Newspaper Summary
The Times
Tata ready to keep Port Talbot open: Tata Steel says it has made significant commitments to more than 4,000 workers at the Port Talbot steelworks in south Wales, which has spent the past eight months under threat of closure.
World still has taste for best of British: The Queen’s grocer, which claims to have invented the scotch egg nearly 300 years ago, has had a stellar year, with strong sales of jams, teas, hampers and spirits lifting it to record profits.
Green means go as car sales get a battery-powered boost: Motorists appear to have shrugged off fears of an economic slowdown, with the latest figures showing that new car sales are continuing to grow. In an accelerating trend in the industry, more than a quarter of the year-on-year growth is attributed to sales of electric and hybrid vehicles.
Nuclear reactors pass French safety test: The French state electricity group at the head of the project to build Britain’s new nuclear power station received a welcome boost when it was authorised to restart seven reactors in France closed after safety fears. However, EDF was told that four other reactors would stay shut while tests continue.
Deloitte fined $8 million for ‘serious misconduct’: America’s audit watchdog has fined Deloitte’s Brazilian division a record $8 million for falsifying audit reports, altering documents and providing false testimony.
Drop in the ocean is enough to secure Gulf of Mexico contract: BHP Billiton has narrowly edged out BP to win the right to develop a potentially lucrative deepwater oil project in Mexico.
BP digs deep to refuel industry in North Sea: BP has begun experimental drilling in a group of potential gasfields in the North Sea.
Smoke signals suggest BAT will up offer for rival Reynolds American: British American Tobacco’s takeover of Reynolds American is poised to move a step closer when the FTSE 100 cigarette maker sweetens its $47 billion offer for the maker of Camel and Newport cigarettes.
Buyer takes bite out of Rhubarb: A luxury catering group with contracts including the Goodwood Estate, the Royal Albert Hall and the Sky Garden in the City’s Walkie Talkie tower, has changed hands in a deal valuing the business at an estimated £70 million to £75 million.
The Independent
Mark Carney rounds on critics for avoiding ‘hard truths’ about economy: The Governor of the Bank of England, Mark Carney, has accused critics of the Bank’s low interest rates of avoiding “hard truths” about the state of the economy in the wake of the global financial crisis.
Iceland has hit back at Iceland: The supermarket Iceland has hit back at the Icelandic government after it shunned the retailer’s attempt to settle their trademark dispute.
Euro value bounces back after Italy referendum to reach two-week high: The euro jumped back to its highest level since mid-November, as markets shrugged off the outcome of the Italian constitutional referendum.
Thousands of U.K. restaurants could go out of business because of Brexit: Thousands of U.K. restaurants could be at risk of going out of business as the sharp fall in the value of the pound since the Brexit vote raises costs for imported food and threatens to squeeze consumer spending.
Amazon Go launches, letting people walk into shops and take things: Amazon has launched a real-life shop where people can just pick things up and leave.
The Daily Telegraph
Rolls-Royce’s Chief critic relents on troubled engineer - with a miserly 1p upgrade: One of Rolls-Royce’s harshest critics has eased his negative stance on the troubled engineer - giving a miserly 1p upgrade on his predictions for the company’s shares.
GW Pharma pledges commitment to U.K. growth as it cancels London listing: GW Pharmaceuticals plans to expand manufacturing in the U.K. and boost cultivation of the cannabis plants it uses to make a treatment for severe epilepsy, its Chief Executive has said.
City Pub undaunted by industry cost hikes ahead of Aim float: A surge in sales at City Pub Company has helped dampen fears of a slowdown in the pub sector ahead of its planned listing on London’s junior market next year.
St Modwen pushes ahead with sale of New Covent Garden plot: Property company St Modwen is pushing ahead with the sale of part of its valuable New Covent Garden Market site in south London, despite fears that the capital’s property market has peaked.
Norwegian Air’s U.S. expansion cleared for take-off: Norwegian Air’s expansion into the U.S. has received a boost after travel authorities cleared the low-cost carrier’s trans-Atlantic permits.
