The Times
Don’t cut rates, warns former Bank economist: A former Bank of England rate-setter has warned that cutting interest rates would do more harm than good as pressure grows on the monetary policy committee before this week’s meeting.
Strike threat over ‘wholesale privatisation’ of Post Office: A strike ballot of thousands of postal workers started as unions warned that the Post Office was “on the brink of extinction”.
Going local pays off for Trinity Mirror: The Trinity Mirror Chief, a self-proclaimed newspaper optimist, had figures to back up his world view when the group reported results that sent its shares soaring.
Burberry takes a deep breath and turns focus on China: Burberry has splashed out £54 million to take full control of its Chinese retail operations as its focus on shoring up its key overseas markets continues.
Olympian boost for house prices in London: House prices in the six boroughs that hosted the Olympics and Paralympics in east London increased by 11.2% more than the London average through a “flood of investment” in the area.
China raises doubts over £100 billion investment in U.K.: China has issued a thinly veiled threat to Downing Street that cancelling the Hinkley Point nuclear plant project would jeopardise more than £100 billion of investment in Britain over the next decade.
Property Ownership at 30-year low as the housing crisis spreads north: Homeownership in the U.K. has plunged to its lowest level for 30 years because of soaring house prices, squeezed incomes and a critical property shortage, new analysis shows.
Pay rise for hard-working Britons is priority, says May: Theresa May said that she would prioritise giving Britain a pay rise. Her pledge came as she prepared to launch a cabinet committee on the economy and industrial strategy.
The Independent
Soaring property prices see home Ownership fall to lowest level since 1986: Soaring property prices have cut home Ownership in England to its lowest level since 1986, according to research from the Resolution Foundation.
Morrisons cuts prices of more than 1,000 products to counter Brexit fears: Morrisons is cutting the prices of 1,045 items by an average of 18% in a bid to combat fears that the U.K.’s vote to leave the European Union will lift shoppers’ bills.
Tesla, SolarCity set to announce merger combining clean energy cars and solar panels: Tesla Motors, the clean energy car maker founded by Silicon Valley billionaire Elon Musk, could be about to announce a merger with SolarCity, a solar panel installer that has dominated the Californian residential solar panel market since 2007.
Financial Times
Verizon to buy truck software group Fleetmatics for $2.4 billion: Verizon agreed to pay $2.4 billion to acquire Fleetmatics, which makes software that helps commercial truck operators track their vehicles, as the largest U.S. telecoms company by customers steps up its investments in the “internet of things”.
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U.S. crude drops below $40 a barrel: U.S. crude dropped below $40 a barrel on Monday while the global benchmark Brent hovered at three-month lows, as higher output and exports from big producer countries weighed on market sentiment.
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Vodafone taps Brexit bond rally with 33-year debt: Vodafone sold its longest sterling bond on Monday, underlining the appeal of low yields for borrowers prepared to tap the market following the Brexit vote.
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McDonald’s overhauls its menu ingredients: McDonald’s has eliminated controversial ingredients in about half of its menu in a move that highlights how pressure from U.S. consumers is driving changes to the country’s food culture.
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Fairfax Media writes down A$1 billion as it reviews weekday printing: Fairfax Media is writing down the value of its publishing assets by A$1 billion ($757 million) due to the “market realities” of a slump in advertising revenues and a changing business model that may include ceasing printing on weekdays.
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Aqua Metals sees future for lead-acid batteries in green energy: The world’s dominant battery technology needs to become cleaner to compete with the booming lithium-ion battery sector in the race to store energy from the sun and the wind, according to start-up Aqua Metals.
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Lex:
Heineken: green magic: The beer business is, in large part, marketing magic. This is especially if the product is pitched as an affordable luxury — as is Heineken’s lager.
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Didi/Uber: foster children: The two sides of China’s most fiercely contested app battle have struck a deal. Didi Chuxing and Uber China — China’s biggest car-booking companies by market share — announced a merger on Monday. Didi, itself the result of several mergers, will acquire Uber’s China operations.
