Below are the key morning and weekend press headlines, featuring the The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
Stock markets worldwide staged a new year rally thanks to economy-boosting moves in China, but the pound sank lower on ongoing Brexit uncertainty. The People’s Bank of China pumped $115billion (£87.6billion) into the country’s financial system to help reignite economic growth. The Dax in Germany finished 1% ahead and France’s Cac 40 lifted 1.1%. Across the Atlantic, the Dow Jones Industrial Average was nearly 190 points up at the time of close in London, with indices following Asia’s lead overnight after the Hang Seng Index jumped 1.3%. The closely-followed IHS Markit/CIPS purchasing managers’ index signalled the manufacturing sector shrunk at its fastest pace in almost seven-and-a-half years in December. - The Mail
Germany’s farming lobby has urged the European Union to strike a soft trade deal with Britain to stave off losses that could run to billions of euros in the event of a hard Brexit. The UK is one of the German agricultural industry’s most lucrative customers, importing €4.5 billion of goods a year while sending only €1.3 billion in the other direction. No other country furnishes Germany with such a big surplus in food and drink. The German Farmers’ Association (DBV) is worried that its profits could be deeply harmed by the tariffs, customs checks and regulatory niggles that could spring up between the two states if talks break down this year. It fears that its agri-food trade balance with the UK could halve if Britain emerges from the Brexit transition period at the end of 2020 without a viable agreement. - The Times
Embattled Tullow Oil (TLW) shares tumbled more than 8% after it revealed disappointing results from early testing of a key well – meaning £2.1bn has now been wiped off the business in the past two months. Results from the Carapa-1 well offshore of Guyana suggest it is less commercially attractive to extract oil from than previously thought. Analysts had been closely watching the well as a potential route for Tullow to recover following a disastrous trading update last month when production forecasts were slashed and the dividend axed. The announcement sent shares plunging 72% in a single day. - The Telegraph
The late-night launch of Greggs (GRG) vegan steak bake was met with 20-minute queues, after over 300,000 people signed up to take part in Veganuary. KFC and Subway are also among a number of companies releasing snacks free from meat and animal products, as they attempt to emulate the huge success of Greggs’ vegan sausage roll last year. Wednesday night’s release event in Newcastle for Greggs’ new pastry – filled with pieces of meat substitute Quorn, diced onions and gravy – saw over 100 queue to be the first to try the product. - The Mail
Marks & Spencer Group (MKS) is looking to shed its reputation for selling frumpy clothes aimed at the over-50s in 2020 by going after the booming athleisure market with a range of affordable sportswear. From Friday the 150-piece Goodmove collection, which includes leggings, will be available. In-store leggings “experts” will be on hand to help customers choose from five styles, which start at £15 for a basic pair and go up to £45 for sculpting tights. The accompanying marketing push includes ads on social media as well as a dedicated Spotify playlist. M&S has been unsuccessfully trying to reinvent itself for nearly two decades but chief executive, Steve Rowe, is promising to make the changes. The retailer is redesigning its fashion and food ranges to attract more young families. At the end of last year it poached Richard Price, the head of Tesco’s F&F clothing and homewares label, to lead the struggling clothing division. - The Guardian
Imagination Technologies Group (IMG) has signed a contract with Apple, three years after the iPhone maker cut the company adrift, forcing it to seek a buyer. Imagination Technologies, which designs graphics processors for smartphones and tablet computers, yesterday unveiled a licensing agreement with the Silicon Valley giant. The multi-year arrangement will allow Apple to use a wider range of Imagination’s patents and designs in its mobile devices than under a deal from 2014. The contract will give a significant lift to the Hertfordshire-based company and marks a dramatic turnaround in its relationship with the world’s largest technology company. - The Times