B&Bs try to make online travel giants do it by book: The U.K. Bed & Breakfast Association is taking on the might of the big American online travel agents. The association, which represents thousands of B&Bs and guest houses, has lodged five formal complaints with the Competition and Markets Authority.
All to pay for as web rivals tackle Sky and BT for Premier League rights: BT and Sky are paying a combined £1.7 billion per season for live domestic rights for the Premier League until 2019, betting that the fireworks and furore surrounding matches from St James’ Park to Selhurst Park will bring in subscribers and advertisers. The problem, however, is that they are not alone.
Pressure rises on Libor trials witness: More traders have come forward to complain about the expert witness in the Libor trials. The Metropolitan Police has had four requests to investigate Saul Haydon Rowe, the prosecution witness paid for by the Serious Fraud Office, over allegations including perjury and fraud.
Private equity dips into a $15 billion well to splash out in North Sea: The oil industry should welcome cash-rich private equity buyers to the North Sea with open arms, a consultancy has claimed.
Energy review to ignore price caps, profits and smart meters: The business department said that Dieter Helm would lead the review, promised in the Conservative manifesto, which it said would “ensure energy is affordable for British households and businesses” and would recommend “ways to keep energy prices as low as possible”.
£200 million helps housebuilder Avant Homes push itself forward: Avant Homes has secured a £200 million overdraft as it tries to re-position itself among Britain’s biggest housebuilders.
Sheeran’s exercise in Divide and rule slows decline in CD sales: Ed Sheeran may have been forced to quit Twitter because of “vile abuse”, but it hasn’t hurt his sales. Demand for Divide, his latest offering, has boosted the overall CD market.
British industry demands German levels of state support: Manufacturers believe that the support they get from the government lags far behind levels found in Germany and are calling on Ministers to ensure that all departments are involved in the new industrial strategy.
Rolls-Royce calls for Britain to stay in Euratom and EU aviation agency: Rolls-Royce is in the dark over whether Ministers will seek a seat at the table of the European regulators that oversee the nuclear and aerospace industries.
Barclays pensions ‘safe’ under new shortfall deal: The Chairman of the Barclays staff pension scheme has defended a deal that has allowed the bank to dramatically reduce and delay rescue payments to repair the shortfall in the scheme.
Altus plays the strategy card: Altus Strategies, which operates in Africa, carries out exploratory work and applies for a mining licence, then seeks a joint venture partner to fund the project for cash, shares or royalties once production begins.
Millions finding it harder to get a GP appointment, new analysis shows: Getting an appointment with a GP has become significantly harder for millions of people, according to a new analysis of official statistics.
Google ‘anti-diversity manifesto’ sparks backlash among employees: A widely shared internal Google memo arguing against gender diversity had prompted outrage from certain staff and members of the public.
‘Remove A Tenant’ eviction company compares U.K. renters to vermin: An eviction company has caused outrage after an advert highlighting its services compared people renting homes to vermin.
Trump falls flat with climate change retreat: On Friday, the U.S. state department submitted a notification to the UN that the administration intended to withdraw from the Paris climate agreement reached in 2015.
Shell and BP’s commitment to North Sea oil ‘rock solid’: Royal Dutch Shell and BP have declared confidence in the future of North Sea oil and gas production after deep cost cuts that Executives say have pulled the basin back from the brink of precipitous decline.
Harold Hamm steps up bets on demand for gas: Harold Hamm, one of the pioneers of the U.S. shale oil boom, is stepping up his investment in gas in an attempt to benefit from an expected surge in U.S. exports of liquefied natural gas.
Global wealth managers suffer profitability squeeze: Operating income across 200 global wealth managers grew by an average of just 0.04% in 2016, despite assets under management increasing 4%.
MetLife’s $7.9 billion spin-off tests interest rate outlook: One of the biggest spin-off companies in the history of the U.S. life and pensions industry begins trading on the stock market on Monday in what will be a barometer for investor expectations for higher interest rates.
Sweden’s ex-Finance Minister quits Kinnevik amid scandal: Anders Borg, Sweden’s former Finance Minister, has resigned as deputy Chairman of technology investment group Kinnevik amid a scandal over his allegedly drunken behaviour at a party.
U.S. haul from credit crisis bank fines hits $150 billion: Financial institutions have paid more than $150 billion in fines in the U.S. relating to the credit crisis, passing a significant milestone a decade after it became clear American subprime woes had become a global problem.
LME Chief plots evolution not revolution at metal exchange: Three days after he was appointed Chief Executive of the London Metal Exchange in April, Matt Chamberlain kicked off a debate about its future.
U.K.’s challenger banks face fresh headwinds: Chief Executives of some of the U.K.’s challenger banks have issued a fresh warning of headwinds facing the nascent sector.
