The Times
State banker has £766k pay packet: A government-employed banker in charge of winding down the assets of nationalised banks was paid £766,000 last year, it has been revealed, as Theresa May tries to hold the line on a maximum 1% pay rise for other public sector workers.
Take regular advice from business leaders, former adviser John Godfrey tells PM: Theresa May should strengthen her links with business leaders after she was cut off from corporate advice on Brexit before last month’s election, her recently departed policy Director has said.
Glencore in inquiry over Chad oil deal: An African country locked in a $1.4 billion oil deal with Glencore that has turned sour is investigating whether the officials who approved the transaction were paid “commissions”.
Wind power link delay is £70 million blow for consumers: Delays to a £1 billion subsea cable to bring surplus Scottish wind energy to England and Wales will cost consumers at least £70 million because they will have to pay for turbines to be switched off until it is finished.
St Modwen switches focus to booming housebuilding market: The commercial developer transforming New Covent Garden Market in Vauxhall, south London, is planning to become one of Britain’s biggest housebuilders within four years.
London rents rise by 45% in ten years: The cost of renting a home in London is at its least affordable level in ten years after a 45% rise in rents in the capital over the period, a residential analyst has claimed.
Dutch alter rules to prevent hostile takeovers: The Dutch government is redrafting plans to prevent hostile takeovers of national companies after protests from business that the measures would damage the investment climate amid a drive to woo U.K. investors after Brexit.
The Independent
Gender gap narrows among entrepreneurs as women excel with start ups: The rate of entrepreneurialism in the U.K. has risen far faster among women than men in the past decade, new research has found.
U.K. manufacturers warn they will start cutting investment within months: U.K. manufacturing firms could begin cutting investment and jobs within months unless the Government radically clarifies its aims for the Brexit deal, an industry body has said.
Construction activity slows downs by more than expected in June: Activity among the U.K.’s builders slowed by more than expected in June according to the latest survey snapshot of the sector.
Sheffield tops list of cities with best pay rises over the last year: Research conducted by one of the U.K.’s biggest job search sites indicates that if you’re after a pay rise, you might want to think about moving to Sheffield.
Kim Kardashian helps Superdrug profits soar with face powder promotion: Superdrug has delivered a strong rise in full-year profits after sales were helped by a face powder championed by Kim Kardashian.
Apple’s valuation ‘quadruples’ to $3.37 trillion after computer glitch: The prices of several big-name Nasdaq-listed stocks appeared on some websites to either spike or plummet well after the closing bell on Monday, seemingly due to a glitch related to the market data that runs the largely automated markets.
Dropbox considers biggest tech company flotation since Snapchat: Data-sharing business Dropbox is seeking to hire underwriters for an initial public offering that could come later this year, which would make it the biggest U.S. technology company to go public since Snap, people familiar with the matter said on Friday.
U.K. startup Curve promises to launch ‘financial time travel’: A London-based startup has joined up with Mastercard to launch a payment card that allows users to retroactively choose a different credit or debit card for a purchase they have already made, in what they called “financial time travel”.
Body Shop announces £2 million bio-bridges scheme to save rainforest wildlife: A £2 million scheme to create 10 new “bio-bridges” which link up areas of rainforest to help wildlife has been launched by the Body Shop.
Nestlé pledges to cut sugar in Cheerios, Shreddies and other breakfast cereals: Consumer goods giant Nestlé has pledged to slash sugar in its cereals by a further 10% across the U.K. by the end of next year as part of a major drive to make some of its most popular breakfast foods healthier.
Deliveroo offers rainbow-themed dishes to celebrate London Pride: Food delivery service Deliveroo is celebrating London Pride by temporarily changing its name to “Deloveroo” and offering a selection of rainbow-themed dishes.
Financial Times
Former Glencore traders launch metal trading platform: A group of former Glencore traders have announced plans to launch an eBay-style marketplace for metals, the latest attempt to shake up the way commodities are bought and sold.
U.K. bad bank to sell £5 billion more crisis-era mortgages: U.K. Asset Resolution, which borrowed £48.7 billion to take on the loans of Northern Rock and Bradford & Bingley in 2010, is benefiting from low interest rates and high asset prices worldwide.
