Newspaper Summary
The Times
Bell Pottinger Co-Founder quits after Gupta scandal: Piers Pottinger has stepped down as Chairman of Bell Pottinger’s Asian division after its formal separation from its disgraced British parent company ten days ago.
Rise in part-time work to blame for slow pay growth, says IMF: Wage growth may never recover to its level before the financial crisis because the structure of the labour market has changed, the International Monetary Fund claimed.
Compensate workers who lose jobs to globalisation, says WTO: Governments should compensate workers who are put out of a job as a result of globalisation, the World Trade Organisation has said.
Entertainment One shareholders rebel on pay: Entertainment One suffered a shareholder revolt over its Executive pay policy and plans to award its Boss three million shares.
Demand for beef helps to lift Cargill’s stock: Strong demand for beef in the United States and Canada and for chocolate across the world helped Cargill, the agricultural commodities trader, to report an improved quarterly profit.
Macron gives way on shipyard sale to Italy: Paris and Rome sought to end a diplomatic row with a deal for Italy’s Fincantieri to take control of France’s biggest shipyard.
Peer-to-peer lender plots a slow path to profit: Funding Circle’s revenues grew by 59% last year to £50.9 million as the peer-to-peer lender arranged more than £1 billion worth of credit for 10,000 small businesses.
Office space rent is still sky high: The cost of renting an office in a skyscraper in London is the highest in Europe. A report by Knight Frank found that rent for space in buildings taller than 30 storeys stood at $110 per sq ft in the first half of this year, showing no change from the previous six months.
The Independent
Waitrose recalls chocolate bars over fears they contain plastic: Waitrose is recalling four varieties of own-brand chocolate over fears that the bars could contain small pieces of plastic.
German Finance Minister Wolfgang Schauble to step down: The hard-line German Finance Minister, Wolfgang Schauble, is to leave his post, according to reports.
Up to 93% of U.K. firms risk losing licence to sponsor foreign workers: Up to 93% of businesses could lose their licences to sponsor migrant workers and many risk instant closure by the Home Office, new research has found.
Microsoft CEO: tech’s progress on gender equality ‘is not sufficient’: More women are working in Silicon Valley, showing that the tech industry has made progress that is “good, but not sufficient,” Satya Nadella, the Chief Executive of Microsoft, said Tuesday.
Business leaders accuse Corbyn of demonising the private sector: Business leaders have hit back at Jeremy Corbyn’s vows to crack down on corporations, including his commitment to raising taxes and to nationalising large chunks of the economy.
Brexit: U.K. economy falls down global competitiveness rankings: The U.K. has fallen down a global list of the most competitive nations and experts are warning that Brexit could see the country slip further.
Wetherspoons is banning plastic straws from its pubs: JD Wetherspoon has stopped automatically putting plastic straws in drinks, becoming the latest pub chain to put an end to the “wasteful” practice.
Samsung heir jailed for corruption set to begin appeal: Samsung vice Chairman Jay Y Lee on Thursday will begin an appeal of his five-year jail term for corruption, in a case highlighting South Korea’s issues with the family-run conglomerates that dominate the economy.
Ryanair says ‘sorry’ for cancelled flights with £40 vouchers: After cancelling more than 2,000 flights and disrupting the travel plans of one-third of a million passengers, Ryanair is now sending travel vouchers to those affected by the “mess up” of pilot rosters.
Google pulls YouTube from Amazon’s Echo Show device amidst public feud: In a rare public feud between large technology companies, Amazon said on Tuesday its Echo Show devices could no longer play videos from YouTube because the site’s parent, Google, stopped supporting the service.
The Daily Telegraph
Ryanair to cancel another 400,000 bookings: Ryanair is cancelling a further 400,000 bookings on 18,000 flights between November this year and March 2018, it has announced.
Carillion shares hit seven-week high on takeover rumours: Investors in troubled construction and support services company Carillion were handed a brief reprieve after speculation about a possible takeover bid stoked its share price to a seven-week high.
