Newspaper Summary
The Times
Shop-happy consumers boost prospect of interest rate rise: Shoppers shrugged off rising prices and lingering Brexit worries last month to spend far more than expected.
French cut payroll tax to lure banks from London: President Macron’s government admitted that it had devised a cynical-sounding strategy to exploit Brexit by wooing banks from London with cuts to payroll taxes.
Attack on Admiral’s ‘jobs for the boyos’: The Welsh government was criticised for giving a £670,000 grant to Admiral Insurance to create nearly 200 jobs at its head office in Cardiff.
Robots’ rise heralds a fall for poor countries: The march of the machines threatens to rob poor countries of a key advantage in the battle to lure manufacturers, the World Bank has warned.
Economists believe rates increase would be a mistake: Most economists expect the Bank of England to raise interest rates in November for the first time in a decade, but they also believe that it will be making a mistake.
Brexit fears force firms to divert investment overseas: Large companies are diverting investment overseas as they scale back domestic spending plans amid concerns about Brexit, according to a report by the Bank of England.
Owner hands House of Fraser £25 million boost: The Chinese owner of House of Fraser has finally pumped £25 million into the department stores group to boost its “transformation plan” and improve its trading amid steep first-half losses.
The Independent
U.K. energy bills rising at fastest rate since 2014, data reveals: Energy bills across the U.K. are rising at their fastest rate in more than three years, dealing a sharp blow to savers as wages remain stagnant, new data reveals.
JPMorgan and Citigroup pledge to be powered by 100% renewables by 2020: U.S. investment banking giants Citigroup and JPMorgan have both committed to being powered entirely by renewable energy by 2020.
U.K. economy projected to slow rapidly in 2018 as hard Brexit looms: The Organisation for Economic Co-operation and Development (OECD) predicts that the U.K. economy will slow rapidly in 2018, as the U.K. heads towards a hard Brexit.
Saudi Arabia set to lift ban on video calling apps Skype and WhatsApp: Saudi Arabia will remove its ban on internet phone calls on Thursday, a government spokesman said, in a bid to stimulate online business as the kingdom looks to boost non-oil revenue.
Water companies receive more than two million complaints in 2016: Water customers had to make more than two million calls to resolve problems last year as progress by companies on service “stalled”, figures show.
People who are down about U.S. economy ‘out of their minds’ says Buffett: Uncertainty about how the United States will cope with growing tumult in the world has not dampened Warren Buffett’s optimism for the country’s prospects over the long term — even 100 years into the future.
Gun company shares surge as Trump plans to relax overseas sales laws: Shares in U.S. gun companies surged on Tuesday on the back of reports that President Donald Trump is planning to relax rules on sales of American firearms around the world.
Unemployment is the biggest risk for businesses, warns WEF: Unemployment is the biggest risk for businesses globally, according to a World Economic Forum survey of business leaders published on Wednesday.
Uber faces widespread Asia bribery allegations amid U.S. criminal probe: Uber, facing a federal probe into whether it broke laws against overseas bribery, has embarked on a review of its Asia operations and notified U.S. officials about payments made by staff in Indonesia, people with knowledge of the matter said.
The Daily Telegraph
New BBC regime will allow reduction in public service broadcasting, warns ITV: The BBC will be free to show more unoriginal property and antiques shows under an Ofcom overhaul of the rules that govern its schedules, ITV has warned.
City urges May to hurry up on Brexit transition deal as Britain loses jobs: The City’s top lobby group has urged Theresa May to get a move on with a Brexit transition deal as she prepares for a landmark speech in Italy.
Indian billionaire to strengthen hold on Anglo American: Anil Agarwal, the Indian billionaire who earlier this year made a surprise £2 billion investment in Anglo American, looks set to tighten his grip on the London-based miner, revealing plans to buy up to a further £1.5 billion in shares.
Eon in talks to sell off fossil fuel arm for €3.8 billion: German energy giant Eon is in talks to sell its stake in the fossil fuel and trading company Uniper to Finnish utility Fortum for €3.8 billion.
Sales at Princess Yachts almost double as it plans £100 million investment: Plymouth-based luxury super yacht company Princess Yachts has almost doubled its order book this year as it embarks on a £100 million investment programme.
Top competition watchdog forced to cut off friendship with Murdoch lawyer over Sky takeover: Britain’s top competition watchdog has been forced to cut off his friendship with a senior City lawyer over potential accusations of bias in the investigation of the Murdoch family’s £11.7 billion Sky takeover bid.