Ian King swaps BAE Systems for world of boutique finance: Ian King, the gruff former Chief Executive of BAE Systems, is moving into corporate finance as a senior adviser to boutique advisory firm Gleacher Shacklock.
Questions emerge over bidders in Toshiba chip sale: The government-backed consortium leading the auction for Toshiba’s $20 billion memory chip business is at risk of break-up as a key legal battle escalates and participants consider other options, according to people close to the situation.
Foreign movies give China’s box offices a 20% boost: China’s box office takings surged 20% year-on-year in the second quarter, with Hollywood and Bollywood riding to the rescue of the ailing Chinese film industry.
Mike Ashley bombarded with allegations in banker lawsuit: Startling allegations about leading U.K. retail tycoon Mike Ashley have been made in a lawsuit filed by a former Merrill Lynch banker who is suing the Sports Direct Founder over a deal he says the two men struck in a London pub.
Maersk, WPP and FedEx still struggling with cyber attack fallout: Global companies ranging from shipping lines to advertising firms are still struggling with the havoc wreaked by the huge cyber attack that last week swept from Ukraine to organisations in more than 60 countries.
Tencent value slides $15 billion in video game backlash: Tencent shed $15.1 billion in market value on Tuesday after the Chinese technology group started limiting the time children spend on its number one game.
Lex:
Landis+Gyr: meter readings: Toshiba confirmed this week that if no buyer materialises, it will float smart meter subsidiary Landis+Gyr in Zurich later this year. Valuations of around $2 billion are mooted — around 10 times adjusted earnings before interest, tax, depreciation and amortisation. That is comparable to U.S.-listed Itron, and what Xylem paid for Sensus, a water metering specialist, in 2016.
Worldpay: ecommerce colonist: Royal Bank of Scotland shareholders are perpetual ragamuffins, noses pressed again the window of a sweet shop where other kids are getting treats. Their latest cause for envy comes via competing bid approaches for Worldpay. The U.K.-listed payments group could be sold for an equity valuation of £8.3 billion. RBS, largely owned by U.K. taxpayers since a bailout, sold Worldpay to private equity for a quarter of that sum six years ago.
Imagination: graphic warning: Relying on the patronage of the world’s biggest company is a high-wire act. Selling graphics chip designs to Apple made Imagination Technologies one of the U.K.’s biggest tech companies. Apple’s decision to terminate the relationship has more than halved the value of the shares and forced the sale of the company. A return to profit will counteract neither but it could mean a better deal for shareholders.
Lombard:
Lombard: Rocket for Dan Dare?: In the 1950s, Britain led the world in space exploration, writes Peggy Hollinger. The U.K. had the most advanced technology and the best astronauts. Now Britain is back in the space race, and this time for real. Stuart McIntyre, grandson of the pilot who founded Prestwick airport, has just been awarded £200,000 by the European Space Agency to start exploring a commercial launch system to carry satellites into orbit.
Lombard: Sainsbury’s Delphic update foresees synergies: In 2017 if you want to know how Argos is performing, you’d be better off heading for Delphi. Because it would take the mythical Oracle from that Greek site to divine what’s going on under its current owner: J Sainsbury. ‘s first-quarter update from the retailer was delivered in a new form. Not the dactylic hexameters favoured by Delphic priests, but one almost as challenging. Sainsbury’s aggregated its grocery, general merchandise and clothing sales across the group, rather than breaking them down by outlet.
The Daily Telegraph
France to propose new measures to lure City banks to Paris: France will announce major new policy measures to help lure City of London and Wall Street firms over to Paris in the coming days, the country’s new Prime Minister Edouard Philippe said.
U.K. remains Europe’s hotspot for tech funding despite Brexit vote: Britain has continued to outrank other European countries as a technology investment hub despite last year’s Brexit vote.
Blow to Uber as top EU lawyer says French ban was not illegal: France did not break European Union law when it banned Uber’s cheap ride-hailing service, a leading EU lawyer has said in the latest blow to the San Francisco-based company.
FSA warned Lloyds in 2012 about risk of ‘potential fraud’ at HBOS Reading: Lloyds Banking Group was warned by the City watchdog five years ago that there had been a risk of “potential fraud” at HBOS’ Reading office, it has emerged.
