Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 110716

The Times
Carney is too powerful, ex-Bank official warns: A former Bank of England economist has called for an overhaul of the central bank’s approach to decision making and for the power of the Governor to be curtailed, as the first interest rate cut since 2009 is considered in response to the economic turbulence that has followed the Brexit vote.
BT goes head-to-head with Sky as it offers games on mobile app: BT has crowded the penalty box in anticipation of Sky’s move into the mobile market by offering free Premier League and Champions League football to EE’s huge customer base (Nic Fildes writes).
Waitrose to pay smallest suppliers in seven days: Waitrose is to slash its payment terms to seven days for all small food producers in a move to enhance its credentials as an ethical grocer.
Boeing plans to double U.K. jobs to 4,000: Boeing is to double its workforce in the U.K. to 4,000 within a decade as it increases its presence in a country that is awarding the American aerospace company two of its most important defence contracts.
Canada trade deal ‘is next test for EU’: The EU should look at what the Brexit vote means for the 27-member union rather than seek to punish Britain in the forthcoming divorce proceedings, the former Irish Prime Minister has said.
Gatwick Owner ‘seeks runway to lift value’: The row over a new runway in the southeast escalated when the former head of Heathrow branded the Owners of Gatwick as “property speculators” who just want to make a profit.
Welsh valleys sing Heathrow’s praise: Heathrow has been accused of orchestrating an aggressive spin operation after 34 local councils signed a letter backing its bid for a third runway.
Buying splurge at Hut adds spa favourite of the Cheshire WAGs: The Hut Group, one of Europe’s most acquisitive online health and beauty businesses, is on a takeover splurge again. Only this time it is splashing its cash on bricks and mortar, buying an upmarket spa beloved by footballers and their WAGs in Cheshire.
Royal Navy bids to torpedo Channel subsea cable project: The Royal Navy has raised objections to a £590 million project backed by National Grid to build a giant subsea electricity cable between Britain and France, amid concerns that it could affect military aircraft.
Tobacco smuggling burns hole in the Revenue’s tax take: An increase in smuggling and the ban on displaying tobacco products in shops has led to a substantial decline in Treasury duty revenues.
The Independent
George Osborne to use U.S. trip to show post-Brexit U.K. is ‘not quitting world’: George Osborne will travel to New York for talks with major investors in an effort to strengthen U.S.-U.K. trade links after the vote to leave the European Union.
Brexit: Letter saying EU referendum result ‘not legally binding’ signed by 1000 lawyers: More than 1,000 lawyers have signed a letter addressed to Prime Minister David Cameron saying the EU referendum result is merely “advisory” and not legally binding.
Financial Times
Deutsche Börse reconsiders vote threshold on LSE deal: Deutsche Börse is considering cutting the acceptance threshold for its merger with the London Stock Exchange Group in an effort to ensure that the deal goes through.
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Lloyds expands cost-cutting drive as pressure mounts: Lloyds Banking Group is expanding a restructuring to cut hundreds of millions of pounds more in costs, in a move that could lead to further job losses and branch closures.
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U.K. political woes heighten doubts over £1.3 billion tidal power project: Political uncertainty in Westminster is raising further doubts over a £1.3 billion tidal power project in Swansea Bay even as backers of the scheme intensify efforts to win government approval.
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Former LSE Chairman to join UBS: Former London Stock Exchange Chairman Chris Gibson-Smith is returning to the City as a senior banker with UBS a year after he stepped down from the U.K. bourse.
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Compare The Market Owner set for £2 billion London float: The insurance group that owns price comparison site Compare The Market is planning an initial public offering next year that could value it at £2 billion.
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Aeroflot says privatisation will not fly: Aeroflot’s Chief Executive has warned against privatising the Russian airline, as it seeks to maintain vital domestic services while competing with the likes of Germany’s Lufthansa.
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Didi Chuxing quietly increases ride prices: Didi Chuxing, China’s leading car hailing app, has been quietly increasing its prices in several cities since last month, in a sign that the country’s cash-burning ride app wars may be decelerating.
