Newspaper Summary
The Times
Oil price surges on hope of deal to cut production: Oil markets rallied amid a last-ditch attempt by Opec to salvage a deal to cut production before a formal meeting in Vienna.
Ikea doesn’t have to think outside the box to expand: Latest figures from the Swedish homewares retailer show that Ikea’s U.K. sales jumped by nearly 9% to £1.72 billion in the year to August 31. That is the fifth consecutive year of growth in a market that now ranks as the fourth-largest globally for the group.
Record number of first-time buyers get on the ladder: The number of first-time buyers purchasing homes in the U.K. reached a record high in October.
French demand for electricity drives up U.K. prices: Britain is exporting electricity to France for the first time in four years after safety concerns forced the closure of 12 French nuclear reactors.
One in ten are on list to go in latest Standard Chartered cull: Standard Chartered is shedding one in ten of its staff in its corporate and institutional division as it steps up its efforts to cut costs.
Boeing refuses to take the flak after tax break defeat: The 12-year trade war between Airbus, supported by the European Union, and Boeing, backed by the U.S. government, has erupted again after the Americans were found to have deliberately embarked on protectionist tax breaks to develop the 777X, Boeing’s most advanced long-haul aircraft.
Lufthansa sees red as pilots strike: Lufthansa is lurching towards paralysis in the grip of a pilots’ strike that is grounding more than one in four of its flights.
Singapore sling for Barclays: Barclays has sold its wealth management business in Singapore and Hong Kong for $225 million, almost a third less than the bank had hoped for. The sale is part of plans to sell or exit parts of its business to concentrate on its British and American operations.
Samsung takes note of calls: The world’s biggest smartphone maker is under growing pressure to split itself in two as it prepares to announce measures to boost the amount of profit returned to shareholders.
Time is right for magazine takeover, believes Blavatnik: The publisher of Time magazine has rejected a $1.8 billion takeover offer from Len Blavatnik, the Ukraine-born businessman who is one of the richest men in Britain.
The Independent
OECD pushes for global Keynesian fiscal stimulus: The Organisation for Economic Cooperation and Development has made its strongest call yet for advanced economies, including the U.K., to stimulate their economies by spending more and taking on more debt, even where debt burdens are already elevated relative to GDP.
U.K. likely to suffer most in the event of hard Brexit, Draghi warns: European Central Bank President Mario Draghi warned that the U.K. economy would be the first to suffer if its decision to leave the European Union leads to protectionist measures.
Cadbury pulls out of Fairtrade chocolate – but it’s keeping the logo: Cadbury is pulling out of the Fairtrade scheme, after seven years of giving some of its best-known chocolate treats an ethical stamp of approval, in favour of its own sustainability programme – Cocoa Life scheme.
U.K. business pessimism grows as costs rise and sales slow after Brexit: Businesses in the U.K. service sector are increasingly pessimistic about the future as sales slow and costs rise, according to the Confederation of British Industry.
National Living Wage increase should be reconsidered because Brexit has made U.K. economy too weak, OECD says: The U.K. should be “prudent” with its plans to raise the National Living Wage next year with growth expect to slow in the wake of the U.K. vote to leave the EU, according to the Organisation for Economic Co-operation and Development (OECD).
India’s Tata to save 1,700 U.K. jobs after agreeing £100 million sale of steel plants: Indian conglomerate Tata has said it will sell its Yorkshire-based steel business for £100 million in a move that could save 1,700 jobs across the U.K.
The Daily Telegraph
More than a quarter of U.K. warehousing let this year was taken by Amazon: Amazon accounted for more than a quarter of all warehouse space rented in the U.K. this year, as the online giant continues to ramp up its operations.
GB Energy customers ‘are owed £24 million’ after supplier went bust: GB Energy Supply’s customers are owed about £24 million in credit balances after the supplier went bust.
Signs of revival in North Sea as BP inks exploration deals: The North Sea oil and gas industry is showing tentative signs of revival after energy giant BP announced it was buying new exploration interests and scaling up its drilling plans.
Samsung Pay U.K. release pushed back to 2017: Samsung has pushed back the U.K. release of its mobile payment service until next year, a blow to the Korean group’s hopes of challenging Apple and Google’s rival offerings.
