Newspaper Summary
The Times
Banks’ complacency lets borrowers rack up debt: Banks are guilty of a “spiral of complacency” as lenders from credit card providers to car financiers have eased their lending standards and allowed borrowers to “rack up more and more debt”, one of the Bank of England’s leading officials has warned.
Investors feel pain of £300 million headache at Reckitt: Reckitt, one of the world’s biggest consumer goods groups, said that it had set aside £318 million to cover the potential cost of an inquiry by the U.S. Department of Justice into its former drugs business, but then told investors already reaching for the medicine cabinet that the final charge could be higher still.
Numbers game doesn’t add up for the analysts: The heady days of April last year, when Rakesh Kapoor almost doubled his annual pay package to £23 million as Reckitt Benckiser basked in a bumper set of sales figures, seemed a distant memory.
We broke no rules, Grenfell supplier says: The American maker of the cladding panels used on Grenfell Tower sought to distance itself further from the tragedy amid calls for a class-action lawsuit by shareholders.
Prezzo trims the fat and puts weak restaurants up for sale: Prezzo has offered a fresh sign of the indigestion being suffered by the casual dining sector by hoisting a “for sale” sign over 27 of its restaurants and reining in new openings.
New Akzo Nobel Boss in an all-too-familiar fight: Elliott Advisers has launched a new attack on Akzo Nobel, claiming that the Dutch paint maker risks breaking its own rules if it fails to give shareholders a say on the appointment of its new Boss.
Oldest pub sale comes with skin in the game: The Hatchet Inn, first licensed in 1606 and reputed to have been patronised by Blackbeard, is Bristol’s oldest pub. The origins of the 300-year-old tarred door are long forgotten, according to local historians, but Bristol has a history of using the skin of executed criminals in gruesome ways.
Greece seeks interest in bonds offering 4.75%: Greece is preparing to tap international bond markets for the first time since its bailout in 2015 as it tests the appetite for debt and tries to wean itself off loans.
The Independent
Japan encourages remote working trials to combat presenteeism: In a bid to ease paralysing congestion and combat a deeply entrenched and destructive culture of extreme presenteeism, Japan is trialling a practice that other countries adopted years ago: remote working.
JPMorgan, Goldman Sachs Bosses receive $314 million windfall thanks to Trump: The Bosses of two of Wall Street’s biggest banks received a $314 million (£241 million) windfall last year as the value of their shares soared after Donald Trump’s victory in the U.S. Presidential election.
Public sector staff work £11 billion of unpaid overtime a year, says union: Public sector workers are putting in more than £11 billion worth of unpaid overtime a year, a new study has revealed.
Uber’s Asian rival secures record financing: Riding hailing company Grab raised £1.5 billion ($2 billion) from Didi Chuxing and Softbank in the largest–ever venture fundraising in Southeast Asia, joining forces with two companies instrumental in driving Uber out of China.
B&M shares jump 4% on reports Asda is considering £4.4 billion takeover bid: Shares in discount retailer B&M jumped 4% after reports that Asda is reportedly eyeing up a £4.4 billion takeover bid.
Households resist spending big as incomes face record squeeze: British households’ financial situation has deteriorated at the fastest rate in three years this month, as families increasingly shy away from big purchases like cars, holidays and household appliances, a survey showed on Monday.
Smartphone demand hits fresh record for the second quarter of 2017: More smartphones were sold globally during the three months to the end of June than during any other second quarter on record, new figures reveal.
White House upheaval pushes dollar to new low: The dollar struggled near a 13-month low against a basket of major currencies on Monday as U.S. political turmoil dampened hopes for quick passage of President Donald Trump’s stimulus and tax reform agendas and the euro extended gains.
More than 2,500 products ‘have shrunk’ while prices stay the same but Brexit isn’t to blame, ONS reveals: Manufacturers have shrunk 2,529 products over the past five years while keeping prices the same, official data shows.
U.S. tech company becomes first to microchip employees: A tech company in Wisconsin has announced that it will become the first business in the U.S. to microchip its employees.
Visa cards could soon help Bitcoin work in the real world: A recurring challenge for bitcoin and other cryptocurrencies is how to make them work in the real world. A Singapore-based startup says the answer is its Visa card.
The Daily Telegraph
U.S. and EU on collision course over Russia pipeline sanctions: A raft of top European companies will be forced to pull out of the Nord Stream 2 gas pipeline project with Russia or face crippling sanctions under draconian legislation racing through the U.S. Congress.
