Newspaper Summary
The Times
Business leaders launch attack on Tory policies: Businesses rounded on the Conservatives after a “let down” of a conference season that left them confused about the government’s free market principles, questioning its economic strategy and increasingly worried about Brexit.
PepsiCo feels the chill as Americans sour on sugary drinks: A shrinking appetite for Pepsi, Gatorade and Mountain Dew in North America weighed on PepsiCo in the third quarter as drink sales in the region fell for the first time in two years.
Dealerships braced for crash in new car sales: Ministers and the motor trade are bracing themselves for the worst new car sales figures since the recession.
Insiders feared Tesco black hole would hit £700 million: A whistleblower caught up in an accounting scandal at Tesco said that a commercial Director had told the company’s U.K. Boss that he was worried about being sent to prison.
Royal Mail: Christmas strike is non-starter: Royal Mail has claimed that a national postal strike at Christmas is unlikely and that there would definitely be no walkouts around Black Friday, the new pre-festive season internet shopping and e-commerce delivery bonanza at the end of November.
Buy-to-let lender hit by investor sell-off: OneSavings Bank, the lender which specialises in mortgages for buy-to-let landlords and small businesses came under pressure after announcing that its single biggest investor was selling another tranche of shares.
Housing slowdown puts a crack in Topps Tiles profit: A lacklustre housing market continues to bedevil Topps Tiles, which has warned again that revenues and profits for the full year will be lower than expected.
The Independent
BBC investigation into equal pay finds ‘no systematic’ discrimination: The gender pay gap across the BBC is just over 9% - half the national average - and there is no “systemic” gender discrimination in the organisation, a review has found.
Buffett condemns Trump tax plan that would make rich even richer: Warren Buffett has attacked U.S. President Donald Trump’s plan to slash taxes for companies as well America’s richest individuals.
EU takes Ireland to court over $15 billion Apple back taxes: The European Commission has announced that it is taking Ireland to the European Court of Justice, its highest court, over the country’s failure to recover up $15 billion (£11.3 billion) in back taxes from tech giant Apple.
IEA lifts five-year renewable energy forecast following record 2016: The International Energy Agency (IEA) has raised its forecasts for renewable energy over the next five years following a record 2016, mainly driven by a surge in solar photovoltaic (PV) capacity in China, India and the United States.
Major companies fail to disclose slavery risks, warn U.K. experts: Some of the world’s top brands including confectioners, jewellers and cosmetics giants are failing to disclose slavery and trafficking risks in their operations and supply chains, British anti-slavery experts said on Wednesday.
Ivanka Trump’s business in China shrouded in secrecy: It is no secret that the bulk of Ivanka Trump’s merchandise comes from China. But just which Chinese companies manufacture and export her handbags, shoes and clothes is more secret than ever, an Associated Press investigation has found.
The Daily Telegraph
Onshore wind poised for a comeback as Tories warm to lower costs: Onshore wind power projects could make a return to the hard-fought competition for subsidies as Conservative Energy Ministers warm to turbines following sharp falls in offshore wind costs.
Merlin said to have approached SeaWorld over possible deal: Merlin Entertainments, the owner of Legoland and Thorpe Park, has reportedly made an offer for part of SeaWorld’s business.
Airbnb looks to grab bigger slice of business trip market: Airbnb is looking to grab a larger slice of the business trip market in partnering with WeWork to offer those staying in accommodation listed on its website the option to rent a desk in their nearest office.
Big pharma’s High Court challenge to NHS drug pricing powers thrown out: A judicial review challenge mounted by big pharmaceutical firms against NHS drug pricing powers has been thrown out by the High Court.
Hut Group continues spending spree with Illamasqua cult beauty brand: Fast-growing online retailer The Hut Group has continued its spending spree by splashing out on cult beauty brand Illamasqua in a deal understood to be worth £25 million.
McColls Founder steps down amid speculation about Palmer & Harvey rescue: The Co-Founder of convenience store chain McColls has stepped down from the board and sold his entire remaining stake for £33.6 million as he gears up to lead a rescue of embattled wholesaler Palmer & Harvey.
Soaring rates of ‘shadow banking’ add to fears of Chinese debt, warns World Bank: Fears that the steep growth of shadow banking could trigger a debt crisis in China’s have been highlighted by the World Bank.