Amazon launches new generation of Echo speakers: Amazon has unveiled the next generation of its Echo smart speaker as it ramps up efforts to be at the centre of people’s homes.
Job loss fears as Siemens-Alstom merger approved to take on Chinese railway giant: German engineering giant Siemens and French rival Alstom are merging to create a new “European champion in the rail industry” – sparking fears of job losses and criticism from political opponents in France.
Hotel Chocolat profits double on back of ‘chocolate lock-ins’: Hotel Chocolat’s profits have doubled in the past year as “chocolate lock-ins” helped lure customers, and an investnent in a new truffle-making facility helped boost margins.
The Guardian
Theresa May to champion free market in Bank of England speech: A strong and properly regulated free-market economy is the only way to guarantee higher living standards, Theresa May will say as she contrasts her economic approach with the call for more state control made by Labour at this week’s conference.
Google price comparison site to compete with rivals for top search slot: Google’s price comparison service will compete with rivals for the right to appear at the top of the search engine’s home page, in an effort to comply with an European Union anti-trust ruling.
Ryanair may face legal action over flight cancellations: Ryanair is facing enforcement action from the Civil Aviation Authority for “persistently misleading passengers” about their rights, piling more woe on the no-frills carrier as it announced a second wave of flight cancellations that will affect 400,000 people.
HBOS must have known of Reading fraud, Thames Valley PCC says: The police and crime commissioner of Thames Valley police has claimed that HBOS must have known of the fraudulent activities inside its Reading branch as long ago as February 2008.
EasyJet says it could be flying electric planes within a decade: EasyJet could be flying planes powered by batteries rather than petroleum to destinations including Paris and Amsterdam within a decade.
VW’s Scania truck firm fined €880 million by EU for price fixing: The Swedish truckmaker Scania, which is owned by Volkswagen, has been fined €880 million (£770 million) by EU antitrust regulators for price fixing.
Daily Mail
Fund Boss Neil Woodford comes to AA’s assistance buying more shares to hike stock 6%: Troubled roadside assistance firm AA was helped back on track after receiving a major vote of confidence from fallen star fund manager Neil Woodford.
Softbank’s £820 million bet on Roivant Sciences hit after failed Alzheimer’s trial: An £820million bet on healthcare company Roivant Sciences by Softbank was dealt a blow after its subsidiary Axovant announced its treatment for Alzheimer’s disease did not work.
Ryanair abandons bid for Alitalia as flights crisis grows with more than 305,000 customers now affected: Ryanair has abandoned its bid for Alitalia after its ongoing shortage of pilots forced it to cancel thousands more flights.
EasyJet set to launch in-flight movies as part of a modernisation drive: EasyJet is to launch free in-flight movies as part of a modernisation drive. The budget airline is trialling entertainment on board, as well as making improvements to its automatic bag drops.
Sale of British chip maker Imagination Technologies to the Chinese nears as rival drops out of running: The sale of British chip maker Imagination Technologies to Chinese government-funded buyers edged closer after a rival bidder dropped out.
Boohoo shares slump 14% as investors are left unimpressed despite sales doubling at the online fashion store: Shares in online fashion retailer Boohoo.com fell by 8% this morning despite upgrading its revenue guidance after posting a set of buoyant results.
Daily Express
WEF issues global financial crash warning on TWO huge world powers: The fragile global economy is at risk of a crippling crisis, sparked by huge debt bubbles in China and India and a vulnerable banking system, the World Economic Forum (WEF) has warned.
Catalan independence referendum ‘is big risk to the euro’: The Catalan referendum over independence from Spain spells disaster for the euro, experts have warned with the vote set to take place on Sunday.
Harrison’s design flair proves a magnet for diners and drinkers: Hospitality design expert Philip Harrison reinvents bars and restaurants turning pokey places into money-spinners and bringing value in the shape of local colour to international chains.
