Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 080916

The Times

British tech company buys software arm of U.S. giant: Britain’s most rapidly expanding technology company confirmed that it is to buy Hewlett Packard Enterprise’s software business in an $8.8 billion deal, marking a dramatic reversal of the long-running trend of U.K. businesses being acquired by overseas buyers.

Queen’s bank is sued over tax avoidance film scheme: Coutts may have to pay hundreds of thousands of pounds in compensation to wealthy clients who claim they were badly advised by the Queen’s bank about investing in loss-making film production companies to avoid tax.

Investors quit game after profit warning: Shares in Sports Direct took a pasting again after the sportswear retailer said that it expected to make £80 million less in profits than it did last year.

Bernie Ecclestone retains pole position on F1 grid: After recent speculation about the sale of Formula One and the future of Bernie Ecclestone, the 85-year-old is going nowhere.

Apache’s black gold in Texas: An American oil producer, Apache Corp., has announced a big discovery in western Texas that could be worth more than $8 billion.

Bank subsidy for EDF set to add fuel to fire in Hinkley Point row: The Bank of England is set to subsidise the state-owned French utility giant behind the Hinkley Point nuclear project, which has already secured government guarantees that could add £30 billion to the nation’s energy bills.

Rio Tinto returns in the red: The historic mine that lent its name to Rio Tinto has delivered a loss for its latest Owner.

Just Eat beats retreat on fears of Amazon Prime cut: One of Britain’s most promising technology companies stumbled after investors worried that Amazon was about to eat its lunch.

The Independent

U.K. house prices fell in August as market continues to cool: British house prices fell in August, dragging the growth rate for the year to its slowest since 2013 during the Brexit vote period, according to new figures from Halifax.

British workers ‘feel they have been shafted’ by Brexit, says TUC leader: The TUC is stepping up attempts to make sure employment rights are not affected by the EU referendum result, amid fears workers are being “shafted”.

Brexit latest: Manufacturing output dips in wake of EU referendum: Manufacturing output contracted in July according to the Office for National Statistics, undershooting expectations and undermining the sense that the sector has emerged unscathed from the shock of the Brexit referendum result.

Goldman Sachs tells employees they cannot donate to Trump campaign – but no restriction on Clinton’s: One of America’s largest banks has told its high-ranking employees they cannot donate to Donald Trump – but has left open the way for them to contribute to the campaign of Hillary Clinton.

Financial Times

Pilkington loses appeal over €357 million EU cartel fine: Pilkington Group, the Japanese-owned U.K. glass manufacturer, has lost an appeal against a €357 million EU fine for its role in illegally fixing the price of glass used in the automotive industry.

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Norwegian oil fund sells shares in Duke Energy: Norway’s $900 billion oil fund has underlined its ethical credentials by adding U.S. utility Duke Energy to a list of companies it is barred from investing in due to the risk of “severe environmental damage”.

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Dealmakers salivate over Japan Inc succession survey: Japan’s Ministry for Economy, Trade and Industry is to conduct an unprecedented survey of 2,500 listed companies to determine the state of their succession planning — research that dealmakers predict will inadvertently help them identify scores of potential takeover targets.

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St Jude Medical sues Muddy Waters over hacking claims: St Jude Medical has filed a lawsuit against a hedge fund that last month claimed its cardiac pacemakers were vulnerable to cyber-attacks, alleging it concocted an “insidious scheme” to knock down the group’s stock price.

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Scor cuts back profit targets: Scor, one of Europe’s biggest reinsurers, has cut back its profit targets as it grapples with tough conditions in the industry.

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Takeda signals global ambitions with dengue vaccine trial: Takeda, the largest Japanese drug group, has begun an extensive clinical trial of a vaccine against dengue, a mosquito-borne disease, in a sign of its ambitions to build a global vaccines business.

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Volkswagen explores case for Chinese electric car joint venture: Volkswagen on Wednesday signed an agreement with China’s Anhui Jianghuai Automobile Co to explore joint development of electric cars, in the latest sign of how the German company is accelerating work in this area after the diesel emissions scandal.

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Nintendo leaps as Mario makes the jump to iPhones: Shares in Nintendo leapt almost one-fifth on Thursday after the Japanese company revealed that Super Mario, one of the world’s most famous game franchises, would make its way to the Apple iPhone.

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Chipotle shares jump as Ackman builds 9.9% stake: Dissident investors in Chipotle welcomed Pershing Square’s investment in the burrito chain on Wednesday, as the company’s shares jumped following disclosure from the activist group that it had built a 9.9% stake.

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TPG gains control of McAfee in $4.2 billion deal: TPG is buying a majority stake in Intel Security, returning the antivirus company once again to a standalone software maker called McAfee but at a valuation of roughly half what the chipmaker bought it for.

