Newspaper Summary
The Times
Harvey Nichols seeks new look with management reshuffle: The former Burberry Executive who took over the running of Harvey Nichols nearly four years ago is stepping aside to take a new role at the company.
Turkey threat to shut tap on Kurdish crude lifts oil price: The oil price climbed above $58 to its highest point in more than two years as the President of Turkey threatened to “close the tap” on Kurdish exports and analysts suggested that the full force of supply cuts was now being felt.
Workers choose job security over pay amid Brexit worries: Uncertainty among workers over how the economy will fare during Brexit talks is easing the pressure on businesses to increase wages, according to Hays.
Ultra Electronics makes waves with £37 million Royal Navy contract: Ultra Electronics, the defence contractor, has won a £37 million from BAE Systems Maritime-Submarines for the final development and production of a hybrid electric propulsion system for the Royal Navy.
Yotel lines up more rooms with a view: Yotel is to push the button on worldwide expansion after securing a $250 million investment from Starwood Capital.
Britain is the technology capital of Europe, GP Bullhound’s Titans of Tech report finds: Britain remains the technology capital of Europe and is home to 22 of the 57 European startup businesses in the sector valued at upwards of $1 billion, more than any other country.
Indivior reaches patent deal to protect Suboxone addiction treatment: Indivior has reached a settlement with an American generic drugs rival in its latest attempt to protect its drug addiction treatment from competition.
Hurricane Energy oil development gets go-ahead: Regulators have approved Hurricane Energy’s plan to develop part of its Lancaster field to the west of Shetland. About $500 million will be spent on what is seen as a key development for the area.
The Independent
Uber to deny it is part of the ‘gig economy’ in appeal: Uber is seeking to overturn a landmark ruling ordering it to give drivers basic employee rights by claiming it is not part of the ”gig economy” and the judges who found against it were “factually perverse”.
Target enacts $11 minimum wage and commits to $15 by 2020: Target will pay its employees at least $11 an hour and plans to move toward a $15 minimum wage, putting the major retailer on track to realise a prominent liberal ambition.
Coal companies predict problems as Greens eye up coalition: The emergence of the Greens as likely powerbrokers in a future German government coalition could spell bad news for the country’s struggling car and coal power industries.
Philippines bans companies from forcing workers to wear high heels: The Philippines has banned companies from forcing women to wear high heels – a move that’s been hailed as a landmark victory against sexism by labour unions.
EU seeks to add more protection for casual workers: The European Commission wants more social protection and rights for casual workers, such as those in the “gig economy”, and others with non-standard contracts to try to tackle growing social inequality.
Uber petition to revoke London ban reaches 730,000 signatures: Uber collected over 730,000 signatures by Monday to protest London’s decision to not renew the company’s taxi license, a setback in one of its most lucrative markets.
McDonald’s workers accuse fast food chain of serious safety failings and ‘degrading’ treatment: McDonald’s workers have accused their employer of serious safety failings as well as “belittling and degrading” staff. Staff also said they had to borrow money because the fast food chain offered them insecure shifts and low pay, according to responses to a survey by campaign group, Organise.
The Daily Telegraph
EasyJet and Lufthansa emerge as preferred bidders of Air Berlin assets: Low-cost airline easyJet appears to have beaten its rivals IN snapping up parts of the insolvent European carrier Air Berlin.
Aston Martin extends partnership with Red Bull Racing as it mulls F1 engine deal: Aston Martin has become a title sponsor of Formula 1 team Red Bull Racing as the car company increases its participation in the sport.
Unilever bets £2 billion on booming Korean beauty trend: Unilever is splurging €2.3 billion (£2 billion) on a South Korean beauty business in the latest sign that the consumer goods giant is turning its focus towards its personal care division rather than its food business.
London’s financial industry moots post-Brexit court to ensure U.K. law doesn’t stray too far from EU rules: The City of London has “no appetite” for a bonfire of EU regulations after Brexit, representatives of U.K.-based financial firms said, as they unveiled plans for a dispute resolution body to limit how far British law can change after the U.K. leaves the bloc.
Google replaces Bing to become Apple’s default Siri search engine: Apple confirmed that its smart assistant Siri will now use Google rather than Bing for searches, in a sign of increasing integration between the two tech giants.
Trillions of pounds at risk without Brexit deal on derivatives, warns Bank of England: The Bank of England has called for special arrangements to be made in order to protect the U.K. derivatives market when it leaves the European Union.
The Guardian
City firms urge free trade agreement for financial services after Brexit: London and Frankfurt will lose out to New York and Singapore unless a free trade deal on financial services after Brexit is agreed, according to leading City businesses.
This summer was greenest ever for energy, says National Grid: The U.K. has set a new landmark for clean energy after the National Grid announced that the electricity powering the U.K.’s homes and businesses this summer was the greenest ever.
Uber apologises after London ban and admits ‘we got things wrong’: Uber’s Chief Executive has apologised for the taxi app’s mistakes in London and promised to change as the company fights a decision by the city not to renew its licence.
U.K. chip maker Imagination bought for £550 million by China-backed tech firm: Shares in Imagination Technologies have jumped more than 40% after the U.K. chipmaker announced a takeover by a China-backed private equity firm that was blocked by Donald Trump from buying a U.S. rival over national security concerns.
