Newspaper Summary
The Times
Battle to keep staff hits profits at law firms: Profits fell at half of Britain’s law firms last year as pay rises and hiring sprees at the larger players took their toll.
Things are looking up for Settle-Carlisle line: The £23 million rescue of the Settle-Carlisle line, possibly the most photographed railway in the world, is almost complete after 20,000 tonnes of boulders were shipped in to shore up the Eden Gorge into which it almost fell.
Hail pushes Bordeaux into the red: Bordeaux’s winemakers anticipate a fall in revenue of more than €1.5 billion this year after their vines were devastated by frost in April and hailstones in August.
Chancellor Hammond urges trade deal to save globalisation at IMF conference: Philip Hammond is pushing for an international trade agreement in services to “rehabilitate globalisation” in the West to counter recent populist surges in Europe and America.
Let Britain grow out of austerity, CBI tells Chancellor: The CBI will urge the Chancellor to enable the country to “grow its way out of austerity” by fast-tracking infrastructure projects, reforming business rates and boosting research spending.
Asking prices for homes are on the rise: Asking prices for homes have risen by 1.1% in the past month, the biggest October increase since 2014.
No dining out on the latest data: Underlying sales at Britain’s biggest pub and restaurant chains turned negative last month as consumers reined in spending on eating and drinking out.
The Independent
Government efforts to recoup Monarch repatriation cash ‘disgust’ travel sector: Monarch Airlines folded in the early hours of 2 October, with more than 100,000 holidaymakers abroad. The collapse coincided with the first day of the Conservative Party conference – which Derek Moore, chairman of the Association of Independent Tour Operators (AITO), said was a relevant factor.
U.K. high street sees sharp decline in shoppers in September: High street shopping suffered a 2.2% drop in September compared to last year, according to new figures.
Millennials ditching graduate jobs at big firms in favour of founding startups, research suggests: The number of young entrepreneurs in the U.K. is soaring as millennials shun graduate jobs at large firms to go it alone, new research suggests.
Britain ‘will grow more here’ if food prices rise following a no-deal Brexit, Chris Grayling says: British farmers will be able to pick up the slack if food imports from the EU drop following Brexit, minister Chris Grayling has said, saying the U.K. will cope with a no-deal departure by simply “grow[ing] more here”.
The Daily Telegraph
Revised figures reveal U.K. is £490 billion poorer than previously thought: Global banks and international bond strategists have been left stunned by revised ONS figures showing that Britain is £490 billion poorer than had been ¬assumed and no longer has any reserve of net foreign assets, depriving the country of its safety margin as Brexit talks reach a crucial juncture.
European rivals will outstrip U.K. high street giants, warns Moody’s: Moody’s has warned that British retailers will be outstripped by their European rivals next year as disposable incomes are squeezed by slowing wage growth and a return of inflation.
One in five FTSE 100 pension funds at risk of failure in a recession: One in five FTSE 100 ¬defined benefit pension schemes would be at risk of failure if Britain entered ¬another economic downturn, research reveals.
Coal power set for one last hurrah: Britain’s remaining coal-fired power plants could enjoy an 11th-hour revival in the early 2020s despite the Government’s drive to cut carbon emissions, if ministers choose not to risk raising household energy prices.
Government-funded open data study to assess Airbnb regulation: The Government is launching a push to understand how peer-to-peer accommodation websites such as Airbnb affect local communities, which could pave the way for regulation of such “sharing economy” websites.
Heineken boosts Formula One’s sponsorship revenue by £12.6 million: Dutch brewing giant Heineken boosted Formula One’s sponsorship revenue by around $16.8 million (£12.6 million) last year, according to ¬accounts.
The Guardian
New quid’s in, but not everyone is ready to accept the 12-sided coin: Southern rail has been struck by delays again, but this time it is in adapting to the new pound coin. An unknown number of the operator’s ticket machines will not be ready to accept the new coin on Monday when the old round pound is phased out.
Vince Cable accuses Network Rail and HS2 firm of being secretive: Sir Vince Cable has accused Network Rail and the company behind the HS2 rail link of being secretive at a crucial time for transport infrastructure in Britain.
Lloyds shareholders’ court case over HBOS takeover set to begin: A £600 million case is due to begin in the high court this week which is expected to lead to five former Directors of Lloyds Banking Group being asked to explain the circumstances that led to the rescue of HBOS during the height of the financial crisis.
