Newspaper Summary
The Times
Tourist trade ‘could fall by 30%’ after London Bridge terror attack: Shares across the leisure and airline sectors fell sharply as Bosses admitted that the resilience of Britain’s tourism industry would be sorely tested by the latest terrorist attack at London Bridge.
Clipping the wings of Qatar Airways: The tentacles of Qatar spread deeply into the British aviation establishment. Not only is the state-owned Qatar Airways a big user of airports in London and Manchester, it is the largest shareholder in IAG, the British Airways owner, with a stake of 20%.
Partners at KPMG face ‘extra millions’ in tax: KPMG has written to hundreds of its present and former partners to warn them about a dispute with the taxman over a bill dating from seven years ago that could lead to them being hit with millions of pounds in demands for tax.
London leads way as rental costs fall for first time in eight years: The cost of renting in Britain has fallen for the first time since 2009, adding to signs that the housing market is slowing after years of growth and increasing the pressure on buy-to-let landlords.
Greystar buys Nine Elms site from Royal Mail for £101 million: A former postal sorting office by the River Thames in south London is to be transformed into nearly 1,000 flats for rent after the Royal Mail sold the 14-acre site for £101 million.
Baroness Kramer says whistleblowers should be rewarded: Whistleblowers should receive payouts for revealing misconduct in the City and should no longer be treated “as if they’re snitches”, according to the Liberal Democrats.
Britain becomes slowest growing economy in G7: Britain grew at the slowest pace of any of the world’s advanced economies in the first three months of the year, after official figures showed that Italy had performed better than estimated.
The Independent
Labour market under growing pressure due to EU staff shortages: Brexit is already putting U.K. employers under increasing strain as demand for staff rises but the supply of European workers dwindles, according to the latest survey of the recruitment industry.
Morgan Stanley slashes sterling forecast ahead of U.K. general election: Morgan Stanley has slashed its long-term sterling forecast, ditching its out-of-consensus call made in March that the U.K. currency would reach $1.45 by the end of next year.
Qatar stock market plummets and oil rises as neighbours cut ties: Qatar’s stock market suffered its worst fall since 2009 on Monday after several Arab nations cut military and diplomatic ties with the country over its stance on Iran and Islamist extremists.
Babies born may never need to drive, says Axa insurance Boss: Babies born this year may never need to take a driving lesson as self-driving cars could hit Britain’s roads within 15 years, says the Boss of a U.K. insurance company.
Tech companies respond to calls to do more in wake of attacks: Technology companies have responded to accusations that they are not doing enough to stamp out extremist content online, in the wake of the weekend’s brutal terror attacks in London that left seven people dead and several dozen more injured.
Brexit may prompt sovereign wealth funds to sell off U.K. assets: Sovereign wealth funds and central banks may look to cut their U.K. assets in 2017 after sentiment toward the country slumped since Britain voted to leave the European Union, according to an Invesco report.
Ivanka Trump’s new Chinese trademark applications raise fresh concerns over family’s business interests: A wave of Chinese trademark applications filed by Donald Trump’s daughter Ivanka has raised fresh concerns over whether the Trump family’s business interests may unduly influence foreign relations.
The chart that shows U.K. workers have had the worst wage performance in the OECD except Greece: The U.K. has suffered the biggest drop in average real wages of any OECD country except depression-wracked Greece, according to a pre-general election analysis published by the London School of Economics.
The Daily Telegraph
British Airways’ reputation hurt by systems failure, Willie Walsh admits: The image of British Airways was damaged by the systems failure which grounded estimated 75,000 passengers last month, Willie Walsh, the head of its parent company, IAG, has admitted.
Vodafone’s Qatari arm bruised by ‘terror’ row: Vodafone watched on Monday as the decision by neighbouring Arab countries to cut diplomatic ties sent the shares of its Qatari operation tumbling nearly 10%.
Shawbrook bidders lift offer for challenger bank to £868 million: The private equity firms stalking Shawbrook have raised their offer for the challenger bank by £26 million to £868 million and declared their hostile bid “final” in a last-ditch attempt to convince shareholders to take the deal.