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Apple launches iPhone 7 and new Watch: Apple’s attempt to reverse falling sales of its iPhone and Watch arrived with a mix of bold feature changes and subtle design tweaks at its annual product launch on Wednesday.

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Dell’s VMware tracking leaves investors wary: The unusual new tracking stock used to help finance Dell’s buyout of EMC began trading at a steep discount of about 35% on Wednesday, wiping some $5.5 billion from the notional value of the biggest-ever acquisition in the technology industry.

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Delta Air Lines cuts profit guidance after computer crash: Delta Air Lines on Wednesday cut its profitability guidance for the third quarter after a computer system crash at the leading U.S. airline last month caused chaos, forcing it to cancel about 2,300 flights.

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Lex:

Apple: iPhone fatigue: After investing in Apple in 2013, Carl Icahn suggested the company would produce a television — even venturing an estimate for annual revenues: $40 billion. Three years on, the veteran activist has been disappointed. There is still only one Apple product to reach that level of sales.

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Henkel/Sanofi: the positives of negatives: Henkel of Germany and Sanofi of France finished as joint winners in the race to be the first public corporate paid to borrow, agreeing minus 0.05% for two and 3.5 year notes, respectively.

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Chinese banks: getting ahead of the curve: Banks cutting headcount should not be remarkable in this era of low growth. Except, that is, when the banks in question are Chinese state-owned enterprises. This year, listed Chinese banks have shed nearly 35,000 staff, according to Wind Information. Average salaries have also come down. The change in approach to employment might herald a new, more commercial attitude at the banks — and that could help their share prices.

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Lombard:

Not messing up matters most for mature business like Hargreaves: If Chris Hill was a draughts piece, he would be one move away from being crowned. The accountant has hopped across the corporate checkers board with a dash. Now, at 45, he is in prime position to become Chief Executive of Hargreaves Lansdown, an online platform for DIY investors that is the U.K.’s most successfully disruptive financial services business.

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Brown shoe firm: Deutsche Bank is using online behavioural tests to hire investment bankers resembling the ones it has already. This is a brave strategy. The big German’s investment bank lost €2 billion last year. You would have thought Deutsche was keen to recruit trainees who are the polar opposite of the current lot lousing up the P&L.

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The Daily Telegraph

Asda’s profits rise despite sharp fall in sales as supermarket slashes overheads: Asda increased its profits last year, despite a sharp downturn in sales, after slashing overheads and shrinking staff numbers.

Shell’s North Sea exit could generate $1 billion, says UBS: Shell could be in line to make $1 billion (£750 million) in the next two years by selling off North Sea assets as part of a $30 billion divestment drive, according to UBS.

British-born mining explorer to list South African gold venture in London: Mark Creasy, the British-born prospector who made his name cutting deals on gold mines in Australia, is to bring a South African venture to the London Stock Exchange.

My interest rate cut will help U.K. make a success of Brexit, Carney says, as pound drops below $1.34: The Bank of England’s swift decision to cut interest rates in the wake of the Brexit vote has reduced the risk of recession and will help the U.K. to make a “success” of leaving the EU, according to Mark Carney.

CMC Markets warns quiet summer has hit trading profits: Shares in stock market newcomer CMC Markets have tumbled by as much as 14% after the spread-betting firm warned that its clients cut their trading during the summer.

Amazon’s new one-hour delivery service includes a Michelin-starred restaurant (and Strada): Online retail giant Amazon has begun offering free one-hour restaurant deliveries to its Prime customers in London as it bids to take a slice of Britain’s £9 billion takeaway market.

Confidence returns to the U.K.’s jittery post-Brexit housing market: Many of the fears of the impact of the Brexit vote on the housing market have subsided, as confidence returns after a short post-referendum dip.

The Guardian

Zero-hours contracts used far beyond short-term work, research says: More than two-thirds of zero-hours workers aged over 25 have been with the same employer for more than a year, highlighting concerns that the insecure arrangements have become a permanent feature of working life for thousands of people.

Mark Carney ‘serene’ about Bank of England’s Brexit stance: The Bank of England Governor has rejected criticism that the central bank overcooked warnings of a hit to the economy after a vote to leave the EU despite signs that the downturn will be shallow.

Slowing GDP growth bolsters fears of U.K. recession: Britain’s economy could still head into recession after it expanded last month at half the rate seen before the Brexit vote, according to data compiled by the National Institute of Economic and Social Research.

U.K.’s biggest housebuilders shrug off Brexit vote: The housing market has emerged unscathed from the turmoil surrounding the U.K.’s vote to leave the EU, according to a trio of the country’s largest housebuilders.

Liberty Media agrees $8 billion deal to buy Formula One: The sale of Formula One to Liberty Media has been agreed in a takeover which values the sport at $8 billion.