GSK Chief vows to stop ‘drifting off in hobbyland’ with R&D: The Chief Executive of GlaxoSmithKline has said the U.K. drugmaker will stop “drifting off in hobbyland” by producing medicines with little prospect of billion-dollar sales, as she seeks to reverse years of underperformance in research and development.
GSK Chief says her lack of ‘baggage’ in pharma is an advantage: When Emma Walmsley addressed investors after delivering GlaxoSmithKline’s second-quarter results last month, she was clear about her overriding priority for the U.K. company: it must become more adept at developing and commercialising lucrative new drugs.
Square Enix climbs 8.5% on strong Q1 profit growth: Shares in Square Enix, the creators of Final Fantasy and Dragon Quest, rose as much as 8.5% on Monday after the video games maker reported profits rose more than half in the first quarter.
China’s Tencent takes digital ‘red packets’ to India: China’s Tencent is taking hongbao, or red packets, to India — a move akin to exporting Christmas puddings for birthday celebrations in Japan — in an intrepid step to further its global ambitions.
Government steps in to guide ‘rudderless’ Toshiba chip sale: The Japanese government has stepped up its involvement in the $18 billion sale of Toshiba’s memory chip business as people familiar with the auction describe the leadership of the conglomerate as “rudderless”.
Broadband investors pour £500 million into Britain’s countryside: TrueSpeed Communications, a new telecoms start-up which built the network, says half the people in those towns have already signed up for its services. Based on that success, Aviva Investors, a London-based infrastructure fund, has furnished TrueSpeed with £75 million worth to expand across rural Somerset — and the promise of more money if it succeeds.
London cycle seizures put spoke in wheel of rental scheme: A company offering £1-an-hour rental bikes in London has said it is “disappointed” after Wandsworth council seized more than 130 of its cycles and described them as a “yellow bike plague”.
Citigroup: always the optimist: Pronouncements from Citigroup about its capital strength merit scepticism. In the run-up to the financial crisis, it assured investors and customers it was a solid ship. The bank then took nearly $500 billion in bailouts and guarantees to plug leaks. It told the Federal Reserve in the following years that its balance sheet was resilient; it failed the stress tests twice in that period.
The Daily Telegraph
Real danger for City is slow suffocation, not cliff-edge Brexit, warns finance Chief: A cliff-edge Brexit in early 2019 would pose serious dangers to the whole European financial system and will be avoided at all costs by both the British Government and EU authorities, the City of London’s top financial consortium has concluded.
Leading U.S. biotech Bluebird eyes U.K. launch for pioneering gene therapies: One of America’s leading biotechs, Bluebird Bio, is in talks with U.K. medicine regulators about a potential launch of its pioneering range of gene therapies for rare diseases.
Two of U.K.’s largest hotels snapped up in £500 million deal: Property investor Henderson Park, founded by former Goldman Sachs Executive Nick Weber last year, has confirmed the acquisition of two of the U.K.’s largest hotels in a deal thought to be worth around £500 million.
A-list cachet reaps rewards for hotelier Firmdale: Boutique hotel operator Firmdale is set to report that it booked record revenue of £125.8 million in 2016 driven largely by rising room rates at its eight London properties.
Towergate owner to consider IPO when new group is a ‘monster’: The Boss of a U.K. insurance giant created by the merger of Towergate and four others has said the group will discuss the possibility of an initial public offering when it is a “monster” next year.
David Ross, the insurance veteran hoping the battles are over: In the last two years insurance veteran David Ross has been swept into a high-profile lawsuit with his former employer, been forced to fit out his home with security cameras after allegedly being spied on and taken on a job which saw him in charge of a firm in complete turmoil.
U.K. consumers cut spending on clothes, cars and foreign travel: Britons are slashing spending on new clothes, cars and foreign holidays, according to new figures that underscore the effect on consumer confidence of rising living costs and the uncertainty surrounding Brexit.
Staff at Tesco-owned One Stop demand better redundancy deal: Head office staff at the Tesco-owned One Stop convenience chain are fighting for a better redundancy package after it emerged employees on Tesco contracts were being offered a more generous payoff.
Trailfinders blames Brexit vote for wiping out £12 million profit: Trailfinders, Britain’s largest independent travel agent, has blamed Brexit for wiping £12 million off its annual profit.
Banks issue new sort codes in ringfencing of high street operations: Barclays has started the process of moving up to 900,000 accounts to alternative six-digit sort codes as it prepares for the implementation of regulations intended to avoid taxpayer bailouts.
Trial to phase in hydrogen as fuel to begin in north-west: Liverpool and Manchester are to be the testbed for an ambitious £600 million project aiming to solve the thorny problem of how the government cuts the carbon footprint of the gas that heats most of Britain’s homes.
Thames Water turns it back on Cayman Islands after paying no corporation tax for a decade: Controversial Thames Water could soon sever its links with the Cayman Islands as it seeks to repair its reputation. Bosses think the firm, which has paid no corporation tax for a decade, might soon be able to relocate its two subsidiaries incorporated in the tax haven.
