Skip to main content
  • Register
  • Help
  • Contact us
  • Log out of your HL account

Friday newspaper round-up: Sajid Javid, JCB, coronavirus, M&S, Tesla, EDF

Fri 14 February 2020 07:25 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - Sajid Javid quit as chancellor in protest at a No 10 power grab yesterday and warned that Boris Johnson risked wrecking the Treasury's credibility. The prime minister backed Dominic Cummings, his senior adviser, in demanding that Mr Javid sack his entire team of aides in the reshuffle. Instead the 50-year-old former leadership contender resigned and questioned the "character and integrity" of those around Mr Johnson. - The Times

JCB is cutting production due to anticipated component shortages from Chinese suppliers affected by the coronavirus outbreak. Overtime is being suspended and about 4,000 workers will start a shorter working week from Monday. - Telegraph

A senior White House official has called on Beijing to be more transparent over its handling of the coronavirus outbreak as Chinese authorities expanded "wartime" measures to limit its spread. Casualties from coronavirus reached nearly 1,400, with more than 5,000 new cases reported on Friday, dampening optimism that the virus will soon be contained. - Guardian

Global efforts to stamp out tax avoidance among technology giants will be given a boost tomorrow when Facebook's founder supports the plans, accepting that "we may have to pay more". Mark Zuckerberg will say that he agrees with reforms to update the rules on cross-border corporation tax, even though it may mean paying billions more into Britain's coffers. - The Times

Michael Bloomberg called Donald Trump a "carnival barking clown" on Thursday as the former New York mayor returned fire while his chances of becoming the Democratic presidential nominee continue to tick up. The billionaire and late entrant in the race sat out the first two votes in Iowa and New Hampshire but has seen a boost after the leading moderate, former US vice president Joe Biden, stumbled in both states. - Telegraph

Marks & Spencer is closing two of its clothing distribution centres in a move that puts almost 700 jobs at risk. The struggling retailer is revamping its warehouse network to save money and improve stock availability, which is a long-running problem in its high street stores. - Guardian

Ofwat faces the largest revolt in the 30-year history of the privatised water industry, with as many as five companies taking the industry regulator to the competition watchdog over demands to reduce household bills. Thames Water, Anglian Water and Northumbrian Water are set to join Yorkshire Water and Bristol Water in calling in the Competition and Markets Authority in a challenge to their five-year price settlements. The companies had until today to post a challenge. - The Times

The mystery surrounding who paid for Boris Johnson's luxury Caribbean holiday deepened last night after a millionaire businessman named as giving him the €15,000 villa insisted he merely "facilitated" the trip. The Prime Minister had declared his week long stay at a luxury villa on the island of Mustique in the Commons' Register of Members' Interests as a "benefit in kind" from David Ross, the co-founder of Carphone Warehouse. - Telegraph

The Italian foreign minister and former leader of the Five Star Movement (M5S) is calling for protests this weekend against the government he sits in, as Italy appears set for another period of political instability. Luigi Di Maio said the Italian people "must peacefully demonstrate" in Rome on Saturday against a system that "wants to cancel our laws". - Guardian

Tesla is tapping shareholders for $2 billion just a fortnight after Elon Musk, its chief executive, said he had no need to raise new capital. The electric carmaker, which will use the cash to pay down debt, is taking advantage of an extraordinary rise in its share price, which has more than trebled in value over the past six months. Shareholders have loaded up on Tesla stock hoping that the company has found a way towards durable profits after years of haemorrhaging cash. - The Times

EDF has bought one of Britain's biggest electric vehicle charging companies in the latest foray by an energy company into renewables. The French state-controlled utility is understood to have paid more than €100m for Pod Point, a British charging firm, in its first such investment. - Guardian

Millions of customers could save up to €1bn a year on the cost of their landline, broadband, TV and mobile packages, under new Ofcom rules forcing companies to offer the best deals when their contracts come to an end. The broadcasting and media regulator's new rules, which come into force from Saturday, could benefit the estimated 20 million customers who are paying over the odds because they are out of contract and not aware of better deals. - Guardian

    Daily market update emails

    • FTSE 100 riser and faller updates
    • Breaking market news, plus the latest share research, tips and broker comments

    Register now for free market updates

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.