Newspaper Summary
The Times
Westinghouse reactor passes U.K. test: Westinghouse has been granted regulatory approval for its nuclear reactor design to be used in the U.K., a day after it filed for bankruptcy protection.
Apprentice levy ‘doomed to fail’: The government’s apprenticeship levy lacks focus and targets the wrong industries, a report by MPs claims.
Global banks tell thousands of City staff to prepare for Brexodus: JP Morgan Chase is in talks to buy a Dublin office building as one of its strategies to cope with Brexit, while Citigroup has warned staff to brace for a “hard” departure.
Stock exchange Chief to make £5 million from failed Deutsche Börse deal: The Boss of the London Stock Exchange will receive a £5 million boost from the collapse of the merger with Deutsche Börse because he will not waive share options that he agreed to give up if the deal went through.
Broker reaps bumper cash harvest: An expansion of business in North America and Asia has helped Marex Spectron to make annual pre-tax profits of $27 million, up 56%, despite gross revenues for the London-based commodities broker dropping by $17 million to $330 million as a result of its unprofitable business lines.
DFS may make more sofas in Britain to fight falling pound: The Chief Executive of DFS Furniture has warned that the U.K.’s biggest sofa retailer may have to change its supply arrangements and the products it stocks to cope with disruptions caused by the post-referendum slide in sterling.
CMC defies crackdown to stay in play with spread betting clients: The regulatory crackdown on spread betting has not stopped one of the country’s largest financial trading providers from recording a rise in client numbers.
Albanese leaves Vedanta with room at the top: Vedanta Resources has begun the hunt for a new Chief Executive after Tom Albanese said that he would quit the India-focused mining group in August.
Saïd plans $330 million punt on London property: Wafic Saïd, the billionaire former arms dealer and long-time Conservative backer, plans to invest $1 billion in property around the world, with a third of the money being allocated to London.
Race for share of Aramco float fees: Three of the world’s biggest banks have joined the line-up to lead the largest flotation in history as preparations get under way for the $2 trillion listing of Saudi Aramco, the Middle East kingdom’s oil and gas group.
Weak pound helps Imperial to overcome fall in volumes: Brexit has proved a positive for Imperial Brands as the tobacco group revealed that a fall in volumes in the first half was more than offset by a weak pound.
The Independent
Poor workers’ rent bill swallows 40% of wages: Care workers, cleaners and shops assistants face being forced to spend more than 40% of their earnings on rent in all nine English regions, according to research by the National Housing Federation (NHF).
Tech firms prepare for crunch meeting with Home Secretary Amber Rudd: Technology firms are preparing for a crunch meeting with Home Secretary Amber Rudd on Thursday amid accusations over the role of encrypted messaging services in the London terror attack.
A company is selling high-heels for babies, and people are not happy: A U.S. company selling high-heels for babies has faced outrage from consumers with some accusing the firm of over-sexualising children.
U.S. economy grew at 2.1% rate in final months of Obama’s Presidency: The American economy grew at an annual rate of 2.1% in the last three months of 2016, the final full quarter of Barack Obama’s eight-year Presidency.
Top BlackRock investor says he hasn’t given up hope on the pound: One of asset manager BlackRock’s most senior investment officers has said that he still believes in the pound even as the countdown to Brexit rings in an era of intense financial uncertainty for markets.
Charging for coffee cups could cut 25,000 tonnes of waste: Charging coffee lovers for every disposable cup they use could cut the number thrown away in the U.K. by up to 300 million every year, new research suggests.
Toyota recalls 3 million cars after exploding airbags linked to deaths: Toyota is recalling 2.9 million vehicles in Japan, China, Oceania and other regions including its Corolla Axio and RAV4 due to potentially faulty airbag inflators.
U.K. greenhouse gases now 42% lower than they were in 1990: U.K. greenhouse gas emissions are now 42% lower than they were in 1990, according to new Government figures.
Plunging price of renewable energy makes end of fossil fuels inevitable, says report: The transition from fossil fuels to renewable energy “now appears irreversible” as the cost of green power plunges, according to a new report.
McDonald’s to serve quarter pounders with fresh beef: Fast food giant McDonald’s has announced that it will soon be serving fresh, rather than frozen beef, in all quarter pounders served at its restaurants in the U.S.
The Daily Telegraph
Self-driving cars could lend ‘£8 billion boost to U.K. economy’: Self-driving cars could deliver an £8 billion a year boost to the economy by giving people with disabilities the ability to travel more freely, increasing their education and earnings potential.
Guardian Boss linked with Channel 4 role: The Chief Executive of the publisher of the Guardian newspaper is poised to join the race to become the new Boss of Channel 4.
Oxford University’s Spybiotech raises £4 million in seed funding to tackle pandemics: An Oxford University company developing a biological superglue to tackle diseases and pandemics has won £4 million of early-stage backing from Google’s venture capital arm GV and Oxford Sciences Innovation (OSI), allowing it to spin out into an independent business.
