The Times
Sports Direct employment agency ‘refusing to honour back-pay deal’: A leading union official has accused the employment agency Transline of refusing to honour a deal to pay back thousands of pounds owed to workers at Sports Direct’s Shirebrook complex in Derbyshire.
Brexit fears ‘driving French and German companies out of U.K.’: Dozens of French and German companies based in the U.K. are preparing to return to the Continent because of Brexit, foreign officials have claimed.
Number of U.K. floats sinks: The London market for company flotations has had a poor start to the year despite global volumes of new share listings running at twice the pace of the first months of 2016.
London and the regions stand apart: If hard evidence were needed that London is an island removed from the rest of the country, the Office for National Statistics provided it.
Genel tumbles after oilfield downgrade: Tony Hayward and Nat Rothschild saw the value of their holdings in Genel Energy fall to record lows after the Kurdistan-focused producer slashed estimates of the oil reserves in one of its main fields for a second time.
Cheltenham rides to bookie’s rescue: Lady Luck may have smiled on the bookies at the Cheltenham Festival this month but many of the biggest gambling operators have been racking up big losses on the wave of mergers that has gripped the industry.
Miner on fast track to FTSE: A company building a huge potash mine in North Yorkshire has confirmed it is seeking a full stock exchange listing as it looks to accelerate construction of the project.
Ex-Chief at Fox offered immunity to testify: Lawyers investigating payments made by Fox News to women allegedly harassed by the broadcaster’s former Boss have offered immunity to one of his senior managers in return for testifying.
Danish fund wraps up £1 billion stake in bandage business: Two of the biggest shareholders in Convatec, the medical devices maker which completed a stock market flotation last October, have sold a £1 billion stake in the company to a Danish fund.
Councils face business rates cash crisis: Local authorities face a funding crisis if the government rushes plans to devolve business rates to councils, the National Audit Office has warned.
The Independent
U.S. Dow Jones Industrial stock index steadies after Trump jitters trigger worst losing streak since 2011: Wall Street’s Dow Jones Industrial Average stock index was on track to rise for the first time in nine trading sessions on Wednesday, having this week chalked up its longest consecutive streak of down days since the 2011 eurozone crisis.
Twitter Founder launches mobile payments company Square in the U.K.: The San Francisco-based company said on Tuesday that small-and medium-sized businesses in the U.K. would be able to use Square’s credit card reader to accept payments on mobile devices.
BCC urges Ministers not to lose sight of everything but Brexit: As Theresa May prepares to trigger Article 50 this week, U.K. business leaders are urging the Government not to lose sight of their responsibilities beyond Brexit negotiations.
Rise of the gig economy fuelled Brexit vote, MPs told: Many people voted for Brexit because of a “fourth industrial revolution” that has seen British workers’ rights undermined, MPs were told on Tuesday.
Pets shops across U.K. ban sale of rabbits during Easter: One of the U.K.’s largest pet retailers has said that it will not be selling rabbits over Easter, in an attempt to crack down on impulse buying which leads to dozens of animals being abandoned each year when the novelty value wears off.
Financial Times
Rio Tinto Boss unfazed by concerns about Chinese economy: The head of Rio Tinto, one of the world’s biggest mining companies, said he had no concerns about China’s economy, predicting restructuring of the country’s state-owned enterprises would lead to demand for the iron ore it produces in Australia.
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Vale turns to experienced Brazilian manager in Schvartsman: Fabio Schvartsman, the new Chief Executive officer of Vale, the world’s largest iron ore mining company, is one of Brazil’s most experienced managers when it comes to running vast operations.
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Developer of $2.9 billion fertiliser mine in Yorkshire to join main market: Sirius Minerals, which is building a giant fertiliser mine in the U.K., plans to move from Aim to the main market of the London Stock Exchange next month to attract new shareholders.
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BlackRock cuts ranks of stockpicking fund managers: BlackRock has fired several prominent stockpicking fund managers and plans to switch their funds to quantitative investment strategies, in what Chief Executive Larry Fink called a “pivot” away from areas of active management that have fallen out of favour.
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Einhorn calls for radical stock split at General Motors: David Einhorn, the activist hedge fund manager, is trying to storm the board of General Motors, nominating four new Directors and calling on the carmaker to carry out a radical stock split that he says would end years of share price underperformance.
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AC Milan set for Hong Kong listing: AC Milan is heading for a listing in Hong Kong after financing from U.S. hedge fund Elliott Management revived a Chinese deal to buy the Italian football club from Silvio Berlusconi, former prime Minister of Italy.
