Newspaper Summary
The Times
Fund backed by Russian billionaire Mikhail Fridman snaps up Holland & Barrett: A retail investment fund backed by Mikhail Fridman, the Russian billionaire, has struck its first deal, agreeing to buy Holland & Barrett for £1.77 billion.
Europe back in play for TTIP transatlantic trade deal with U.S.: Talks to conclude a trade deal between the United States and European Union will resume after the German elections in September, America’s Chief trade negotiator has said.
Foreign banks still love City, says lord mayor of London Andrew Parmley: Overseas banks and financial institutions are desperate to establish footholds in the City of London even amid uncertainty about its continued access to European Union markets, according to the lord mayor of London.
Victims of HBOS Reading scandal call for Russel Griggs, head of compensation scheme, to quit: Victims of the HBOS Reading scandal have called for the resignation of the head of the compensation scheme after it emerged that he has indirect business connections with the fraudster who ran the scam.
Retrophin fraud trial is bitter pill for Martin Shkreli, America’s ‘most hated man’: Martin Shkreli was public enemy No 1 in the summer of 2015. The hedge fund manager-turned-drug company Executive had raised the price of a common HIV treatment from $13.50 a tablet to $750, causing worldwide outrage.
Lottoland gets ticket to Australia in partnership with William Hill: A lottery company that uses a legal loophole to allow punters to bet on the Euromillions draw has signed a partnership with William Hill in Australia.
Royal Mint buys minority stake in coin dealership Sovereign Rarities: The Royal Mint has bought a minority stake in a coin dealership in Mayfair as it seeks to expand its growing interest in the market for old currency.
Small businesses are suffering, says Clydesdale and Yorkshire Banking Group: The health of small and medium-sized businesses has fallen to its lowest level in three years, despite a marked increase in confidence among entrepreneurs, according to the latest check of the sector.
Samer Halimeh teams up with SSH Maritime to launch diamond boutiques on superyachts: In a move that has already been called “Bond Street on Sea”, the Beirut-born Founder of the eponymous jewellery brand has teamed up with SSH Maritime to launch a series of diamond boutiques on superyachts.
The Independent
Great recession fears as bankers warn next global crash could arrive ‘with a vengeance’: A new financial crisis is brewing in the emerging economies and it could hit “with a vengeance”, an influential group of central bankers has warned.
David Davis seeks plan for Britons to keep access to EU healthcare: David Davis said the U.K. Government is seeking a plan to allow Britons to continue accessing cut-price healthcare in EU countries.
The Daily Telegraph
Hinkley nuclear costs climb as deadlines slip (again): EDF is bracing for a multi-billion euro rise in costs at its Hinkley Point C nuclear site after a fresh evaluation of the project revealed yet another likely delay.
Invest in Britain’s armed forces to boost the economy, says PwC: Heavier investment in Britain’s armed forces can strengthen the U.K. not only militarily, but also economically, new research says.
British fund houses face year of redesign in battle for public’s trust: The £7 trillion investment community will learn this week the outcome of an investigation into the sector by the City watchdog, with many braced for a shake-up over transparency, fees and competition after years of criticism.
Pallinghurst set to vote through Gemfields takeover: South African fund Pallinghurst Resources is set to vote through a move to take over Aim-listed miner Gemfields.
Scandal-hit Petrofac to assure investors that it is ‘business as usual’: Petrofac will be hoping to convince investors that it is business as usual for the troubled oilfield services group in its trading update on Tuesday.
End of QE will slay zombie companies, top investor warns: A wave of companies will go bust when interest rates go up and quantitative easing ends, a top fund manager has warned, as too many businesses have been insulated from the tough realities of corporate life.
Japan ‘poised to begin informal trade talks with U.K.’: Japan is poised to begin informal trade talks with the U.K. to secure a swift trade deal after Brexit.
The Guardian
Bond Street: status of U.K.’s most exclusive shopping street under threat: The status of Bond Street as the U.K.’s most exclusive shopping destination is under threat, as one in four retailers on the famous street consider shutting up shop and moving out as a result of high rents and business rates.
Murdoch’s Sky takeover bid: culture secretary’s verdict due this week: Rupert Murdoch is about to learn whether the government has cleared his latest bid to buy Sky or whether concerns about competition could yet derail the deal.
Italy to wind up two failing banks at potential cost of €17 billion: The Italian government is stepping in to wind up two failing lenders and prevent a bank run, at a total cost of up to €17 billion (£15 billion).
U.K. electricity grid cyber-attack risk is ‘off the scale’: Concerns over the threat posed by cyber-attacks on power stations and electricity grids is “off the scale” in the U.K. energy sector, according to a leading industry figure.
RBS to cut hundreds of U.K. jobs in move to India: Royal Bank of Scotland is to cut 443 jobs in Britain as the bank moves its team that arranges loans for small businesses to India.