No special Brexit deal for the City of London, warn Hammond and Davis: The City of London will not get any special treatment in the upcoming Brexit negotiations, senior members of Theresa May’s Cabinet have told a group of high-profile banking and insurance Chiefs.
The Guardian
Mark Carney: we must tackle isolation and detachment caused by globalisation: The Governor of the Bank of England has issued a rallying cry to policymakers across advanced economies to tackle the causes of a growing sense of “isolation and detachment” among people who feel left behind by globalisation.
Mark Carney’s history lesson shows we haven’t learned on globalisation: History repeats itself. That was the message from Mark Carney as the Governor of the Bank of England sought to draw some conclusions about the future of globalisation at the end of a turbulent year.
Mark Carney: European economies face hit if cut off from City of London: The Governor of the Bank of England has warned that European economies could be damaged if their access to the City of London is disrupted after Britain leaves the EU.
Hard Brexit would damage ‘almost every sector’ of U.K. economy: Leaving the single market would be damaging to almost every sector of the British economy, from manufacturing and energy to retail and financial services, according to a report commissioned by an alliance of Conservative, Labour and Liberal Democrat politicians trying to stop a hard Brexit.
Chris Grayling to unveil plans for new fully privatised railway line: The government is to unveil plans for a fully privatised railway line, with track and trains operated by the same company.
U.S. bank quit Sports Direct role over share deal concerns, court filing claims: A top U.S. investment bank resigned as a key adviser to Mike Ashley’s Sports Direct because of concerns that the retail company had manipulated its share price, according to claims made in a high court document.
Hammond and Davis meet Bank Chiefs to talk Brexit ‘opportunities’: Banking leaders from Goldman Sachs and HSBC were among those who met the Chancellor and the Brexit secretary to discuss how to keep financial services in the U.K. after leaving the European Union.
Daily Mail
Online estate agent Purplebricks sees shares soar after it delivers its maiden U.K. profit: Purplebricks shares soared after it delivered its maiden U.K. profit. The online estate agent, which was set up in 2014 by brothers Michael and Kenny Bruce and is backed by fund Manager Neil Woodford, posted underlying profits of £300,000 in the U.K. for the six months to the end of October.
Tata Steel and unions close to agreeing rescue plan for Port Talbot plant: Tata Steel and unions are close to agreeing a rescue plan for the Port Talbot plant. An announcement is expected this week on a plan that could save up to 4,500 jobs at the South Wales site.
Ferrari shares race to record high as investors bet on Italian companies that export goods beyond the Eurozone: Ferrari shares raced to a record high as investors bet on Italian companies that export goods beyond the Eurozone following the resignation of prime minister Matteo Renzi. The luxury car maker, which sells 95% of its cars outside its home country, gained nearly 3% in early trading in Milan to give it a value of £8.5 billion.
Burberry shares jump after reports it has shrugged off a string of takeover offers from U.S. accessories brand Coach: Burberry shares jumped after reports it had shrugged off a string of takeover offers from U.S. accessories brand Coach. A deal would have created a luxury fashion giant worth £16 billion, combining Burberry’s flair for coats with Coach’s strength in handbags.
Italy’s finance Chiefs scramble to secure rescue of world’s oldest lender: More than £700 million was wiped off Italy’s largest banks as finance Chiefs scrambled to secure a rescue of the world’s oldest lender. As markets swung wildly following Sunday’s referendum vote, senior bankers held emergency talks to save Monte dei Paschi di Siena, which is crippled with £25.5 billion of bad debt.
Topps Tiles slips after flooring retailer admits error in last week’s full-year results: Topps Tiles slipped after the flooring retailer admitted an error in last week’s full-year results. The firm had climbed after announcing like-for-like sales had leapt 0.8% in the first eight weeks of its new financial year.
Daily Express
Services sector grows at fastest rate for 10 months: The economy is on course to see out 2016 in good shape after Britain’s powerhouse services sector grew at its fastest rate for 10 months in November.
Italy vote is ‘harbinger’ of doom: Deutsche Bank Boss warns of more turbulence after No: Deutsche Bank’s Chief Executive warned staff of more Eurozone turmoil after Italian Prime Minister Matteo Renzi’s resignation over a referendum on constitutional reform.