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Vertex Pharmaceuticals hails new cystic fibrosis drug: Vertex Pharmaceuticals said that a combination of two of its medicines had successfully treated cystic fibrosis in a closely watched clinical trial, paving the way for regulators to approve a new option for sufferers of the deadly genetic illness.
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China’s Tencent takes 5% stake in Tesla: Chinese internet group Tencent has taken a 5% stake in electric carmaker Tesla as a first step towards breaking into the connected car market globally although the two groups have not yet agreed to share technology.
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Ford to invest $1.2 billion in deal to pump money into U.S. operations: Ford will invest $1.2 billion across three Michigan sites, including building a data centre and upgrading two of its plants, as part of a multibillion dollar deal to pump money into its U.S. operations over the next few years.
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Wolseley doubles down on U.S. market with name change: Wolseley, the British plumbing and heating supplier, on Tuesday announced plans to rename itself after its dominant U.S. business called Ferguson and sell its struggling Nordic unit, as the company also raised its interim dividend by 10.
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Akzo Nobel investors back call for talks with PPG: Investors representing almost 25% of Akzo Nobel’s share capital want the Dutch group to engage with U.S. rival PPG Industries in its €22.4 billion pursuit of the company, according to a survey commissioned by activist hedge fund Elliott Advisors.
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Cobham offers investors steep discount on rights issue: Cobham is offering a steep 41% discount on shares issued in a £512 million rescue fundraising as it attempts to woo investors who have been buffeted by five profit warnings in less than two years.
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Amazon launches grocery pick-up stores in Seattle: Amazon has opened its first full-offering grocery pick-up stores in Seattle, in its latest push to test brick-and-mortar concepts and gain a foothold in the elusive U.S. grocery market.
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Ericsson to book up to $1.7 billion in charges in first quarter: Ericsson on Tuesday said it would book up to $1.7 billion of charges, partly related to problematic contracts, at its first-quarter results as the Swedish telecoms equipment maker put its media and cloud computing businesses up for sale.
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Uber trails Silicon Valley peers on gender equality: Uber has a smaller proportion of women in leadership and technical roles than many of its Silicon Valley peers, according to a diversity review conducted by the company.
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Chinese chipmaker Tsinghua Unigroup agrees $22 billion in state financing: Tsinghua Unigroup, the Chinese state-backed semiconductor group, has secured $22 billion in new finances from government investors to fund acquisitions and help upgrade the country’s semiconductor industry.
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HS2 under pressure to remove £170 million contract from CH2M: HS2, Britain’s second high-speed rail link, is under pressure to remove a contractor after being accused of a conflict of interest.
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Lex:
General Motors: Project Greenlight: On Tuesday, David Einhorn of Greenlight Capital proposed a seemingly novel stock split at GM to reinvigorate the company’s shares which, despite galloping revenue and earnings, have barely advanced since their flotation.
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Trump/coal: Appalachia’s false spring: Chief Executives are paid to be ahead of the times. But for America’s CEO president, an affection for coal mining shows little of the vision that U.S. power producers have lately demonstrated. Mr Trump is rolling back six Obama-era environmental protection rules in a sop to the coal industry. This will do little to arrest a long-term decline.
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Ericsson: Börje free: On Tuesday, Börje Ekholm said he would refocus the Swedish telecom equipment maker’s strategy. By changing the divisional structure, he aims to restore profitability, focus on 5G networks and the internet of things and move closer to customers. That is more or less what Hans Vestberg, Mr Ekholm’s predecessor, said this time last year. His divisional reshuffle will now be used to report just a single quarter’s numbers before being superseded by Mr Ekholm’s blueprint.
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Lombard:
Wolseley drops its old name on transatlantic voyage: It would appear that Wolseley, the world’s number one distributor of heating and hot water products, has genuinely not been able to make much money in Nordic countries. In fairness to Wolseley, this is not a reflection on product quality so much as product range. Its Nordics business is the only one it has that sells housebuilding materials rather than plumbing and heating parts. Chief Executive John Martin notes that Wolseley’s hot water pipes sell better than ice to Eskimos in other parts of the Arctic Circle, such as Canada.
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Home time for Redrow: Now that Redrow has given up pursuing Bovis Homes, Galliford Try is the sole potential bidder, and Bovis shareholders must ponder the time value of money. What is worth more? The present value of a higher Galliford all-share offer? Or the future value of a turned-round Bovis, discounted by an interest rate over the three months to hire a new CEO, a six-month notice period, and two years to put a turnround plan in place. In other words, is Galliford PV>Bovis FV/(1+i)n+hire+notice+plan?
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The Daily Telegraph
Government rules out Channel 4 sale: The Government has ruled out privatisation of Channel 4 after a lengthy review of the station’s future.