Worldpay Boss Philip Jansen set for £9 million salary in return for staying on after U.S. takeover: The Boss of Worldpay is in line for a £9 million salary in return for staying on after a £7.7 billion takeover by American rival Vantiv. Philip Jansen is to receive a pay and bonus package worth £9.2 million and could relocate from London to the U.S. following the merger.
FCA launches crackdown on crowdfunding amid fears over transparency: The Financial Conduct Authority has launched a crackdown on peer-to-peer lending. The watchdog is considering much tougher curbs for crowdfunding platforms which fail to provide sufficient financial information to investors.
Embattled U.S. fashion firm American Apparel poised for web comeback afer filing for bankruptcy last year: Fashion chain American Apparel is poised for a comeback. The brand, which filed for bankruptcy last November, is to relaunch as an e-commerce business.
More than 1,000 jobs to go at Sainsbury’s HQ as part of £500 million cost-cutting drive: Sainsbury’s is axing more than 1,000 jobs at its head office as part of a £500 million cost-cutting drive.
Glencore Bosses’ £600 million windfall having invested in emergency fundraising scheme in late 2015: Glencore’s senior Bosses are in line for a £600million windfall after backing the company when it looked to be on its last legs.
Chinese billionaire targets Manchester United shares in mammoth deal, reports suggest: A mystery Chinese investor is thought to be interested in purchasing a stake in Manchester United, according to reports.
William Hill’s half-year results see shares peak at 280p: William Hil’s half-year results released on Wednesday, saw the shares briefly top 280p, before closing the day at 268p.
The sun is shining again on the U.K. high street, says Harvey Jones: The sun was shining again on the U.K. high street last week as retailer Next swung back into fashion with surprisingly upbeat second-quarter results on Wednesday.
Blockbuster Beauty And The Beast box office taking help Cineworld Group: Blockbuster Beauty And The Beast’s fairytale box office receipts will help Cineworld Group to a 15% growth in revenues this week.
Aviva sets trend among life insurance companies: The rally in life insurance stocks is set to continue as big U.K. names build on Aviva’s positive update last week.
Economy set fair for second half of the year as data hints slowdown could be over: The worst of the recent economic slowdown may already be over with stronger data this week pointing to a healthier second half of the year.
Winners and losers revealed following a year of record low interest rates: It is now a year since the Bank of England slashed interest rates to 0.25% in a panicky response to Brexit, heaping yet more misery on savers.
The Scottish Herald
Tech firm app could save police millions: Technology developed by a company in Glasgow could mark the end of the traditional police officer’s notebook after it announced plans to expand across the world.
Services sector remains a drag on economy: U.K. business output is returning to a growth path, with a stronger manufacturing performance enabling marginal overall expansion in spite of service sector contraction, a survey by BDO signals.
DIY pie kit maker sparks global dialogue about Scots food classic: As the latest fall in the pound provides a boost for exporters we hear from a food entrepreneur winning a growing following overseas for an unsual product developed in Scotland.
Digital notebook ready to roll out internationally: It is quite incredible to consider that in 2017 if anyone is stopped by the police, the answers to any questions asked will most likely be recorded by hand in a notebook, which the officer must then type up when back at their desk.
G4S continues strong run with fresh profits rise: Global security giant G4S is set to report another rise in profits this week as the group continues a strong run of form that has seen it catapulted back into the FTSE 100.
Edinburgh’s wizarding fans in for a treat as Harry Potter shop opens: A new shop dedicated to all things Harry Potter is set to delight fans in the capital as it opens in the city’s Old Town.
‘U.K. prepared to sign off on £36 billion Brexit exit bill’: Downing Street has denied reports it is prepared to sign off on a £36 billion Brexit payment to the EU after Whitehall sources were quoted putting a figure on the U.K.’s “divorce bill” for the first time.
Business output returns to growth due to a manufacturing boom while the services sector lags: British factories are providing a glimmer of hope amid the U.K.’s gloomy economic outlook, with one closely-watched survey expecting the sector to propel business output back into growth.
Arqiva picks float banks in part two of £6 billion sale masterplan: Arqiva, the U.K.’s largest owner of mobile, TV and radio masts, has picked four of the City’s biggest names to explore a mammoth stock market listing.
Sports Direct Boss Mike Ashley takes a shot with £2 million stake in Goals Soccer Centres: Sports Direct Boss Mike Ashley – who has been focused on building what he has termed the Selfridges of Sport – has added to his retail empire.
Jaguar Land Rover Boss Ralf Speth’s pay jumps to £5.3 million: Jaguar Land Rover Chief Executive Ralf Speth pocketed pay totalling £5.3 million in the last year.
French firm SCDM Energy snaps up a stake in Ukog: SCDM Energy, the French natural gas firm owned by the billionaire Bouygues family, increased its stake in U.K. Oil & Gas Investments (Ukog) to more than five% last week.