Saudi Aramco denies it is planning to shelve $2 trillion listing: Saudi Aramco has dismissed reports that it is considering shelving plans for the world’s biggest ever flotation, with the state-owned oil company saying the $2 trillion (£1.5 trillion) listing was on track for next year.
Film studio Chief says Brexit threatens British cinema: The success of British cinema is being threatened by a loss of funding caused by Brexit, according to the Chief Executive of a major film company, who warned that hits such as Slumdog Millionaire and The King’s Speech may no longer be made in the future.
Daily Mail
Fashion e-tailer Asos celebrates a 35% rise in sales boosting takings to £1.9 billion: Online fashion retailer Asos is expected to report a 35% rise in sales to £1.9 billion on Tuesday, with profits also expected to grow 24% to £79.3 million.
French car maker PSA reveals plans to axe 400 jobs at U.K. Vauxhall plant heightening fears over complete factory shutdown: French car maker PSA is cutting 400 jobs from Vauxhall’s Astra plant in Ellesmere Port – less than three months after taking over the brand. The move heightens fears raised during the £1.9 billion takeover about the future of Astra production at Ellesmere Port and further job cuts across Vauxhall and Opel, also bought by PSA, which employ about 4,500 in the U.K.
Suppliers halt deliveries to British Toys R Us stores as the retailer battles £3.8 billion of debt in the U.S.: Toy suppliers have halted deliveries to the U.K. arm of Toys R Us in the run up to Christmas amid fears over its parent company’s financial struggles.
Leading economists warn the Bank of England to cap interest rates despite growth: Leading economists say Britain looks set to grow faster than expected but have cautioned the Bank of England not to hike interest rates.
Daily Express
Monarch Airlines: Pension Protection Fund values its stake at zero: The Government’s Pension Protection Fund (PPF) valued its 10% stake in Monarch Airlines at zero, when it participated in the 2014 rescue of the ultimately doomed carrier.
RBS to lock horns with former lawyers in legal battle over a £200 million payout: Royal Bank of Scotland shareholders are set to face their own lawyers in court in a row over how to divide a £200 million payout they won from the bank.
U.K. shopping malls to launch Scooby Doo mobile game app: Shopping malls giant Hammerson has teamed up with Warner Bros to create a Scooby Doo game that people can play using their smartphones in Brent Cross and its other sites.
Britain’s tax system is ‘unfair and must be revised’: Britain’s tax system desperately needs to be simplified and made fairer as there are 775,000 people paying more tax than those on £1million salaries, according to insurer Royal London.
The Scottish Herald
Economy Secretary in North American trade mission: Economy Secretary Keith Brown will visit Ottawa, Toronto, New Jersey and New York next week to promote Scotland to the North American business community, and strengthen diplomatic ties with both countries.
Tory MSP calls for cut in working hours for teachers and medics: Working hours for medics and teachers should be cut to prevent them becoming ill, former Olympic athlete turned Tory MSP Brian Whittle will tell the Scottish Parliament.
The Scotsman
Scotland is ‘open for business’ - Keith Brown: The Economy Secretary will seek to strengthen Scotland’s international ties in the face of Brexit on a visit to the U.S. and Canada next week.
MPs can stop no-deal Brexit, says Labour’s John McDonnell: Tory MPs are in talks with Labour to prevent Britain leaving the European Union without a deal, John McDonnell has suggested.
City A.M.
Johnston Press under fire from second biggest shareholder seeking to oust chair: The second largest investor in Johnston Press, hoping to oust its chair, has criticised the board as failing to represent shareholders, and saying “they just take out the fees”.
Legoland owner Merlin set to reveal slower growth over summer: Theme park operator Merlin Entertainments will reveal how much wet weather and a spate of terrorist attacks affected its crucial summer peak this week.
Frame eyes more gyms as Piper puts £6 million into the brand: Boutique fitness brand Frame has scored £6 million to expand further across London and the rest of the U.K.
Graze’s private equity owners ready to chomp down on £300 million sale: The owners of healthy snack box delivery company Graze are preparing to get their teeth into a £300 million sale, according to reports.
Rate rise will not leave challenger banks exposed says Hampshire Trust Chief Executive as profits surge: A widely expected interest rate rise from the Bank of England will not leave the specialist lending sector exposed, according to the Chief Executive of a challenger bank which has seen profits surge in the last year.
Livingbridge invests in JP Morgan and HSBC consultancy firm Catalyst Developments: Private equity firm Livingbridge has made a “significant” investment in Catalyst Development, a specialist financial markets consultancy which has served names as big as JP Morgan and HSBC.