Newspaper Summary
The Times
AA ‘broke promise’ to ease Chairman Bob Mackenzie’s workload: The AA reneged on a promise to let Bob Mackenzie, its Executive Chairman, work part-time and instead piled on the pressure in a move that ultimately led to his dismissal, his legal team have alleged.
Wind farm protest by RSPB may backfire: Efforts by the RSPB to block a wind farm could hand its developer a huge unintended bonus.
Harrods Bank closes after years of losses: It survived scandal under the ownership of Mohamed Al Fayed, years of losses and the takeover by a Gulf monarchy, but after more than a century of life, Harrods is finally closing the doors of its only bank branch.
Goldman success depends on being just another bank: Looking at the league tables, it appears that nothing has changed. There at the top of the latest mergers and acquisition adviser list is Goldman Sachs. The Wall Street bank has racked up deal credits worth more than $450 billion this year, $40 billion more than second-placed Morgan Stanley, one of its biggest U.S. rivals, and nearly $100 billion ahead of Citigroup in third place.
London Evening Standard owner Evgeny Lebedev ‘interested in buying Metro’: A bidding battle could be about to ensue for the Metro after the Russian owner of the Evening Standard Expressed interest in buying the free commuter newspaper.
TK Maxx optimistic despite fall in profits: Profits have fallen and comparable sales growth has dramatically slowed at TK Maxx’s U.K. division as the discounted clothes retailer’s wage costs went up and it grAppled with a slowdown on the country’s high streets.
Bell Pottinger Chief’s old firm looking for a buyer: The public relations firm that launched the career of Bell Pottinger’s former Chief Executive could be about to change hands for up to £50 million.
The Independent
Welsh factory worth £9.6 million set to open to produce London hybrid taxi parts: Norwegian aluminium company Sapa is set to reopen a factory in Wales that it shut in 2014, where it will develop and supply light aluminium to be used in all new London hybrid taxis.
Theresa May warned over £2 billion worth of U.K. exports to Canada at risk as she flies to Ottawa: More than £2 billion worth of U.K. exports to Canada could be in jeopardy after Brexit, Theresa May has been warned as she flies to Ottawa for her first official meeting with Canadian Prime Minister Justin Trudeau.
Neglect of poorest U.K. workers behind sluggish productivity growth, claims new study: Sluggish productivity in the U.K. has been attributed to the neglect of the poorest 20% of workers, a new report by an influential think tank has concluded.
America could stay in Paris climate pact ‘under the right conditions’, Rex Tillerson says: White House officials have sent mixed messages on whether America remains in a global climate agreement, with a top U.S. diplomat suggesting the country could re-engage with the Paris pact.
The Daily Telegraph
BIS discovers $14 trillion of dollar debt offshore, hidden in ‘footnotes’: The world’s top financial watchdog has uncovered $14 trillion of global dollar debt hidden in derivatives and swap contracts, a startling sum that doubles the underlying levels of offshore dollar credit in the international system.
Share haul makes U.S. investment giant Capital Group third largest investor in Wizz Air: U.S. investment giant Capital Group has ramped up its stake in East -European airline Wizz to become its third-largest investor.
Pub industry pressures causing ‘early warning signs’ over debt, Moody’s warns: The U.K.’s debt-laden pub giants are ¬beginning to struggle because of a squeeze on earnings and rising costs, according to an industry stress test by ratings agency Moody’s.
U.K. energy tech backed by former Big Six Boss to drive peer-to-peer energy trading: A British energy technology firm pioneering peer-to-peer energy trading is paving the way for energy customers to buy and sell electricity in local market clusters through a major deal with one of the Netherlands largest energy suppliers.
Spire puts private London hospital plans on hold as health tourism wanes: Plans for a new £500 million private London hospital have been halted amid a slowdown in health tourism and spiralling property prices.
British smartphone maker Bullitt enjoys booming demand for rugged handsets: A British smartphone manufacturer that makes handsets sold under the JCB and CAT brands enjoyed a leap in sales last year amid growing demand for rugged mobiles.
Surge in older workers with jobs as retirement dates creep back: Elderly workers are fuelling Britain’s jobs miracle as more people put off retirement and work later in life.
The Guardian
Betting and media firms offer to fund addiction awareness ad campaign: Betting firms and broadcasters have made an offer to the government to fund an £8 million addiction awareness campaign, in a move Labour warned must not be a “stitch-up” to stave off tighter regulation of adverts.
Ryanair tries to appease passengers with list of flights cancelled until Thursday: Ryanair has tried to appease angry customers by publishing lists of all flights to be cancelled until Wednesday, after 82 failed to take off on Sunday, with the airline admitting it had mismanaged the planning of pilot holidays.
Asking prices for London homes record biggest falls this decade: Asking prices for homes in London have recorded their biggest annual fall so far this decade and have dropped on average by £18,000 in the space of just a month, the property site Rightmove said on Monday.
Most Britons ‘dislike prospect of living near mini nuclear station’: Most Britons would not be happy living near the mini nuclear power stations that Rolls-Royce and several other international companies want to build in the U.K., a survey has found.
Daily Mail
Row between British tech star Imagination Technologies and Apple set to intensify after unveiling of new iPhone: The row between British tech star Imagination Technologies and Apple is set to intensify after the Silicon Valley titan unveiled the new iPhone model to millions of fans.
U.K.’s largest wallpaper maker eyes markets in Far East, South America and India to defend itself against uncertainty elsewhere: The U.K.’s largest wallpaper maker – whose range includes designs by Julien MacDonald and Kelly Hoppen – is eying markets in the Far East, South America and India to defend itself against uncertainty elsewhere.
