The Times
Bovis paid buyers cash to hit targets: One of Britain’s biggest housebuilders offered its customers as much as £3,000 to complete on homes that were not finished in what analysts claim was a failed attempt to meet City targets before the end of the financial year.
Unions attack Post Office branch closures: The Post Office is to close another 12% of its main branches with the loss of hundreds of jobs, unions claim.
‘Affordability ceiling’ is in sight as rent increases slow: Rental growth slowed to an average of 1.7% across the U.K. last year, a slump from 3.8% in 2015 that led to a warning that an “affordability ceiling” was in sight.
Give us three years to cope with Brexit, City Chiefs tell May: Senior figures in the City are calling on Theresa May to negotiate a three-year breathing space after Britain leaves the European Union in 2019, during which existing financial rules and trading arrangements remain in force.
Chinese reactor faces review before Britain presses the button: British nuclear experts are to undertake a detailed study of a Chinese reactor design after Ministers decided to go ahead with plans to construct a nuclear power station on the Essex coast. General Nuclear Services, a partnership between the state-owned China General Nuclear Power Corporation and EDF, of France, wants to construct the new Hualong One model of reactor at a site at Bradwell-on-Sea.
China’s booming factories poised to export inflation: Higher prices in China’s smokestack industries pushed factory-gate inflation to its biggest surge in more than five years last month, increasing expectations that the country may export inflation to the global economy this year.
The kids in America are a hit for Boohoo: There was little to cry about at Boohoo after the online fashion retailer enjoyed a storming end to last year and upgraded its full-year revenue expectations.
Co-op joins grocers’ party: Christmas cheer seems to have touched nearly all of Britain’s supermarkets, with the Co-op the latest to report healthy festive trading. The Manchester-based grocer’s like-for-like sales were up 3.5% in the three weeks to Christmas Eve, which was its busiest trading day.
The Independent
The FTSE just hit another high, but it’s not entirely good news: The U.K.’s bluechip stock index has chalked up its longest winning streak since 2009 and enjoyed its lengthiest ever unbroken series of record closes, amid a fresh slump in the country’s Brexit-battered currency.
Working age people poorer than in 2007: Working age households still have less money than they did before the financial crisis, but retirees have seen their incomes soar, new official figures reveal.
Dairy Queen shuts outlet after owner ‘proudly admits to racist slur’: Fast good giant Dairy Queen, famed for its soft serve ice cream, has closed one of its stores and ended its relationship with the owner after police said he “proudly admitted” using a racial slur to a customer.
U.K. Christmas shoppers splashed out an extra £500 million on groceries: British shoppers made a last-minute dash to the tills before Christmas, spending almost half a billion pounds more on groceries than they did in the same period last year, new industry figures show.
Whitbread added pork to beef lasagne before updating all menus: Restaurant company Whitbread has apologised for adding pork to its beef lasagne before updating its menus.
Yahoo to change name of major part of its business: Yahoo’s Chief Executive Marissa Mayer is to step down from the board and part of the company is to change its name if a $4.8 billion (£3.95 billion) deal with Verizon goes ahead.
Snapchat to set up international HQ in London: Snap, the company behind the messaging app Snapchat, has established international headquarters in London, in an apparent vote of confidence for post-Brexit Britain.
Financial Times
FRC seeks more power to hold boards to account: The U.K.’s audit and governance standards watchdog is asking the government for greater oversight powers to tackle corporate governance issues.
To Read More Click Here
National Grid invests $100 million in U.S. solar venture: National Grid, which operates electricity networks in Britain and the U.S., is making its first move into solar power with a $100 million investment in a partnership with Sunrun, the largest independent rooftop solar company in the U.S.
To Read More Click Here
DoJ charges U.K.-based currency traders in forex-rigging probe: British-based currency traders who dubbed themselves the “Cartel” were charged by U.S. prosecutors on Tuesday as part of their investigation into manipulation of the $5.3 trillion-a-day foreign exchange market.
To Read More Click Here
Argentina strikes $15 billion a year shale investment deal: President Mauricio Macri is pushing to revamp flagging production at Argentina’s massive shale reserves, with companies agreeing on Tuesday to invest as much as $15 billion a year in exchange for lower labour costs and extended state subsidies.
