Tuesday newspaper round-up: Brexit, Thomson Reuters, Waterstones, stock markets
Brexit would leave the UK worse off under three possible scenarios: a comprehensive free trade deal, single market access and no deal at all, according to a leaked government analysis of the economic impact of leaving the EU. The document was meant to be shown confidentially to cabinet ministers this week but was leaked in an embarrassing development for Theresa May and David Davis, the Brexit secretary. – Guardian
US private equity firm Blackstone Group LP is in advanced talks to buy an approximate 55% stake in the financial and risk business of Thomson ReutersCorp for more than $17bn (£12bn), three sources familiar with the matter said on Monday. Thomson Reuters’ board, the sources said, is expected to meet on Tuesday to discuss Blackstone’s all-cash offer for the F&R business, which supplies news, data and analytics to banks and investment houses around the world. The unit contributes more than half of Thomson Reuters’ annual revenues. – Guardian
Elliott Advisors has reportedly lodged an offer to take a controlling stake in bookseller Waterstones, with talks between the pair ongoing. Reports emerged late on Monday that hedge fund Elliott had been granted a short period of exclusivity for the negotiations. - Telegraph
The UK is winning the race to clean up the energy system by taking a lead on rolling out renewable energy projects and cutting coal-fired power faster than its EU peers. A fresh report, to be published in Brussels today, shows that the UK is leading the way on support for wind and solar power, alongside Germany. - Telegraph
Recent years have not been the easiest for KPMG, the “Big Four” accountancy firm that provides audit and consultancy services to many of the world’s largest companies. With such dominance has come controversy. Last September KPMG was cleared by the Financial Reporting Council over its audit of HBOS in the years before the lender’s near-collapse, which was staved off only by a hastily arranged marriage with Lloyds TSB and the injection of £20 billion of taxpayers’ money. – The Times
Stock markets are heading for sharp falls in the coming months but investors should use the dip to buy shares, Goldman Sachs has recommended. A correction was a “high probability” but would not be prolonged, the Wall Street investment bank predicted. Goldman Sachs is the world’s best-known investment bank and has produced some of the most prominent figures in the financial world, including Mark Carney, governor of the Bank of England. Investors value its advice. – The Times