Second Chinese firm joins list of foreign investors eyeing stake in troubled nuclear power plant planned for Cumbrian coast: China General Nuclear Power Corporation is reportedly considering taking control of NuGen, the Toshiba-owned firm planning a plant in Moorside to power up to 6 million homes.
Oil firm Shell planning to open its first U.K. electric car charging point next month: Oil firm Shell is planning to open its first U.K. electric car charging point next month. Cars will be able to re-charge at a yet-to-be disclosed location in London.
Owners of cartoon show Peppa Pig facing backlash over potential £7.6 million no-strings share award and pay rise for Boss Darren Throop: Leading advisory firms ISS and PIRC have urged shareholders to vote against Entertainment One’s plans which would see Throop’s basic pay top £900,000 by 2019 and the same year award him shares worth £7.6 million at ‘s value.
Tycoon Sir Peter Wood reportedly exploring selling off his controlling stake in car insurer Esure: Tycoon Sir Peter Wood is reportedly exploring selling off his controlling 30.7% stake in car insurer Esure. The move would likely trigger a bid for the whole business. U.S. rivals are thought to be the most likely buyers.
Daily Express
£400 million of unclaimed savings – find yours now: Pensioners have been urged to check whether they’re got a forgotten nest egg, with around £400million unclaimed, according to the Government.
Brexit is a revolt against the establishment, says Metro Bank Boss taking on the big banks: Brexit is a revolt against the establishment, which Metro Bank is replicating against Britain’s long-standing financial giants, according to the bank’s Chairman Vernon Hill.
ICO fraud warning for investors from watchdog: Bitcoin’s price surge has attracted more investors to plough cash into cryptocurrencies and Initial Coin Offerings (ICOS), but the financial regulator is now highlighting the fraud and scam risks to investors.
Firms to be banned from using cold calling about pensions: Firms will be banned from using cold calling about pensions under House of Lords amendments to the Financial Guidance and Claims Bill.
Bitcoin currency rises after China exchange shut downs: Bitcoin’s price has jumped back towards $4,000, as the cryptocurrency staged a recovery after China closed down exchanges BTCC, OkCoin and Huobi in a move that prompted a steep crash in value.
North Korea World War 3 fears fade pushing metal value down: The price of gold has dropped from one-year highs, but could jump back if North Korea World War 3 worries make a return, experts have warned.
Merrythought proves that teddy bears remain a necessity: Merrythought, Britain’s last teddy bear maker, is riding high after extending its soft toy production with a collection of Shetland ponies for luxury fashion label DAKS.
The Scottish Herald
New group formed to help tackle bank claims: A lawyer who has spent much of the past 10 years fighting legal claims against Royal Bank of Scotland is looking to pull together a large group of professionals to better fight claims against financial institutions.
Steam-to-electricity company enjoys surge in order book: An energy company which creates electricity from steam has declared its order book is worth five times what it was a year ago as it builds on the momentum of its first contract win in Austria.
Boost for Offshore Wind as BEIS awards CfDs for 3.2GW of new capacity: Recent speculation in the U.K. energy sector was correct – the 2nd Contract for Difference (CfD) auction for offshore wind did indeed produce an incredible result, with a strike price of £57.50 per MWh being achieved for two highly significant offshore wind projects.
Alastair Ross: ‘Only central London has a high concentration of insurance jobs per head than Glasgow’s International Fin: The search in Scotland for new businesses and industries to drive up our economic growth is never-ending, but it’s important we don’t overlook the success of the indigenous multi-billion-pound insurance industry where Glasgow has emerged as a top U.K. hub.
The Scotsman
Slump in lending to businesses dents economic recovery: Bank lending to the private sector has slumped by a fifth since the financial crisis, hampering the return to economic growth, a new study warns.
Edinburgh tram inquiry: Council not told about £40 million cancel fee: The Edinburgh tram project could have been cancelled with a £40 million “amicable divorce” payment in 2010 but the information was not shared with the city’s councillors.
Ministers ‘found wanting’ over Forth bridges visitor centre: Ministers have been accused of missing out on the expected Queensferry Crossing tourist boom by failing to establish a Forth bridges visitor centre in time for its opening.
City A.M.
PwC partners feel the squeeze as pay falls and Deloitte gains ground: PwC’s lead as the U.K.’s largest accountancy firm has been cut after annual profits fell and sales growth slowed.
City ramps up pressure on politicians to push ahead with Heathrow expansion after fresh jitters over delays: The City has issued a rallying cry to MPs to push ahead with Heathrow airport’s expansion, warning that delays could hamper financial and professional services firms’ ability to do business globally.
Ocado investors eye further technology deals to justify high valuation: Ocado will deliver an update on its third-quarter trading on Tuesday, with analysts eager to see progress on the grocery delivery firm’s efforts to attract more retailers to its technology platform.
St Katharine Docks sale lands in troubled waters over £435 million price tag: Private equity giant Blackstone is mulling dropping plans to sell St Katharine Docks, the marina near Tower Bridge.
Byron expected to close more branches as it works through cost-cutting plan: Gourmet burger joint Byron has hired City advisers to work through a “cash management” plan that could include shutting underperforming branches, according to reports.
Investors look for improvements in the first half at DIY owner Kingfisher: B&Q owner Kingfisher’s revenue is forecast to show an uptick when the company reports its first-half results this week, but earnings are expected to drop.