The Questor Column:
Update: Revolution Bars: Revolution, the bars chain, has featured frequently in this column as a result of some extreme swings in its share price: it fell sharply following a profits warning in May but recovered those losses when the outlook improved and Expressions of interest in buying the group emerged from two other businesses, Stonegate and Deltic. Throughout the saga we advised readers to hold on to the shares, most recently at 176.5p on Aug 2, on the basis that the company’s growth strategy looked sound. Full-year results published were good, with adjusted profits before tax exceeding expectations with a 25pc rise. But the shares barely reacted, reflecting the fact that the actions of Stonegate and Deltic are now more significant for shareholders. So far only 4pc of investors have accepted Stonegate’s offer of 203p in cash, while Deltic has until Oct 10 to come up with a firm proposal. One major backer of Revolution in the past, Mark Slater of Slater Investments, has already sold his stake. Questor says ‘Sell’.
Update: Anglo American: Our tip turns out to have been exceptionally well timed: the shares have risen by 45.5pc in the three-and-a-bit months since. Such rapid gains always prompt ideas of banking the profit, so we asked Lang what he was doing with his stake in the company. Questor says ‘Hold’.
The Guardian
Guinness brewery site in Dublin tapped for redevelopment: Diageo, the owner of Guinness, is planning to redevelop part of the brewer’s Dublin site, renovating the historic buildings in a scheme to create offices, shops, hotels and housing.
Monarch collapse: union launches legal action over redundancies: The Unite union has launched legal action on behalf of more than 1,800 Monarch staff who were laid off, in a move that could add millions to the taxpayers’ bill for the collapse of the airline. Unite, which represents engineers and cabin crew who worked for the airline, said the company had broken the law by failing to consult on redundancies.
Asda ‘comes to the rescue of drivers’ with 2p petrol price cut: Three U.K. supermarket chains are cutting the price of unleaded petrol after a drop in wholesale costs.
EU transition deal is needed quickly to stop City firms leaving U.K., says Bank Official: A top Official at the Bank of England has warned the government it has less than 12 weeks to agree a transition deal with the EU to prevent City firms starting to move jobs and business out of the U.K.
ECB asks banks to set aside more cash for bad debt amid €1 trillion problem: The European Central Bank is attempting to put a lid on the near €1 trillion (£886 billion) of bad debts stored in eurozone banks by asking lenders to be more prudent about the way they handle new customers falling behind on repayments.
Tesco vows to keep Willow Farms brand despite chicken scandal: Tesco has pledged to continue with its “exclusive” Willow Farms poultry brand despite a hygiene scandal at the factory supplying the product and identical chicken being sold more cheaply by rival Lidl.
Daily Mail
Britain clocks up a fifth quarter of growth since the Brexit vote: Britain has clocked up a fifth quarter of growth since the Brexit referendum in June last year. IHS Markit said a pick-up in the services sector last month put the economy on course for growth of 0.3% in the third quarter of the year.
Ford’s new Boss plans for an electric car future by using more automation to cut costs by £10.5 billion: Ford has begun steering away from building traditional cars to keep up with rivals that have embraced interconnectivity and greener engines. It is also using more automation in manufacturing to cut costs by £10.5 billion, and will introduce built-in connectivity to 90% of its cars by 2020.
MPs to investigate government’s role in dispute with Boeing: The Government’s role in the trade dispute between U.S. aerospace giant Boeing and Canadian rival Bombardier is being investigated by MPs.
Former Uber Chief’s voting powers are weakened as board votes unanimously for corporate governance changes: Former Uber Boss Travis Kalanick’s grip on the boardroom was weakened. Corporate governance changes were voted for unanimously by the board, including Kalanick – who was ousted as Chief Executive in June even though they dilute his voting rights.
Shell pulls out of £677 million deal to sell Thailand gas fields to Kuwait: Shell has pulled out of a £677 million deal to sell its Thai gas field stakes to Kuwait. The sale to Kuwait Foreign Petroleum Exploration Company (KUFPEC) was due to be completed this year, but certain terms could not be agreed.
Daily Express
Tesco Boss declares supermarket’s turnaround is ‘on track’ as dividend payout announced: Tesco Boss Dave Lewis declared its turnaround was “firmly on track” as the supermarket announced its first dividend payout for three years alongside a 27% jump in half-year profit.
Theresa May confirms energy cap sending Centrica share price plunging: Energy giants have suffered a dramatic fall in share prices after Theresa May confirmed bills would be capped in a speech at the Conservative Party Conference.
