Newspaper Summary
The Times
Dollar has its worst run in six years: The dollar has endured its worst run in six years amid chaos in the White House as the pound continues to make up ground lost after the Brexit vote.
You can’t count on the Retail Prices Index, statistics Chiefs warn: A measure of inflation that affects 11 million pensioners, £407 billion of government bonds, all new student loans and 45% of all rail fares each year is flawed and should be not be used, the U.K.’s statistics body has said.
Deal with Roald Dahl estate opens the door to Willy Wonka’s world of imagination: Children will soon have the chance to join the likes of Charlie Bucket, Augustus Gloop and Veruca Salt on a tour of Willy Wonka’s Chocolate Factory after one of Britain’s most promising independent publishing businesses secured a deal with Roald Dahl’s estate.
Alcohol-free beer hits spot for Heineken: Heineken appears to be refreshing the parts non-alcoholic beers have often struggled to reach after spending two years trying to get the taste right.
Mitie audit review under fire for being slow off the mark: The accounting regulator began an investigation into the auditing of financial statements at Mitie, but the move was not enough to prevent renewed criticism that it had been slow to spot problems at the outsourcing company.
Shell cuts another 400 jobs in the Netherlands: Royal Dutch Shell is to shed hundreds of jobs in the Netherlands as it continues to cut costs in the face of lower oil prices and after the takeover of BG Group.
Chancellor Philip Hammond’s plan to plug funding gap: Start-ups could benefit from a new government-backed venture capital fund, designed to replace any European Union funding likely to be lost as a result of Brexit and to create more home-grown enterprises valued at above $1 billion.
Lung cancer drug gives boost to Astra: Astrazeneca’s pipeline of new drugs has been given a big shot in the arm after American regulators granted “breakthrough” status to one of its key cancer treatments.
The Independent
Fifth of U.K. estate agents risk going bust, reveals survey: Nearly a fifth of estate agents in the U.K. are at risk of going bust, new research reveals.
Chinese bike-sharing scheme ‘Mobike’ set to launch in London: A low cost bike-sharing scheme hugely popular in China is set to debut in London just weeks after its U.K. launch in Manchester.
Rudd to ‘urge tech companies’ to do more to crack down on terrorism: Amber Rudd will this week urge some of the world’s biggest social media platforms to step up efforts to crack down on content that encourages violence and terrorism, Reuters has reported, citing a person familiar with the matter.
Swedish banks embrace artificial intelligence as a cure to closures: Aida is the perfect employee: always courteous, always learning and, as she says, “always at work, 24/7, 365 days a year.”
Small and medium businesses are not investing in cyber protection: Small and medium-sized businesses are not earmarking significant amounts of cash to bolster their cyber-security defences, despite almost one-sixth of all companies suffering an attack within the last year.
Audi set to invest in electric cars through billion-pound cost cutting: Audi aims to cut costs by 10 billion euros (£8.9 billion) by 2022 to help fund a shift to electric cars as it seeks to move on after the emissions scandal, sources close to the carmaker said.
Business confidence in U.K. economy at new six-month low: Businesses are their least optimistic about the economy in six months and their overall confidence levels remain slightly below average, a survey showed on Monday, adding to a lacklustre outlook for the economy.
Over 50s say that employers aren’t doing enough to recruit them: Almost a third of people in their 50s say that they feel employers aren’t doing enough to recruit them, a major new study reveals.
Aviation bursting at seams in busiest summer for airports and airlines: The busiest-ever summer for holidays abroad is putting unprecedented strain on airlines, airports and passengers, research by The Independent has shown.
Kids Company Directors face being banned from charity or company Directorships for up to six years: Former Directors of defunct charity Kids Company face being disqualified from running or controlling any businesses for up to six years.
The Daily Telegraph
Venezuela’s oil industry at breaking point as U.S. tightens noose: Venezuela’s oil industry is at risk of sudden collapse as funding dries up and the U.S. tightens sanctions, threatening to shatter the beguiling calm in global crude markets.
Growing risk from U.K. household debts, warns Moody’s amid lending boom fear: British household debts are rising to worrying levels at a time of economic uncertainty, analysts at Moody’s have cautioned, in the latest warning on the size of the U.K.’s ballooning consumer credit market.
