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Tuesday newspaper round-up: Housing, trade deals, RPI, BoE Brexit

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Tuesday newspaper round-up: Housing, trade deals, RPI, BoE Brexit

Tue, 01 August 2017
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Tuesday newspaper round-up: Housing, trade deals, RPI, BoE Brexit

(ShareCast News) - The housing crisis is set to worsen for young people already priced out of the property market as growing numbers of landlords refuse to rent to people under 35, according to research. A study by Sheffield Hallam University found that one third of landlords were cutting back on renting to under-35s. Concerns over younger people's ability to pay encourages landlords to look for older and more secure tenants. - The Times
Britain should abandon tariffs on American and Argentinian meat products after Brexit to bring consumer food prices down, according to a leading rightwing thinktank. Policy Exchange said the UK should phase out tariffs on agricultural products, saying they raise prices and complicate trade deals, although critics say that would pave the way for hormone-treated beef or chlorine-washed chickens, currently banned under EU law, to reach British supermarket shelves. - Guardian

The newly elected chair of the Treasury select committee, Nicky Morgan, has asked the Bank of England to provide comprehensive details of the City's readiness for a hard Brexit, in an early indication of the agenda she hopes to pursue as head of one of parliament's most influential committees. Morgan also called on the Bank to provide its views on what a Brexit transition deal should look like to minimise damage to the City. An analysis by the consultancy firm Oliver Wyman calculated that up to 40,000 jobs in the wholesale banking sector - which provides services to companies - could be at risk. - Guardian

A measure of inflation that affects 11 million pensioners, £407 billion of government bonds, all new student loans and 45 per cent of all rail fares each year is flawed and should be not be used, the UK's statistics body has said. The Office for National Statistics has repeated its belief that the retail prices index does not measure inflation properly, citing its "serious shortcomings" and urging it to be dropped from all calculations. - The Times

British household debts are rising to worrying levels at a time of economic uncertainty, analysts at Moody's have cautioned, in the latest warning on the size of the UK's ballooning consumer credit market. The poorest families in the country are the most exposed to the risks as living costs rise more quickly than income, leaving such households less able to cope with any financial shocks, the ratings agency cautioned. - Telegraph

Anti-fracking protesters face the threat of prison if they obstruct Ineos's efforts to explore for shale gas after it secured wide-ranging injunctions to protect its operations. The petrochemicals group, which is preparing to drill for shale at several sites in the UK, said that it had decided to seek legal protection after an escalation of attempts to frustrate its work. The move also follows months of disruptive protests against Cuadrilla's efforts to drill in Lancashire. - The Times

Slug and Lettuce owner Stonegate Pub has made a £100m takeover bid for Revolution Bars Group, just over two months after the cocktail bar's shares plummeted 46pc in one week. Revolution was valued at £100m when it joined the London market in 2015 and had been trading around the same level up until May this year when it warned that it was racking up higher-than-anticipated costs. - Telegraph

Children will soon have the chance to join the likes of Charlie Bucket, Augustus Gloop and Veruca Salt on a tour of Willy Wonka's Chocolate Factory after one of Britain's most promising independent publishing businesses secured a deal with Roald Dahl's estate. Wonderbly, a maker of personalised children's books, said that the agreement with the Roald Dahl Literary Estate would "open the gates" of the fictional factory to a new generation of youngsters. - The Times

The real estate arm of the banking giant BNP Paribas is to acquire a UK property services group in a deal that will triple its revenue and the number of staff it has in the country covering the business. The deal to merge the UK subsidiary of BNP Paribas Real Estate with Strutt & Parker, founded in London in 1885, will be completed in September. It comes even after global banks have said they could move thousands of jobs out of Britain to prepare for Brexit. - Guardian

Shares of Snap, owner of the Snapchat messaging app, had their busiest trading day in two and a half months in a volatile session on Monday, as early investors could sell their shares for the first time since its March market debut. The stock pared losses to close down 1pc at $13.67, after falling as much as 5.1pc and hitting a fresh record low following the expiration of a trading lockup. - Telegraph

London has long been acknowledged as the biggest gold trading centre in the world, but no one has ever been able to say for sure how much gold is stored in the capital - until now. New data has revealed that around 7,500 tonnes of gold was held in London in March of this year - the equivalent of 596,000 gold bars, or £227bn-worth of gold. - Telegraph

A group of anonymous hackers claim to have stolen the script of the next Game of Thrones episode in the latest attack on large Hollywood entertainment companies. The hackers say they have taken 1.5 terabytes of information from HBO, which broadcasts the show. They also claimed to have hacked the programmes Ballers and Room 104 while threatening to leak more in the future. - The Times

Biotech company RedX, which specialising in developing cancer drugs, looks set to return to the London market after administrators agreed to sell the rights to a promising treatment for leukemia to a US company for $40m (£30m). After falling into administration in May after Liverpool City Council pursued it for a £2m unpaid loan, RedX is on track for a revival after the company's administrators FRP secured a deal to sell a leukaemia treatment to Nasdaq-listed Loxo Oncology, providing RedX with the cash to pay down its debts and provide working capital for further research. - Telegraph

A dry spell in Germany and a rising thirst for craft beer look set to provide a bumper year for British hop growers. While German growers, which normally produce about a third of global supply, have been hit by a drought, British hop farms have enjoyed more benign weather and stand to benefit from any shortages and consequent price rises. - The Times

Chronic fatigue syndrome is an inflammatory disease which could soon be diagnosed through a simple blood test, scientists have said. Researchers at the Stanford University School of Medicine discovered that people suffering the symptoms of CFS show spikes in 17 proteins produced by the immune system. The bigger the rises, the more severe the condition. - Telegraph

Los Angeles has accepted a deal to stage the 2028 Olympic and Paralympic Games - which means that the 2024 Games will be heading to Paris. The Los Angeles Organising Committee confirmed that it had signed a contract with the International Olympic Committee that will see it given £1.8bn to compensate it for stepping aside until 2028 and to help it increase participation for youth sports programmes.

NASDAQ 100 Top Risers

Name Last Chg.% Time
Ross Stores Inc. 59.02 10.67 23:04
Applied Materials Inc. 44.30 2.74 23:10
Micron Technology Inc. 30.38 2.57 23:06
Ctrip.Com International Ltd. Ads 50.44 2.54 22:30
Symantec Corp. 28.45 1.46 22:15

NASDAQ 100 Top Fallers

Name Last Chg.% Time
Fastenal Co. 40.68 -2.24 23:03
Cisco Systems Inc. 30.37 -2.16 23:04
Viacom Inc. Class B 28.59 -2.12 23:06
Mattel Inc. 16.82 -2.04 22:15
Hasbro Inc 95.51 -1.70 22:50