Newspaper Summary
The Times
City gripped by sub-prime lending fears: Fears about a crisis in sub-prime lending grew after leading City analysts warned that borrowers have limited flexibility to handle the rising cost of living.
Musk’s Model 3 tweets put car firms in a flap: Elon Musk has been promising to change the motor world for more than a decade and now, finally, he may be on the cusp of achieving his dream.
Clarks returns shoe production to the U.K.: Clarks is to start making shoes in Britain again and will open a factory in Somerset “where it all began in 1825”.
U.K. factory orders hit by Brexit and election: Activity in the manufacturing sector slowed in June as business uncertainty led to delays in new domestic contracts while exports were “disappointingly lacklustre”, a survey has found.
European markets buoyed by flotations: Europe is enjoying a bumper spell of flotations, raising €5 billion in the final two weeks of the second quarter.
Victims to miss out on fair compensation after crackdown on whiplash claims: Up to 600,000 people a year who have suffered road accidents could miss out on fair compensation as a result of a government crackdown on whiplash claims, lawyers say.
Bond programme offers new connection to Chinese market: China has opened up its $9 trillion bond market further to overseas investors, paving the way for international access to the world’s third largest debt market.
London in top five for global skyscraper values: The sale of the Cheesegrater skyscraper in the City of London may have shocked the property world in March with its price tag of more than £1 billion, but for price, the capital is only just in the top five.
Peabody Trust merges with Family Mosaic in £6 billion deal: One of London’s oldest housing associations has completed a merger with a rival to create a group that will be responsible for more than 55,000 homes, 111,000 residents and an annual turnover of £700 million.
The Independent
Body Shop announces £2 million ‘bio-bridges’ scheme to protect endangered rainforest wildlife: A £2 million scheme to create 10 new “bio-bridges” which link up areas of rainforest to help wildlife has been launched by the Body Shop.
Subway announces 5,000 new jobs amid U.K. and Ireland expansion: Subway plans to serve up 5,000 new jobs by 2020 in a major expansion across the U.K. and Ireland.
Shredded Wheat and Bran Flakes Owner completes Weetabix takeover: Post Holdings, the Missouri-based consumer goods company behind brands such as Shredded Wheat and Bran Flakes, on Monday completed its long-awaited takeover of Weetabix, giving it full control of one of the world’s most popular breakfast foods.
‘Interest rate rise now would be a mistake’ warns Bank of England monetary policymaker Gertjan Vlieghe: The most dovish member of the Bank of England’s Monetary Policy Committee is sticking to his view that now is not the time to raise rates, despite a growing sense in financial markets that the central bank is gearing up to increase the cost of borrowing.
The Daily Telegraph
Investors lose faith in precious metals miners as fund outflows hit record levels: Investors appear to be losing faith in the precious metals sector after outflows from the funds that track the industry hit a record high.
Brexit clarity needed to avoid ‘tipping point’ for industry as companies abandon investment in U.K.: Companies will abandon investment and job creation in the U.K. unless the British Government clearly sets out its position on how the country will leave the trading bloc, according to the Boss of an influential industry trade body.
Marshall of Cambridge drops into red as aviation problems cause profits crash: Marshall of Cambridge, one of Britain’s largest and most historic private companies, has crashed into the red after a series of problems.
YouTube refunds advertisers after terror content scandal: YouTube has refunded advertisers that removed their material from the video-sharing site after it was revealed paid-for clips appeared alongside extremist and illegal content.
Carney flags regulatory fatigue as major threat to G20 economies: Mark Carney has warned that regulatory fatigue risks leading to a lack of global cooperation on financial reforms that will hurt households and businesses.
Aggreko agrees £40 million deal for energy storage company: Aggreko has agreed a deal to buy energy storage firm Younicos for £40 million, in a move that it says will give it a foothold in a developing market.
Stagecoach awarded £2.5 million compensation for South Yorkshire tram-train delay: Transport company Stagecoach has won £2.5 million in compensation from the Government after the completion date for the Sheffield to Rotherham tram-train project, for which it is supplying vehicles, was pushed back multiple times.
Supergroup launches sports stores as profits rise: Supergroup, the company behind the Superdry fashion brand, has announced that it is launching standalone sports shops to tap into the fast growing ‘athleisure’ market as profits and sales jumped.
The Guardian
Bank of England faces first strike in five decades over pay dispute: The Bank of England faces the first strike at its Threadneedle Street headquarters in its history after members of the Unite union voted for four days of industrial action in a dispute over pay.
Ex-Barclays Chief John Varley appears in court over fraud charges: John Varley, the former Chief Executive of Barclays, and three former colleagues have appeared at Westminster Magistrates court to face fraud charges.
Carlsberg buys London Fields Brewery: Carlsberg has snapped up London Fields Brewery, which has been up for sale since its Founder was charged with tax fraud.