Alphabet profits dragged down by Google’s £2.1 billion EU fine: Shares in Google’s parent company Alphabet reversed earlier gains on Monday evening, as the tech giant’s profit took a hit from the record EU fine imposed on the group earlier this year.
First Utility enters the broadband market by undercutting the Big Four: The U.K.’s largest independent energy supplier is taking its challenge to the Big Six energy suppliers to the Big Four broadband giants by offering the market’s lowest priced internet deal.
Oil market shrugs as Saudi Arabia digs deeper to rescue falling prices: Saudi Arabia’s efforts to shore up global oil prices ahead of the planned listing of Saudi Aramco was met with a shrug from the markets as traders kept their eyes on U.S. shale.
Britain’s booming manufacturers threatened by squeeze on industrial property: A shortage of industrial space is threatening to curb British manufacturing after U.K. businesses experienced a post-Brexit vote boom brought about by the weakened pound.
Julius Baer hits post-crisis high as it draws £8.2 billion in new money: Swiss private bank Julius Baer attracted 10.2 billion Swiss francs (£8.2 billion) in new money from the world’s super-rich in the first-half of this year, its best six-month period since the financial crisis almost a decade ago.
Lecturers’ retirement fund taps into Thames Water: The pension fund that manages the retirement money of Britain’s university staff has bought into Thames Water, months after Australian bank Macquarie ended its 11-year relationship with the water supplier.
The Guardian
Leaseholds on new-build houses in England to be banned: Builders are to be banned by the government from selling houses as leasehold in England and ground rents on flats could be cut to zero following widespread outrage over exploitative contracts.
IMF cuts 2017 growth forecasts for U.K. and U.S.: The International Monetary Fund has cut its growth forecast for the U.K. economy this year after a weak performance in the first three months of 2017.
EasyJet to hire more than 1,000 cabin crew staff: EasyJet has announced the largest cabin crew intake in its 21-year history, with plans to hire more than 1,000 staff. More than 1,200 men and women will be given permanent and fixed-term positions at the budget airline. This will increase its total number of cabin crew to 8,100.
Brexit to push up cost of bangers as U.K. wholesale meat prices soar: Brexit is set to push up the price of the British banger, as wholesale pork and beef prices soared over the last year as a result of the weak pound and a surge in export demand.
SFO says it is investigating Rio Tinto over Guinea operations: The Serious Fraud Office has opened an investigation into how the mining company Rio Tinto conducted business in the Republic of Guinea.
Household batteries will be key to U.K.’s new energy strategy: Batteries and renewable power sources are on the verge of bringing about an “epochal transformation” of the U.K. that could make energy clean, abundant and very cheap, according to a cabinet Minister.
Daily Mail
Now City brokers cheer on Love Island’s success as hit reality show gives ITV a perfectly-timed boost: Love Island may have come to an end last night, but analysts at Liberum believe the dating show has given its broadcaster ITV the boost it really needed ahead of its first-half results on Wednesday.
The 45 minutes that cost global giant Reckitt £100 million: A devastating cyber-attack that cost the maker of Durex and Dettol an estimated £100 million crippled the company in just 45 minutes and wiped out swathes of its global computer network, its Boss has revealed.
Rio Tinto signs lithium mine deal with the Serbian government: Miner Rio Tinto has signed a deal with the Serbian government over its work developing its Jadar lithium mine, with production due to start in 2023.
Meat-sUBStitute firm invests £150 million into Teeside facility: The rise of the ‘flexitarian diet’ has boosted sales for Quorn, which is now investing £150million into its facility in Teesside to keep up with demand.
Fast fashion upstart Missguided races in to sportswear with plans to stock Adidas, Kappa and Ellesse: Missguided plans to sell sportswear labels on its site as it seeks to tap into the lucrative athleisure market. The fast-fashion firm, which sells trendy clothing to teens and 20-somethings, has reportedly approached several leading brands including Adidas, Kappa and Ellesse.
Booming demand for Nerf Guns helps Hasbro’s revenues rise 11% in the second quarter: Booming demand for Nerf Guns helped boost sales at Hasbro. The American toymaker said revenues rose 11% to £746.5 million in the second quarter of the year while profits jumped 30% to £52 million.
