Monday newspaper round-up: Trade truce, Brexit, Barclays, Centrica
China has agreed to “reduce and remove” tariffs below the 40% level that Beijing is currently charging on US cars, Donald Trump has claimed, amid a trade war truce agreed by the two countries. The US president and Chinese leader Xi Jinping agreed to halt new tariffs during talks in Argentina on Saturday, following months of escalating tensions on trade and other issues. - Guardian
President Trump has agreed to stall a threatened increase in tariffs on $200 billion of Chinese goods to allow time for negotiations, after talks with President Xi in Argentina this weekend. In return, the US said China would agree to purchase a “very substantial amount of agricultural, energy, industrial and other product from the United States” to reduce the trade imbalance between them. - The Times
Theresa May was under fresh pressure last night as the DUP threatened to abandon her in a confidence vote if she failed to get her Brexit deal through parliament. Party sources said that they were considering the move, which would leave the prime minister without a Commons majority, over fears that her plan would create a border between Northern Ireland and the rest of the UK. - The Times
Wrangling over a planned politicians’ TV debate on Brexit due to take place in less than a week’s time has intensified after both Conservative Brexit supporters and the Liberal Democrats formally wrote to broadcasters insisting they should be included. With Theresa May and Jeremy Corbyn yet to decide between an event on BBC or ITV and trading accusations about the other running scared, a group of Tory Brexiters have sought the inclusion of someone from their side, arguing that the two leaders are too close together on the issue for the debate to be worthwhile. - Guardian
Manufacturers are stockpiling goods ahead of March’s Brexit date as the prospect of queues at Britain’s ports grows more likely. Production remained strong across the manufacturing sector in recent months, with firms fearful that imports of raw materials will dry up in the event of a no-deal Brexit or go up in price should a deal go ahead. In response, they are making as many goods as possible and piling them up in storage, according to a quarterly survey from the EEF, the manufacturers’ trade body. - Guardian
A fresh banking crisis in Italy could spark a devastating “doom loop” that threatens UK financial stability, the Bank of England has warned. Bank officials are concerned that problems affecting Italian lenders could spread across the Eurozone and eventually be transmitted to the UK economy through French and German banks, which have massive exposure to Italy. - Telegraph
Barclays reported suspicions of a new market manipulation scandal to the City regulator this year amid fears that one of its traders had been sharing confidential client information with a banker at a rival firm. The London-based lender handed over what it believed could be suspicious communications between one of its former senior employees and a trader at BNP Paribas to the Financial Conduct Authority (FCA), prompting an investigation by the regulator. - The Times
British Gas owner Centrica is facing anger from its 11,000 engineers over cost-cutting plans for their pensions which have prompted claims that executives are out of touch. Leaked comments from internal message boards show workers are furious over proposals branded a “disgrace” and “tosh”, with anger at pensions being targeted for savings while leaders continue to receive multimillion-pound pay packages. - Guardian
Insurers have been told that they are not doing enough to cut ties with coal-intensive businesses as the UN’s climate change summit begins today in Poland. Climate change groups have singled out US insurance giants including AIG, Chubb, Liberty Mutual and Berkshire Hathaway for continuing to “underwrite and invest in the coal industry”. - Telegraph
The former marketing chief of Patisserie Valerie is suing the troubled bakery chain for £325,000 in a claim over the non-payment of bonuses that is critical of the company’s management. Nicola Hedley, who worked for three years as group marketing manager before becoming third-party relationship manager, has filed a complaint at an employment tribunal in Birmingham. - The Times
Netflix has become the latest technology giant to have its tax affairs scrutinised by HM Revenue & Customs. The American digital streaming company has said that its British accounts are “under examination”. - The Times
The Big Issue is launching trials to allow its magazine sellers to accept payments with contactless technology. The organisation has teamed up with the technology company iZettle to test the idea in London, Bath, Birmingham, Bristol and Nottingham. - The Times
Uploading the perfect holiday snap to social media has become as important to some travellers as the trip itself. Now a hotel chain is offering to do it for you. Ibis hotels in Geneva and Zurich offer guests a “social media sitter” to take photographs of their holiday and post them to Instagram. - The Times