Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 310816

The Times

Abercrombie to close 60 stores in U.S.: Net sales fell 4.2% to $783.2 million, and the company said it planned to close as many as 60 stores in the United States, where it has 744 sites, as their leases expire this year.

Petrofac appoints finance Director as profit rises to $58 million: Petrofac has returned to profit and appointed a finance Director from BG Group. The oil services company said that Alastair Cochran would start on October 3 as the replacement for Tim Weller, who is leaving for G4S.

BHP Chief to lose $2 million bonus after dam report: BHP Billiton is set to strip its Chief Executive of his annual bonus after the publication of a hard-hitting report into failures at the mining group’s Brazilian joint venture that led to the fatal collapse of a dam.

Braemar has sinking feeling as trade tanks: The outlook for global trade worsened as Braemar Shipping Services became the latest broker to warn of a big drop in demand.

Hershey takeover bid turns sour for Cadbury Owner: Mondelez International, the American company behind Oreo cookies and Cadbury, discovered that there really is such a thing as too much chocolate as it abandoned its hostile takeover bid for its U.S. rival Hershey.

Spendthrift Britons stop saving: Record low interest rates, falling consumer prices and high employment levels have caused the largest collapse on record in Britain’s saving habits.

Confidence in Eurozone takes a hit: Economic confidence in the Eurozone declined last month as the latest official barometers of business sentiment showed a fall, with concerns over Brexit appearing to dampen morale.

Dreamliner refit to take three years: Japan’s biggest airline will need three years to replace all the faulty parts in the Rolls-Royce engines in its fleet of Boeing 787 Dreamliners, heaping embarrassment on the British group.

The Independent

Britain must pay for European Union single market access says Merkel ally: An ally of German Chancellor Angela Merkel said the U.K. will have to pay into the European Union’s budget if it wants the single market’s advantages, diminishing Britain’s prospects for a low-cost solution after its vote to exit the EU.

U.K. shoppers bounce back from Brexit confidence slump: British consumer confidence has staged a Brexit bounce-back for after a sharp post-referendum dip according to the respected GfK survey of shoppers’ attitudes.

Financial Times

Petrofac bullish on Middle East oil spending: Petrofac sees no sign of a slowdown in spending by national oil companies in the Middle East despite speculation about a freeze in production by OPEC countries.

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PotashCorp and Agrium in talks to form $30 billion group: PotashCorp of Saskatchewan, the world’s largest potash supplier, and its rival Agrium are in talks to combine in a deal that could create a near-$30 billion fertiliser giant.

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Iraq gives backing to Opec output freeze: Iraq’s prime Minister Haider al-Abadi has thrown his weight behind plans for major oil producers to freeze production next month, verbally backing the attempt to boost prices even as Baghdad expands its own output.

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BHP axes CEO’s bonus after Brazilian mine accident: BHP Billiton’s Chief Executive will not receive a short-term bonus this year after an accident at a Brazilian mine killed 19 people and pushed the group to a record annual loss.

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Bank of America Executive to join Perella Weinberg: A prominent French banker, who used to run the organisation that manages the French government’s stakes in companies, is leaving Bank of America Merrill Lynch to join Perella Weinberg Partners.

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UBS hires psychologists to help revamp research reports: UBS has brought in psychologists, data scientists, shipments specialists and pricing experts to overhaul how it generates investment ideas and recommendations for clients.

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Goldman takes spoken word out of bond deal with automated trading: Goldman Sachs has begun quietly pushing a computer program that allows investors to trade in the $8.4tn U.S. corporate bond market without ever having to communicate with a person at the investment bank.

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KKR’s David Liu to leave to set up own firm: KKR is making changes at the top in Asia, with co-head of private equity David Liu departing to set up his own firm and fellow co-head Ming Lu taking sole charge of the U.S. buyout group’s regional private equity business.

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Volkswagen Chief Executive takes aim at conservative forces: Volkswagen’s Chief Executive has taken aim at conservative forces within the company, saying wide-reaching reforms were necessary after the diesel emissions scandal and that he needed two to three years for the changes to deliver results.

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Distribution deal undermines Nintendo’s Pokémon reboot: The $46 million deal announced last week, which makes the Japanese games group the proud Owner of nationwide warehouse chain and a fleet of lorries, comes less than a month after the company’s market capitalisation briefly topped $37 billion on the worldwide mania for Pokémon Go.