Daily Mail
Power and water company Bosses facing criticism after raking in millions despite complaining of out of control costs and missing leak targets: Power and water company Bosses were facing criticism last night after raking in millions despite complaining of out of control costs and missing leak targets. Gas and electricity provider SSE provoked an outcry when it handed Boss Alistair Phillips-Davies, 49, a 72% pay rise – weeks after he railed against a cap on bills.
Celebrity jewellery designer Theo Fennell rescues his firm one month after it called in administrators: Celebrity jewellery designer Theo Fennell has rescued his firm one month after it called in administrators. The 65-year-old said he was ‘thrilled’ after leading a management buyout with backing from private equity investor Endless.
Mike Ashley’s £15 million bar bill: He says deal talk was just drink-fuelled ‘banter’ while rival insists it was all for real: Mike Ashley, the billionaire Boss of retailer Sports Direct, faces court action this week over an alleged multi-million-pound deal hatched during an alcohol-fuelled meeting in a London pub. He is being sued by former Merrill Lynch banker Jeff Blue, who claims the tycoon agreed to pay him £15 million if he could help make Sports Direct ‘as valuable as Marks & Spencer’.
Sainsbury’s exploring potential sweeteners in bid to fend off rebellion against its takeover of Nisa: Sainsbury’s is exploring potential sweeteners in a bid to fend off a rebellion against its takeover of Nisa. The chain has tabled a £130 million bid for the mutual and is doing due diligence following Tesco’s swoop on wholesaler Booker.
Motorists could be in line for further savings at petrol pumps as price of oil continues to tumble: Motorists could be in line for further savings at the petrol pumps as the price of oil continues to tumble. Fuel prices are at their lowest level since the start of the year – with motorists paying about 5p less per litre of petrol and 6p less on diesel than in February.
Daily Express
Rate hike excitement could cool, says Harvey Jones: The debate over whether to increase base rates is finally getting interesting. In the 100 months since the Bank of England slashed rates to 0.5% in March 2009, there has been little to get excited about.
Debenhams to show high street health: Investors will be watching Debenhams next week for signs of deepening trouble on Britain’s high street.
Greene King to disappoint investors with flat results: Pub retailer Greene King is set to disappoint investors by serving up a flat set of results next week.
Store revamps underlie Carpetright’s improving sales: Investors in Carpetright hope to be buoyed by signs that its nationwide store revamp is driving sales growth.
Interest rate hike moves a step closer – MPC vote could see first increase in a decade: Businesses and households should brace themselves for a surprise interest rate hike in August as key Bank of England members turn hawkish.
The Scottish Herald
Ian McConnell: Brexit outcome is key to prospects of SMEs: CYBG Chief Executive David Duffy is right to flag the importance of small and medium-sized enterprises to the U.K. economy, particularly at this juncture as protracted Brexit negotiations get started.
Chance encounter leads star chef from Lakeland to Royal Mile: While Scotland’s restaurant scene is booming the experience of a man who has developed a very successful eating place suggests the rise of social media and review sites has been a mixed blessing for the sector.
Gin maker makes its move into mini bottle market: A Speyside gin distiller has moved to give consumers more opportunity to try its products by introducing gift size bottles for two of its hand-crafted spirits.
Dixons Carphone to reveal rise in profits despite consumer spending squeeze: Dixons Carphone is expected to show signs of wear from the squeeze on consumer spending, despite boosting profits, when it announces full-year results on Wednesday.
The Scotsman
Gaelic TV drama Bannan wins new four-year deal: The company set up on the Isle of Skye by the producer of the hit comedy The Inbetweeners has won a new four-year deal to continue making a Gaelic drama series there.
Jeremy Corbyn pledges to return railways to public ownership: The next Labour government will legislate for public ownership of the railways, Jeremy Corbyn has pledged.
City A.M.
Business confidence rebounds to 18-month high despite decade’s most difficult recruitment environment: Business confidence has rebounded to its strongest level in 18 months in year since the U.K. voted to leave the EU despite the most difficult recruitment situation for a decade, according to a long-running survey.
Defence company Ultra Electronics says it’s in “advanced discussions” to buy U.S. firm Sparton: Defence specialist Ultra Electronics has announced it is in “advanced discussions” with NYSE-listed Sparton to acquire the company.
Giant crumpets are helping to feed Warburtons’ profits: Warburtons the baker increased its pre-tax profits by 4.9% to £34.6 million in the year to October 2016, despite a 4.6% decrease in sales.
London fund managers soften on Saudi Aramco float ahead of new Financial Conduct Authority paper: London fund managers are warming to compromises on corporate governance concerns caused by the potential listing of Saudi Aramco on the London Stock Exchange, according to reports.
Blackberry share price slumps after surprising the market with sales miss: Shares in Blackberry were sent sprawling in pre-market trading after quarterly sales volumes flopped, missing market estimates.