Planes will be made from wonder material graphene ‘in 10 years’: Sir Richard Branson has raised the prospect of planes being made entirely from the so-called wonder material graphene within 10 years, as the airline industry battles a 50% increase in fuel in the last 12 months, sparking a desperate need for ever lighter fleets.
Caribbean demand sees Carnival push up 2017 earnings guidance: Shares in cruise line operator Carnival were buoyant after the dual-listed company pushed up earnings expectations for 2017 after increased demand for the Caribbean.
Moss Bros profits rise on store revamps and school proms: Profits at Moss Bros have jumped by a fifth after the menswear retailer’s revamped stores and investment in suits for younger customers paid off.
Price of Irn Bru will go up, warns AG Barr: The Boss of Irn Bru maker AG Barr has warned that he expects prices to rise this year to cover the costs associated with a weaker pound.
AA drives up memberships as motorists use app to ring for help: Motoring business the AA has finally reversed years of falling membership as it adopts new technology and widens its offering to customers.
The Questor Column:
Update: Halma: Halma, the hazard detection systems provider whose shares was tipped a week ago: they jumped by nearly 7% after the release of an encouraging trading statement on Thursday, and although they have since slipped they are still 2.6% higher against a falling market. Management said the firm was still on track to meet consensus pre-tax profit forecasts of £191 million for the year ending in March, adding that order intake continued to exceed revenues, a promising sign for next year. This should help to allay fears of a loss of profit momentum after November’s interims prompted concerns about revenue delays at Centrak, the American business acquired in February 2016. Questor says ‘Buy’.
Update: National Grid: Just as shares in Next are being stirred into action by talk of special dividends, the prospect of additional cash returns from National Grid is helping to revive a share price dormant since we tipped the stock at about £10.50 in October. Last December National Grid sold a 61% stake in its gas distribution networks as part of a plan to focus on its U.K. transmission and U.S. operational assets. As a result, the company intends to return some £4 billion to investors via special dividends and share buy-backs. Analysts have pencilled in an 85p-ashare special distribution on top of a regular dividend of around 45p, enough for a total yield of around 13% on the current share price. Taking a longer-term view, the company’s policy is for dividends to grow at least in line with the retail prices index for the foreseeable future, a welcome bit of inflation-proofing. Questor says ‘Hold’.
The Guardian
BrewDog threatened lawsuit against plan for bar with ‘punk’ in name: BrewDog threatened legal action to prevent a bar from using the term “punk” in its name, it has emerged, a day after the brewer blamed “trigger-happy” lawyers for a similar dispute that sparked a social media backlash.
Redrow walks away from Bovis takeover after offer is rejected: Redrow has walked away from buying Bovis Homes after deciding not to increase its takeover approach, clearing the field for rival housebuilder Galliford Try.
U.K. nuclear plans could be hit by Westinghouse financial crisis: A financial crisis at a major nuclear energy business is threatening to deal a blow to the U.K.’s atomic energy programme.
Uber to shut down Denmark operation over new taxi laws: Uber will shut down its operation in Denmark next month following the introduction of new taxi laws, the company has said, marking the latest European setback for the U.S. ride-booking service.
Daily Mail
Dulux maker launches fightback after rejecting £19 billion offer from U.S. predator: Dulux maker Akzo Nobel has sought to quell shareholder unrest over its refusal to enter takeover talks with an American predator.
Mr Kipling maker Premier Foods slashes pension costs by £32 million: Premier Foods has slashed its pension costs by £32 million after a deal was struck with trustees.
Virgin Media suspend four workers over delayed roll-out of £3 billion ultra-fast broadband: Virgin Media has been forced to suspend four workers after it discovered the progress of a £3 billion ultra-fast broadband roll-out may have been exaggerated.
Uber piles its plate with food delivery spots as it nibbles at the heels of rivals Deliveroo and Just Eat: Uber is extending its food delivery service across 40 more British towns and cities. The taxi-app firm is catching up with rivals Deliveroo and Just Eat after launching its Uber Eats service last year.
Blow for Sir Philip Green as Topshop Chief quits for luxury rival White Company: Sir Philip Green has been forced to kick-start a search for a Topshop Boss after his long-standing managing Director announced she was leaving for the White Company,
Retiring BAE Boss Ian King picks up £3.5 million after eight years at the helm of the defence giant: Ian King, who is gearing up to retire on June 30, saw his total pay climb 18% to £3.5million for 2016, thanks to a jump in his salary and awards.