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Dell poised to seal $63.4 billion EMC purchase: The largest-ever technology industry acquisition is set to close next week, following the announcement on Tuesday that Chinese regulators have approved Dell’s $63.4 billion cash and stock purchase of computer storage company EMC.

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Lex:

The City and Europe: Brexit hold ‘em: The City of London is not usually coy. Its first best position on Brexit was that it should not happen. Its second best — full single-market membership, in return for ongoing budget contributions and free movement of labour — could provoke a riot from a Leaver majority.

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Hanjin Shipping: decked: Korea’s state-backed development bank has declined to support the restructuring plan of the country’s biggest shipping company. Bankruptcy looms. Anyone hoping this heralds an outbreak of common sense in the oversupplied container shipping market will be disappointed.

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Apple: Cheaper than the IRS: Apple’s punishment for avoiding taxes it did know existed is unprecedented in its harshness — and at the same time a much better deal than it could have expected to get in the U.S..

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Lombard:

EU salvos against Apple and Goldman channel anti-Americanism: The archetype of the “ugly American” exemplifies the supposed defects of some U.S. citizens abroad, not least for their liberal compatriots. Time to recognise the existence of an “ugly European” too.

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Ayman for all seasons: It is epitomised by Ayman Asfari, Chief Executive of Petrofac. In January, Mr Asfari’s counterpart Samir Brikho was ousted from the top job at Amec Foster Wheeler, another oilfield services group. On Tuesday, Mr Asfari, who has faced similar challenges, unveiled Petrofac’s half-year results.

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The Daily Telegraph

British Gas snaps up prototype technology to spot household water leaks in £13 million deal: British Gas Owner Centrica has spent £13 million on a U.K. start-up developing technology to detect leaky water pipes in homes, as the energy giant seeks to lure customers by connecting them to the ‘internet of things’.

Gazprom’s gas sales to Europe soar by a third: Russia’s state-backed gas company increased its sales to Europe by more than a third in the first half of the year, after cutting exports to Ukraine amid ongoing tensions with its nearest neighbour.

Homebuyers hold off after Brexit vote despite fall in interest rates: Britain’s housing market cooled down sharply in July as fewer homebuyers took out a mortgage than in any month since January 2015.

EE defeated in High Court over three-fold increase in cost of airwaves: An attempt by EE, BT’s mobile arm, to block a sharp increase in Government charges for rights to the airwaves has failed at the High Court, in a victory for the industry regulator Ofcom.

Train companies to boost West Midlands rail capacity by 20,000: Train companies vying for the contract to run the next West Midlands rail franchise must pledge to carry an extra 20,000 passengers on peak services into London and Birmingham, the Government has said.

Japan’s ANA warns of three years’ work to Rolls-Royce’s engines: Rolls-Royce shares fell after fresh details emerged about the scale of the problems with the engines that the FTSE 100 company supplied to Japanese airline ANA.

The Guardian

Apple ordered to pay €13 billion after EU rules Ireland broke state aid laws: Apple has warned that future investment by multinationals in Europe could be hit after it was ordered to pay a record-breaking €13 billion (£11 billion) in back taxes to Ireland.

France demands an end to TTIP talks: France’s trade Minister has increased the pressure on the proposed EU-U.S. trade deal by calling for the talks to be called off.

Multimillion-pound classic car business given to staff: The co-Founder of a classic car restoration company in Shropshire has given the business to its 60 staff.

Southern to reinstate one-third of cancelled train services: The train operator Southern will restore more than 100 cancelled services next Monday, bringing some relief after a summer of misery for passengers.

Consumer confidence rebounds as figures ease post-Brexit vote nerves: British consumers have recovered some of their swagger after a run of better than expected economic figures calmed nerves following the Brexit vote.

Mortgage approvals fall to 18-month low after Brexit vote: Mortgage approvals fell to an 18-month low in July as aftershocks from the EU referendum result rippled out into the housing market.

Daily Mail

Former Barclays trader Christopher Ashton being fined £920,000 by U.S. authorities over his part in massive currency exchange rigging scandal: A former Barclays trader is being fined £920,000 by U.S. authorities over his part in a massive currency exchange rigging scandal.