U.K. plc urged to seize ‘global opportunity’ in genomics: The British biotech sector should seize the “global commercial opportunity” offered by genomics, drug industry leaders urged, as a report from the country’s Chief medical officer called for more people to get their DNA tested to aid in the hunt for effective treatments for diseases.
British biotech close to breakthrough test for ovarian cancer: British biotech company Angle has unveiled the trial results of a potential breakthrough blood test for diagnosing ovarian cancer.
Acacia Mining management locked out of talks with Tanzania as Barrick steps in: The management of stricken gold mining company Acacia has been excluded from talks with the Tanzanian government about resolving a tax dispute after its majority shareholder Barrick Gold intervened.
The Questor Column:
It’s not too late to buy Sky – investors should win whether Fox’s bid succeeds or not: The wheels of government are turning slowly but the £10.75p-a-share bid for Sky from 21st Century Fox looks a step closer to success after last week’s statement from Karen Bradley, the Culture Secretary. As the shares stand below the offer price, investors may be best served by sitting tight. If the bid goes through, a further gain is coming. If the deal is delayed beyond December, Fox must pay a 10p special dividend, potentially adding to returns from a successful bid. And if the deal fails, Sky should continue to generate the copious free cashflow that underpins a perfectly respectable yield. The Minister did not make a definitive decision last week. She will now accept final representations from all parties involved before July 14, although it seems likely that she will refer the bid to the Competition & Markets Authority. The Murdochs should find it easier to address the issue of “media plurality” and whether they exercise too much influence via their newspapers and broadcast output, partly because the internet’s ubiquity makes it difficult to argue that anyone has too much control of content these days. That suggests the bid still has every chance of receiving approval. Questor says ‘Buy’.
Update: Morrisons: The latest numbers from industry consultants Kantar Worldpanel offer grounds for optimism that Morrisons’ turnaround is on track, helped by the best industry-wide sales growth since spring 2012. The firm generated a 3.7% increase in revenues across the 12 weeks to June 18, outpacing Tesco, Asda and Sainsbury’s and even adding 10 basis points (0.1 of a percentage point) to market share, which rose to 10.6%. A market value of £5.6 billion and net debt of £1.2 billion by the year end combine to give an “enterprise value” of £6.8 billion. Compared with property on the balance sheet of £7.2 billion, the valuation looks well underpinned. Patience will be needed but Morrisons’ strategic initiatives do seem to be paying off. Questor says ‘Buy’.
The Guardian
Bank of England’s Michael Saunders: ‘Prepare for higher interest rates’: Households should prepare for interest rates to rise as the Bank of England withdraws some of the emergency support it injected into the economy in the wake of last year’s Brexit vote, a top policymaker has warned.
HBOS took £240 million hit after ‘serious control breakdown’ in Reading: HBOS took a £240 million hit in 2007 after discovering a “serious control breakdown” in its Reading operation, according to information published by the City regulator for the first time.
U.K. Ministers move to allay Brexit fears over access to medicines: The government has moved to dampen fears in the pharmaceutical and life sciences industry that Brexit will mean patients and the NHS will wait longer and pay more for drugs and treatment.
Mike Ashley ‘paid ex-Sports Direct Chief secret £1 million-a-year bonus’: Mike Ashley, the controversial billionaire Founder of Sports Direct, allegedly secretly paid his former Chief Executive £1 million-a-year out of his personal funds in order to keep down the pay of other staff.
Virgin Trains and six other companies agree to sell advance tickets on the day: Seven rail companies, including Virgin Trains’ east and west coast franchises, have agreed to allow passengers to buy cheaper Advance tickets as close as 10 minutes before their journey starts.
Daily Mail
Hornby shares veer off the tracks after model train maker tries to derail its £27 million takeover swoop: Shares in troubled model train maker Hornby veered off the tracks in early trading after it formally told investors to reject a takeover offer it believes ‘significantly undervalues’ the firm.
Legal deadlock for iPhone chip maker Imagination Technologies in battle with Apple: Bosses said they have made no progress in divorce talks with the Silicon Valley giant and accused it of acting unprofessionally.
Market glitch sees Amazon and Google lose more than half their value while Apple shares double: Shares in several big-name Nasdaq companies appeared to spike or plummet well after the closing bell on Monday due to a suspected glitch.