Manchester leads the way as sector shows signs of life: Manchester has been revealed as a hotspot for build-to-rent construction, nearly eclipsing London.
Government opens the floodgates to water market competition: The U.K.’s water market is set for its biggest transformation since privatisation as it opens for competition between suppliers from this weekend.
Gambling outsider’s hire as William Hill CFO welcomed: William Hill could make more changes among its rank after the company hired Ruth Prior as Chief financial officer.
Chairman of oil explorer Bowleven steps down after boardroom cull: The Chairman of Bowleven has stepped down from the company after surviving a boardroom cull, in a move that should clear the way for a dismantling of the embattled oil producer.
The Questor Column:
Once a ‘total dog’, this India trust has rebounded – but the 20% discount remains: India Capital Growth is below the radar of many investors and has had a chequered past. But under a new management team it is well placed to exploit the huge opportunities in the subcontinent, according to Nick Greenwood, in whose Miton Global Opportunities trust India Capital Growth is the largest holding. Mr. Greenwood said the prospects for the Indian economy “just keep getting better”. He said the Prime Minister, Narendra Modi, was “no Thatcher” but a good administrator whose reforms would directly benefit Indian companies. The tax harmonisation, along with the recent withdrawal of large denomination banknotes, is expected to encourage more of the Indian economy to move away from informal structures and into the mainstream. This, said Mr. Greenwood, was positive for listed companies as they currently lose some business to informal rivals. The trust is largely focused on medium-sized companies, a sector where valuations are lower in India than in some Western markets, he added. Mr. Greenwood has all his self-invested pension money invested in the Miton trust. Other fund managers have pointed to further positive developments in India, such as Mr. Modi’s recent election victory, which should ensure political stability for seven years, the introduction of high-speed internet and the roll-out of a social security system. Such a promising background and the performance of the trust under its new management make the current 19.8% discount seem excessive. The “ongoing” annual charge, 1.98%, is high but not unreasonable for a specialist fund such as this. Questor says ‘Buy’.
The Guardian
Leading City firms begin to lay groundwork for London jobs exodus: A growing number of leading City firms have revealed they are now laying the groundwork for an exodus of thousands of jobs from London after Britain’s vote to leave to EU.
New John Lewis Boss warns of further job cuts and price rises: The new Boss of the John Lewis department store chain has warned of more job cuts this year and possible price rises as she said shoppers’ behaviour was changing “profoundly and fast”.
HSBC offers choice of transgender titles for bank’s customers: HSBC is to offer its transgender community a choice of 10 new gender-neutral titles as part of its plan to improve the banking experience for customers.
Energy price cap would damage competition, says SSE Boss: Alistair Phillips-Davies, Chief Executive of SSE, said that it was disappointing that the retail energy market was still facing intervention having just undergone an 18-month investigation by the competition watchdog.
Poundland takes on Asda with low-cost clothing range: Poundland is to put value fashion into more than 100 stores by the end of the year as it tries to step into the gap on the high street once filled by Woolworths.
Tobacco display ban hits sales at Budgens and Londis owner: Booker, the wholesaler behind convenience store brands including Budgens and Londis, which is the target of a £3.7 billion takeover by Tesco, has suffered a sharp fall in tobacco sales after a ban on displaying cigarette packets in shops.
Daily Mail
Former BP Boss Tony Hayward and financier Nat Rothschild lose millions of pounds as their venture in Iraqi Kurdistan fails to take off: Former BP Boss Tony Hayward and financier Nat Rothschild have lost millions of pounds as their venture in Iraqi Kurdistan failed to take off. The pair’s stock in Genel Energy has plunged in value as its main oil field turned out to be less lucrative than thought.
We must reinvent great British department store, says new John Lewis Boss Paula Nickolds: The new Boss of John Lewis wants to ‘reinvent’ the department store chain by stocking more of its own brands and enticing shoppers with new services.
Boss of Legal & General has just hired a City superwoman, but admits...Alpha females stop talented women from making it to the top: Nigel Wilson has five very good reasons for helping women smash the glass ceiling at Britain’s biggest companies: his troop of daughters, now aged between 20 and 33.
BP helping set up wood chip plant in Hull that will create around 30 jobs: BP is helping set up a wood chip plant in Hull that will create around 30 jobs. The factory will produce around 30,000 tons a year of specially treated wood chips for the construction industry. It will be located at BP’s chemicals site in Salt End, Hull, which makes acetic acid for products including paints, adhesives and medicines.
Budget chain EasyHotel left red-faced as it loses battle with town planners after expanding site without permission: Budget chain EasyHotel has been left red-faced as it lost its battle with town planners after expanding a site without permission.
Daily Express
Pound jumps against euro as Germany’s inflation data shocks markets: THE pound surged against the euro as German inflation fell short of expectations to give a big setback for the European Central Bank (ECB) programme to support the eurozone economy.
Financial fraud tops £768 million as impersonation scams and cyber-attacks drive increase: Financial fraud losses involving payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of two% on the previous year.