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Monte dei Paschi di Siena: still hungry: Pass the fava beans and pour the Chianti. Over the past five years, Banca Monte dei Paschi di Siena, Italy’s third-biggest bank by assets, has cannibalised enough equity to make Hannibal Lecter look like a vegetarian. It has raised €12 billion in equity since 2008, Dealogic says. Its market capitalisation is now a 12th of that, and it is still hungry.
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Lombard:
Saatchi sexism row: older guys should adjust mindset: Many older men will have read the news that Kevin Roberts, Chairman of ad group Saatchi & Saatchi, has been placed on leave by Owner Publicis, and groaned: “What sexist comments can a guy get away with these days?”
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Great leap forward: Luigi Galvani put a charge through a dead frog’s legs to make them kick. GSK hopes a bioelectronic experiment of its own will animate the interest of investors — eventually.
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The Daily Telegraph
Platinum miner Lonmin warns of bumps in the road ahead: Lonmin, the mining company that pulled off an emergency fundraising last year, has warned a number of events could derail production in the fourth quarter, typically its strongest trading period.
Premier Oil gets fresh lifeline for debt talks: Heavily-indebted North Sea explorer Premier Oil has been handed a fresh stay of execution by its lenders to continue debt renegotiation talks.
Senior moves U.K. production offshore as it battles oil price slump: Engineer Senior is cutting production in the U.K. as it makes savings to combat a fall in demand created by the falling oil price.
RBS and Barclays hit by poor stress test showing: Shares in Barclays and Royal Bank of Scotland slid following stress test results showing they would be hit hard by a severe economic downturn.
The Guardian
Home Ownership in England at lowest level in 30 years as housing crisis grows: Home Ownership in England has fallen to its lowest level in 30 years as the growing gap between earnings and property prices has created a housing crisis that extends beyond London to cities including Manchester.
Ireland calls for EU drug agency to be moved from London to Dublin: Ireland is set for a post-Brexit battle with five other EU countries to be the site of the new headquarters of the London-based European Medicines Agency (EMA).
Savings accounts disappear as Bank of England prepares to cut rates: Best-buy savings accounts are disappearing rapidly ahead of the expected cut to base rate by the Bank of England on Thursday.
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.
Daily Mail
Is sterling the next big short? Hedge funds and investors make record bets on a fall in the pound: Bets against the pound have hit a record high amid frenzied speculation the Bank of England will cut interest rates following the Brexit vote.
BHS pensions probe deepens as Goldman Sachs is told to reveal any payments it received from Lady Shifty: Goldman Sachs has been told to reveal any payments it received from Lady Tina Green in connection with her own businesses or that of failed retail chain BHS.
Google and Glaxo’s £540 million science boost: Giants to create world-leading medical research centre in U.K.: A £540 millionillion world-leading medical research centre is to be built in Hertfordshire in a partnership between GlaxoSmithKline and Google.
Rise of the taxi giants: Uber strikes a £26 billion deal with Chinese rival Didi Chuxing after a bitter two-year feud: A bitter two-year battle to become China’s biggest taxi firm ended with a £26 billion deal between Uber and rival Didi Chuxing.
Daily Express
Resilient start-ups in the regions put on a show of strength: Start-ups in the regions survive longer than those in London with traders in Shetland and the East Midlands proving the most resilient at weathering economic storms.
Italy’s UniCredit shares suspended as banking crisis grows: Shares in Italian lender UniCredit were suspended this morning amid rising fears the country’s banking crisis could tip Europe over the edge.
Staycation boost as supermarkets slash petrol prices – with more to follow: British drivers have received a summer holiday boost after Asda and Tesco axed fuel prices.
The Scottish Herald
Wholesaler United lifts turnover, hails M9 acquisition: United Wholesale (Scotland) has reported a £5 million increase in turnover in its last financial year, boosted by the acquisition of M9 Cash & Carry.