Pound rises as Brexit fears calmed by Theresa May and economy data: The pound bounced back from a two-week low against the euro, after data showed the economy remains robust ahead of Brexit, while Prime Minister Theresa May gave a speech to the Conservative Party Conference.
Spain’s stock market sinks as King Felipe raises tensions: Spain’s stock market sank further on Wednesday, as King Felipe inflamed tensions over Catalonia’s independence referendum and experts warned chaos sparked by the vote was worryingly similar to events at the height of the eurozone debt crisis.
Revolution Bars hit by profit slump amid takeover tussle involving Slug and Lettuce owner: Revolution Bars has blamed the weather as it approaches a likely change of ownership with a trading hangover after annual pre-tax profit fell by 29.4% to £3.6 million.
Colman’s Mustard could leave Norwich after 200 years as Unilever considers factory closure: Colman’s Mustard could leave Norwich after more than 200 years in the area, its owner Unilever warned. Soft drinks maker Britvic, which shares Unilever’s site, announced plans to transfer production of Robinson and Fruit Shoot to east London, Leeds and Rugby.
The Scottish Herald
Scots start-up targets U.K. capital: A Glasgow start-up behind a video platform used by recruitment agencies has set a £500,000 target from its first fund-raising drive.
Scots SMEs forecast to hike economic impact: The economic contribution made by small and medium-sized enterprises (SMEs) in Glasgow and Edinburgh has been forecast to rise by 18% in both cities been 2016 and 2025.
Weak economic expansion signalled by services survey: Growth in the U.K.’s dominant services sector remained lacklustre in September, as the rates of increase of new business and employment slowed, a key survey shows.
Scottish coffee company raises profit despite impact of sterling’s Brexit woes: Glasgow-based coffee roaster Matthew Algie has achieved a modest rise in profits, in what it described as a “fiercely competitive” market.
Instagram rights firm secures £250,000 in seed funding: A start-up company which aims to help broadcasters and publishers obtain the digital rights to Instagram photographs has secured almost £250,000 in seed funding.
Edinburgh gin Pickering’s on course for sales record: Pickering’s, the Edinburgh gin distiller, has declared it is on track to ramp up turnover four-fold to £4 million in its current financial year.
The Scotsman
EU orders Amazon to pay £221 million in taxes over ‘sweetheart deal’: Amazon has been ordered to pay around 250 million euros (£221 million) in back taxes after the European Commission ruled it received “illegal tax benefits” under a sweetheart deal with Luxembourg.
Scots economy falls behind U.K. with 0.1% growth: Scotland’s fragile economy has suffered another period of weak growth after GDP grew by just 0.1% between April and June this year, it has emerged.
Wilko to open new store in Edinburgh: Home and garden retailer Wilko, is to open a store in the Capital. The company has signed a lease for a new 8,900 square foot store at Fort Kinnaird Shopping Park in Edinburgh.
Tesco sees surge in half-year profits and rising sales: Supermarket giant Tesco has reported a surge in half-year profits and rising sales as it hailed efforts to keep prices low amid Brexit-fuelled inflation.
City A.M.
Designer homeware site Made.com turned a profit in the U.K. for the first time last year: Design business Made.com generated a profit in the U.K. for the first time last year. In results for 2016 released, the trendy homeware business revealed that its sales grew by 48%.
Chapel Down boosts wine-inspired beers with appointment of ex-Brewdog MD: The English wine producer that supplies to Downing Street is looking to beef up its beer offering with the appointment of a new managing Director.
A biotech firm applying artificial intelligence to genome editing has launched a £1.5 million funding round: Desktop Genetics (DTG), a biotech company which is hoping to revolutionise the way biologists use Crispr genome editing technology, has announced it is raising £1.5 million on online investment platform SyndicateRoom.
Unilever spreads bidders butter up former Executives: Potential buyers are fattening up their offers for Unilever’s spread decision by buttering up former Executives of the consumer goods company to join their bids.
This currency swapping startup could cut the cost of going abroad: Jesner is the quietly confident Chief Executive of WeSwap – a travel money transfer company that is starting to shake up the way we exchange currency. It’s essentially a peer-to-peer service that lets users swap currency with other users.
Standard Life Aberdeen shares slip on proposed debt offering: Recently merged asset manager Standard Life Aberdeen saw its shares slip as it proposed a subordinated debt offering.