Newspaper Summary
The Times
Britain risks failing anti-corruption test: The government faces embarrassment over its anti-corruption record after campaign groups walked out of a U.K.-led scheme to promote transparency in poorer countries.
Florida and Caribbean hurricanes leave Tui profits unscathed: Hurricanes in Florida and the Caribbean may have wrecked thousands of dream holidays but they failed to blow the profits of Europe’s biggest tour operator off course.
Paddington is given a hard stare: An activist investor agitating for a takeover of Entertainment One joined the rebellion over the company’s Executive pay, it has emerged.
Midatech fundraising sparks investor sell-off: A cancer research company backed by Neil Woodford has turned to investors for a second time in less than a year ahead of an impending funding squeeze.
Chapel Down finds its prayers answered: It’s been called the Garden of England and that is what it’s turning out to be for Chapel Down. The Kent-based wine and beer maker has reported a 29% rise in own-label wine sales to £3.4 million in the six months to the end of June.
Boohoo Boss laughing after share sale: Carol Kane has sold nearly £11 million of shares in Boohoo.com, the aggressively expanding online retailer that she co-founded.
Osborne’s family business takes a pasting from fall in sterling: The slide in the pound since the Brexit referendum vote almost wiped out annual profits at the family firm of George Osborne.
U.S. economy expands faster than expected: The American economy expanded faster than previously thought in the second quarter to mark its best showing since the start of 2015.
Gloom lifts among Bosses: Business confidence is rising but still at its second-lowest level this year, according to the latest survey from Lloyds Bank’s business barometer.
The Independent
Renewable electricity sets new U.K. generation record: Nearly a third of all U.K. electricity came from renewable sources in the second three months of this year, setting a new record for clean energy generation, the Government has revealed.
U.K. consumer confidence picks up in September: Consumer confidence picked up slightly in September, but remains close to the lows hit in the wake of the June 2016 Brexit vote, according to the latest snapshot of U.K. sentiment.
Royal Mail seeks 20,000 recruits to help deliver Christmas presents: Royal Mail is seeking to employ 20,000 temporary workers to help sort the Christmas post and manage an increasing amount of online Christmas shopping, the company has said.
Businesses are lacking ‘awareness and understanding’ of the apprentice: One in four firms paying the apprenticeship levy does not understand how the new system works, a study has found.
Ford considers building electric van in Germany: Ford is considering building the electric Streetscooter minivan developed by German logistics firm Deutsche Post as both companies explore ways to expand the project, a senior official of the carmaker in Germany said.
CBI and TUC urge Government to stop ‘playing human poker’ with EU citizens: The leaders of the Trades Union Congress and the Confederation of British Industry have launched a fresh call for the Government and EU negotiators to guarantee citizens’ rights after Brexit.
Rising beer prices are turning pubs into an ‘unaffordable luxury’: Going to a pub is becoming an “unaffordable luxury” as increasing numbers of drinkers believe the price of a pint is too expensive, according to a new report.
The Daily Telegraph
Concerns mount over future of Bridgend Ford jobs as JLR cancels engine contract earlier than expected: The future of Ford’s Bridgend plant has been thrown into further doubt after luxury car maker Jaguar Land Rover revealed it was bringing forward the end of a contract to produce engines at the Welsh site.
Manchester soars as London records real house price falls: House price growth in Manchester, Birmingham and Edinburgh is soaring ahead of the biggest cities in the U.K. as London’s property market drags down the rest of the country, according to Hometrack.
Toshiba offloads its memory chip arm with $18 billion deal to ease woes: Toshiba has brought a torturous eight-month saga over the future of the Japanese giant close to an end by signing the $18 billion (£13.4 billion) agreement to sell its memory chip business to a consortium including Apple.
Twitter has suspended hundreds of Russian-linked accounts: Twitter said it had suspended hundreds of Russian-linked accounts and would ramp up enforcement of its spam rules as it probes online campaigns to influence the 2016 U.S. election.
Brighthouse hoists ‘for sale’ sign amid financial woes: Struggling rent-to-own retailer Brighthouse has hoisted a ‘for sale’ sign over the business amid mounting financial pressures.
