Sunday newspaper round-up: Brexit deal, HSBC, Fresh fruit
Deputy Prime Minister Dominic Raab has refused to say whether Parliament will vote on the government's new Brexit deal. He did however tell Sky's Sophy Ridge on Sunday programme that "Parliament will find a away to have its say". The plan was expected to be unveiled possibly as early as Monday. "We want to handle this properly and in the right way," he said. I think one thing we’ve learned with meaningful votes and various other things since 2016 and beyond is that you have to carry Parliament with you, and I’m confident we would be able to." However, as of Sunday, it appeared unlikely that the proposals would satisfy the ERG or DUP. - Sunday Telegraph
Banks
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FTSE All-Share
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HSBC Holdings
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ITV
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Media
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17:15 25/11/24
HSBC wants to halve the office space at its headquarters as part of its embrace of flexible working. With that aim, it has engaged Cushman & Wakefield to find a new HQ with 400,000-500,000 square feet of space, against the 1.1m sq.ft. available at its 45-storey tower in London's Canary Wharf. Globally, the lender wants to slash its office space by 40% versus pre-pandemic levels. In parallel, the chief executive officer of Canary Wharf Group is looking to diversify away from lenders and law firms by attracting life sciences outfits. - Financial Mail on Sunday
The dearth of some fresh fruit and vegetables at grocers may just be the "tip of the iceberg", according to the National Farmers' Union. Poor weather in Europe and Africa, Brexit red tape and the hit to UK and Dutch producers from the jump in energy bills were all to blame. Nonetheless, NFU president, Tom Bradshaw, said that relying on imports had left the UK especially vulnerable to "shock weather events". Bradshaw highlighted how energy inflation had led many farmers who produce in glasshouses not to plant, due to their lack of confidence in being able to secure the returns necessary to justify the risk of planting. Curiously, Brexit had increased reliance on even more distant producers. - Guardian
Revolut, Britain's largest financial technology outfit, may be on the cusp of clinching a UK banking license within weeks after a two-year effort. The breakthrough will be thanks to the publication this week of its overdue 2021 accounts. A trading update is also expected to show that its turnover jumped again last year. The company now operates in over 200 countries and counts more than 25m customers. A UK license would allow Revolut to hold customer deposits and lend. Analysts believe it could also drive the outfit's valuation - which at one point in 2021 topped NatWest's - even higher. - Financial Mail on Sunday
ITV's full-year numbers, which are due out this coming week, are expected to show that its efforts to take on Netflix and Disney are yielding results and that it is cutting its reliance on old-style terrestrial TV. Revenues from the streaming and studios businesses are both seen growing at double-digit rates and accounting for over half of the total. Boss Carolyn McCall's initiative to replace ITV hub with a new online service is also expected to have boomed since its launch in December. - Financial Mail on Sunday