Newspaper Summary
The Times
Brexit blow as U.S. attacks agricultural import curbs: The U.S. is leading a group of countries challenging Britain’s plans to retain EU import restrictions on agricultural goods after Brexit.
Europe may keep QE until end of 2018 to put brakes on euro: The European Central Bank has signalled that it may keep its quantitative easing programme going until the end of next year in an attempt to reassure markets that stimulus will not be withdrawn rapidly and to cap any further strengthening of the euro.
Russians may raise $1.5 billion from float of En+ Group: An energy-to-metals group owned by one of Russia’s richest men has announced plans for a London listing that could raise as much as $1.5 billion when it floats next month.
Sports Direct cuts outlets in Debenhams: Mike Ashley’s Sports Direct has closed almost half of its concessions in Debenhams stores but said that it was still “committed” to its partnership with the department store group.
Sky investors urged to reject Murdoch’s reappointment: Sky faces a potentially bruising annual meeting next week after shareholders were urged to vote against the reappointment of James Murdoch as Chairman and “excessive” rewards for Executives.
All change at the helm of Jack Wills: Derek Lovelock, the Chairman of Jack Wills, is to step down after one year at the helm of the preppy fashion retailer which started from a store in Salcombe, Devon.
Deltic aims to seduce shareholders with Revolution bid: Britain’s biggest nightclub operator has upped the ante in the £100 million bidding battle for Revolution Bars Group, bypassing the board to put its merger proposal directly to shareholders.
Summly Founder Nick D’Aloisio raises £12 million for new app: Nick D’Aloisio, the British tech wunderkind who sold his news app Summly to Yahoo for a reported $30 million when he was 17, has raised funding for a new start-up.
Macron’s Renault stake lacks va va voom: President Macron’s interventionism has left the French taxpayer with more than €1 billion worth of unwanted shares in Renault, according to his economy Minister.
The Independent
Chancellor expects to unveil ‘nasty’ outlook for U.K. public finances: The Chancellor Philip Hammond is expecting to unveil a significantly worse outlook for the public finances in November’s Budget, Treasury sources have indicated.
Sadiq Khan praises Uber CEO’s ‘humility’ following London ban: London Mayor Sadiq Khan welcomed the humility shown by Uber’s Chief Executive after the city stripped the taxi app of its licence to operate, but once again criticised the company’s London management on Thursday.
Amazon to launch pop-up bar in Tokyo: Amazon is opening a bar in Tokyo that will sell wine, sake and cocktails.
Credit card providers profit from five million struggling with debt: Credit card providers profit from the five million customers that struggle to pay off debt, according to the Financial Conduct Authority’s Boss.
Brexit worries leave FTSE 100 in limbo: Britain’s blue chip FTSE 100 index will move little for the rest of the year and only drift higher in 2018, lagging behind Europe as uncertainties over Brexit negotiations bite investor sentiment, a Reuters poll showed on Thursday.
Accounting watchdog drops investigation into PwC over Barclays audits: Britain’s accountancy watchdog has dropped an investigation into PwC’s role as auditor to Barclays.
FCA Chief defends car finance despite fears of new loans crisis: The head of Britain’s financial watchdog has defended the use of car finance products despite widespread fears they could herald the next financial crisis.
The Daily Telegraph
Tesco’s Booker takeover must be blocked, wholesalers tell watchdog: The Bosses of seven of the U.K.’s largest wholesalers have come out fighting against Tesco’s mooted £3.7 billion takeover of Booker and called on the competition watchdog to block the deal outright.
Christmas comes early for high street retailers as Indian summer pierces the gloom: Britain’s retailers have been treated to an Indian summer of sales with the high street enjoying its best September sales for five years, according to new figures from BDO.
Unilever said to have set Oct 19 deadline for spreads bids: Anglo-Dutch consumer group Unilever has invited private equity bidders to submit tentative offers for its $8 billion (£6.1 billion) by a deadline of Oct 19, two sources close to the matter told Reuters.
Youth media brand Vice counts cost of traditional TV push: The youth media brand Vice, recently valued at $5.7 billion (£4.3 billion) by a private equity cash injection, has revealed a sharp increase in losses at its British arm as it counts the cost of a move into traditional television.
Dialog buys California chipmaker in deal worth up to $306 million: Dialog Semiconductor, the British company whose power management chips feature in the iPhone, has bought a California chipmaker in a deal worth up to $306 million (£234 million).