Daily Express
Germany’s stock market crashes to lowest level in months as car makers face double crisis: Germany’s top stock index was flashing red after shares in the country’s biggest carmakers plunged over a fresh investigation into the diesel emission scandal.
Mortgage time bomb? Interest-only borrowers with NO plans to repay debts: Almost two million home owners are on interest-only mortgages and failing to make any repayments on the underlying debt, amid fears of a ticking time bomb that could end in disaster.
OPEC’s plot to raise oil prices fails as cartel meets in Russia: Saudi Arabia’s risky plot to raise oil prices to save its economy has failed sending the country into crisis.
Tesco launches same day delivery across Britain as supermarket takes on Amazon: Tesco customers across Britain will be able to order food online and have it delivered just hours later, as the supermarket rolls out same day delivery.
Pound rises as IMF downgrades U.K. growth: The pound brushed off a gloomy forecast from the International Monetary Fund (IMF) for Britain’s growth to rise against both the euro and the dollar on Monday morning.
GlobeAir reports sky-high demand for private jet trips to London: Private charter airline GlobeAir reports demand for trips to London is soaring as wealthy shoppers eye luxury goods made cheaper by the weak pound.
The Scottish Herald
Aberdeen firm wins $4 million of oil services contracts: Aberdeen oil services company Proserv has won contracts in Asia and Western Australia worth around $4 million (£3.1 million) in total, as it continues to target decommissioning work.
Challenger Shawbrook funds timber firm buyout: The son of one of the Founders of Glasgow business Kelvin Timber has turned to challenger bank Shawbrook to finance a management buyout of the firm.
Output from Eland’s Nigerian licence reaches 40 year high: Production at the OML 40 field in Nigeria has reached its highest production level in four decades. The field, operated by Eland Oil & Gas, has produced an average of more than 11,400 barrels of oil per day (bopd) since May 24.
Luxury salmon supplier John Ross Jr sold to Estonian fish manufacturer PRFoods: Aberdeen salmon producer John Ross Jr. has been sold to AS PRFoods, a food production company listed on the Tallinn Stock Exchange. The acquisition includes Coln Valley Smokery, which together with John Ross Jr. makes up JRJ Group.
Shares slide in airline sector in spite of positive Ryanair results: Shares in U.K. airlines fell in early trading after Ryanair’s first quarter results signalled that the company expects the rest of the financial year to be tough.
The Scotsman
Ryanair warns of Brexit threat to flights as profits soar: Low-cost carrier Ryanair has posted a jump in first-quarter profits, but again warned that Brexit could cause it to ground flights and cancel holidays unless a deal with the European Union is struck.
ESpark co-Founder Jim Duffy launches new accelerator: Three top names in the U.K. entrepreneurial sector have teamed up to launch a “next generation” business accelerator to tackle the issue of companies failing to scale.
McColl’s profits fall after Co-op stores acquisition: Profits at convenience store chain McColl’s were almost cut in half after it took a hit from its acquisition of 298 Co-op branches, despite warm weather boosting sales.
Glasgow welding supplies firm looks to double up on sales: The U.K.’s last remaining supplier of welding consumables has set its sights on doubling its turnover, despite facing tough market conditions.
City A.M.
Mizuho picks Frankfurt for new EU base: Mizuho, one of Japan’s “big four” banks, revealed this evening it will set up a new EU base in Frankfurt.
Ofcom dodges chance to inject competition into U.K. telecoms: Earlier this month, Ofcom published a new initiative to “help make it easier for communications customers to get better deals”.
Former Weightwatchers owner squeezes into the yellow jersey during race to take over Rapha: Invus, the U.S. private equity fund to previously back Weightwatchers, is leading the race to buy premium cycling brand Rapha.
Former UBS pair to face trial after denying insider trading: A former UBS compliance officer and a day trader pleaded not guilty to insider trading.
Acacia Mining has been slapped with a Tanzanian tax bill almost 200 times the firm’s market cap: Acacia’s bust-up with the Tanzanian government took yet another unexpected turn after authorities slapped the London-listed firm with a $190 billion (£146 billion) bill for unpaid taxes and penalties.
Bake Off signs Lyle’s golden syrup and Dr Oetker as sponsors for Channel 4 show: The Great British Bake Off has signed Lyle’s golden syrup and Dr Oetker as sponsors for the next series of the show. Channel 4 would not disclose the value of the sponsorship deal, but said a seven-figure sum was achieved.