Deutsche Bank hits out at Brexit claiming PM’s negotiation strategy is ‘unrealistic’: Deutsche Bank has blasted Theresa May’s strategy on Brexit negotiations after the Prime Minister triggered Article 50.
Dollar reaches nine-day high as euro drops: The dollar edged up to a nine-day high against a basket of currencies on Thursday, with the euro sagging as the European Central Bank showed no sign of stepping away from monetary easing anytime soon.
The Scottish Herald
Sigma Capital to launch REIT: Edinburgh property finance business Sigma Capital has unveiled plans to launch a real estate investment trust (REIT) to use as a long-term holding vehicle for its private rented sector assets.
Funeral Directors welcome regulations: New regulations aimed at funeral Directors will enhance trust in the industry and benefit bereaved families, a conference will be told.
North-east shows signs of recovery from steep decline: Scottish firms are facing strong inflationary pressures and have achieved only modest growth, while falling investment has raised concerns that Brexit is weighing on them, but the oil sector-induced downturn in the north-east appears to have troughed.
Plexus highlights impact of North Sea downturn: Oil and gas engineering firm Plexus Holdings has highlighted continued tough conditions in the North Sea as the company announced a sharp fall in first half sales.
SSE on track for profits boost but bumps ahead: Energy giant SSE is expected to report earnings ahead of target, driven in part by an increase in operating profits in its wholesale division.
Royal London shrugs off rate cut: Royal London has shrugged off the cut in interest rates and a “turbulent year in markets and politics” to increase pre-tax profits by 16% to £282 million.
Profits dip at pool firm Barr + Wray: Barr + Wray, the luxury swimming pool specialist, has reported an 18% fall in profits in its last financial year – in line with company forecasts, writes Scott Wright.
ScottishPower deploys lasers as part of investment to protect overhead lines: Scottishpower has revealed it is deploying lasers as part of efforts to minimise power cuts caused by trees and branches falling on overhead lines during storms.
Frontier IP makes progress: Edinburgh-based Frontier IP, which invests in firms that spin out from universities, said the fair value of its portfolio increased 15% in first half, to £5.4 million at 31 December from £4.7 million at 30 June.
Lord Wallace is the latest heavy-hitter to join ICAS: Lord Wallace of Tankerness, the former deputy first Minister and Advocate General, has been appointed by ICAS (Institute of Chartered Surveyors Scotland) to its regulation board.
Barrhead Travel launches drive for 120 staff: Barrhead Travel has unveiled plans to take on 120 staff, in roles such as sales, web development and marketing, as it rolls out its expansion strategy this year.
The Scotsman
Scottish gold to hit shelves ‘in months’ says miner: The company developing Scotland’s first commercial gold mine said its precious metal will be sold into the jewellery trade “within months”.
Scrap £180 million farm payments system, urges NFU.S. President: The Scottish Government has invested £180 million in the computer system responsible for farm payments but NFU Scotland President Andrew McCornick claims this “expensive and badly functioning” piece of equipment should be consigned to the scrapheap.
Royal Bank of Scotland names Helen Cook as HR Chief: Helen Cook has been appointed as the new Chief HR officer at Royal Bank of Scotland.
SSE to charge up dividend despite facing tough outlook: Utility giant SSE is on track to increase its full-year dividend by at least the rate of inflation despite flagging lower earnings at its retail gas and electricity arm.
Positive moves provide shot in arm for life sciences: Another day, and another significant announcement from a Scottish life sciences firm.
City A.M.
U.K. SMEs raise revenue growth projections for the year but expect higher price inflation to affect business: Small and medium-sized enterprises (SMEs) in the U.K. have raised their revenue growth projections for the third quarter in a row, a report by Capital Economics for Amazon and entrepreneur network Enterprise Nation has found.
Jet2 spreads its wings with new base at London Stansted flying to the likes of Ibiza, Alicante and Crete: Leeds-based low-cost airline Jet2 has ramped up its growth plans with the launch of flights and holidays from London Stansted to the likes of Alicante and Lanzarote.
Elizabeth Line steams ahead with £200 million funding from the City of London Corporation: The City of London Corporation has paid £200 million towards developing the Elizabeth Line, after the construction accomplished four milestones the funding was contingent on.
North Sea decommissioning costs set at $100 billion, but could double or triple due to inconsistencies among operators: Decommissioning oil and gas wells in the North Sea is set to cost $100 billion (£79.97 billion) across the U.K., Norway, the Netherlands and Denmark, and new research warns that figure could double or even triple.
Mace still isn’t happy with HS2 and wants the whole tender process rerun for controverisal contract as legal threat looms: CH2 million pulled out of a controversial £170 million contract to design the second phase of HS2, citing “ongoing speculation”, but the saga may not be over just yet.
Sales of U.K. homes have reached a 10-year high: The number of house sales agreed in the U.K. rose to a 10-year high in February 2017, according to figures released by the National Association of Estate Agents (NAEA) Propertymark.