U.K. jobs market rebounds in August; The U.K.’s jobs market bounced back in August after a rise in full-time jobs that made up some of the ground lost in June and July.

Daily Mail

Families in Germany and U.S. fall for Joules’ classic British fashion: For many the clothes store Joules is considered quintessentially British – with its floral prints, check shirts and bright wellies. Overseas sales at the newly listed brand rose 24.7% to £13.2 million in its first annual report since the company’s IPO in May.

Britain’s second biggest brick maker forced to turn off kilns at two sites as it battles falling demand: Britain’s second biggest brickmaker has been forced to turn off the kilns at two sites as it battles falling demand.

Secretive hedge fund Elliott Advisors waves through £610 million takeover of Poundland after months of speculation it might block deal: Secretive hedge fund Elliott Advisors has waved through a £610 million takeover of Poundland after months of speculation it might block the deal.

HSBC could face criminal charges after arrest of top trader for allegedly rigging currency markets: HSBC could face criminal charges after the arrest of a top trader for allegedly rigging currency markets.

Daily Express

European Central Bank policies for growth not working, warn experts: Monetary policymakers in the bloc could increase so-called quantitative easing amid low growth and inflation when they meet. But Brian Coulton, Chief economist at the Fitch ratings agency, has sounded the alarm over the unintended negative consequences of the measures.

Sports Direct Chairman Keith Hellawell stays despite calls from shareholders: Sports Direct stirred up more controversy as its embattled Chairman Keith Hellawell vowed to fight on for another year despite more than half of independent shareholders telling him to go now.

Campaigners urge Government to slash costly EU red tape: Campaigners are urging the Government to scrap needless EU red tape that costs households hundreds of pounds a year.

Avoid falling into a rate trap: Banks and building societies have been up to their old tricks following last month’s base rate cut by slashing interest on savings far more enthusiastically than on mortgages.

The Scottish Herald

Flagship Edinburgh conference centre’s success highlights importance of business tourism in Scotland: Edinbugh International Conference Centre has said it is on course to achieve a record year with a performance that underlines the value of business tourism to Scotland.

Scottish housing market outperforming U.K. at leading housebuilder: The number of new homes being built in Scotland is outstripping the rest of the U.K. for housebuilder Barratt, which has posted record profits.

Robertson Group eyes £400 million turnover for 2015/16 year: Moray construction firm the Robertson Group is predicting a 50% uplift in turnover for the 2015/16 financial year, with the firm expected to break the £400 million barrier for the first time.

FirstGroup steps up bid to win giant train franchise from Stagecoach: Firstgroup has said it has submitted a formal bid to run the huge South Western trains franchise with MTR, which runs the Hong Kong metro.

Arrayjet in record funding round as confidence grows in the life sciences business: Investor confidence in life sciences firm Arrayjet has led to an oversubscription in its largest round of investment.

The Scotsman

Anderson Strathern names new asset management Boss: Law firm Anderson Strathern has appointed former Aberdeen Asset Management Executive John Brett as the new Chief of its financial planning arm.

MorphCostumes losses widen on overseas sales push: The company behind fancy-dress brand MorphCostumes has fallen further into the red after counting the cost of an international sales drive.

All Bar One cleared for take-off at Edinburgh Airport: Pub chain All Bar One is to launch its new venue at Edinburgh Airport next week, creating 20 jobs in the process.

Scots food and drink sector unshaken by Brexit: Brexit has failed to shake Scotland’s “bullish” food and drink sector as half of firms said they raised growth estimates after the European Union (EU) referendum.

Scotty expands into baking with £150,000 Asda deal: Fruit and vegetables producer Scotty Brand has made its first foray into the bakery market after landing a £150,000 supply deal with Asda.

City A.M.

Private equity body names industry veteran as new Chairman: LPEQ, a trade body for listed private equity firms, has named industry veteran Mark Florman as its new Chairman.

Poundland shareholders overwhelmingly give Steinhoff green light for takeover: Steinhoff International’s long-running takeover attempt of Poundland was given the green light by the discount chain’s shareholders, who overwhelmingly backed the deal.

Pharmaceutical group Futura Medical’s shares erupt more than 100% on erectile dysfunction “breakthrough” Eroxon: Shares in the pharmaceutical group Futura Medical rocketed to a more than two-year high after its erectile dysfunction gel excelled at late-stage clinical trials.

Joules’ countryside style strikes a chord with shoppers as profits soar: Profits soared at premium, country-style retailer Joules last year, topping off a “transformational” period for the clothing and accessories group which launched on the AIM in May.

EDF workers to strike over French nuclear power plant closure: Disgruntled workers opposing French utility giant EDF’s plan to close one of its nuclear power plants will go on strike next week.

 

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