Supermarket giant Tesco stricken by short sellers gambling that shares will suffer later this year: Supermarket giant Tesco has been stricken by short sellers gambling that its shares would suffer later this year.

Crisis in global shipping deepens as concerns about future sends shares in two major players tanking: The crisis in global shipping deepened as concerns about the future sent shares in two major players tanking.

Daily Express

Chip giant in sell-off: Arm Holdings backs £24 billion takeover by Japan’s Softbank: ARM Holdings investors overwhelmingly backed a £24.3billion takeover by Japan’s Softbank despite concerns over the sale of one of the U.K.’s leading technology companies.

Homeowners saving cash on cheaper mortgage rates following Brexit vote: Brexit is saving homeowners up to £200 a month as they rush to take advantage of cheaper mortgage rates in the wake of the EU referendum.

The Scottish Herald

GAP Group posts record turnover and recruits for growth: Plant, tool and equipment hire company GAP Group has posted record annual turnover of nearly £158 million, and is confident of increasing its market share as it continues to expand and recruit.

Engineering firm creates 120 jobs thanks to cash injection from U.K. Steel Enterprise: A Grangemouth-based engineering business that provides manufacturing and maintenance services to the utilities sector is to create 120 full-time jobs in the Central Belt after securing funding from Tata Steel subsidiary U.K. Steel Enterprise.

Edinburgh hoteliers hope sterling plunge caused by Brexit vote could boost leisure demand: The Glasgow and Edinburgh hotel sectors turned in solid performances in July, and general Managers in the Scottish capital are optimistic sterling’s tumble following the Brexit vote might boost leisure demand, a survey shows.

Vert Rotors boosts headcount in Edinburgh: Vert Rotors, the Scottish compressor manufacturer, has taken on more staff than initially planned due to growing demand for its products.

Scottish manufacturing in conference spotlight: Scottish manufacturers have been urged to ramp up their export business to take advantage of the fall in the value of sterling since the Brexit vote.

North Sea contract boost for Wood Group: Wood Group has won a contract to provide engineering services across the North Sea for a Danish energy giant which will provide a boost amid the crude price slump.

Clark wins office contract for accountancy body in Glasgow: Paisley-based Clark Contracts as secured a contract to fit out the new offices of the Association of Chartered Accountants (ACCA) at 110 Queen Street in Glasgow.

The Scotsman

Shaf Rasul buys industrial sites in multi-million deal: A property investment specialist founded by Scots entrepreneur Shaf Rasul is set to regenerate two key industrial estates after concluding missives to buy both in a multi-million-pound deal.

Engineer to create 120 Glasgow jobs with U.K.SE funding: Engineering services company ID Systems has received a six-figure investment from U.K. Steel Enterprise (U.K.SE) to fund an expansion that will see its workforce more than double.

Construction sector aims to build up productivity: A new initiative aimed at boosting profits in Scotland’s construction sector through improved productivity is set to be launched in the coming weeks.

Optical Express sharpens focus with marketing hire: Eye care provider Optical Express has bolstered its senior management team with the appointment of Glasgow-born Steven Taylor as its new marketing Director.

City A.M.

Financial firms plan to plough money into IT as fintech challengers encroach on turf: Over half (54%) of traditional financial services firms are planning to splash cash on their IT systems, as the rise of fintech is leaving them quaking in their boots, research out has found.

Barclays continues to shed its non-core assets and says arrivederci to retail in Italy with sale to CheBanca!: Banking giant Barclays revealed it has completed the sale of its Italian retail network to CheBanca!, as it continues in its quest to ditch its non-core business.

British American Tobacco and Philip Morris International face South Korea probe over alleged tax evasion: Big Four cigarette makers British American Tobacco (BAT) and Philip Morris International (PMI) are being investigated by South Korea’s tax authority over alleged tax evasion.

Berkeley and housing stocks risk being evicted from FTSE 100 index: Housebuilder Berkeley Group could be booted from the FTSE 100 after a near 30% slump in its share price so far this year.

More than 10,000 London entrepreneurs have been handed government startup loans since 2012: More than 10,000 London businesses have received startup loans from the government over the last four years.

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