Brisk trade sees Snapchat close slightly down after lockup expiry: Shares of Snap, owner of the Snapchat messaging app, had their busiest trading day in two and a half months in a volatile session on Monday, as early investors could sell their shares for the first time since its March market debut.
Biotech set for revival after administrators sell drug to U.S. firm for $40 million: A biotech company specialising in developing cancer drugs looks set to return to the London market after administrators agreed to sell the rights to a promising treatment for leukemia to a U.S. company for $40 million (£30 million).
Stonegate makes £100 million takeover offer for Revolution Bars: Slug and Lettuce owner Stonegate Pub has made a £100 million takeover bid for Revolution Bars Group, just over two months after the cocktail bar’s shares plummeted 46% in one week.
British Gas accidentally publishes electricity price rise announcement: If British Gas is trying to hint it is about to hike energy prices, it could be more subtle about it. Ostensibly accidentally, British Gas published a price rise announcement on its website this afternoon.
Hiscox to pour £50 million into adverts as it looks to woo public: Insurer Hiscox is to pour an extra £50 million into its marketing budget this year as it tries to attract more consumer clients and move away from volatile big-ticket risks.
The Guardian
Nicky Morgan requests assessment of City’s readiness for hard Brexit: The Conservative MP Nicky Morgan has asked the Bank of England to provide comprehensive details of the City’s readiness for a hard Brexit, in an early indication of the agenda she hopes to pursue as head of one of parliament’s most influential committees.
Unsecured consumer credit tops £200 billion for first time since 2008: The financial watchdog has announced fresh measures to protect consumers from spiralling debt as official data showed that borrowing through credit cards, overdrafts and car loans has topped £200 billion for the first time since the global financial crisis. The Financial Conduct Authority said it was cracking down on the high cost of overdrafts and reviewing the booming car loan market.
Grocer Booths forced to call in accountants for financial health check: Booths, the family-owned upmarket grocer, has been forced to call in accountants to conduct a financial health check of the business after a difficult 18 months.
Discovery Communications to buy Scripps Networks for close to $12 billion: Pay-TV giant Discovery, owner of Animal Planet and maker of Grylls’ Man Vs Wild, Naked and Afraid and other reality shows, will buy Food Network and lifestyle programme giant Scripps Networks for close to $12 billion (£9.1 billion), tying together two powerful stables of TV shows.
BNP Paribas to expand further into U.K. property business with merger: The real estate arm of the banking giant BNP Paribas is to acquire a U.K. property services group in a deal that will triple its revenue and the number of staff it has in the country covering the business.
Qatar makes legal complaint to WTO over Gulf trade boycott: Qatar has filed a wide-ranging legal complaint at the World Trade Organisation to challenge a trade boycott by Saudi Arabia, Bahrain and United Arab Emirates, Qatar’s WTO representative Ali Alwaleed al-Thani has told Reuters.
Bank of England staff to strike for first time in 50 years after talks fail: The first strike by Bank of England workers in more than 50 years is to go ahead from Tuesday after last-ditch talks broke down.
Daily Mail
Daily Mirror publisher accelerates its cost cuts as profits and revenues dip, but raises dividends: Newspaper publisher Trinity Mirror has announced an extra £5million of cost cuts this year after reporting falling first-half profits and revenues.
Apple rumored to delay launch of iPhone 8 and could cost billions..as manufacturing problems threaten sales: Several analysts say release of the iPhone 8 could be pushed back from September to October or later, partly because of the cutting-edge components it is likely to need.
Mortgages for home buyers sink to nine-month low, with the market down 9% on Bank of England property forecast earlier this the year: The number of mortgages approved for property purchase fell to the lowest level since September 2016 in June and are way below Bank of England predictions made earlier in the year.
Hedge fund guru from ‘The Big Short’ warns: ‘European banks are still broken and not every bank is safe’: European banks are still risky and have suffered from years of lax oversight, a star fund manager who predicted the global financial crisis has warned. U.S. investor Steve Eisman realised the American property market was headed for a catastrophic crash in 2008.
Tech ‘unicorn’ growth fund will be launched post Brexit, to aid startups worth more than £760 million: A fund to pump cash into the most promising tech companies after Brexit could be set up by the Government. The money would help finance a generation of so-called ‘unicorns’, companies worth more than $1 billion (£760 million), the Treasury said.
