Wednesday newspaper round-up: Brexit, hedge funds, advertising, Ineos
By Digital Look
Date: Wednesday 16 Jan 2019
(Sharecast News) - Theresa May has pledged to face down a vote of no confidence in her government, after her Brexit deal was shot down by MPs in the heaviest parliamentary defeat of the democratic era. On a day of extraordinary drama at Westminster, the House of Commons delivered a devastating verdict on the prime minister's deal, voting against it by 432 to 202. - Guardian
Britain's departure from the EU could be delayed until December under a cross-party plan by MPs to seize control of the Brexit process. A group of rebels led by three former Conservative ministers published a draft bill yesterday that they hope to force on the government after parliament's rejection of Theresa May's deal. - The Times
Labour could table multiple votes of no confidence if it fails to trigger a general election today. Senior party sources said last night that they would make a series of attempts to oust Theresa May's government. One said: "This is not about one vote of no confidence in the government, it is about a sustained campaign to show it has no majority." - The Times
European Union capitals were ramping up their preparations to minimise the chaos and disruption of a possible no-deal Brexit after Theresa May's plan was crushed by MPs. With 72 days until the UK is due to leave the EU, the Belgian prime minister, Charles Michel, met cabinet ministers on Tuesday to discuss their top priorities for a package of emergency Brexit laws that he wants to present to parliament before the end of February. - Guardian
Wealthy investors have been advised by Wall Street to avoid trading the pound during what promises to be a highly volatile 24 hours for the currency following the crunch Brexit vote. Citigroup's private banking arm has told clients that sterling volatility is likely to surge after Theresa May's Brexit deal is voted on in Parliament. - Telegraph
The City watchdog is considering fresh guidelines around the sale of private polling data to hedge funds looking to profit from major political events such as Brexit. The practice came under fire after a report detailed how hedge funds - eager to cash in on currency market volatility and profit from the EU referendum - commissioned private exit polls to bet on the price of sterling in the run-up to the June 2016 vote. - Guardian
Concerns over Brexit brought a halt to six years of rising marketing spending in the fourth quarter of last year, according to a closely watched survey. Advertising executives surveyed for this morning's IPA Bellwether Report struck a cautious tone, warning that uncertainties over Britain's exit from the European Union were affecting consumer and business confidence. - The Times
The man who runs Madame Tussauds, the London Eye and the Blackpool Tower for Merlin Entertainments is to take charge of pub giant Greene King. Nick Mackenzie, who currently heads Merlin's Midway Attractions division, will join the FTSE 250 brewer as chief executive in May, replacing long-time boss Rooney Anand. - Telegraph
Ineos has chosen Belgium as the site for Europe's largest chemical plant investment in 20 years just months after a number of its top executives left the UK. The chemicals giant, owned by billionaire industrialist Sir Jim Ratcliffe, will make its largest ever investment of €3bn (£2.7bn) to build a gas-fuelled chemical plant in Antwerp. - Telegraph
Whitehall departments have been hit by an exodus of civil servants with some losing up to a quarter of their staff each year, a report has said. The universal credit policy has been jeopardised and preparations for Brexit hampered because departments are "struggling to retain knowledge and expertise", particularly in senior roles. - The Times
A start-up established by a former employee of GCHQ has secured $8 million in backing from Goldman Sachs to develop a platform that helps businesses to defend themselves against hackers. James Hadley, founder of Immersive Labs in Bristol, says that the capital will allow his two-year-old company to expand its capabilities and enter the American market. - The Times
Santander's leadership has been left in turmoil after the Spanish bank reversed its decision to hire prolific dealmaker Andrea Orcel as its new boss just months after it unveiled the high-profile appointment. The Spanish lender, which has a big UK high street presence, said on Tuesday evening that the Italian banker would no longer be joining due to the "unacceptable" costs associated in compensating him for past remuneration at his former employer UBS. - Telegraph
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