Newspaper Summary
The Times
Net-a-Porter decides fur is a fashion faux-pas too far: Net-a-Porter, the upmarket online fashion store, has banned fur products. The move by Yoox Net-a-Porter Group, the owner of Net-a-Porter, Yoox and The Outnet, comes a year after it began to phase out fur from its supply chains, but only a day after figures suggested that the fur trade was proving resilient.
Tesco faces investor revolt over Chief’s £140,000 relocation deal: Tesco has been criticised over the £142,000 it paid to the supermarket’s Chief Executive in relocation costs.
Female Chief Executives pave way for diversity in boardroom: Companies with a chairwoman or female Chief Executive are making greater strides towards gender diversity in the boardroom and have almost twice as many women Directors as corporations led by men, research shows.
Confident start-ups unfazed by Brexit, says EY survey: Britain’s start-up businesses are more optimistic about their prospects than their rivals in the United States, Europe and even fast-growing Asian economies, despite the uncertainties caused by Brexit, according to research by EY.
Middle East beats Russia in elite London property race: People from the Middle East have become the largest group of international buyers of homes in the most exclusive areas of London.
Bankers mark Noble’s card over credit line concerns: Lenders to Noble Group have appointed legal advisers to weigh up their options as the troubled commodities trader strives to renegotiate a £2 billion credit line.
Loss-making Delivery Hero seeks €450 million to cover liabilities: The German takeaway delivery group that is selling its British-based Hungryhouse business to Just Eat is to raise €450 million in an initial public offering on the Frankfurt Stock Exchange.
Stronger yuan puts U.S. debt on table: China is to reverse course on its policy of selling U.S. government bonds as the debt becomes more attractive and the yuan strengthens.
Shawbrook says ‘no’ for final time to Marlin Bidco’s bid: The independent Directors of Shawbrook have rebuffed a fourth and final takeover offer by a consortium of private equity firms that put the lender’s worth at £868 million.
The Independent
EU power grab on U.K.’s €930 billion clearing business ‘severely detrimental’: A global financial trade body has said it has “grave concerns” over EU plans to force the relocation of the €930 billion (£810 billion) per day clearing business from London to the EU after Brexit.
Germany, Denmark and Belgium pledge fivefold increase in offshore wind: The governments of Germany, Denmark and Belgium backed a pledge to install 60 gigawatts of new offshore wind power next decade, more than five times the world’s existing capacity.
Aldi and Lidl to take £1 in every £7 spent at supermarkets: One pound in every seven spent on groceries in the U.K. will be in a discount store like Aldi or Lidl within five years, according to new research.
BrewDog takes on pollsters and offers free beer to anyone who votes: Independent craft brewer BrewDog is handing out free beer while also taking on the pollsters ahead of the Thursday’s general election.
Saudi and UAE banks suspend business with Qatari banks: Some commercial banks in Saudi Arabia and the United Arab Emirates have suspended business with Qatari banks as a result of a major diplomatic spat in the region, Reuters reported on Tuesday, citing banking sources.
Uber and Lyft face investigation over public nuisance claims: San Francisco has issued subpoenas to Uber and Lyft for a broad scope of records on driving and business practices as part of an investigation to determine whether the ride-services companies have become a public nuisance.
U.S. Dollar hovers near seven-month low ahead of James Comey testifying: The U.S. dollar traded near a seven-month low on Tuesday, ahead of a testimony before Congress from former FBI Director James Comey later in the week.
Apple Music reaches 27 million subscribers: Apple Music has revealed that it now has 27 million subscribers, up from the 20 million Executives reported in December.
The Daily Telegraph
British Airways’ human error admission fuels questions about airline’s systems: British Airways’ admission human error was behind its May Bank Holiday catastrophic systems failure is likely to heap further pressure on some of its most senior Executives, experts have claimed.
One of the ‘Bad Boys of Brexit’ plots £100 million stock market return: One of the Founders of the ‘Leave Means Leave’ campaign for a clean Brexit is plotting a £100 million return to the stock market as he sets up an investment trust focused on commercial property outside London.
Ineos says building new 4x4 cars in Europe would not be a snub to post-Brexit Britain: Chemicals giant Ineos has said it would not be a snub to post-Brexit Britain if it decides to manufacture its new 4x4 outside of the U.K.
Tourism Chief Varney urges support overhaul from new government: The Boss of Alton Towers and owner of Madame Tussauds, Nick Varney, has urged the next government to hand responsibility for promoting tourism to a new department.
Olympic Stadium builder Sir Robert McAlpine poaches new Boss from Aim firm WYG: One of the U.K.’s largest private companies, Sir Robert McAlpine, has made an unlikely poach from the quoted sector by hiring the Boss of Aim consultancy WYG, Paul Hamer, as its new Chief Executive.
Exxon says Middle East row has not hit its Qatar natural gas exports: ExxonMobil said its production and exports of liquefied natural gas (LNG) from Qatar have not been hit by the diplomatic row which erupted between the Gulf region’s most powerful energy states on Monday.
