Monday newspaper round-up: Brexit, exports, Lloyds, HS2, Pat Val

The pillars of the global financial system are fundamentally unstable and could lead to a frightening chain-reaction in the next crisis, the world’s top watchdog has warned. Giant "central counterparties" (CCPs) that clear much of the $540 trillion (£428 trillion) nexus of derivatives are themselves vulnerable to failure in times of extreme stress. - Telegraph

Theresa May’s cabinet allies have publicly demanded that she puts Brexit in the hands of the Commons and allows MPs a series of votes on options to break the deadlock. Liam Fox, the trade secretary and Mrs May’s longest-standing ministerial friend, and Damian Hinds, the education secretary, both backed the plan yesterday. - The Times

Theresa May will condemn calls for a second Brexit referendum on Monday, after two of the Prime Minister’s most senior advisers were accused of secretly preparing for a new vote. With Cabinet tensions on EU withdrawal escalating, Mrs May will use an address to the Commons to say a new national poll would do "irreparable damage" to the integrity of British politics. - Telegraph

Britain’s goods exports have “collapsed” to levels not seen for three years in response to growing Brexit uncertainty and slowdowns in the Chinese and the US economies, according to a quarterly trade monitor. Business consultants BDO found that the UK’s goods exports, which have suffered a slowdown in growth since the beginning of 2017, contracted in the last three months of the year to leave them at a level not seen since 2015. - Guardian

Britain’s exit from the European Union could spark a flurry of activity among continental fund managers keen to establish a foothold in the UK. Many non-UK asset managers are considering opening offices in Britain for the first time as a result of Brexit, according to fresh industry research. - Telegraph

Retailers vying for customers in the last full week of trading before Christmas are in for a tough time according to the latest predictions, with footfall expected to fall by about 3% this week as cash-strapped shoppers rein in spending. The forecast by retail analysis firm Springboard adds to the bleak picture facing the sector in the key festive trading season, as consumers uncertain about what Brexit will mean for the economy and their finances cut back on gift-buying this year. - Guardian

Thousands of Jaguar Land Rover jobs are to be cut next year under a £2.5bn turnaround plan as Britain’s biggest car maker is buffeted by “three big shocks”. JLR has suffered from weakening demand in China, a crackdown on diesel cars and concerns about the impact of Brexit. - Telegraph

The government has introduced what it claims to be the biggest package of workplace reforms for 20 years after concerns that ministers have failed to appeal to voters who are “just about managing”. Legislation that comes into effect on Monday will increase fines for employers who have deliberately victimised their staff, and give workers details of their rights from the first day in their job. - Guardian

Asking prices for homes coming on to the market in the UK are nearly £10,000 lower than they were in October, as the property market headed for its worst annual performance in almost a decade. - Guardian

The technology industry fears that a skills shortage could stunt its growth, with new figures showing that job vacancies are growing. The number of unfilled positions in the information and communication technology sector last quarter rose by 24.3 per cent compared with a year ago, according to data from the Office for National Statistics, one of the largest increases of any industry. - The Times

More than a quarter of Britons do not have their financial situation under control and parents are struggling to make ends meet, Europe’s largest credit management firm has claimed. Intrum said that its latest review of consumers had shown that as many as 44 per cent of all parents in the UK had borrowed money recently in order to buy something for their children. This was an increase from 30 per cent last year. - The Times

A compensation scheme set up by Lloyds Banking Group for small business owners ruined by a banking fraud has been labelled “defective”, based on a “flawed” methodology and “partial” to the bank’s interests. A barrister’s opinion commissioned by representatives of some of the victims outlines alleged failings with the redress process established for business owners who suffered after a fraud at the Reading branch of HBOS. - The Times

Bosses at HS2 have been accused of deliberately undervaluing homes and land needed for the £56 billion line in an attempt to cut costs. Businesses and householders on the route of the 250mph line claimed that they had been “robbed” by HS2 Ltd, the government-owned company responsible for delivering the scheme. - The Times

Frankie & Benny’s owner The Restaurant Group is now among the most shorted stocks in London after hedge funds ramped up bets against it in the wake of its controversial £560m takeover of Asian food chain Wagamama. Almost a tenth of its shares are on loan to short sellers, including Luxembourg-based Cigogne Management, which increased its short position by a third to 0.9pc on Tuesday, and Mayfair financier Crispin Odey. - Telegraph

An influential Commons committee has requested details of Patisserie Valerie’s payment practices with suppliers amid concerns about lengthy delays. MPs on the business, energy and industrial strategy select committee have written to Steve Francis, the new chief executive of the scandal-ridden café chain, after The Times revealed that the company had faced a series of winding up petitions from creditors.

Fund managers should reduce their emphasis on short-term performance and give more prominence to results since the fund’s inception, the industry’s professional body has said. CFA UK has urged fund managers to reverse the traditional order in which they disclose investment returns to improve public trust in the industry. - The Times

Uber is planning to bring electric bikes to Britain as it seeks to expand beyond its ride-hailing and food delivery services. The US company’s Jump business, which lets users rent e-bikes and electric scooters via an app, is hiring a general manager for the UK, job adverts show. - Telegraph

Pressure is mounting on Britain’s largest privately owned construction company as its banking partners delay signing off on a crucial refinancing. Laing O’Rourke, the contractor behind projects ranging from the London 2012 Olympics site to the Scottish parliament, is more than two months late filing its UK accounts amid increased scrutiny from lenders and accountants. - The Times