To Read More Click Here
U.S. oil and gas industry spending set to surge: Spending by U.S. oil and gas companies is expected to surge this year as the industry responds quickly to the upturn in crude prices in recent months.
To Read More Click Here
World’s biggest carbon capture project on schedule: The world’s largest project capturing carbon dioxide emissions from power generation has come into service in the U.S. on time and on budget, pointing the way towards a potentially viable future for the technology as a way to curb greenhouse gas emissions.
To Read More Click Here
Fosun to increase its stake in Millennium BCP to 30%: China’s Fosun will spend up to €531 million to increase its stake in Millennium BCP to 30% as part of a €1.33 billion capital increase by Portugal’s largest listed lender.
To Read More Click Here
Italy’s shrinking bad debts give rise to bank optimism: The amount of Italian bad loans shrank by nearly €2 billion in November 2016 compared with the same month of the previous year, the largest drop in eight years. The data released on Tuesday give reason for some cautious optimism for the troubled Italian banking sector.
To Read More Click Here
Valeant raises $2.1 billion through asset sales: Valeant Pharmaceuticals International has sold several assets for $2.1 billion as the struggling Canadian drugmaker seeks to restructure its business and pay down debt.
To Read More Click Here
Tesla recruits Apple veteran to run its Autopilot car software: Tesla has recruited long-serving Apple technologist Chris Lattner to run its Autopilot self-driving car software, at a time when the iPhone maker is refocusing its own automotive efforts on autonomous systems.
To Read More Click Here
Activist hedge fund opposes pay and appointments at Zodiac: An activist hedge fund is attempting to drum up support among fellow shareholders in Zodiac Aerospace to oppose proposals on remuneration and Director appointments at the struggling French maker of aircraft interiors and safety systems that has issued nine profit warnings in two years.
To Read More Click Here
Vinyl forecast to ebb after hitting 2017 high note: The resurgence in interest in vinyl records could peak this year, as the hipsters that helped to revive a once defunct format move on.
To Read More Click Here
Duck Dynasty producers return fire on fraud claims: The Founders of one of ITV’s leading reality TV companies are suing an affiliate of the broadcaster, alleging extortion and intimidation after it accused them of fraud.
To Read More Click Here
Breitbart News to pursue ‘economic populism’ with business site: Breitbart News, the digital network chaired by top Donald Trump adviser Steve Bannon, is launching a business site to cover the rise of economic nationalism, as it seeks to capitalise on the populist surge that swept Mr Trump to the White House.
To Read More Click Here
EU proposal on ad blockers welcomed by publishers: Media companies will be allowed to ban customers who use ad blockers under new online privacy rules proposed by the European Commission.
To Read More Click Here
Financial Times opposes new U.K. press law: Several U.K. newspaper groups, including the Financial Times, have complained about a new legal provision that will force them to accept state-backed regulation or face paying the legal costs of both sides even in court cases they win.
To Read More Click Here
Sir David Clementi appointed new chairman of BBC: Sir David Clementi, a former deputy Governor of the Bank of England and the man behind sweeping BBC governance reforms, has been appointed as the new chairman of the U.K. broadcaster.
To Read More Click Here
Chipotle shows signs of emerging from food safety crisis: Chipotle extended its 2017 share price rally on Tuesday as glimmers of hope emerged that the U.S. burrito chain may finally be placing its food safety crisis behind it.
To Read More Click Here
David Plouffe quits Uber to join Chan Zuckerberg Initiative: Uber’s policy Chief David Plouffe is leaving the company to join the Chan Zuckerberg Initiative, the philanthropic group led by Facebook Founder Mark Zuckerberg and his wife, at a time when Uber’s policy battles around the world continue to heat up.
To Read More Click Here
Lex:
Valeant: on the rebound: Valeant Pharmaceuticals announced late on Monday that it would sell $2 billion of businesses to various buyers. The news came hours after Takeda Pharmaceuticals, which late last year came close to paying Valeant $10 billion for one of its units, ran off with Ariad Pharmaceuticals for $5 billion. Evidently, $2 billion is less meaningful than $10 billion, particularly when cash is needed to start paying down $30 billion of debt. But valuation, in dealmaking as in personal relationships, also matters. On that basis, Valeant should be glowing.