Pears family-backed Masthaven Bank challenges high street giants: A challenger bank that counts one of the country’s richest families as an investor has become the latest lender to attempt to shake-up the banking sector with the launch of savings and loan products tailored to its customers’ needs.
Thomas Cook to raise £256 million to manage looming summer debts: Thomas Cook plans to raise €300 million (£256 million) through a new corporate bond which will strengthen its balance sheet and help the company to meet looming debt repayments.
U.K. to ratify EU patent system despite Brexit: The U.K. is to ratify plans to create a patent court that will span the European Union, in a move that will spur speculation the Government is preparing for a soft Brexit with close ties to the EU.
Fears Italy may need €40 billion bail-out for its crumbling banks: Markets are bracing for a string of failures in the Italian banking system and a possible EU bail-out, fearing defeat for Matteo Renzi’s reformist government in a crucial referendum this weekend.
The Guardian
Theresa May to unveil plans for boardrooms at large private businesses: Theresa May is to pledge to crack down on boardroom excess at large privately owned businesses as she unveils proposals intended to hold corporate Britain to account.
SFO will not charge former Tesco Boss over accounting scandal: Tesco’s former Chief Executive Philip Clarke will not face charges in relation to an accounting scandal at the supermarket chain, it has been confirmed.
London mayor sets 35% affordable homes target in deal with developers: Sadiq Khan will allow private housebuilders to limit the amount of affordable housing included in new developments to 35% in a deal that opponents said casts doubt on his election promise to “set a target for 50% of all new homes in London to be genuinely affordable”.
Amazon and eBay sellers’ VAT fraud rife despite crackdown: Huge numbers of VAT fraudsters are illegally selling goods tax-free to British shoppers on Amazon and eBay this Christmas, despite new government efforts to crack down on this ballooning £1 billion VAT evasion crisis.
State pension to rise by 2.5% in April 2017: The government has confirmed state pension will rise by 2.5% in April 2017, as a report shows that the “triple lock” promise on payments could push up the cost of providing the benefit by more than a third over the next three decades.
ECB’s Mario Draghi urges U.K. to disclose Brexit plans: Mario Draghi, the President of the European Central Bank (ECB), has urged the British government to disclose more information about its plans to leave the EU.
Ikea considers bamboo and new materials to keep prices low: Ikea U.K. is considering using different materials including bamboo in its furniture to keep prices down after Britain’s vote to leave the European Union.
U.K. fuel poverty to last a lifetime, report says: A child born in Britain may never see fuel poverty eradicated, according to a report backed by the star of I, Daniel Blake –Ken Loach’s critically acclaimed film about the benefits system.
Protectionism and trade disputes threaten world growth, says OECD: A new wave of protectionism and trade tensions risks denting global growth, stoking inflation and harming living standards, the west’s leading economic think-tank has warned in its first in-depth forecasts since Donald Trump won the U.S. election on an anti-globalisation platform.
Daily Mail
BT gives Openreach chairman job to a former telecoms regulator to avoid split: BT has named a former telecoms regulator as the first independent chairman of its Openreach arm. Mike McTighe, who was on the board of Ofcom between 2007 and 2015, will step into the role in January as BT attempts to prove to critics that Openreach is more independent.
Probe into Mike Ashley’s business deal with brother which saw hundreds of thousands paid to a delivery company: A lucrative business deal between Sports Direct owner Mike Ashley (pictured with his ex-wife, Linda) and his brother is being investigated by a City watchdog.
Why Britain’s tool hire king Lavendon is at the centre of a £348 million bidding war: A tool hire firm has been thrust to the centre of a bidding war between French and Belgian rivals, and hedge funds desperate to cash in.
Steel workers face new pension threat as Tata prepares £100 million deal with Liberty House: The sale of a major steel business has raised fresh fears about the pensions of workers at three U.K. plants. Tata Steel is in the closing stages of selling its speciality steelworks business to international industrials group Liberty House for £100 million.
Furniture retailer Dunelm boosts web sales after rescuing Kiddicare owner WS Group for £8.5 million: Furniture retailer Dunelm has more than doubled its online business after rescuing the struggling owner of the Kiddicare children’s range for £8.5 million.