AstraZeneca on verge of breast cancer drug breakthrough: AstraZeneca’s cancer research Boss has hailed a “golden age” for cancer drug discovery, after the pharma giant revealed promising trial results for a breast cancer drug that could replace chemotherapy and boost survival prospects for some patients.
Activist investor Crystal Amber snaps up Ocado stake: An activist investor has revealed a stake in Ocado just a day after the online grocer disclosed its first deal abroad, a long-awaited expansion overseas that nevertheless met with a lukewarm reaction in the City.
Apple unveils HomePod speaker at WWDC 2017: Apple last night sought to put itself at the centre of a new wave of smart home gadgets and rebut claims it had lost ground against tech rivals by unveiling a voice-controlled music speaker.
The Guardian
Channel 4 confirms Alex Mahon as Chief Executive: Channel 4 has appointed Alex Mahon, the former Boss of the maker of MasterChef and Broadchurch, who now runs the special effects firm behind Hollywood blockbusters including Gravity and Guardians of the Galaxy, as its new Chief Executive.
BA orders independent inquiry into IT meltdown: British Airways has ordered an independent investigation into the systems meltdown that left 75,000 passengers stranded over the bank holiday weekend.
Hopes of EU-U.S. trade agreement put on ice, say Brussels sources: The prospect of a revived EU-U.S. trade deal is in “deep freeze”, according to Brussels sources, undermining reports that the EU has been inching ahead of the U.K. in the race for an arrangement with Washington.
Air pollution fears see demand for diesel cars fall by fifth: Demand for new diesel cars plummeted by a fifth last month amid rising concerns over air pollution.
Nearly 10 million Britons are in insecure work, says union: Up to 10 million Britons or nearly a third of the U.K. workforce do not have secure employment, according to the GMB union, which has warned of a heavy impact on health and family life.
Noel Edmonds’ lawyers label Lloyds bank fraud payout scheme a ‘sham’: Lawyers representing Noel Edmonds have hit out at Lloyds Banking Group’s proposed compensation scheme for victims of a fraud at the bank’s HBOS Reading arm.
Daily Mail
Google smashes the $1,000 barrier: Tech giant’s stock has soared 1900% in 13 years: Shares in the owner of Google smashed through $1,000 last night a week after Amazon reached the same milestone.
Hedge fund Boss threatens Ocado coup as initial buzz over software deal is followed by a sell-off: Ocado is facing a backlash from shareholders over its failure to secure a blockbuster expansion deal.
Investors can cash in on global takeaway pizza boom: The Russian and Turkish arm of Domino’s is floating in London – letting investors cash in on what could be a soaring share price in the pizza firm.
Nat Rothschild sits on £120 million loss as he quits oil firm he co-founded with former BP Boss: Banking scion Nat Rothschild is following former BP Boss Tony Hayward out of the oil company they co-founded – leaving him nursing a £170 million loss.
Redwood Bank appoints CIBC’s David Buckley as Chairman: New lender Redwood Bank has appointed David Buckley from investment firm CIBC World Markets, as Chairman, and former senior HSBC financier Nigel Boothroyd as non-Executive Director, as it prepares to launch later this year.
Daily Express
The pound could be set for a major wobble after vote, warn experts: The pound could nosedive in the aftermath of the U.K. election if Theresa May fails to win a majority from Thursday’s vote, experts have warned.
Utility firms shares hit as polls spark fears of Labour nationalisation: Britain’s utility companies have suffered sell-offs in the lead up to the election, amid outside chances Labour could gain power and nationalise the firms.
Manufacturing set to surge in 2017 in major boost for U.K. economy: Britain’s manufacturing sector is this year set to grow at its fastest pace since 2014, in a huge boost for the economy amid the exit from the European Union (EU), according to a trade body.
Bitcoin rival Ethereum hits record high with 2000% rise in value amid uncertainty: Cryptocurrency Ethereum’s value has hit a record high, as demand for blockchain-based systems increases amid global uncertainty.