To Read More Click Here
Millennium BCP: cold comfort: Low profits, high levels of problem loans and a sclerotic domestic economy. Throw in Millennium BCP’s €1.33 billion rights issue and unflattering comparisons with Italian banks may look apt. They are misplaced. An anchor investor should stabilise Portugal’s second-largest lender, though shareholders can expect higher provisions to eat up future earnings.
To Read More Click Here
Wm Morrison: Endurance rewarded: Deflation can slowly squeeze retailers to death, like pack ice crushing a ship. Caught between cold, unfeeling customers and difficult to shift fixed assets, U.K. supermarkets have endured pressure for years. Their real break from this deep freeze has come from sterling weakness — thank you Brexit — which has allowed price increases. Wm Morrison on Tuesday revealed why a bit of inflation can warm its shareholders’ hearts.
To Read More Click Here
Lombard:
Supermarkets’ festive recipe offers foretaste of full-year sales: Some 300 tons of the essential Christmas comestible are now grown in honest East Midlands soil, and available ready-to-boil for just 19p per 500g — all thanks to that great U.K. consumer champion called, er, Lidl. For investors in Wm Morrison, which has just reported its strongest festive sales growth in seven years, this is an encouraging trend, and one that has already led to its full-year revenue and profit guidance being raised. A strengthening correlation should also be good news for shareholders awaiting updates from J Sainsbury and Tesco in coming days.
To Read More Click Here
Has the Mirror crack’d it?: Private companies and the public sector rarely agree on best practice — except in the case of outsourcing. So, it is perhaps appropriate that press barons serving both sides of the ideological divide — Richard Desmond of the Express and Simon Fox of Trinity Mirror — are talking about a deal to share back-office operations.
To Read More Click Here
The Daily Telegraph
Companies criticised for ‘paying lip-service’ to shareholder complaints: Some companies are simply “paying lip service” to their shareholders’ complaints about boardroom bonuses and governance rules, according to one corporate watchdog.
Newspaper veteran David Montgomery emerges as potential buyer of the Express: A former editor of the News of the World has emerged as the potential buyer of the Express and Star newspapers, in a complicated deal with their current owner Richard Desmond that could also see Trinity Mirror take a minority stake.
Tidal lagoon plans face challenge from RSPB: Developers hoping to build a series of tidal energy lagoons around Britain are facing a major challenge from the RSPB which is demanding years of delay between projects to assess whether the first lagoon disturbs wildlife and kills fish.
RSA hit with £150,000 data fine over stolen customer files: The insurance firm RSA has been hit with a £150,000 fine for allowing a digital copy of 60,000 customer files to be stolen from a supposedly secure room.
Spar warns of slowdown in convenience shopping as it rolls out upmarket stores: Spar has warned that growth in the convenience sector is slowing despite beating the wider U.K. grocery market with a rise in sales.
Vimto maker Nichols defies industry gloom as sales sparkle: Vimto maker Nichols is bucking the trend of slow growth in the soft drinks market after reporting a jump in full-year sales.
The Guardian
Jeremy Corbyn calls for maximum wage law: Jeremy Corbyn has called for a maximum wage for the highest earners, saying he fears Brexit will see the U.K. become a “grossly unequal, bargain basement economy”.
Volkswagen confirms $4.3 billion payment over diesel emissions: The Volkswagen group confirmed on Tuesday that it has negotiated a $4.3 billion (£3.53 billion) draft settlement with U.S. regulators to resolve its diesel emissions troubles, alongside plans to plead guilty to criminal misconduct charges.
Hard Brexit threatens global financial system, City Chiefs tell MPs: Brexit poses a risk to the global financial system and could spark more than 230,000 job losses, senior City figures have told MPs as they called for clarity on the U.K.’s future relationship with the EU.
Trump and Brexit put global economic growth at risk, World Bank says: A tentative pickup in the global economy this year is at risk from the political uncertainty unleashed by Brexit and the arrival of Donald Trump in the White House, the World Bank has said.