Daily Express
JD Sports buys U.K. outdoor equipment retailer Go Outdoors for £112 million: JD SPORTS Fashion has positioned itself to cash in on a potential staycation boom after buying the U.K.’s biggest outdoor equipment retailer, Go Outdoors.
Italy’s eight banks will fall if Renzi loses referendum...and destroy EU: Italy’s troubled banks face financial meltdown if Prime Minister Matteo Renzi fails to win the Italian referendum this weekend, officials have warned.
The Scottish Herald
Holyrood and Westminster urged to protect Scottish food and drink sector: The Scottish and U.K. Governments must develop a range of post-Brexit support measures tailored specifically to the needs of the food and drink industry north of the Border, Grant Thornton has warned.
Energy price fears revealed by key survey: Nearly 51% of Scottish manufacturers expect energy price hikes in the coming year, a survey published shows.
Revival in deal flow forecast in oilfield services: A modest revival in merger and acquisition activity in the U.K.’s oil services sector is likely in the next 18 months, as businesses move out of “survival mode” and look to the future, KPMG believes.
Crieff Hydro sees profits hit by oil and gas downturn: The Chief Executive of Crieff Hydro has cited the fall in conference business sparked by the oil and gas industry downturn as profits at the hotel company fell by more than 50%.
Stuart Patrick: ‘This is not an easy time to be making plans for the future, but plan we surely must’: On Friday, the City Council, together with the Chamber and the Glasgow Economic Leadership, published an action plan for growing Glasgow’s economy. This is not an easy time to be making plans for the future, but plan we surely must.
Law firm votes to become part of U.K. outfit: The takeover of Scottish law firm HBJ Gateley by London-based Addleshaw Goddard will go ahead in June 2017 after both firms backed the deal.
The Scotsman
Crieff Hydro counts cost of Peebles hotels investment: Leisure group Crieff Hydro has reported a loss at its hotels in Peebles following a “year of transition” for the venues.
Burness Paull hails strong deal-making activity: Law firm Burness Paull said confidence in the deal-making community was strong after completing close to 50 agreements in the past quarter.
Aberdeen warns of ongoing market volatility as profits drop: Aberdeen Asset Management warned that Brexit negotiations and the start of Donald Trump’s term as U.S. President will contribute to “ongoing volatility in global markets in the short term”.
Edinburgh must build appeal to tech firms, says Property Chief: Edinburgh has great potential to build on its status as a location for globally recognised tech firms, but faces obstacles including a lack of both suitable office space and workers, according to the chairman of the Scottish Property Federation.
New blow for Perthshire as Dougie MacLean cancels his own festival in 2017: Perthshire has lost a second major festival in the space of a week after singer-songwriter Dougie Maclean confirmed he was shelving his annual event.
City A.M.
Two-thirds of oil and gas firms in the U.K. have had to cut jobs as low prices continue to haunt industry: Oil and gas workers are still feeling the squeeze from the crash in global oil prices, with two-thirds of the industry cutting staff and the median pay of operators and contractors declining for the first time in at least 22 years, according to a poll.
The U.K. and Poland have agreed to work together to support entrepreneurs: The U.K. and Poland will work together on plans to support entrepreneurs in both countries.
International consortium pipes up with offer for National Grid’s £11 billion-valued gas network in time for final bids deadline: An international consortium tabled an offer for a majority stake in the National Grid’s £11 billion-plus-valued gas distribution network, with the final bidding round now closed.
Competition led sales to fall at one of the U.S.’s first craft breweries. What’s next for the U.K.’s craft beer market?: A major craft brewery in the United States reported sales were down as new craft beers crowd the market, but microbrewers in the U.K. shouldn’t worry, according to the Society of Independent Brewers.
CityFibre plans to roll out its fibre network across business parks in 20 cities by next year: Broadband infrastructure challenger CityFibre is to roll out its full fibre network to 20 cities in 2017 as part of new plans announced.
Chancellor backs management consultants, as a quarter of industry gets ball rolling on Brexit plans: Chancellor Philip Hammond has given his blessing to the country’s management consultants, after a recent survey showed over a quarter were kicking off contingency plans for Brexit.