Lidl follows luxury lobster rush with Heidi Klum clothing range: Supermarket chain Lidl is to sell clothes by supermodel Heidi Klum, adding a “high-end” fashion brand to its aisles just months after luring in middle-class shoppers with deluxe £2.99 lobsters.
Fresh blow to Trump stimulus as infrastructure plan crumbles: Donald Trump’s vaulting scheme to rebuild America’s derelict bridges, roads, ports, and tunnels, has dwindled to almost nothing.
The Questor Column:
Restaurant Group investors should keep their seat at the table as recovery picks up: In the case of Restaurant Group, the owner of Frankie & Benny’s, the shares rose by 10% in a day on news that sales had fallen less quickly than analysts had expected when the company released a trading update late last month. In the first 20 weeks of this year sales fell across the group by 1.8% on a like-for-like basis, a much lower rate of decline than the 3.9% drop suffered in 2016 (and the 5.9% slide seen in the fourth quarter of last year alone). This offers encouragement that Mr. McCue can turn the group around. The firm has very little debt and banking covenants are under no threat, so time is on the side of both management and investors. In the latter’s case, an unchanged full-year dividend of 17.4p equates to a 4.7% yield, so they are being paid to wait to see how this transitional year for the group develops, while analysts’ forecasts of a second straight 19% fall in underlying earnings per share suggest that expectations are still low. The restaurant business is a cut-throat one but the strong balance sheet provides room for manoeuvre and the early signs are promising. Questor says ‘Hold’.
Update: Watkins Jones: Shares in Watkins Jones, the student accommodation provider, are trading close to record highs following a robust set of first-half figures, which lived up to lofty expectations and featured a substantial increase in the interim dividend. Even though sales fell, as a result of timing issues, Watkin Jones generated a 29% increase in underlying earnings per share. Coupled with net cash on the balance sheet and strong forward sales, that progress encouraged the board to announce a 65% increase in the interim dividend to 2.2p a share, supporting analysts’ consensus forecast for an increase in the full-year payment to 6.3p from 4.4p. That would equate to a 3.5% yield. Although they have risen by more than 40% since our initial tip in January, the shares are still not expensive on a forward p/e ratio of less than 14. Questor says ‘Buy’.
The Guardian
Airline Bosses: we must apologise immediately for BA-style crises: Airline Bosses should apologise instantly, roll up their sleeves and join the passengers next time they suffer a British Airways-style PR crisis, Executives have advised.
Tories have ‘shameful record’ on FOBT gambling, says Labour: The Labour party has accused the government of failing to act on fixed-odds betting terminals, after data showed that gamblers’ losses are largest in deprived areas and opposition-held constituencies.
Average U.K. rents fall for first time in more than seven years: Average U.K. rents have fallen for the first time in more than seven years, with London seeing the biggest decline, according to new data.
U.K. households cut back as Brexit effect on pound hits living costs: British households are cutting back as the Brexit effect on the pound continues to raise living costs, according to a clutch of reports that show shops, car dealerships and other consumer-facing businesses coming under pressure last month.
Vodafone to stop its ads appearing on fake news and hate speech sites: Vodafone is to introduce a tough new global policy to prevent its advertising from appearing on fake news and hate speech sites.
Fred Goodwin escapes high court appearance as RBS settles lawsuit: Fred Goodwin has escaped being summoned to the high court to explain his actions during the 2008 financial crisis, after disgruntled shareholders finally reached a settlement with Royal Bank of Scotland.
Daily Mail
£800 million investor sell-off wallops medical giant ConvaTec Group sending it towards the bottom of the FTSE: Wound-dressing maker ConvaTec Group sank towards the bottom of the FTSE after two key investors sold off more than £800 million worth of shares. Private equity investors Nordic Capital and Avista sold 171 million and 79 million shares respectively at 322p each, for a total of £805 million.
Bungling Burberry Boss to trouser £14 million despite presiding over 5% fall in profits and sales decline: The Boss of Burberry will pocket £14 million over the next month as he reaps the benefits of a share deal struck four years ago.
Signs eurozone is finally recovering from the financial crisis: Sentiment among investors in the eurozone has reached its highest level in nearly a decade in a sign the region is finally recovering from the financial crisis.
Another Exec forced out from troubled oil explorer Genel Energy after major shareholder rebellion: The oil firm’s board was forced to defend its Chief Executive Murat Ozgul, 43, after around 30% of the vote at ‘s annual meeting went against his re-election.
Now New Look is squeezed by online upstarts: Sales in New Look tumbled almost 7% last year as it became the latest high street name to lose out to online rivals.
Daily Express
General Election result is make or break for investors: Election result looks far tighter than expected creating huge uncertainty for pension savers and investors.