Daily Mail
Fast fashion firm Boohoo shares leap yet again after broker Panmure Gordon backs sales surge: No tears were shed by investors in Boohoo, with broker Panmure Gordon issuing an enthusiastic ‘buy’ note on the Manchester-based fashion website days before its first-half results.
MJ Gleeson Bosses scoop more than £3 million in dividends on back of Help to Buy: Bosses at MJ Gleeson have scooped more than £3million in dividend payments after Help to Buy spurred record sales of the constructor’s new homes.
Aldi profits fall by nearly a fifth as supermarket price war rages... but it’s still opening one store a week: Aldi’s profits tumbled by nearly a fifth as the supermarket price war took its toll. Sales in the U.K. and Ireland rose 13.5% to £8.7 billion in 2016, with the company enticing more than 1 million customers into its stores during the year.
U.K.’s green bank abandons Britain: Promise to back U.K. ditched in rush to privatise firm: The newly privatised investment bank that was founded by the Government to develop renewable energy in the U.K. has quietly ditched this country.
Deloitte becomes the latest victim of a cyber attack with hackers accessing the secret emails of blue-chip clients and U.S. government bodies: Accounting and professional services firm Deloitte has been hit by a cyber attack, with hackers accessing confidential details and plans from some of the group’s clients, including multinational blue-chip companies and U.S. government departments.
Daily Express
EU banking crisis to continue for years: European banks are expected to continue to struggle for a number of years, the latest analysis has indicated.
John McDonnell’s plan for socialist state Britain slammed by business leaders: Business leaders have condemned John McDonnell’s redprint to turn Britain into a socialist state at a cost of hundred billions to the taxpayer.
Lenders underestimating consumer debt crisis risks, Bank of England warns: Britain’s banks have been ordered to put aside an extra £10 billion by the Bank of England amid fears the huge jump in household debt could sink lenders in a downturn.
Labour’s state pension changes for women savaged by experts - It’s too late: Labour is pledging state pension changes for older women, but the plans announced at the party conference in Brighton have been attacked by high-profile critics.
Labour credit card plans won’t solve root of debt problems, experts insist: Labour has promised to cap interest payments on credit cards and personal loans, in a plan experts say fails to get to tackle the source of debt problems.
City of London is Bank of China’s best hope for ‘mammoth’ initiative: A Bank of China Executive has backed the City of London to help manage the risk posed by Beijing’s mammoth infrastructure programme, the Belt and Road Initiative.
Artisan gin craze boosts U.K. distilleries: The number of distilleries in the U.K. has increased by a fifth to 131 over the past year amid the growing popularity of artisan gin, a new report shows.
The Scottish Herald
Smart label to cut food waste could save shoppers £150 million: Technology developed at the University of Strathclyde could help shoppers save £150 million by reducing the 1.9 million slices of ham thrown out by Brits every day.
German election hangover weighs on currency markets: The pound pushed higher against the euro as the continental currency suffered a hangover from the weekend’s German general election.
Dunedin firm Alpha reveals plan to float on London stock market: Alpha Financial Markets Consulting, a strategic adviser to asset management firms, is to float on the stock exchange, bringing its short ownership by Edinburgh-based investment house Dunedin to a close.
BP launches biggest project of year so far: Oil major BP has fired the starting gun on a $16 billion (£12 billion) gas extraction project in Oman.
Optimism among financial services firms falls: Optimism in the financial services sector fell in the quarter to September, marking the sixth decline in the last seven quarters.
The Scotsman
Abellio makes £3.5 million loss in first year of ScotRail operation: Abellio ScotRail made a loss of £3.5 million after tax in its first full year of operating train services in Scotland, new accounts show.
Damian Green tells SNP ‘to get serious’ over Brexit: SNP plans to take control of agriculture and environment powers returning from Brussels after Brexit will “dismantle” the U.K.’s internal market, Theresa May’s deputy has claimed.
Scotland ‘fairest in the U.K.’ but still has £8k gender pay gap: Scotland’s gender pay gap for managers now stands at around £8,000, according to a study published.
Philip Hammond warns SNP over tax rises: Philip Hammond has stopped short of backing Theresa May to lead the Tories into the next election, insisting he would not be drawn on the “future leadership” of the party.
City A.M.
Heathrow Chief Executive says Labour is not backsliding on support for third runway: The Boss of Heathrow has said that Labour is not backsliding in its support for the airport’s expansion plans.
CML pumps £135 million into infrastructure for Premier Oil’s North Sea gas field: Gas infrastructure firm Cats Management Limited (CML) has revealed it will invest £135 million to build the infrastructure for Premier Oil’s Tolmount gas field in the North Sea.
Transport for London (TfL) has slashed its number of temporary workers by nearly half in a year: Sadiq Khan’s pledge to cut the numbers of temporary Transport for London (TfL) staff has taken off, with the number of agency workers down by nearly half in a year.
NMC Health wins regulatory approval for new medical centre in Saudi Arabia as expansion drive presses on: United Arab Emirates-based hospital operator NMC Health has received the green light to build its long-term care facility in Saudi Arabia.
Aim-listed Ceres Power jumps after successful trial of its fuel cell technology: Shares in Aim-listed Ceres Power have shot up after the company successfully completed a year-long trial of its SteelCell technology that proved it could offer reliable, deliverable power.
Botox maker Allergan announces $2 billion share buyback: Drugmaker Allergan unveiled a $2 billion share buyback programme. The Botox maker also reaffirmed its commitment to paying down its $3.75 billion (£2.78 billion) debt pile in 2018.