Newspaper headlines: Referendum profits, dairy warning and Independent end

Plans to make profits from the EU referendum and advice to reduce dairy intake to cut obesity make the front pages.

The Times reports that hedge funds are planning to carry out their own private exit polls before the result of the EU referendum is known so they can make money on the outcome.

Under election rules such surveys cannot be made public until polling stations have closed.

A Brexit is expected to see a fall in sterling but a vote to remain could mean it rises.

The Times explains: "Media outlets are banned from publishing polls while voting is taking place to prevent the outcome being distorted, but there is no bar to conducting surveys for private use.

"If funds believe that the In campaign has won they could opt to buy sterling. Foreign exchange market trading never stops and this would most probably be the only way to take advantage of the exit poll information.

"A vote for leaving the EU would most likely lead to hedge funds buying large amounts of dollars while selling sterling, according to traders who are considering how to profit from the result.

"A British exit would cause financial turbulence across Europe and traders would also regard this as an opportunity to make profits.

"One complicated longer-term strategy might involve buying contracts that benefit from a rapid volatility in market prices, enabling funds to profit from the uncertainty that Brexit would create."

The paper notes that exit polls are more reliable than other surveys because they ask people who have cast their vote and are done on a large scale.

Legal experts differ on the status of such a scheme.

One tells the Times there would be no problem as long as the information was not revealed to the public - but another says disseminating such details to clients or staff with a view to acting on it could be unlawful.


Headlines of the day

  • Crackers, cards and trees: yes, it's Easter: Sales of Happy Easter cards, Easter decorations and even Easter trees are booming as the UK adopts an American approach to the Christian festival Times
  • Forget leftover bread, ducks really want to eat kale: In its quest to stop people giving ducks a bad diet, the Canal and River Trust found the food the birds "couldn't get enough of" was kale Telegraph
  • Rising vanilla price puts another damper on the British summer: Food manufacturers are grappling with rocketing vanilla prices that threaten to push up the price of ice cream Guardian
  • Who? Church baffled as Easter sign proclaims "Chris is risen": A Baptist church ordered signs for an Easter service with the message "Christ is risen", only for the printers to miss off the letter "t" Mail

Hard cheese

The Telegraph focuses on advice from health officials that people should halve the amount of dairy products they consume in a bid to battle obesity.

The paper says Public Health England (PHE) has made the "radical" move of recommending 200 calories of dairy per day for men and 160 for women.

The Telegraph calculates that just one large latte could put a woman over the limit.

"The move was heavily criticised by nutritionists, MPs and the dairy industry, who accused PHE of putting public health at risk with its 'baffling' advice," reports the Telegraph.

"They said the new guidance did not provide for enough calcium or iodine in people's diet, essential for healthy bones and brain development."

PHE said it would encourage people to eat more fruit and vegetables ahead of, for example, cheese which is high in fat and calories.

In an editorial comment, the Telegraph believes Public Health England is "living cloud cuckoo land".

"Aristaeus, the divinity whom the Greeks credited with the discovery of cheese making, was certainly not a couch potato: he was also a sailor and a hunter," it says.

"One of the Spartan rituals of passage to adulthood was for a young man to try to steal a head of cheese from someone's house without being caught.

"The ancients regarded cheese, typically mixed with fig sap and honey, as a staple of the diet and a food for champions. Any 'mature' society would agree."


Sunday roast battle

The Financial Times leads with a story saying that 250 business leaders have backed the campaign for the UK to quit the European Union.

They include Michael Geoghegan, chief executive of HSBC until 2010, JD Wetherspoon chairman Tim Martin, Carphone Warehouse founder David Ross, and Luke Johnson, chairman of Patisserie Valerie.

Bangladesh Caterers Association president Pasha Khandaker, who is also on the list, told the FT that restaurant owners were planning a protest outside Parliament.

The Financial Times says: "Both the Leave and Remain camps are battling to prove they have serious corporate figures on board.

"Britain Stronger in Europe recently produced a rival letter with 200 signatories, including 36 chief executives or chairmen of FTSE 100 companies.

"Vote Leave hopes that its list of backers will prove there is no corporate orthodoxy for staying in the EU."

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Media captionDaily Telegraph political correspondent Ben Riley-Smith and Martin Lipton, deputy head of sport for the Sun, join the BBC News Channel to review Saturday's front pages.

The Times names others who have signed up as including Capital Economics managing director Roger Bootle, Phones 4U founder John Caudwell and Reebok co-founder Joe Foster.

"They will form a new business council whose chairman will be John Longworth, the man who stood down as director general of the British Chambers of Commerce after he was suspended for speaking out in favour of leaving the EU," it says.

"The council is set to challenge the view pushed by the CBI and other business groups that companies are overwhelmingly in favour of staying in."

The Guardian says the Vote Leave campaign said the list showed that while many of the UK's largest companies backed staying in the EU, entrepreneurs would vote in large numbers to leave.

The Telegraph says it comes as the traditional British Sunday lunch has become an unlikely battleground for the rival EU referendum campaigns.

Environment Secretary Liz Truss warned that exports of British lamb faced a 40% tariff if the UK left the EU.

But in an interview with the Telegraph, farming minister George Eustice insisted that the cost of roast joints would not increase.


Stop press

Finally, we say goodbye to the print version of the Independent newspaper which is going online only.

"Stop press," says the Independent on a special wraparound covering the main paper.

The Independent tells its readers in a poignant editorial: "It's been a remarkable journey, and such an honour to have had your companionship along the way.

"Today the presses have stopped, the ink is dry and the paper will soon crinkle no more. But as one chapter closes, another opens, and the spirit of The Independent will flourish still.

"Our work goes on, our mission endures, the war still rages, and the dream of our founders shall never die."