The Times
Aldi growth halted after the Big Four slash prices: Aldi’s rampant underlying sales growth has come to a halt during the past quarter and may even have gone backwards in the first sign that the German discounter’s phenomenal momentum is faltering.
Mayer could take $122 million for ‘failure’ at Yahoo: Marissa Mayer could walk away from Yahoo with $122 million, an astonishing reward for failure, her critics will allege.
Watchdog ‘damaged whistleblower’s job prospects’: The financial regulator made it harder for a man who blew the whistle on money laundering to get a new job, according to a group campaigning for better employee protections.
Pensions watchdog ‘needs power to block takeovers’ to avert another BHS: The pensions regulator should be given the power to block big takeover bids to prevent a repeat of the BHS affair, according to the chairwoman of the Institute of Directors.
Rivals urge consumers to seek BT break-up: TalkTalk, Sky and Vodafone are attempting to orchestrate a consumer backlash against BT in a co-ordinated attempt to get the telecoms monopoly broken into two.
Estate agents condemn online ‘portal juggling’ to trick buyers: A practice that can mislead buyers by obscuring price cuts to properties and the time they have been up for sale has been condemned by the estate agency trade body.
Compensation clock ticking for millions mis-sold PPI: Millions of people risk losing compensation for payment protection mis-selling because of confusing signals. The financial regulator is expected to come down in favour of introducing a two-year cut off for claims.
Sports Direct slip hits Ashley for six: Profits fell by a quarter at Mike Ashley’s private investment company after the billionaire was hit by the plunging share price of Sports Direct.
RBS dividend under more stress after European tests: Royal Bank of Scotland’s weak performance in European stress tests has delayed its chances of paying dividends, analysts believe.
Entrepreneurs undone as investors fail to put hand in pocket: Ambitious entrepreneurs eager to secure funds are contending with a slump in investment, with equity deals involving private businesses down by more than a fifth so far this year compared with the previous six months.
France set to demand £2.5 billion if Hinkley Point is scrapped: France is preparing to demand €3 billion (£2.5 billion) in compensation if Theresa May scraps plans for a new nuclear power plant in the U.K.
The Independent
Poverty costs U.K. £78 billion a year in pressure on hospitals and social services, research finds: Poverty inadvertently costs the U.K. £78 billion per year, due to lost taxes and use of public services, research has suggested. This amounts to 4% of GDP or £1,200 for every person in the country.
Saatchi & Saatchi Chairman placed on leave over gender bias comments: The Chairman of advertising agency Saatchi & Saatchi has been placed on leave for claiming the debate on gender bias within the advertising industry is “all over”.
Financial Times
O’Neill threatens to quit Treasury over May’s China stance: Jim O’Neill, the Treasury Minister and former Goldman Sachs Chief economist, could quit the government over Theresa May’s new approach to China exposed by her handling of plans for a new Hinkley Point nuclear plant.
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Goldman Sachs faces further questions from MPs: Goldman Sachs has been asked to give details of any paid work it has done for Tina Green, as MPs continue to question the bank’s involvement in her husband’s decision to sell BHS for £1, a year before the failure of the high street chain.
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Hedge funds sue StanChart over Indian bonds: Standard Chartered is being sued by a group of multibillion-dollar hedge funds, including Arrowgrass, Highbridge and Pine River, over who should hold the losses on derivative contracts tied to the bonds of an Indian car-parts company.
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Kazakh state oil company deal facing defeat: Kazakhstan’s state oil company looks increasingly likely to be defeated in its attempt to tighten control over its London-listed subsidiary, after investors voiced their concerns about the motives behind the deal.
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AIG set for lowest second-quarter profit since financial crisis: AIG is set to record its lowest second-quarter profit since its taxpayer bailout in 2008, putting further pressure on Chief Executive Peter Hancock after he defied calls from activist investors to break up the U.S. insurer.
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Uber to pour $500 million into global mapping project: Uber is preparing to pour $500 million into an ambitious global mapping project as it seeks to wean itself off dependence on Google Maps and pave the way for driverless cars.
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AccorHotels aims high in Brazil expansion: AccorHotels plans to increase the number of hotels it runs in Brazil by two-thirds within four years, in one of the boldest expansion plans by any company in the recession-hit country.
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Gatemore urges changes at French Connection: An activist investor is leading the push for management changes at the struggling U.K. clothing retailer French Connection.
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U.S. $18 billion credit card debt spree sparks fears: U.S. banks have ramped up lending to consumers through credit cards and overdrafts at the fastest pace since 2007, triggering concerns that they are taking on too much risk in a slowing economy.
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Lex:
M&A banks: Sun and clouds: The $1.7tn of global M&A in the first six months of 2016 might be down a fifth from last year, but it is still ahead of any figure from any other recent year.
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The Daily Telegraph
AEP: U.S. shale producers weather oil price storm: Opec’s worst fears are coming true. Twenty months after Saudi Arabia took the fateful decision to flood world markets with oil, it has failed to break the back of the U.S. shale industry.
Oaknorth Bank set to hire Lord Francis Maude: Startup bank Oaknorth is lining up former Conservative party Chairman Lord Francis Maude as an advisor, the Daily Telegraph understands. The former trade Minister is expected the join the bank – which launched in 2015 – in September.
Barclays to abolish passwords for phone banking: Barclays will start identifying customers with voice recognition technology this week, slashing the need for customers to answer a series of questions to gain access to their accounts on the telephone.