Former BHS boss Dominic Chappell docks from European sailing trip to deny charges against him: Dominic Chappell, the former bankrupt who bought BHS for £1 and presided over its collapse 13 months later, has denied failing to hand over information to The Pensions Regulator after saying that he had not been able to read the case against him because he had been “offshore, on a boat”.
The Questor Column:
Rentokil, the former pariah, is now is a fast-growing and focused business: buy: Rentokil, the rat-catching firm, was laid low by the determination of its former boss Sir Clive Thompson to achieve 20% growth in earnings every year come what may. Ironically, the business is now in sight of delivering that kind of growth – this time in a rather more sustainable fashion. Rentokil is a very international business – North America and Europe account for 39% and 27% of revenues respectively, with 8% from Asia and 8% from the Pacific region – but is pursuing the same path of focusing on pest control overseas, although it hasn’t managed to exit all its legacy businesses there yet. Another point is that the highly rated U.S. firms might bid for Rentokil as a relatively cheap way to grow their own business and improve margins – via the same kind of efficiency measures that Rentokil itself is currently pursuing. The company’s return to the FTSE 100 in March this year should also help it to appear on more investors’ radar. Questor says “Buy”.
The Guardian
Fed begins slow demise of its post-crash stimulus: The Federal Reserve has announced it will begin the great unwinding of the gargantuan stimulus programme it began close to a decade ago in the teeth of the worst recession in living memory.
More Ryanair cancellations likely as pilots reject cash to work on days off: Ryanair customers face the threat of a fresh wave of flight cancellations as the airline’s pilots prepare to reject an offer of a cash bonus if they give up days off.
U.K. shoppers continue to spend despite rising prices: Britain’s consumers continued spending after the summer sales, despite the steepest annual growth in non-food store prices in almost three decades.
Young people worst affected by debt crisis, say charities: Debt charities have reported a jump in the number of young people seeking help with bad debts as growing numbers of under-30s struggle to pay household bills, interest on bank overdrafts and rent arrears.
U.K. growth will trail Italy, France and Germany next year, says OECD: Italy, France and Germany will grow faster than Britain next year as Brexit uncertainty continues to weigh on consumer confidence and deter much-needed business investment, according to the latest economic forecasts by the Organisation for Economic Cooperation and Development.
Daily Mail
U.K.’s oldest brewer Shepherd Neame toasts stellar full-year results with ale sales rising 20%: Shepherd Neame, which owns around 327 pubs in the U.K. and brews its own beers, saw sales of its Whitstable Bay ale jump by 20.5% in the year ended June 24, while sales of its Spitfire brand grew by 2.2%.
Specialist insurer Hiscox hires former GCHQ boss Robert Hannigan: Specialist insurer Hiscox has recruited the former boss of GCHQ as it looks to keep pace with the world’s biggest cyber threats. Robert Hannigan, ex-Director of Britain’s biggest intelligence agency, will be a special adviser on cyber security.
Ban on phone firms charging customers to stop nuisance calls will cost BT £10 million a year: BT faces losing more than £10million a year after a ban on charging customers to see callers’ phone numbers. Under new rules introduced by telecoms watchdog Ofcom, firms must scrap fees for caller-display services from October next year.
Car giants exposed to £355 billion debts as lending for finance deals doubles in decade since the financial crisis: Lending by some of Europe’s biggest car makers has more than doubled – to an estimated £355 billion – in the decade since the financial crisis.
Zara boasts another year of stellar sales growth as reversible kimonos and pearly jumpers fly off the shleves: The Spanish fashion chain’s autumn and winter collections flew off the shelves in the first half of the year, with the company reporting a sales increase of 12%.
Daily Express
‘Vulnerable’ pensioners robbed of £40 million by new breed of fraudsters: Vulnerable pensioners have been robbed of more than £40million by a new breed of crooks exploiting new pension freedoms.
French Connection shrinks losses by 30%: Losses down to £5.7 million: French Connection says it has made “significant steps” in returning to profit after strong wholesale operations helped half-year losses to shrink by nearly 30%.