Hinkley Point C is £1.5 billion over budget and a year behind schedule, EDF admits: The U.K.’s first nuclear power station for more than two decades is at least £1.5 billion over budget and could be completed 15 months behind schedule, its developer has admitted.
We have fixed issues that caused financial crisis, says Mark Carney: Fundamental reforms undertaken since the U.S. sub-prime mortgage market triggered the deepest global recession since the Second World War have created a safer, simpler and fairer financial system, Mark Carney has said.
Daily Mail
French energy giant Total to develop gas field in Iran: France’s energy giant Total will develop a giant gas field in Iran, the first major Western investment in the country’s energy industry since sanctions were lifted in early 2016.
U.K. pension black hole shrinks by £33 billion as markets shrug off Brexit jitters and interest rate cut: Britain’s pension black hole shrank by £33billion in the last year as markets shrugged off Brexit turbulence and an interest rate cut, figures show.
Financial advice groups Bellpenny and Ascot Lloyd merge to bring £6 billion of clients’ money together in new powerhouse: Two of the U.K.’s biggest independent financial advice groups have struck a deal to join forces. Bellpenny and Ascot Lloyd officially merged on 1 July to create a single company with some £6 billion in client money.
Steel magnate Sanjeev Gupta offers pensions hope to U.K. steelworkers: Steelworkers whose pensions were in peril after their company fell into administration could be getting a lifeline from industry magnate Sanjeev Gupta.
Daily Express
Travis Perkins woos the tech crowd with innovation backing: Britain’s biggest builders’ merchant and DIY retailer Travis Perkins launches a major tech investment programme this week for early stage digital businesses as part of a modernising shake-up.
Sports Direct Boss Mike Ashley prepares for court fight with finance expert over shares: Newcastle United Owner and sportswear firm Boss Mike Ashley is preparing for a High Court fight with a finance expert.
The Scottish Herald
Tycoons fund biotech firm with ambitions to ‘revolutionise’ cancer treatment: Business heavyweights Brian Kennedy and Sir Brian Souter have thrown their support behind a Borders-based drug firm that aims to make chemotherapy four times more effective than current treatments.
Potential of U.K. North Sea underlined by Statoil exploration Boss: Prominent oil and gas firms have underlined their confidence in the exploration potential of the North Sea in spite of renewed signs the crude price plunge could drag on.
Pay cut for Boss of luxury Aberdeen hotel amid crude price plunge: The Owner of the luxurious Marcliffe Hotel in Aberdeen, Stewart Spence, appears to have taken a big cut in pay as the venue grappled with the challenges posed by the downturn in the key North Sea oil and gas industry.
Artificial intelligence firm signs drug discovery deal with GSK: Exscientia, a Dundee-based biotechnology firm, has entered into a collaboration with pharma-giant GlaxoSmithKline to use artificial intelligence (AI) to speed up drug discovery.
Financial year is a game of two halves for Murgitroyd: Murgitroyd is showing signs of recovery following a disappointing first half, with a five% boost in revenue for the second half of its 2016 year.
Malakoff wins ferry contract: Shetland boatbuilder Malakoff of Lerwick has won a £200,000 contract to build a replacement ferry to serve the island of Kerrera.
The Scotsman
High-level hires at Glasgow-based kite energy innovator: A Glasgow-based company developing kite power generation technology has bulked up its senior management team with a raft of top-level appointments.
Founder of cash machine giant KAL looks to ‘next big revolution’: As the cash machine celebrates its 50th birthday, the Founder and Chief Executive of an Edinburgh ATM software specialist believes we could soon be using the devices to do much more than merely check our bank balances and withdraw cash.
Nicola Sturgeon has created an indyref Catch-22: Last week’s warning from the Fraser of Allander Institute that Scotland faces a “lost decade” of low growth and the possibility of slipping into recession this summer sends yet another signal that Scotland is trapped in a Catch-22 situation of the First Minister’s making.
City A.M.
The Fed may not have investors’ backs for much longer: For decades, the Federal Reserve has been the wingman to the U.S. equity market, manipulating monetary policy to prevent the stockmarket from tipping into chaos.
Chancellor Philip Hammond tries to woo business leaders with soothing words on transition deal and immigration: Chancellor Philip Hammond sought tonight to reassure business Bosses he will prioritise industry in Brexit negotiations.
Sebastian Vettel spared punishment by the FIA despite admitting full fault for Lewis Hamilton clash in Azerbaijan: Four-time world champion Sebastian Vettel has escaped further punishment despite admitting he was solely to blame for his bust-up with title rival Lewis Hamilton at last month’s Azerbaijan Grand Prix.
Tesco hands 10,000 shareholders compensation payouts over its 2014 accounting scandal: Tesco announced it is handing compensation payouts to around 10,000 shareholders over its 2014 accounting scandal.