brexit customs deal, Sainsbury's, stamp duty

Tue, 15 August 2017
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Tuesday newspaper round-up: Brexit customs deal, Sainsbury's, stamp duty

(ShareCast News) - David Davis, the Brexit secretary, is expected to set out more clearly the government's hopes for a future customs deal with the European Union this week, to help inform the next round of Brexit negotiations. With Theresa May not expected to return to her desk in Downing Street from her holiday until Thursday, the government is keen to show that preparations for Brexit have not ground to a halt. - Guardian
David Davis, the Brexit secretary, will signal today that Mr Hammond has the upper hand by announcing plans for the present customs arrangements to stay in place for an "interim period" that could last for up to three years. A government position paper to be published today will say that Britain is looking at introducing a "temporary customs union" during which there will be no need for companies to fill in additional paperwork, ensuring that goods move smoothly across the border with the rest of the EU. - The Times

Ireland has threatened to block Britain's plans for a two-year transition period after Brexit amid a furious row over customs arrangements. Phil Hogan, the Republic's EU commissioner, said that Ireland could be the "biggest victim of this mess" and accused the UK of "high-level delusion". - Telegraph

British start-up technology companies are being denied access to their single largest source of investment funding as European institutions begin to cut the UK out of future projects. Venture capital funds say they have been told that the European Investment Fund (EIF), which indirectly invested more than half a billion pounds a year in Britain's technology sector, has now effectively turned off the tap to new British commitments. - The Times

Brexit is being blamed for a decline in the number of job vacancies in the City and a drop in applications for key posts compared with last summer. According to headhunters Morgan McKinley there was an 11% slide in the number of City jobs in July, compared with a year ago, and a 33% fall in professionals seeking positions. - Guardian

J Sainsbury has halted exclusive takeover talks with Nisa Retail because of competition fears, opening the door for the Co-operative group to renew its interest in the wholesale and convenience store retailer. Sainsbury's has told Nisa that it cannot make a formal offer until the competition watchdog has ruled on Tesco's proposed £3.7 billion purchase of Booker Group, the nation's largest wholesaler. - The Times

Aldi has struck a deal with a US grocery start-up that will allow it to deliver food directly to homes in three American cities. The partnership with grocery delivery company Instacart will allow customers to buy food from the discount supermarket chain for same-day delivery. - Telegraph

Stamp duty is damaging the economy because it stops people from living where they want and forces them to spend longer commuting, a think tank says. The Adam Smith Institute suggests that stamp duty is costing the economy an extra £9.28 billion because it is gumming up the housing market and stopping people from living where they want. - Telegraph

Britain's largest provider of further education and adult skills is facing an uncertain future after it tried to suppress a damning report by the education watchdog. Learndirect was told that its apprenticeships were ineffective and that its oversight was weak. - The Times

Donald Trump's business advisory panel has been thrown into crisis after three executives quit in the wake of the president's failure to immediately denounce white supremacists over a rally in Charlottesville, Virginia, that left one dead and several others injured. The CEOs of pharmaceutical giant Merck, sportswear retailer Under Armour and computer company Intel have all resigned from Trump's American Manufacturing Council as pressure mounts for business leaders who aligned themselves with the president to abandon his administration. - Guardian

Shares in the owner of Snapchat bounced 6.4pc on Monday after employees became eligible to sell their stock and as institutional investors hit the deadline by which they had to report their quarter-end holdings of US equities. Snap's shares closed at $12.60 on Monday, still 25pc below their initial public offering price, but an improvement on last week's price, when shares briefly dipped below $12 after it reported slowing user growth in its recent quarter. - Telegraph

Sweeping employment changes, including advertising all UK jobs with flexible working and giving fathers additional paternity leave, should be made to tackle the gender pay gap, the equalities watchdog has recommended. Offering flexible hours to all job applicants will help combat pay disparities between men and women, while increasing job opportunities for disabled people, according to the Equality and Human Rights Commission. - Guardian

A proposed £14bn class action lawsuit against Mastercard is being revived after lawyers filed to appeal against a ruling that barred the case from heading to trial last month. Lawyers for former financial ombudsman Walter Merricks have made their application to the UK's Competition Appeal Tribunal just weeks after it refused to certify his claim. - Guardian