Daily Express
Zombie banks present ‘serious danger’ for eurozone: Europe’s economy is fundamentally flawed with the European Central Bank (ECB) keeping alive “zombie” companies and banks, the head of a German economic think tank has warned.
HSBC plans £2 billion share buyback after profits soar: HSBC’s turnaround gathered momentum as it stepped up returns to shareholders and posted forecast-beating half-year profits, sending its shares to a four-year high.
Essati firms shut door on angry customers: The scandal of bust garage doors company Essati and its rogue warranties, which have left scores of furious customers out of pocket, has now claimed another victim.
This location factor can boost home values by 22%: If your home is position closed to a national park it can fetch tens of thousands of pounds more from buyers, research has revealed. A property near to such a green space is typically 22% higher than an otherwise identical property, according to Nationwide.
£1.5 billion of debt racked up in one month sparking fresh crisis fears: British households continued to load up on debt last month, fuelling fears families are risking a repayment crisis if interest rates rise.
The Scottish Herald
Scots satellite pioneer aims for world first: Glasgow company Clyde Space is targeting a “world first” in satellite technology, which Chief Executive Craig Clark believes will create a new wave of space applications.
Losses at Loch Fyne Oysters as turnover increases: Loch Fyne Oysters has narrowed pre-tax losses to £709,278, but sand deposits at its Morecambe Bay Oysters subsidiary led it to contribute a “significant” loss to the consolidated results.
Scots food and drink firms must plan now for Brexit challenges: Scotland’s food and drink companies must plan ahead to remain competitive after Brexit, and now is the time to consider any requirements to establish European Union subsidiaries and apply for European regulatory licences, KPMG has warned.
Leading law firm first to offer ‘no win, no fee’ service: Shepherd & Wedderburn has announced a collaboration with Burford Capital that will enable it to offer a “no win, no fee” service on large commercial disputes.
Social enterprise which rejuvenated Harry’s Bar in Edinburgh unveils plans to open a second venue in the Capital: Beer for Good has outlined its ambitions to revamp Southside Social in Buccleuch Street, which was the first social enterprise bar in the city. It has launched a £40,000 crowdfunding initiative to fund the venture.
The Scotsman
Hundreds of thousands of SMEs hit by cyber attacks: Almost 900,000 small and medium-sized businesses have suffered a cyber security breach in the last 12 months, a new report suggests.
Isle of Skye tourists ‘should pay a tax’: Tourists should be paying a tax to pay for more facilities on the Isle of Skye, a local businessman has claimed.
Game of Thrones script stolen as hackers target HBO: The script for an upcoming Game Of Thrones episode has reportedly been stolen and leaked online after U.S. television network HBO was targeted by hackers.
Selfridges bemuse shoppers opening Christmas shop 147 days early: The opening of the Selfridges Christmas store 147 days early has been met with a backlash from shoppers.
HSBC posts 5% rise in half-year profit: HSBC has reported a rise in half-year profit as the bank hailed a strong performance across its main divisions.
City A.M.
Pandora Music’s shares jump in after-hours trading after it beats analyst forecasts: Pandora Music’s shares rose in after-hours trading tonight after it’s earnings exceeded analyst expectations in the second quarter.
Retailers back increase in contactless payment limit as transactions jump: Retailers would back raising the contactless spending limit as the ultra-fast system for processing payments has pushed up transactions.
Blackstone and CVC Capital Partners are set to launch a joint bid for Unilever’s spreads division: Private equity firms Blackstone and CVC Capital Partners have requested approval from Unilever to make a joint bid for the company’s £6 billion international spreads division, which owns Flora and I Can’t Believe It’s Not Butter, according to reports.
Shareholders in National Grid approve Chief Executive John Pettigrew’s pay: National Grid’s shareholders gave the green light to its Boss John Pettigrew’s pay package at the company’s annual general meeting (AGM).
Social video company Brave Bison celebrates positive earnings after surviving shareholder activism from Kelvin MacKenzie and son: Digital media and social video business Brave Bison’s share price jumped as the firm reported its first-ever positive adjusted earnings figure.
BHS liquidator FRP Advisory launches its own Northern Powerhouse: FRP Advisory, the firm responsible for breaking up collapsed retailer BHS, launched its own Northern Powerhouse of independent restructuring advisers.