Banks are ‘afraid’ of the ‘volatile’ digital currency Bitcoin, says wealth advisor: CEOs of U.S. banks are ‘very afraid’ of Bitcoin, a wealth advisor has revealed. The comments came as JPMorgan CEO Jamie Dimon publicly denounced the virtual currency Bitcoin as a “fraud”. He claimed the original cryptocurrency was “just not the real thing” and that it would “eventually be closed”
Tata Steel to merge with Germany’s Thyssenkrupp with 4,000 U.K. jobs at risk: Tata Steel has taken the first step to merge with Germany company Thyssenkrupp with 4,000 jobs under threat.
U.K.’s most famous fund manager Neil Woodford’s star status under threat: Neil Woodford is the U.K.’s most famous fund manager, but his star status is under threat after a disastrous year. Hundreds of millions have been wiped off the value of his flagship fund, CF Woodford Equity Income, after a string of bad investment calls, forcing a rare public apology.
The Scottish Herald
Tax dispute drags on for Edinburgh oil and gas firm: Cairn Energy is facing fresh frustration in India where the timetable for the resolution of a bitter tax dispute the company says has cost it more than a billion dollars (£0.75 billion) has slipped.
Most economists now believe rise in interest rates is just weeks away: Most economists now expect the Bank of England to raise benchmark U.K. interest rates at the Monetary Policy Committee’s next meeting in November, a survey has revealed.
Sharp rise in oil prices may hit recovery, Keiller warns: North Sea veteran Bob Keiller has warned that a sudden upswing in global oil prices would be damaging for the long-term health of the sector, as he declared there are signs of recovery in the Aberdeen economy following the downturn sparked by the fall in crude prices in late 2014.
Atlantis Resources says MeyGen will hit full production in October: Atlantis Resources, the tidal power group, has signalled that its Meygen Phase 1A project in the Pentland Firth will be fully operational in a matter of weeks.
India highway ban hampers Diageo drive: A ban on sales of liquor next to highways in India is expected to put a dampener on Diageo’s first half performance.
Scottish Enterprise launches scale-up support initiative: Companies identified as having the potential to turnover upwards of £100 million are to be supported by an enhanced service launched by Scottish Enterprise, writes Kevin Scott.
The Scotsman
House of Fraser ‘optimistic’ despite tumbling into red: Jenners owner House of Fraser has given an upbeat outlook despite its earnings coming under strain after the launch of a new web platform and “significant discounting”.
Mitie to axe 480 jobs as part of cost-cutting drive: Outsourcing giant Mitie is to axe about 480 jobs as part of its turnaround plan as it warned over higher-than-expected costs of its overhaul.
Training software developer Administrate inks U.S. deals: Training software outfit Administrate has secured fresh deals with two U.S. companies as it prepares to host its latest education technology conference.
Canopies maker 123v eyes sunnier growth with investment: A family-run manufacturing firm is targeting overseas markets after doubling production capability with a six-figure investment.
Harris Tweed specialist sews up deal with Italian giant: A producer of prestigious Harris Tweed is looking to expand its presence in Europe after inking an agreement with a top global textiles production and marketing company.
Recruitment specialist iMultiply eyes more takeovers: Finance and accountancy recruitment agency iMultiply is on the search for more acquisitions following its recent takeover of a Glasgow-based rival.
City A.M.
Pub industry rallies around Wetherspoon’s call to lower tax burden on British pubs: Prominent voices in the licensed premises sector rallied around calls for the government to reduce the tax burden on British pubs, warning that pubs are at risk of closure without action.
Thomas Cook pilots to go on strike while Ryanair faces Italian competition authority investigation: Thomas Cook pilots will go on strike this Saturday after talks to resolve a pay dispute fell through, according to the Press Association.
Sanjeev Gupta’s GFG Alliance buys renewable firm to power its Australian steel business: British billionaire Sanjeev Gupta’s GFG Alliance has snapped up a majority stake in Australian renewable energy firm Zen Energy as it looks to increase electricity supply for its Arrium steel business.
The business behind websites such as Superdry and Kate Spade has seen eye-popping revenues after a winning acquisition: Aim-listed Attraqt, a visual merchandising business which has worked on websites for business including Kate Spade, Screwfix and the Tate, has seen an eye-popping increase in revenues after making an attractive acquisition.
New customs processes for EU trade could cost U.K. aerospace and defence sectors £1.5 billion a year, warns trade body: Introducing new customs processes for trade with the European Union (EU) could add around £1.5 billion in annual costs to the U.K. aerospace, defence, security and space sectors, an industry body warned.