London-based hedge fund Winton suffers worst year since 2012 as profits plunge: Winton, the London-based hedge fund that manages almost £30 billion worth of assets, saw its profits crash by more than half in 2016 after missing its performance target.
Norwegian and EasyJet enjoy booming passenger numbers despite airline industry turmoil: Cheap long-haul flights helped Norwegian’s passenger numbers soar in a torrid month for the airline industry that saw Ryanair cancelling flights and Monarch falling into administration.
Aviva snaps up robo start-up to impress time-poor, cash-poor millennials: Insurance giant Aviva has bought a majority stake in a one-year old ‘robo’ investment company with the aim of winning over a younger generation who have little time or money.
The Questor Column:
Update: Pershing Square: The most obvious candidate for eviction from our buy list is Pershing Square – the hedge-fund-style portfolio is the only one of our investment trust tips to have registered a double-digit decline. The shares have lost 18.8% since we recommended them in May on the basis that the trust’s billionaire manager, Bill Ackman, would be desperate to turn it around following poor performance, and that its London listing, which had just taken place, would allow the company to join the FTSE 250 index and prompt buying by index-tracking funds. There was also the hope that share buy-backs would narrow the discount, then 16.5%. As a short-term punt, the trust has certainly disappointed. The shares did enter the FTSE 250 but any buying by index funds has not materially moved the share price. Likewise, the scale of share buy-backs has been too limited to have much effect. Richard Curling, who continues to hold the shares in his Jupiter Fund of Investment Trusts, said two things would determine the future direction of the share price: performance and the buy-back policy. The other side of that coin, he said, was that any improvement in performance would not only lift the share price directly but would have an amplified effect thanks to the discount narrowing. Questor says ‘Hold’.
The Guardian
U.K. car sales slide for a sixth month amid falling consumer confidence: New car sales in the U.K. fell for a sixth month in September, leaving the market on course for its first annual decline since 2011.
Energy price cap will not take effect this winter, says industry: Energy industry figures have said it is virtually impossible for Theresa May’s wide-ranging cap on energy bills to take effect this winter, as Ministers suggested bills for some consumers could be capped within months.
Goldman Sachs boosts post-Brexit plans with Frankfurt office deal: Goldman Sachs has begun to make plans for Brexit by leasing space in a new Frankfurt tower block that could hold up to 1,000 staff.
Newcastle United investigated over ‘systemic abuse of tax system’: Newcastle United are under investigation over alleged “extensive” tax evasion on player transfers, court papers have shown.
Ryanair’s Michael O’Leary apologises for gibes about his pilots: The Ryanair Chief Executive, Michael O’Leary, has issued an unprecedented apology to his pilots in an attempt to stem the crisis at the Irish airline, which has cancelled thousands of flights and faced the threat of an employee revolt.
Tesco whistleblower commissioned report on scale of profit hole, court hears: The whistleblower at the centre of the Tesco accounting scandal has told a court that he personally commissioned a detailed analysis of the scale of alleged profits manipulation at the retailer and that his team were “falling apart” in an aggressive environment where his Bosses refused to downgrade targets.
Fall in rail journeys raises questions for train franchise firms: The number of rail passenger journeys in Britain fell sharply in spring this year, after two decades of virtually constant growth since privatisation.
Daily Mail
Former Carillion finance Director steps down from board of estate agent Countrywide: The former finance Director of embattled builder Carillion is stepping down from the board of estate agent Countrywide.
Finance firm TMF to quit Amsterdam HQ for new base in the U.K. capital: A Dutch finance firm outlined plans for one of the biggest flotations on the London stock market this year in a major vote of confidence in Brexit Britain.
Barratt housing Boss scoops bumper £3.3 million pay day after company reveals record profits: The Boss of Britain’s biggest housebuilder has trousered more than £3.3 million after the company made record profits.
Rap superstar Jay-Z could soon be appearing live in your living room after striking deal with British virtual reality firm: The 47-year-old’s record label, Roc Nation, will work with EVR Holdings to show his performances through its MelodyVR service, which lets fans watch concerts at home by putting on a pair of high-tech goggles that makes them feel as though they are there in person.
Provident Financial loses thousands of staff to rivals after a botched IT upgrade, competitor claims: Struggling doorstep lender Provident Financial has lost thousands of staff to rivals, a competitor claimed. Around 600 alone quit the Provvy for fellow industry player Morses Club, according to its Chief Executive Paul Smith.