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Line prices listing at top end of range amid tech IPO drought: Line, the Japanese rival to WhatsApp, priced its initial public offering at the top end of its proposed range, taking advantage of a global drought in tech listings to arm itself with $1.3 billion in cash to challenge Facebook.
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Samsung C&T quits mining work after A$1 billion loss: Samsung C&T Corp is scaling back its mine construction ambitions after losing A$1 billion $755 million) on a project controlled by Australia’s richest woman and becoming embroiled in a series of legal disputes.
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The Daily Telegraph
Economy stutters as Brexit fallout takes hold: The U.K. economy is already showing early signs of stress in the wake of the Brexit vote with a consumer spending and productivity slipping to multi-year lows last month.
Diageo to pursue Indian tycoon Vijay Mallya over diverted funds: Diageo is pursuing drinks tycoon Vijay Mallya to recover an estimate 12 billion rupees (£138 million) in funds it alleges were diverted from its Indian subsidiary into his associate companies.
Austin Reed creditors face big losses: The collapse of Austin Reed will inflict huge losses on the retailer’s unsecured creditors, who will be left to share just £600,000 from the failed company.
Aloe vera juice the ‘new coconut water’ as start-up seals supermarket deals: Juice start-up Simplee Aloe has sealed distribution deals with The Co-Op and Nisa worth nearly £400,000 a year, as supermarkets rush to find the next “clean drinking” craze after coconut water.
Embattled G4S to sell cash machine operation to reduce debts: Security firm G4S has agreed a deal to sell its ATM service business to technology giant IBM as it offloads parts of the company to shore up its finances.
The Guardian
Bank of England considers interest rate cut to tackle Brexit crisis: The Bank of England will consider the first interest rate cut for more than seven years this week, as it seeks to contain the economic fallout from the Brexit vote.
Brexit is a golden opportunity for stronger U.S.-U.K. trade ties, says Osborne: The Chancellor, George Osborne, will urge U.S. investors not to turn their backs on Britain as he begins a world tour aimed at building new trade ties outside the European Union.
Halt sugar tax introduction, urges food and drink industry: The U.K. food and drink industry is calling for the sugar tax to be mothballed as manufacturers face a shortage of workers, cost inflation and weak consumer confidence since the Brexit vote.
Lowest-paid workers to receive smaller pay rises, says thinktank: Millions of workers on the national living wage are set for smaller than expected pay rises by the end of the decade after the EU referendum, according to a thinktank.
BG Chief paid £5.5 million for nine-month stint at firm: Helge Lund, the former Chief Executive of BG, was paid £5.5 million for his 11-month tenure at the oil exploration and production company, which was taken over by Shell earlier this year.
José Manuel Barroso to become Chairman of Goldman Sachs International: José Manuel Barroso, the former Portuguese prime Minister and one-time head of the European commission, has been hired by Goldman Sachs to help it deal with the fallout from the U.K.’s shock vote to leave the European Union.
Daily Mail
Investors’ doubts on LSE takeover after it suffers share price drop amid the Brexit turmoil: Foreign shareholders are increasingly uneasy about a German takeover of the London Stock Exchange after it suffered a share price drop in the Brexit turmoil.
Owners of Greenham Common’s nuclear bunkers hope to swap mushroom clouds for mushrooms: It was once used to house the West’s deadly arsenal of nuclear weapons, but the new Owners of Greenham Common’s bunkers are hoping to swap mushroom clouds for mushrooms.
Coca-Cola Boss claims sugar tax is bad for consumers and will act as a distraction from efforts to switch to lower calorie products: The Boss of Coca-Cola’s U.K. business has renewed calls to scrap the sugar tax in the wake of last month’s vote to leave the EU.
Daily Express
Small British businesses plan for growth post-Brexit: Small British businesses are going full-steam ahead with their plans for growth in the aftermath of Brexit.