Italy’s banks at recession lows: Monte Dei Paschi stocks tumble amid No vote uncertainty: Fears are rising for Italy’s troubled banks after Italian Prime Minister Matteo Renzi resigned over a humiliating defeat in a national referendum.
Now pushy European Union angers the U.S. as it tries to control American banks: Furious American banks are fighting back against burdensome Brussels plans, which would allow European regulators to exert more control over foreign lenders.
The Scottish Herald
Fund drops Europe focus after Brexit: The Standard Life European Private Equity Trust is abandoning its geographic focus due to ongoing uncertainty in European markets limiting the potential investments it can make.
Cloud Global aims for the skies with first acquisition: Aviation firm Cloud Global has demonstrated its growth ambitions with the acquisition of ACS Aviation – a flight training specialist that is also the operator of Perth Airport.
Whisky water firm makes first deal in Russia: A Scottish company that sells water sourced from private springs near whisky distilleries has secured its first deal in Russia, marking its 15th export market.
Bargain-hungry shoppers send non-food sales soaring: Bargain-hungry shoppers bolstered retail takings last month, with non-food sales jumping 40% during the week including Black Friday.
Diageo hailed as stronger than Pernod: Diageo has stolen a march over Pernod Ricard after a leading ratings agency declared that it has a stronger credit quality than its Scotch whisky rival.
Asbestos removal firm changes hands in deal backed by U.K.SE: A Wishaw-based asbestos removal business has changed hands in a management buyout backed by U.K. Steel Enterprise (U.K.SE).
Scots pay drops as postings rise: Pay rates went into reverse as the number of new job postings increased in Scotland in November, figures reveal.
Air compressor available on Earth: The VERT.04 technology, said to be the first new air compressor design for three decades, was unveiled as prototype satellite cooling system for the Ministry of Defence’s Centre for Defence Enterprise, which aims to improve significantly the quality of infrared imaging.
Edinburgh Gin heads for duty free at capital airport: Edinburgh Gin has entered the travel retail market for the first time with a listing at Edinburgh Airport. The gin, which is owned by Ian Macleod Distillers after its September acquisition of the Spencerfield Spirts Company, will be available at Dufry-owned World Duty Free.
The Scotsman
RBS reaches £800 million settlement over 2008 rights issue: Royal Bank of Scotland said it has agreed to pay up to £800 million to settle claims dating back to its £12 billion rights issue in 2008.
Car sales accelerate in November, says trade body: New car sales grew by 2.9% in November compared with the same month last year, according to the latest industry figures.
Scottish economy to slow sharply in 2017, warns think-tank: Scotland’s economy is forecast to grow a meagre 0.4% next year, half the rate for the U.K. as a whole and slashed from a 2% prediction last June, a think-tank says in a report.
Online backlash as English chemists bans Scottish banknotes: It’s a familiar issue to generations of Scots when shopping south of the border. Banknotes accepted as a matter of course in Dundee can prompt confusion if used in Dunstable.
City A.M.
Financial sector’s tax contribution hits a record £71.4 billion: The tax take from Britain’s financial sector has hit record levels, underscoring its economic importance as talks between the government and the City enter a new phase in the run up to Brexit.
Brexit prompts a “tsunami” of British solicitors to register in Ireland, according to the Law Society of Ireland: A “tsunami” of British lawyers have flocked to register on the Irish roll of solicitors this year following the U.K.’s vote to leave the EU.
Institutional West End property sales sizzle to record high as investors capitalise on weaker pound and foreign interest: Institutional sales of commercial property in the West End have topped £2.7 billion in the year-to-date, the highest volume ever recorded, according to estate agent Savills.
Hefty bill from counterfeiting and piracy costs EU £71 billion and 790,000 jobs each year: Counterfeit goods and piracy cost the EU economy a whopping £71 billion every year, according to research from the European Union’s intellectual property office.
HMRC told to hurry up and produce “tangible results” by Treasury Committee chairman: A Tory heavy-hitter said workers with life-threatening diseases could miss out on compensation pay-outs because of failings by the taxman and urged authorities to speed up the process.