Prices of Oxo, Bisto and Mr Kipling to rise after pound’s Brexit plunge: Shoppers will have to pay more for Oxo stock cubes, Bisto gravy and Mr Kipling cakes as the firm behind the brands prepares to raise prices to offset the fall in the pound triggered by the Brexit vote.
Daily Mail
City tycoon and former Tory treasurer Michael Spencer cashes in £200 million of shares: Former Conservative Party treasurer Michael Spencer has made £200 million after selling almost his entire stake in the stockbroker he founded in 1986. The entrepreneur – who is worth an estimated £747 million – ditched 44.8 million shares in TP Icap, worth around £200 million at ‘s prices.
More than £100 billion raised in AIM junior stock market since its launch in 1995: More than £100billion has been raised on the AIM junior stock market since its launch, highlighting the strength of the City as Britain’s Brexit negotiations approach. The market, which started in 1995, is the only one of its kind in the world and allows smaller businesses to sell shares to the public.
Traders trio dubbed the cartel are charged following U.S. probe into foreign exchange rates: A trio of traders who dubbed themselves the ‘cartel’ will be charged following a U.S. probe into foreign exchange rates, sources said. The Department of Justice was last night expected to charge Chris Ashton, a former Barclays worker; Rohan Ramchandani, who previously worked for Citigroup; and ex-JPMorgan employee Richard Usher.
Mining Boss ‘flew $500k in a suitcase to bribe corrupt African officials to change laws’: A mining company Boss flew to Liberia with $500,000 in a vanity suitcase to pay off government Ministers, it has been claimed. Andrew Groves, Chief Executive of Sable Mining, handed the cash to two officials who helped to change the law that would have allowed the mining firm to win contracts, a court indictment in the West African country alleges.
We must make a grand bargain with the U.S. to thrive after Brexit, says London Stock Exchange Boss: The U.K., U.S. and European Union need to strike a grand bargain to thrive after Brexit, the Boss of the London Stock Exchange has said. Xavier Rolet warned that the EU was so keen to punish Britain for Brexit that it might seek to damage the City – even if this crippled its own economy.
Fantasy games and miniatures maker Games Workshop has sudden sales surge: Games Workshop has turned its fortunes around in the past few months and recorded rising sales and profits. The Nottingham-based fantasy miniatures maker, which makes war gaming figures and has more than 460 shops across the world, saw its sales in the six months to November 27 rocket 28% to £70.9 million from £55.3 million the year before.
Daily Express
Morrisons’ Christmas sales hit a 7-year high: Morrisons’ shares hit a three-year high as the supermarket’s best Christmas for seven years set it on course for higher annual profits.
Tesco top of big supermarket Christmas sales but Aldi and Lidl biggest winners: Tesco was the best performing of the big four supermarkets this Christmas – but discounters Aldi and Lidl saw the largest jump in sales, figures showed.
Mortgage rates are at a record low, now is the time to see if you can get a better deal: January is peak time for remortgaging and with rates at a record low you have more incentive than ever to do so. Homeowners expect to save around £49 a month from remortgaging, but in fact they will save £96 on average.
Pound hits 31-year low against dollar amid Brexit roller-coaster ride: The pound fell to 31-year lows against the dollar on Tuesday before recovering, as sterling continued a roller-coaster ride that is set to continue amid Brexit negotiations, experts warned.
Desperate Eurozone to borrow billions to fund Greece rescue amid fears of crash: The Eurozone’s bailout fund is borrowing tens of billions so it can fund a rescue plan for Greece, amid fears the country’s debt crisis could once again send shockwaves through the bloc.
The Scottish Herald
Small firms suffer plunge in optimism, with Brexit cited as possible drag: Scotland and London, which both voted against Brexit, were the only areas of the U.K. in which confidence among small businesses fell in the latest quarter.
Start-ups fall amid uncertain times for the economy: Business start-up numbers have fallen in Scotland over the past five years but not as fast as in the U.K. as a whole, a study has found.
London oil firm expects upturn in North Sea: Oil and gas industry veteran Tony Craven Walker, who runs Serica Energy, has said the shake up in the North Sea could ensure the area has a bright future as he underlined the company’s appetite for acquisitions.
