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Monday newspaper round-up: Brexit, Deutsche Bank, Woodford

Mon 08 July 2019 07:37 | A A A

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(Sharecast News) - The feeling of relief in the British car industry was almost palpable on Friday, when Jaguar Land Rover said it would invest billions in producing new electric vehicles in the UK. After the recent closure of two other UK automotive factories in five months - Honda in Swindon and Ford in Bridgend - JLR boss Ralf Speth was clearly pleased to have good news for the 2,500 workers at the Castle Bromwich plant. Yet amid the congratulations, Speth also struck a note of warning. Not on Brexit this time, but on the future of the car sector in the absence of a British battery industry. "One thing is clear: if batteries go out of the UK, then also the automotive production will go out of the UK," he said. - Guardian

The rising threat of no-deal Brexit has set Britain on course for the biggest decline in business investment since the financial crisis, the Confederation of British Industry has warned. Paving the way for weaker future economic growth, the CBI warned that business spending in the UK economy was set to decline by about 1.3% in 2019 compared with a year ago - the steepest drop since the last recession in 2009. - Guardian

Deutsche Bank has effectively called time on its global banking ambitions after it unveiled a much more radical than expected overhaul on Sunday. This will include setting up a "bad bank" stuffed with €74bn of toxic assets, closing down large units in its investment banking arm - including equities trading - and laying off about a fifth of its workforce. - Telegraph

A gambling technology company promoted by Tyson Fury, the boxer, is in advanced talks about a takeover by an American suitor in a deal worth an estimated $600 million. SBTech, founded by two Israeli entrepreneurs, is understood to have agreed a sale to Draftkings, a fantasy sports group that is taking advantage of the opening up of the market in the United States to transform itself into a sports betting operator. - The Times

The valuation of private companies held by Neil Woodford is under more scrutiny with one of the embattled fund manager's largest holdings set to raise cash far below its valuation. Benevolent AI, a company that uses artificial intelligence to try to discover new drugs and has a joint venture with Astrazeneca, the pharmaceuticals group, has been a big investment for Mr Woodford, making up 4.5 per cent of his Equity Income fund and 8.4 per cent of his listed Patient Capital Trust. - The Times

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