Icap Founder Michael Spencer splashes out on a stake in premium Gilpin gin company: City veteran Michael Spencer has splashed out on a stake in Westmorland Spirits, the owner of a premium gin brand made with unusual ingredients.
The Guardian
U.K.’s top supplier of supermarket chicken fiddles food safety dates: The largest supplier of chicken to U.K. supermarkets has been tampering with food safety records in moves that could dupe consumers into buying meat past its use-by date.
Uber licence withdrawal disproportionate, says Theresa May: Theresa May has said the decision not to renew Uber’s London licence is disproportionate, and accused the mayor, Sadiq Khan, of putting thousands of jobs at risk.
BlackBerry shares soar by 12% as software sales hit record: The transformation of BlackBerry from a bombed-out, loss-making smartphone maker to a new-look software firm appears to be working: the Canadian business has reported better-than-expected quarterly profits, boosting its shares by more than 12%.
Ikea enters gig economy by buying freelance labour firm TaskRabbit: Ikea has bought the gig economy odd-jobs company TaskRabbit, becoming the latest retailer to move into offering services alongside products.
Brompton recalls nearly 150,000 folding bicycles over axle fault: The British manufacturer Brompton has embarked on an unprecedented recall of nearly 150,000 of its folding bikes over concerns about faulty axles.
Lloyd’s of London starts paying out $4.5 billion of Harvey and Irma claims: Lloyd’s of London, the world’s biggest insurance market, has started paying out the first of $4.5 billion (£3.6 billion) of claims related to tropical storm Harvey and Hurricane Irma, which wreaked havoc in the southern U.S. and Caribbean.
Daily Mail
Tech firm Telit Communications shrinks 5% with its Boss still on the run from U.S. authorities: Tech company Telit Communications cut its earnings forecast yesterday, still reeling from the loss of its Chief Executive over the summer following the revelation that he was on the run from U.S. authorities.
Trump goes to war with World Trade Organisation as May warns U.S. over Boeing bust-up: Donald Trump has been accused of waging war on global trade rules as Theresa May warned of ‘creeping protectionism’ around the world.
Profits fall 20% as online sales fail to offset drop in footfall to stores: Profits at H&M have fallen 20% as it struggles to keep up with fast-paced changes in online fashion shopping.
Cigarette firm Imperial Brands comes to the aid of Palmer & Harvey: One of Britain’s biggest wholesalers is on the brink of a takeover after cigarette firm Imperial Brands injected emergency cash to help pay its debts.
Brains behind Foxy Bingo gambling site pocket £12 million selling a combined 1.5 million shares: The men behind gambling site Foxy Bingo have made £12.3 million by selling shares granted in a long-term investment plan.
Wonga’s losses narrow to £64 million as revenues rise and group continues its quest to win back customer trust: Payday lending firm Wonga has seen its annual losses fall from £80.2 million in 2015 to £64.9million, with the group saying it is on track to make a profit in 2017.
Daily Express
Exchange rate fluctuates as Davis hails progress in Brexit talks: After initially tumbling against the euro this morning, the pound has mounted a quick recovery as Brexit Secretary David Davis spoke of the “decisive steps forward” made in the latest round of Brexit negotiations.
Mortgage warning: Repayments set to leap as rates forecast to rise above 3%: Mortgage bills are set to jump and house prices will be hit as rates rise over the next two years, a top economist group has warned.
Bank of England can’t do everything! Carney: BoE can’t be expected to nullify Brexit hit: Bank of England Governor Mark Carney has once again outlined a gloomy picture for Britain’s future as the U.K. prepares to leave the European Union - and warned that policymakers have limited means to offset Brexit risks.
Share price sinks as airline scraps 18,000 flights: Ryanair’s share price has plunged, after the airline cancelled 18,000 flights in the latest blow to its customers. Ryanair said disruption from the cancellations will now last until March 2018.
Car exports drop 5% from last year following fall in demand: A fall in export demand led to car output slipping into reverse last month. The Society of Motor Manufacturers and Traders (SMMT) said 103,232 vehicles rolled off production lines in August, down 5.3% from last year.