Uber saw profits soar 60% to £3 million last year it is revealed as taxi app firm prepares to appeal London ban: Uber’s profits in London had soared by 65% before the taxi app firm was threatened with a ban in the capital. The company’s profits rose from £1.8million in 2015 to £3 million last year after turnover rocketed from £23 million to £37 million.
Daily Express
Inview’s TV tech brings digital delights to the masses worldwide: Digital TV expert Inview Technology is the one to watch as it blazes a trail bringing high end services in affordable formats to Africa and now the U.S. military.
Dominant services sector grows in uplift for Britain: Consumer spending helped Britain’s dominant services sector grow “modestly” last month but firms are more cautious on the year ahead.
McColl’s Founder steps down and cashes in remaining £33.6 million stake: The Co-Founder of convenience chain McColl’s has stepped down from the board and cashed in his remaining £33.6 million stake amid speculation that he is set to lead a rescue of grocery wholesaler Palmer & Harvey.
Topps Tiles shares hit four-year low as slowing property market dents sales: Shares in Topps Tiles hit a four-year low as a slowing property market dented sales. The retailer expects annual revenue to be £211.6 million, down from £215 million last time.
Savings and mortgage interest rises as Bank of England prepares move: Savers are being offered higher cash returns, while lenders up mortgage costs, amid expectations the Bank of England will hike interest rates in November.
Pound sinks amid fears Theresa May will be ousted by Conservatives: The pound plunged after Theresa May’s speech at the Conservative Party Conference amid rising fears the Prime Minister could be forced out as leader at a crucial juncture in Brexit talks.
The Scottish Herald
Taking flight: record numbers pass through Highlands and Islands Airports: Highlands and Islands Airports Limited (HIAL) has narrowed losses in a year which saw a record 1.6 million travellers pass through its 11 airports – 15.4% more than over the previous year.
Just another Manic Monday as windfarms power electricity surge: Wind power generated more than double the electricity needed to power Scotland on Monday, according to environmental groups.
500 years on... Whisky returns to its “spiritual home”: A new distillery has opened at the “spiritual home” of Scottish whisky, more than 500 years after its first dram was recorded.
Scots shoppers now buying more own label products than big names: Scots shoppers have bought more supermarket own-label products than branded items for the first time, according to new research.
The Scotsman
Former Glasgow tobacco factory changes hands for £41 million: Property investment and development firm Wirefox has extended its U.K. portfolio with the £41 million acquisition of a landmark office building in Glasgow.
‘Recession’ fears for new car market: Fears have been raised over the health of the motor retailing industry after sales of new cars reversed for a sixth consecutive month.
Most Monarch customers will receive ‘no automatic refund’: The vast majority of Monarch customers will not receive an automatic refund following the firm’s collapse, new figures show.
Robots could soon revolutionise Scotland’s construction industry: Down on a building site, Sam’s arms are flying and bricks are piling up, one on top of the other. Blink and there’s another wall.
HMRC to use Rangers Big Tax Case as benchmark in tax avoidance schemes: HM Revenue and Customs has announced it will use the verdict from the Rangers Big Tax Case to help take legal action against other ‘disguised remuneration tax avoidance schemes’.
City A.M.
Secret Escapes handed keys for further expansion with $111 million funding: London-based travel startup Secret Escapes has raised $111 million (£83 million) in its latest funding round.
JD Sports Founders in for a payday as Footasylum prepares to float: The Founders of JD Sports are in for a share in a £150 million payday as they plan to float premium fashion chain Footasylum on the London Stock Exchange.
Royal Mail plans legal action to stop strike taking place this month: Royal Mail Group has said it will use legal action to prevent its workers staging a 48-hour period of strike action later this month.
Taxify pulls up in Paris after London puts breaks on Uber rival: A ride-hailing startup looking to take on Uber is launching in Paris just weeks after the breaks were put on its expansion to London by the transport regulator.
Brewer Constellation Brands’ profit bubbles over estimates: U.S. drinks company Constellation Brands toasted a successful second quarter as its profit rose to beat expectations.
Pharma firm BTG buys U.S.-based Roxwood for up to $80 million: Specialty pharmaceuticals firm BTG has picked up U.S.-based cardiovascular catheter maker Roxwood Medical for up to $80 million (£61 million).