U.K. to escape contraction in third quarter as businesses ‘move forward’ after Brexit vote: The U.K. economy will narrowly avoid a contraction in the third quarter as “resilient” businesses seek to “move forward” after the Brexit vote, a survey shows.
Plan for Government share in Hinkley nuclear plant to safeguard security ‘blocked by George Osborne’: Plans to protect Hinkley Point from national security threats by giving the Government a “special share” in the nuclear project were blocked by George Osborne, a former Cabinet Minister has claimed.
The Guardian
Prospect of U.S. rate rise recedes as key Fed voter urges caution: The prospect of a further rise in U.S. interest rates has receded after one of the Federal Reserve’s most influential policymakers said caution was needed due to lingering risks to the U.S. economy.
U.K. interest rates set to be cut by Bank of England on Thursday: The Bank of England is expected to cut interest rates for the first time since the financial crisis this week and lower its U.K. growth forecasts by the biggest margin on record, in response to the uncertainty caused by the EU referendum result.
Business lending predicted to shrink in wake of Brexit vote: Bank lending to businesses is set to fall in the aftermath of the Brexit vote, while demand for consumer credit and mortgages will also weaken as people spend less on big-ticket items, a report predicts.
Daily Mail
Black hole in Britain’s final salary pension schemes soars to a record £390 billion: The black hole in Britain’s final salary pension schemes has soared to a record £390 billion.
Ditch FCUK logo, top investor tells French Connection criticising firm’s ‘disappointing’ performance since the financial crisis: French Connection has been urged to ditch its infamous FCUK logo by a disgruntled investor.
Former Bank of England Governor Mervyn King becomes a Citigroup adviser (despite calling bankers ’incompetent and greedy’): Mervyn King, who once described bankers as ‘incompetent and greedy’, has become a senior adviser to Citigroup.
Daily Express
U.K. financial services sector faces uncertainty, says EY: The financial services industry in the U.K. is facing uncertainty but is still well-placed to deal with any challenges on the horizon, according to a leading economic forecasting group.
Supermarkets set for price war as Morrisons slashes prices in sign of Brexit confidence: Supermarket chain Morrisons is set to ignite a post-Brexit price war as it launches its “biggest ever sale”.
The Scottish Herald
Hall’s of Scotland set for new lease of life: Food manufacturer Hall’s of Scotland is set for a new lease of life as Owner Browns Food Group invests in distribution and new product development.
Shetland tops the table for business survival rates: Shetland’s stormy weather may not be great for trees but the island group may provide the best place in the U.K. for businesses to put down roots research has found.
Investors show faith in Edinburgh office market: Investors have signalled faith in the prospects for demand for office space in Edinburgh by confirming plans to refurbish a 1960s office block on a lane behind the landmark Charlotte Square.
New base for Scotland’s ‘solopreneurs’ opened: Entrepreneur Hugh Caldwell has created a shared working space in Edinburgh where up to 42 businesses can get inspiration from each other and said he may develop a similar facility in Glasgow.
Just one in four higher-rate taxpayers are female as gender balance progress stalls: Just one in four higher-rate taxpayers are women despite political drives north and south of the border to get more female business leaders.
New technology firm to help SMEs develop mobile apps: A new Scottish business has launched with ambitions of helping businesses stand out in Apple’s “app store”.
The Scotsman
RBS rated third worst in EU financial stress test: Stress tests on major European banks reveal that RBS would be the third worst hit in a new economic crisis. RBS, which taxpayers own 73% of, fared comparatively poorly in a survey by the European Banking Authority which looked at how much capital would be used up in adverse economic conditions.
Private sector pension scheme deficits skyrocket by 50%: Private sector pension scheme deficits have surged more than 50% to record levels of £390 billion in the past 12 months amid increasingly challenging conditions, new data out shows.
Philip Green slams ‘kangaroo court’ inquiry into BHS collapse: Former BHS Owner Sir Philip Green has accused Frank Field MP of turning a parliamentary inquiry into the collapse of the high street chain into a “kangaroo court”.
City A.M.
Almost half of London companies are wary of business rates being revalued, according to a new survey: Almost half of London firms are harbouring fears about the revaluation of business rates, according to a new survey.
Banks need to act swiftly to avoid Brexit problems, warns report: The banking sector needs to think quick to swerve some of the more negative effects of June’s Brexit vote, a report out suggests.
Addison Lee profits under pressure from rise of mobile app challengers: Addison Lee’s profits are being driven down by rising competition from mobile-based apps. The U.K. private car hire company owned by private equity giant Carlyle has reported post-tax earnings for the year to August dipped to £11.6 million, down almost two-thirds from £32.9 million in the previous year.
Union calls on Tata Steel to clarify intentions for Port Talbot: The steelworkers’ union Community has called on Tata Steel to clarify exactly what its intentions are for Port Talbot steel plant and the wider industry.
William Hill to launch bolstered second half strategy after takeover offer from 888 Holdings and Rank Group: William Hill will give a strategic update for the second half of the year this week, which many will see as the bookmaker’s plan to fend off a joint takeover bid from rivals 888 and Rank Group.
Building suppliers to provide health check for U.K. construction: Two building materials suppliers’ results next week will shed light on the outlook for the U.K. construction industry.
Byron’s bugbear: Two branches besieged by insects released by protesters: Byron Hamburger was blighted by a biblical-style plague from protesters this weekend as cockroaches, crickets and locusts were released into two central London branches of the posh burger chain.
North Sea oil workers ready for fresh strike as low prices bite: North Sea oil workers are preparing to walk out for the second time in just over a week, as the embattled sector continues to struggle amid stubbornly low oil prices.