The Scottish Herald
MB Aerospace on march in Poland: International aerospace engineering group MB Aerospace of Motherwell has successfully completed the acquisition of Vac Aero (Poland) from its Canadian parent company.
ASOS results could signal Brexit effect on sales: Online fashion firm ASOS will be looked to for any signs of a Brexit blow to retail sales amid concerns that shoppers took a cautious approach to spending on the run-up to the EU referendum.
Eastern motor profits race ahead: Car dealership group Eastern Holdings accelerated sharply last year with a 27per cent advance in pretax profits to £8.9 million, almost 50% ahead of two years earlier.
EU facing Italian banking crisis: Italy and the European Commission are in emergency talks over plans to shore up the country’s ailing banks, with the two sides said to remain deeply divided.
Watchdog alert on energy suppliers: Energy watchdog Ofgem is said to be considering launching a ‘customer lifeboat’ amid concern about the potential collapse of some new electricity and gas suppliers.
Market volatility hits London IPOs: Initial public offerings (IPOs) on the London market in the second quarter fell by two-thirds compared with 2015 as global uncertainties kicked in.
EY makes senior appointments: EY has appointed Sue Dawe as its managing partner in Edinburgh, and head of its financial services practice in Scotland and the regions including Bristol, Leeds and Manchester.
The Scotsman
Scottish business edges back into expansion in June: Scotland’s private sector tentatively edged back into growth in June following two months of stagnation, with new business being the main driver, a new report out shows.
Checks and balances at Burberry as Brexit boosts: Fashion chain Burberry is expected to unveil mixed fortunes in a trading update this week, with a fall in first-quarter same-floorspace sales offset by a sizeable currency gain following the U.K.’s Brexit vote.
City A.M.
German rival Thyssenkrupp confirms it is in talks with Tata Steel over European collaboration: German steelmaker Thyssenkrupp AG has confirmed it is in collaboration talks with Tata Steel.
Telecom giants come to blows over airwaves: An upcoming radio spectrum auction has become the latest battle ground for the U.K.’s warring telecos. Network operator Three, owned by China’s CK Hutchison, has called on the telecoms industry regulator Ofcom to limit how much of the radio spectrum its rivals can own.
Deutsche Bank Chief Economist calls for bailout of European banks, as Italy faces last ditch efforts to rescue troubled sector: As uncertainty from the U.K.’s referendum on EU membership continues to plague the banking sector, Deutsche Bank’s Chief economist is calling for a bailout of Europe’s banks.
Gibraltar wants a second EU referendum: Gibraltar overwhelmingly voted to stay in the European Union – and now it appears the British overseas territory wants a second referendum because Brits were given a “false prospectus” on what Brexit would be like.
Takeover attempt looms over shale developer IGas after share price dip: A possible takeover attempt could be in the offing for shale explorer IGas after an unknown buyer bought over a quarter of its bonds.
Retail groups call for Chancellor George Osborne to reform business rates to stimulate the U.K. economy: Business organisations have written to Chancellor George Osborne calling on him to “stimulate growth” in the U.K. by reforming business rates.
RBS’ share price has been hit so badly by Brexit that U.K. taxpayers are currently sitting on a loss of £29 billion: U.K. taxpayers are sitting on a huge loss on RBS stock, with the bank’s share price plummeting by more than 40% since the EU referendum.
Rolls-Royce Chairman to stay on for second term despite company turbulence: Rolls-Royce Chairman Ian Davis has signed up for a second three-year stint at the aero-engine manufacturer.
Steinhoff readies expected Poundland bid as deadline approaches: South African retail giant Steinhoff is gearing up for an expected bid for Poundland this week, with the deadline for a possible £600 million bid set for Wednesday.
Northern Powerhouse investment has been put at risk by the U.K.’s Brexit vote, according to a new report: Government plans to build the Northern Powerhouse will be left on the brink of failure without boosted efforts to attract foreign investment, according to a new report.

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