RBS reaches £200 million settlement with ‘misled’ shareholders: Royal Bank of Scotland has reached a £200 million settlement with thousands of angry shareholders who claim they were misled into buying its shares before it was bailed out by the taxpayer.
Dementia tax to stop one in three over-50s saving for the future, poll shows: The so-called dementia tax proposed by the Conservatives is set to stop a third of older people saving their wealth, research suggests.
Oil prices fall and gold jumps as Gulf tensions rise: Oil prices have tumbled after Saudi Arabia Egypt and Bahrain cut ties with Qatar, sparking fears that OPEC’s fragile deal to limit production could come undone.
Election puts a brake on car and retail sales: Growth in service industries slowed last month and new car sales went into reverse as consumers tightened belts ahead of the election.
The Scottish Herald
North Sea oil and gas industry told to help itself: Oil & Gas U.K. Chief Executive Deirdre Michie has underlined the need to capitalise on advances in technology to help the North Sea industry cope with the fall out from the plunge in oil prices since 2014.
Aberdeen oil firm hit by production challenges in Africa: Aberdeen-based Eland Oil and Gas has seen losses triple after facing security challenges on its licence in Nigeria during what it called a very difficult year.
Cran steps down at Aggreko after 13 years: Aggreko finance Chief Carole Cran has surprised the City by ending her 13-year association with the temporary power specialist.
Oil services firm diversifies in U.S.: Aberdeen-based oil services company Sparrows Group has secured its biggest-ever contract outside the energy industry, hailing the win as a “a major step forward in the company’s diversification”.
Hampden expands its senior team: Hampden & Co has further boosted its senior team by hiring Lloyds Banking Group veteran George Grierson.
Wheatley to expand after clinching £100 million deal: Wheatley Group has secured £100 million of debt funding from private equity giant Black Rock Real Assets to fund its expansion plans, writes Scott Wright.
Arnold Clark helps develop workforce: Car dealership Arnold Clark is partnering with a secondary school as part of a project by Developing the Young Workforce (DYW) Glasgow.
Flybe secures new five-year franchise arrangement with Eastern Airways: Regional airline Flybe has secured a new five-year franchise arrangement with Eastern Airways to fly the six routes previously operated under a similar agreement with Loganair from Aberdeen, Edinburgh, Glasgow and Manchester.
Recruitment firm targets expansion through acquisition of Edinburgh rival: Recruitment company iMultiply Resourcing has acquired Edinburgh competitor Allen Accountancy Recruitment as part of a strategy to ramp up its presence in the public practice accountancy sector.
Online environmental scheme aims to help Asda food suppliers save £2.5 million: Scottish food suppliers participating in Asda’s online Sustain & Save Exchange initiative will save about £2.5 million over the next three years, according to the supermarket group.
The Scotsman
Scotland in running for futuristic Hyperloop transport link: Nine proposed routes, including one from Glasgow to Wales, have been unveiled by Hyperloop One, the firm aiming to revolutionise public transport.
Scottish economy to lag behind rest of U.K. this year: Scotland’s economy is “stuck in the slow lane” and is expected to deliver below-par growth this year, with investment required to restore it to health, according to research ¬published.
Elevator secures £6 million Tayside Business Gateway contract: Social enterprise Elevator has secured a £6 million contract to continue delivering support for firms throughout the Angus, Perth & Kinross and Dundee regions over the next five years.
FreeAgent eyes ‘positive progress’ as revenues soar: Online accounting software developer FreeAgent revealed a 41% jump in revenues as it posted its first set of full-year figures since floating.
Merger and acquisition deals hit hard by Brexit vote: The Brexit vote has triggered a significant drop in mergers and acquisitions (M&A) activity in the U.K., according to new academic figures published.
City A.M.
Sizing blunders won’t harm H&M and Asos’s brand perception despite media backlash: Over the last couple of weeks, two high-profiles fashion brands have encountered criticism for the way they labelled women’s clothing.
Joules to “comfortably” beat profit estimates as sales soar: Clothing retailer Joules said that its profits for the year will be “comfortably” ahead of expectations due to soaring sales.
GM shareholders reject activist investor bid to split the firm’s stock and shake up the company board: General Motors has been boosted by ‘s results from its annual general meeting (AGM), as shareholders rejected proposals from a hedge fund investor to split GM’s shares into two classes and shake up its board.
Saudi Arabia has now revoked Qatar Airways’ licence as diplomatic row rages on: Saudi Arabia’s aviation authority has formally revoked Qatar Airways’ licence to fly and land in the country, as a rift among the Gulf countries intensifies.
AstraZeneca looks to raise $2 billion with bond issue: AstraZeneca confirmed it priced a three-tranche bond offering totalling $2 billion (£1.6 billion), which is expected to close on 12 June.
Airline industry bumps up profit forecast for 2017 despite global turbulence as it notes flying demand: The global outlook for the airline industry is positive despite ongoing challenges, according to the International Air Transport Association (IATA), which has bumped up its expectations for industry profits for the year.