Wemyss flags tea price rise as profits increase: Edinburgh-based conglomerate The Wemyss Development Company hiked profits by nearly 70% to £8.6 million in its latest financial year, after a major price rise boosted its tea plantation business in Kenya.
Glasgow engineer eyes space industry: Walker Precision Engineering has announced plans to invest £5 million in a new English subsidiary as the Glasgow-based firm moves into the airborne and space industry sectors.
Firms employ wealth arms to enhance legal businesses: With Mr. Brett as Chief Executive, the £1.7 million-turnover business could be transformed from an add-on service for the firm’s legal clients into a standalone entity capable of both introducing clients to and servicing clients of its law-firm owner.
Timber firm BWS cites log price rises for full-year loss: An increase in the price of logs in an uncertain marketplace has led BSW Timber to a £5.5 million pre-tax loss on turnover of £245 million, reversing a £9 million profit last year, writes Kevin Scott.
Lawyer to face court action over 2008 advice: A Consultant at MacRoberts has failed to have a negligence claim against him thrown out after a Court of Session judge ruled that he had been provided with enough information to defend himself.
Maven backs Edinburgh tech firm behind mobile payment platform for restaurants: An Edinburgh technology firm is ready to accelerate the roll-out of a mobile ordering and payments solution for the hospitality trade after securing £2.7 million in funding, led by Maven Capital Partners.
QTS Group profits fall as staff costs rise in record year: Railways contractor QTS Group has enjoyed what Directors called “a further rewarding year” with revenue reaching a record £71 million.
Wood prospers in Saudi Arabia: Wood Group has signed an agreement to provide engineering and project management services in Saudi Arabia which it expects will generate millions of dollars worth of business.
Profits sparkle at jeweller Hamilton & Inches: Upmarket Edinburgh jeweller Hamilton & Inches has overseen a near tripling of profits in its latest financial year. The company, which has held a Royal Warrant as silversmiths to the Queen for more than a century, booked a pre-tax profit of £224,269 in the year ended April 2. That came after it reported a profit of £75,032 the prior year.
Powerleague hit by one-off costs: Powerleague has seen losses widen to £6.6 million after exceptional costs soared in its most recent reporting period.
The Scotsman
Climate data firm wins £14.2 million tropical forests contract: An Edinburgh-based technology firm has won a £14.2 million contract to help developing countries manage and protect around 300 million hectares of tropical forests.
Cairn appoints oil sector veteran as non-Executive: Cairn Energy, the Edinburgh-based oil and gas explorer, named sector veteran Nicoletta Giadrossi as an independent non-Executive Director.
Record number of people now employed in tourism: Growing numbers of hotels, bars and restaurants are fuelling a boom in the number of people working in Scottish tourism – which has soared by 11% in the space of just 12 months.
Aberdeen City Council marks entry into bond market: A council leader has performed the London Stock Exchange “market open” ceremony to mark the local authority’s entry into the bond market.
Majestic Wine toasts best ever Christmas performance: Majestic Wine has notched up its best ever Christmas trading figures as Chief Executive Rowan Gormley presses ahead with a transformation plan following a difficult six months.
City A.M.
U.K. consumer spending is set to fall as inflation hits growth this year says Cebr: Surging inflation is set to dent real wages and resilient consumer spending, according to an influential think tank.
Value of frauds reaches a five-year high, with London named as a crime hotspot: The total value of frauds reported increased by just under a third last year to reach a five-year peak, with London remaining a criminal hotspot, figures released show.
Brexit uncertainty could drag on Europe’s economy says the World Bank as it forecasts a big slowdown in the U.K. economy: Brexit uncertainty could drag down growth prospects across Europe according to the World Bank, as it forecasts a sharp slowdown in U.K. growth this year.
Sir John Vickers slams quality of Bank of England stress tests: The man who headed the U.K.’s critical inquiry into safeguarding the banking sector following 2008’s financial crisis has slammed the Bank of England’s stress tests for falling short.
More than 530 U.S. companies and 100 investors beg President-elect Donald Trump and Congress to stick with low-carbon agenda: More than 530 U.S. companies and 100 investors have signed an open letter to President-elect Donald Trump demanding that the U.S. reaffirms its commitment to a low-carbon economy and the Paris Climate Agreement.