Pound rises against euro amid latest Brexit talks and retail sales: The pound is back at two-month highs against the euro, boosted by strong retail sales, as the latest Brexit talks appear to show the European Union and the U.K. are still in a stalemate over trade negotiations.
Card Factory shares plunge 18% despite rise in sales: Card Factory delivered a blow to investors as shares plunged 18% after profits were squeezed by higher wage costs and a weaker pound.
AA acting Boss motors into CEO job after firing of last Boss: The AA has appointed acting Boss Simon Breakwell as permanent Chief Executive after dismissing Executive Chairman Bob Mackenzie.
The Scottish Herald
Trump administration ‘unlikely’ to achieve target: The North American Income Trust’s Chairman has declared achievement of a four% target for annual U.S. growth set out by President Donald Trump’s administration “seems unlikely in the medium term”.
London market rebounds as geopolitical concerns subside: LONDON’S top-flight index regained its poise as investors brushed aside geopolitical concerns.
English invasion drives profit increase at Irn-Bru maker: Accelerated growth south of the Border has helped AG Barr to increase half year sales, while the company confirmed a new Irn-Bru recipe will hit shops in January.
Perth PR firm targets £1 million turnover: A Perth-based public relations and marketing agency has revealed its ambition to lift turnover beyond the £1 million mark over the next 18 months as it seeks to expand its geographical footprint.
Whisky firm heralds big advance after tech tie-up: Ardnamurchan Distillery has revealed that purchasers of its Highland Scotch whisky will be able to access key information on the product thanks to a tie-up with arc.net, the tech firm with branches in Edinburgh and Belfast.
The Scotsman
Havelock Europa Chief David Ritchie quits as losses widen: Fife-based shopfitting and interiors group Havelock Europa said that Chief Executive David Ritchie had resigned with immediate effect as it unveiled wider first-half losses.
MoD threatens to stop buying from Boeing over Bombardier spat: The Ministry of Defence has threatened to stop buying military equipment from Boeing in an escalating U.S. trade dispute that has put thousands of U.K. jobs at risk.
Sharkey builds portfolio with Dundee and St Andrews projects: Sharkey, the Edinburgh-based firm that specialises in fit-outs and refurbishments, is continuing to build its credentials in the hotels and leisure sector.
Technology accelerator Ignite touches down in Scotland: Digital technologies accelerator Ignite is this week making its first dedicated visit to Scotland with a view to selecting more start-ups to join its programme.
John Clark Motor Group turnover keeps on driving ahead: John Clark Motor Group, one of Scotland’s biggest car dealerships with a strong focus on the North-east, has battled the downturn in the oil industry with its turnover doubling over the past five years.
Housebuilder Cruden Group hails £200 million sales milestone: One of Scotland’s biggest independently owned construction and residential development businesses unveiled its 18th successive year of profitable trading, hailing the 2017 performance as “fantastic”.
City A.M.
U.K. car manufacturing falls as domestic demand and exports dip: U.K. car manufacturing output fell in August for the fourth month this year, as domestic demand dropped and exports dipped.
SSE foresees £150 million profit hit but shares hold steady: Energy and telecoms supplier SSE warned it was expecting a £150 million hit to its adjusted operating profits in one division ahead of its first-half results in November.
Used car startup Tootle drives off with £2.5 million of venture funding led by Hambro Perks: Online platform Tootle, which aims to enable customers to sell their used car for the best price possible directly to dealers, has nabbed £2.5 million in venture capital funding.
FTSE 250 firm Spire Healthcare appoints new Chief Exec: Spire Healthcare has appointed Justin Ash as its new Chief Executive officer, the FTSE 250 firm announced.
Disney-backed online content platform Playbuzz scores $35 million in latest funding round: The round more than doubles existing investment in the company to $66 million, with backers including Disney and Saban Ventures. The Series C funding was led by tech-focused private equity group Viola Growth.