GBP inches higher against U.S.D despite weakest U.K. service sector growth: Worse-than-expected U.K. service sector PMI from IHS Markit has failed to prevent the GBP/USD exchange rate from edging up 0.2% this morning.
The Scottish Herald
Barriers to immigration likely biggest ‘headache’ for Scots economy from hard Brexit, think-tank warns: Barriers to immigration likely pose the biggest problem for the Scottish economy in any hard Brexit, representing an even greater potential “headache” than the impact on trade, a think-tank has warned.
Worries over U.K. economy mount as services sector slows and retail struggles: Growth of the U.K.’s key services sector slowed sharply in May and retail sales value last month was up only marginally on a year earlier, surveys show, fuelling worries over the flagging economy.
North Sea industry leader highlights “severe pressure” put on supply chain: Oil & Gas U.K. Chief Executive Deirdre Michie has noted the success of efforts to cut costs in the North Sea amid the crude price plunge but recognised they have put severe pressure on the whole supply chain.
Borders firm makes progress in Oman: Borders-based cleaning products maker RP Adam, which trades as Arpal Group, has agreed a partnership deal with an equipment supplier in Oman which it expects will help boost its growth in the Middle East.
Plexus to supply kit for giant North Sea development: Aberdeen-based well technology firm Plexus Holdings has won a contract to supply Maersk Oil with equipment for use on the development of the giant Culzean field in the North Sea.
Maven invests £2.5 million in cremation business: Maven Capital Partners has invested £2.5 million to take a 25% stake in a company with ambitions to build a portfolio of crematoria across the U.K.
Proserv plans £7 million subsea centre: Proserv, the Aberdeen-based energy services company, is to invest £7 million in a technology centre for subsea controls and communications in Great Yarmouth.
Digital firms urged to prepare for Brexit: Firms in the digital technologies sector are being urged to counter the negative effect of Brexit on accessing staff with the right skills.
The Scotsman
DX investor backs revised terms for Menzies tie-up: A major investor in parcels business DX Group has given its blessing to revised terms for the firm’s reverse takeover by the distribution arm of Edinburgh-based John Menzies.
Watchdog drops probe into PwC’s role as Tesco auditor: The Financial Reporting Council (FRC) has dropped its investigation into PwC’s role as Tesco’s auditor during the supermarket’s accounting scandal.
Waste services group NWH snaps up Dundee wood recycler: Midlothian-based waste and construction services specialist NWH Group has bolstered its portfolio with the acquisition of DJ Laing Recycling Solutions’ wood processing division in Petterden, Dundee.
Iceland profits heat up following revamp of stores: Supermarket Iceland has posted rising full-year profits after reaping the rewards of revamped product ranges and a new store format.
Edinburgh legal services outfit Vialex looks south: An Edinburgh-based legal services company whose clients include online retailer Atterley and craft beer maker Innis & Gunn has outlined plans to expand south of the Border.
City A.M.
Discounters to lead the way as food industry set to grow 15% by 2022: The U.K.’s food and grocery industry is set to grow 15% by 2022, new research published has shown.
Peter Hambro faces war on two fronts as Petropavlovsk row heats up: Mining magnate Peter Hambro is facing a war on two fronts, as splinter groups seek to oust him from the board of Petropavlovsk.
Emirates and Etihad Airways among airlines suspending Qatar flights amid diplomatic row: The diplomatic row involving Qatar has sparked a flurry of activity from airlines suspending flights to the country.
Why investing giant Blackstone is willing to take a €4 billion punt on Finnish property: Blackstone, the mammoth asset manager led by President Trump’s economics adviser Stephen Schwarzman, might be best known in the real estate world for investing in names such as Hilton Hotels and London’s St Katharine Docks.
Wizz Air passenger numbers rise 22% in May as airline plans ambitious expansion: Wizz Air has announced soaring passenger traffic for last month, sending shares edging higher after last month’s spike.
Britain could lose out on Jim Ratcliffe’s new Land Rover Defender-inspired SUV as Ineos holds talks with European firms: Ineos Founder Jim Ratcliffe’s successor to the Land Rover Defender could be made outside of Britain, with his firm in talks with potential partners in Europe for a manufacturing base.