U.K. payments giant Worldpay sees £1.9 million added to its value as U.S. rivals plot a takeover: Investors piled into Worldpay, adding £1.8billion to its value after Bosses revealed the company was at the centre of a takeover battle.
Greene King Chairman Philip Yea lands non-exec Director role at Equiniti: Equiniti has named the Chairman of pub chain Greene King as a non-Executive Director.
Daily Express
State pension age to rise sooner than expected: Minister warns ‘big decisions’ looming: The state pension age could rise sooner than currently planned, after the new Secretary of State for Work and Pensions hinted of a looming bombshell for workers.
Bank of England fears reckless lenders could spark financial crisis: Lenders have been ordered to prove they have not taken too much risk amid a consumer credit boom which has sparked fears of another sub-prime financial crisis.
Pound falls amid latest U.K. economy news and clues of interest rate rise: The pound fell after an update on Britain’s economic performance, as markets look for further clues about when the Bank of England will raise interest rates.
Innocent Drinks breaks £300 million annual sales barrier as taste for super-smoothies grow: Innocent Drinks has broken the £300 million annual sales barrier with European thirst for super-smoothies and coconut water.
Clarks to create 80 jobs in the U.K. with new Desert Boots investment: Clarks is bringing volume shoe manufacturing back to Britain in a multi-million pound investment combining high-skilled jobs and cutting-edge technology.
The Scottish Herald
Scottish firms have much to learn from England’s ABS disasters: Scotland may have its own legal system, but there is something to be said from learning from your neighbours.
Cala builds on record growth as it closes in on £1 billion revenue target: Upmarket housebuilder Cala Homes has delivered a fifth consecutive year of record profits, as turnover exceeded £700 million for the first time.
Tech star to enter personal security market: Fast-rising entrepreneur Rebecca Pick, creator of an award-winning personal attack alarm, is poised to launch a series of new security products after raising nearly £1 million in funding.
Era of falling shop prices set to end, warns Scottish Retail Consortium: The Scottish Retail Consortium (SRC) has warned that the era of falling shop prices could be coming to an end despite the British Retail Consortium’s latest Shop Price Index showing that overall prices continued to fall in June.
Glasgow lawyers group elects first female head in 349 years: A membership body for solicitors operating in Glasgow and West Central Scotland has appointed its first female leader in its 349-year history.
The Scotsman
Aberdeen helicopter firm Bristow cuts jobs due to oil and gas downturn: A leading helicopter operator is slashing more jobs as a result of “continued challenges” caused by the downturn of the oil and gas industry.
Tesco Bank Boss Benny Higgins to retire after cyber attack: Benny Higgins is to step down as Chief Executive of Tesco Bank, just months after the lender fell victim to a cyber attack that affected thousands of customers.
New Shetland oilfield to support 1,500 North Sea jobs: About 1,500 jobs will be supported by the next phase of a major North Sea development by oil and gas firm Statoil.
Sandwich chain Subway rolls out plans to create 5,000 jobs: Subway plans to serve up 5,000 new jobs by 2020 in a major expansion across the U.K. and Ireland.
Sainsbury’s cheered by ‘best sales performance in years’: Sainsbury’s has hailed its best supermarket sales for years thanks to a revamp of its ranges and deals on popular summer food such as British strawberries.
City A.M.
AA’s latest ad campaign puts the company’s brand back on the right road: Over the last month, AA has achieved the greatest uplift in its ad awareness score among all the brands YouGov tracks.
Treasury to host pivotal meeting between the City and telecoms firms: Fund managers will attempt to woo City analysts as they drum up support for a U.K. broadband revolution.
SNC-Lavalin to launch U.K. investor roadshows after takeover of Crossrail engineer Atkins: Canadian engineering and construction group SNC-Lavalin is preparing to kick off a number of U.K. investor roadshows, as the global business looks to diversify its shareholder base after acquiring the U.K.’s Atkins.
World’s largest-ever private equity fund set to close “imminently” at $23.5 billion: Apollo Global Management, the alternative investment leviathan, is set to make a world record by closing its ninth flagship private equity fund at $23.5 billion (£18.18 billion).
Performance marketing firm XLMedia sees stocks jump on strong half-year trading update: Shares in London-listed digital marketing company XLMedia were up nearly 10% earlier, after it issued a positive half-year trading update.