The Scottish Herald
Scottish exports grow at faster rate as tourism buoyant, survey reveals: The Scottish economy showed modest growth in the latest quarter, with businesses recording the sharpest rise in exports for three years as production and tourism businesses benefited from the weak pound, a survey shows.
Growth in profits for fresh produce business: Produce Investments, the Borders-based potato and daffodil grower, has reported a near 90% increase in pre-tax profit to £6.6 million as revenue passed the £200 million mark.
London market ahead after Donald Trump’s speech on tax reforms: The London market eked out marginal gains on Thursday as blue-chip firms with hefty American operations enjoyed a lift after U.S. President Donald Trump revealed a plan for sweeping tax reforms.
Losses made at TV firm behind Scot Squad and Still Game: The producer of TV shows including Still Game, Chewin’ The Fat, Scot Squad and Limmy’s Show, has increased revenue by 11%, and narrowed pre-tax losses to just £65,000.
Profits fall at Hunter Boot amid U.S. retail challenges: Hunter Boot, the company behind the upmarket Wellington boot brand, has reported a fall in underlying earnings amid challenges in the U.S. department store channel and investment in its operational infrastructure, writes Scott Wright.
Oil and gas downturn blamed for gym group entering administration: A fitness business based in Peterhead has been placed in administration with the loss of eight jobs after cash flow was hit by the oil and gas downturn in the north-east.
Law firm Lindsays in pledge to stay independent: The managing partner of Lindsays has signalled the law firm’s determination to remain independent, while predicting the “unprecedented” change which has swept through in the Scottish legal sector since the financial crash years is going to continue.
Football tour firm targets Chinese market: A Glasgow-based company which puts together tours for schools and corporate clients to attend Premier League football matches has expanded into the Chinese market.
The Scotsman
Sarwar family firm sees turnover increase to £234 million: United Wholesale, the Glasgow-based cash-and-carry empire, has booked a rise in annual turnover while profits have held steady.
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.
Lab business opens lid on multi-million-pound Livingston facility: A global group of laboratories present in more than 40 countries has unveiled a new facility in Livingston, set to be one of the largest of its kind in the U.K., and after investment of £4 million.
First fully electric public buses in Edinburgh unveiled: The first fully electric public buses to serve Scotland’s capital have been unveiled as part of efforts to cut emissions by more than 40%.
Microbrewer Fierce Beer wins £400k investment: A Scottish microbrewery has announced it has attracted £400,000 of investment following a successful first year in business that will enable it to double its brewing capacity.
SSE repeats profit warning in latest trading update: Scottish energy supplier SSE has repeated warnings over a hit to profits in spite of a better-than-expected performance in its retail gas and electricity arm.
City A.M.
BT multi-billion-pound pension bill threatens dividend, says ratings agency: Telecoms giant BT is facing a £2 billion cash bill over the next two years in order to ease the concerns of its pension trustees, a leading ratings agency said.
Shell’s new energies unit invests in innovation for the energy transition: Royal Dutch Shell is working to deliver more clean energy solutions including “smart charging” for the energy transition, the company’s head of new energies said.
Ikea opens its 20th U.K. store: Ikea has opened its 20th store in the U.K. in Sheffield. The Swedish furniture giant, which has been in the U.K. for 30 years, has created more than 480 new jobs with its Sheffield store and the Swedish ambassador Torbjörn Sohlström attended the opening.
£1 billion Northern Line extension under threat as TfL fails to reach a deal with Battersea developers: A critical part of Transport for London’s (TfL) £1 billion extension to the Northern Line may remain mothballed until it can resolve a dispute over financing with Battersea Power Station’s developers, one of its Chiefs said.
Moss Bros battles inflationary pressures and rising labour costs to deliver profit rise: Suit retailer Moss Bros unveiled a solid rise in sales and profits this morning, but warned that it is coming under intense pressure due to climbing costs.
Weak pound and summer holiday boom give travel caterer SSP a boost: Shares in travel food operator SSP jumped more than 6% as the group said it was likely to benefit even more than expected from the weaker sterling.
BI fine wine and spirits merchant teams up with NEX CEO to take a stake in London gin brand: Fine wine and spirits merchant BI has teamed up with Michael Spencer, Chief Executive of NEX Group to take a joint 25% stake in Westmorland Spirits.