10 July 2018

Charlie Peters

10 July 2018

Good morning, 

By the end of today, just three teams will remain in the FIFA World Cup. Will that number be higher than the population of Theresa May’s cabinet? We’ll see.
                    
The prime minister has endured a wretched 24 hours. With David Davis resigning on the stroke of Monday morning, No.10 geared up to face the music and present a calm and composed response to the DexEU minister’s exit. Then Boris went. Fighting and folly has followed. Some Tory MPs hailed the departing Brexiteers as “brave” and “principled”; others have used language too colourful for your morning inbox.
 
The Tory Party cabinet merry-go-round is back in action, with Britain’s longest-serving health minister Jeremy Hunt being offered a lifeline in the form of the comparatively easy job of Foreign Secretary. Jeremy Hunt was a remain campaigner during the 2016 referendum, but now says that he is a convert to the Brexit cause. Aren’t they all. Culture Secretary Matt Hancock has been parachuted into Hunt’s old job and Dominic Raab will fill Davis’s brief, where he is rumoured to be hoping to beat his predecessor’s grand total of four hours of negotiating time with the EU. Moreover, according to Hansard, new Digital, Culture, Media and Sport Secretary Jeremy Wright has said the word “digital” twice in over 13 years.
 
Elsewhere, Steve Baker and two ministerial aides also resigned.

News

woman who died after being exposed to the nerve agent Novichok in Wiltshire is said to have had a “high dosage”, police have claimed. Dawn Sturgess, 44, died on Sunday after falling ill on the 30th of June. Police are continuing to hunt for the contaminated container that they believe was handled by Sturgess.
 
Not one to avoid the limelight during a political meltdown, Nigel Farage has today been criticised for posing with a protected shark. The UKIP MEP tweeted an image of him holding the tope shark with the caption “Depressed about Brexit. Went fishing.” The Blue Planet Society said it was “depressed” that people were hunting endangered species for “attention on social media.”
 
In Thailand, the operation to rescue the Wild Boars Football Team from a system of flooded caves is hoped to conclude today. The final occupants of the cave, which includes the four strongest boys and their coach, are said to be in good health and a state of preparedness for their exit. The team have been trapped since the 23rd of June, with divers making repeated journeys to provide them with assistance and recovery missions.

 

Business & Economy 

Sir Martin Sorrell has seen off competition from WPP, the firm he ran for over thirty years, with the first acquisition for his rival company S4 Capital. His purchase of Dutch digital production company MediaMonks is expected to be announced on Tuesday. Sir Martin resigned in April, with speculation surrounding his exit leading to embarrassing revelations being published in the Financial Times.
 
The Financial Times claim that Fox are preparing a new deal to takeover Sky. The improved offer is reportedly being developed in order to outbid rival broadcaster Comcast.
 
Twitter’s shares nosedived yesterday as investors responded to the news that the social media site will be cracking down on fake profiles. The move, which is expected to drastically reduce user numbers, caused shares to fall more than 8pc. Twitter are reportedly shutting down one million accounts per day, double what they were achieving at the same time last year.

Markets 

What happened yesterday? 
Equities benchmarks are mostly higher for a second day in Asia, following a positive start to the week on Wall Street as investors appeared to shake off trade war jitters. Foreign exchange markets experienced a bout of volatility for the UK pound due to the resignations of senior pro-Brexit ministers.
 
Global equities gained strongly, with Nasdaq up 0.9%. Financial shares led the S&P 500 higher, with Monday being the sector’s best day in business since March.

The Turkish lire dipped after its president appointed his son-in-law as a finance minister, but the dollar gained 0.1% on Monday. The euro was nearly unchanged at $1.1752, seeming to escape the political fallout damaging the pound.

 

AGMs
Assura
Marks & Spencer Group
Northern Investors Co
Plus500 Ltd
Safe Harbour Holdings
Terra Capital
Wynnstay Properties
Young & Co’s Brewery ‘A’ Shares

Finals
AdEPT Telecom

Begbies Traynor Group

Jaywing
Photo-Me International


UK Economic Announcements
(09:30) Balance of trade
(09:30) Industrial Production
(09:30) Manufacturing Production

International Economic Announcements
(10:00) ZEW Survey – Current Situation (GER)

(10:00) ZEW Survey – Economic Sentiment (EU)
(10:00) ZEW Survey – Economic Sentiment (GER)

 

Columns of Note 

In today’s Daily Telegraph, recently resigned Brexiteer Steve Baker outlines why a lack of global free trade opportunities and too much EU control forced his exit. May’s EU agreement, he claims, is at odds with what Britons voted for. (£)
 
The Times columnist Rachel Sylvester takes the opposite view, arguing that a lack of credible planning from the cabinet Brexiteers means that they only have themselves to blame for the current predicament the country finds itself in. (£) 

Did you know? 

The US Navy Marine Mammal Program trains dolphins and sea lions to detect enemy combatants and carry out military tasks like mine clearances. At its peak, the Navy had 75 fully train dolphins.

Parliamentary highlights 

TODAY

House of Commons
Oral questions
Justice (including Topical Questions)

House of Lords
Oral questions
Safeguarding children at risk of being taken abroad and forced into marriage - Baroness Burt of Solihull
 
Government funding for homes for rent on social rents - Lord Kennedy of Southwark
 
When the stake on fixed-odds betting terminals will be lowered to £2 - The Lord Bishop of St Albans
 
Assessment of comments from the Chair of the Law Commission on reductions in its funding - Lord Beecham

Scottish Parliament
Recess until 3rd September

TOMORROW

House of Commons
Oral questions
Scotland

Prime Minister's Question Time

Opposition Day Debate
Universal Credit - Jeremy Corbyn

House of Lords
Oral questions
Prevention of contract cheating in UK universities - Lord Stoney

Ensuring disabled children are not unfairly excluded from school - Lord Touhig

Publication of the government's Green Paper on the future funding of adult social care - Lord Warner

Establishing the new train timetables around the country - Baroness Randerson