Smart Metering Systems Boss sells £2.5 million in shares: Smart Metering Systems Chief Executive Alan Foy has sold 600,000 share in the company at 435p. Mr Foy received £2.5 million for the shares.
Keppie wins Orkney hospital contract: Glasgow-based architect Keppie Design has been appointed to the new Hospital and Healthcare Facilities in Orkney.
Profits on tap for Heineken: BREWING giant Heineken grew net profit to €586 million (£496 million) for the first half of 2016, with organic revenue up 4.7% to more than €10 billion.
R&W Scott ready to stand-alone, says Owner: Real Food Group, the listed food manufacturer, said sales volume at its Scottish jam maker R&W Scott was slightly ahead of the previous year and that the Carluke-based business was now “fully equipped to run on a stand-alone basis and develop [its] growth plans”.
Nolan Seafoods announces job cuts after contract loss: Nolan Seafoods U.K. has confirmed it is to make about 20% of its staff redundant after losing a major customer contract on one week’s notice.
BPI takeover by RPC now complete: The £261 million takeover of Greenock-based British Polythene Industries by RPC Group is now complete.
EnerMech completes £5 million west of Shetland contract: EnerMech, the Aberdeen-based oil services firm, has completed work on a £5 million contract west of Shetland.
Aberdeen raises £115 for residential fund: Aberdeen Asset Management has raised £115 million from U.K. pension funds to invest in the U.K. private rented sector.
The Scotsman
Co-working venture opens at Edinburgh’s Techcube: An Edinburgh-based entrepreneur has launched a “co-working” facility at the city’s Techcube business hub with the aim of providing flexible office space for start-ups, small firms or self-employed people.
Qatar Airways lifts stake in BA parent group IAG: Qatar Airways has swooped to up its stake in British Airways Owner IAG to 20% following a post-referendum fall in the company’s share price.
Stirling prototype outfit invests in metal 3D printer: A Stirling-based manufacturing business that supplies products for nine Formula 1 racing teams has made a six-figure investment in one of the largest metal 3D printers available in the U.K.
Manufacturing output slumps to three-year low: Fears have been raised about the ability of Britain’s factories to cope with the Brexit fallout after manufacturing activity slumped to its lowest level in more than three years.
West Lothian trout fishery goes on the market: A “unique business and lifestyle opportunity” is being marketed at nearly £1 million embracing an established West Lothian trout fishery business and three recently completed holiday cottages.
City A.M.
Anticipation of $20 billion Microsoft bond to finance LinkedIn deal drives up U.S. Treasury yields: U.S. Treasury yields rose in anticipation of a $19.75 billion (£14.93 billion) bond offering from Microsoft to finance its takeover of LinkedIn.
City job market remains stagnant after Brexit according to Adzuna: Declines in advertised job vacancies means that City job hunters should be prepared to “fight” in a market that has been “shaken” by Brexit.
UBS rogue trader Kweku Adoboli says his actions were like a self-sacrifice to chase his employer’s goals: Rogue trader Kweku Adoboli has hit back at suggestions he acted out of greed, correcting his critics by saying his actions were motivated by wanting to benefit his employer.
Megabrew: AB InBev and SABMiller expect to seal the deal in October: Anheuser-Busch InBev’s £79 billion takeover of SABMiller is expected to complete on 10 October, the companies said in a statement.
Satellite operator Inmarsat won’t make an offer for rival Avanti: Inmarsat won’t be making an offer for Avanti, it’s said following media reports that the two could come together in a £4 billion takeover.
Lack of summer blockbusters calls cut on AMC Entertainment’s second quarter profits: Global cinema giant AMC Entertainment’s profits and sales dived in the second quarter after the operator was blighted by a dearth of blockbuster hits and lower footfall.
Petrofac auditors find “no evidence” to support bribery allegations: Petrofac said that an independent investigation had found no evidence it was involved in a global scandal over bribery and corruption on the oil industry.
