Monday newspaper round-up: Brexit, cyberattacks, vaping, Tesco
Confidence in the UK’s financial services industry is falling at its fastest rate since the height of the 2008 crisis. Political uncertainty continues to “chip away” at the sector, threatening the City’s international standing, new research has claimed. Headcount has also fallen across businesses, meaning that overall employment within the sector has hit its lowest level for four years in March, according to a survey from the Confederation of British Industry (CBI) and accountancy giant PwC. - Telegraph
Theresa May has resisted pressure to set a date for her departure in return for support for her EU divorce deal after a threatened cabinet coup fizzled out. After meeting prominent Brexiteers at Chequers yesterday, the prime minister is instead expected to allow parliament to move towards a softer exit from the European Union. - The Times
Theresa May was told she must set a date for her departure during crunch talks with Eurosceptics at Chequers amid warnings that her deal will be defeated in the Commons. The Prime Minister invited Boris Johnson, Dominic Raab, Iain Duncan Smith, Jacob Rees-Mogg, Steve Baker and David Davis to her country retreat for last-ditch talks.
Shares in Asia Pacific have slumped after a key market indicator flashed an “amber warning” that the United States could be heading for a recession. Bond yields also continued to fall across the world with Australian 10-year treasury yields falling to a record low on Monday of 1.756% in what analysts see as a strong indicator of a downturn hitting the resource-rich country. - Guardian
British companies are at risk from insurers refusing to pay out on claims for cyberattacks after a private legal battle between the country’s largest law firm and its insurance provider. DLA Piper, Britain’s biggest law firm by revenue, is bringing a case against Hiscox for refusing to pay out on a multimillion-pound insurance claim for damage caused by the Petya cyberattack, The Times has learnt.
The tobacco industry was shocked last week when San Francisco proposed a ban on the sale of all electronic cigarette products. It is anxiously watching to see if other cities and regulators follow. E-cigarettes are a burgeoning industry for tobacco companies as they are considered to be less harmful than smoking. They are even recommended by Public Health England for adult smokers, with claims that “vaping” is 95 per cent safer. - The Times
A senior Hong Kong official has called on the British government to crack down on failed buyer-funded residential developments in the north of England that have left thousands of overseas investors out of pocket. James To Kim-sun, a member of the Hong Kong legislative council, told The Times that more than 2,000 buyers of more than 25 failed developments have reported lost deposits totalling more than £110 million to the authorities. - The Times
Tesco has apologised after blaming a decision to pull some British products from its Irish stores on uncertainty surrounding the UK’s departure from the European Union. Britain’s largest supermarket chain, which has more than 6,800 stores and 440,000 staff around the world and has 151 branches in Ireland, was accused of using Brexit as an excuse last night after it said it had failed to “properly explain” why it is taking a supplier’s goods off shelves next month. - The Times
The government should take action to end the “rampant injustice” facing some workers in the gig economy, according to a report by the independent MP Frank Field. Field, who is chair of the work and pensions select committee, is calling for a fast-track system for employment tribunals involving worker status cases, as well as the introduction of a single labour market regulator. - Guardian
Tesco is launching a trial to remove a selection of plastic-wrapped fruit and vegetable to cut down on packaging waste. Britain’s biggest retailer said it would run the month-long pilot from Monday at two of its Extra stores, in Watford and Swindon, removing plastic packaging from 45 foods where loose alternatives are available. The items include apples, onions, mushrooms, peppers, bananas and avocados. - Guardian
The UK’s biggest broadband providers are letting their customers down with shoddy service, according to a survey by consumer group Which?. TalkTalk and Sky were named as the worst suppliers. BT, Sky, TalkTalk and Virgin Media supply almost nine in 10 broadband customers, yet Which? said that “year after year” these were the providers that occupied the bottom of its league table. - Gaurdian