Mulberry opens four new stores in Far East as it teams up with Singaporean billionaire: Mulberry is setting its sights on an expansion into Asia. The British luxury retailer has teamed up with Singapore billionaire Christina Ong – who controls 56% of Mulberry through her company, Challice – to set up a business in the region.
Daily Express
Pension crisis looms as one in five Britons has no savings for their old age: Britain’s looming pensions’ crisis has been highlighted by new research which shows that a staggering one in five working Britons have NO pension savings at all.
Euro fails to gain on pound ahead of Scottish independence vote: The pound was able to hold its own against the euro on Tuesday despite provocative comments from a European Central Bank (ECB) board member.
Tesco facing fine of £129 million from Serious Fraud Office: Tesco is facing a £129 million fine from the Serious Fraud Office, but will not be prosecuted over claims of false accounting, the supermarket giant has said.
Tesco defend £3.7 billion bid to takeover wholesaler Booker: Tesco has defended its £3.7 billion takeover bid for wholesaler Booker after criticism from leading shareholders, as it took a £235 million hit to draw a line under an accounting scandal.
The Scottish Herald
Independence poll plan fuels investment worry: Half of Scottish companies say they do not feel comfortable undertaking investment activity until the outcome of a second independence referendum is known, a survey reveals.
Vibration monitoring pioneer wins backing: A firm whose technology that can cut the risk of construction workers suffering a debilitating condition caused by vibrations has secured £700,000 growth funding with around a fifth of the money coming from staff.
Boardroom changes see Chief depart Bowleven: Kevin Hart is no longer part of the management team at Bowleven, the oil and gas company, which suffered a boardroom upheaval after a campaign for change by a rebel investor.
Adviser warns of risks of pension transfers: Edinburgh financial advisory business Robson Macintosh is urging members of final salary pension schemes to think carefully before cashing in benefits on the back of inflated transfer values.
Boost for Cairn Energy in Senegal as partner highlights success of latest well: Cairn Energy has received more good news from West Africa after drilling underlined the potential of a big find it made in the waters off Senegal.
Liverpool boost for Greenock port: Greenock Ocean Terminal expects to double its business in the next five years following the opening of a £400 million ‘sister’ terminal in Liverpool.
Menzies reveals ex-Directors’ pay: Former John Menzies Chief financial officer Paula Bell received total remuneration of £233,000 in her final seven months with the aviation and distribution firm before leaving for Spirent Communications in July.
Cromarty wins Beatrice contracts: The Port of Cromarty Firth has been awarded two contracts by one of the companies that will begin installing the 84-turbine Beatrice Offshore Windfarm in the Outer Moray Firth later this year.
Ousted Alliance Trust Boss got £1.2 million pay for 2016: The former Chief Executive of Alliance Trust received a salary and benefits package worth more than £1.2 million during 2016, despite being made redundant at the beginning of the year.
Aggreko Boss enjoys big increase in value of annual pay package: Aggreko Chief Executive Chris Weston has seen the value of his annual pay package increase by around 30%.
Trespass cites investment benefit as outdoor brand posts profits rise: Glasgow-based Jacobs & Turner has highlighted the benefit of a two-year investment programme on its sales and profitability. Accounts newly available at Companies House show pre-tax profits at the firm increased to £4.7 million in the year ended June 26, up from £2.67 million profit the year before.
The Scotsman
Irn-Bru maker shrugs off Brexit risk as profits rise: The maker of Irn-Bru flagged an “unprecedented” level of uncertainty stemming from the U.K.’s looming withdrawal from the European Union as it reported a rise in annual profits.
Edinburgh technology accelerator seeks next unicorn: The button is being pressed on what has been described as Scotland’s first “dedicated pre-seed tech accelerator” in a fresh bid to nurture the nation’s next billion-dollar start-up.
Staff dig in for Reactec’s £700,000 funding boost: An Edinburgh firm that aims to protect workers from “hand arm vibration” injuries caused by power tools has raised £700,000 in a funding round backed by its own staff.
Stagecoach loses SWT franchise to rival FirstGroup: Perth-based Stagecoach was dealt a blow when the U.K. government switched the group’s flagship rail operation to a joint venture of its leading Scottish rival FirstGroup and a Chinese transport operator.
Linda Urquhart to retire as chair of Morton Fraser: Morton Fraser said that its chair, Linda Urquhart, is to retire after more than three decades with the law firm.
Business leaders unite to drive Scots growth ambitions: A new collective of business leaders has been formed in an effort to help drive the growth of privately-owned firms across Scotland.
City A.M.
Property services company to list on the main market in London as it seeks to boost supply of long dated income for pension providers: Dukemount Capital, a property services company aimed at institutional investors, is listing on the London Stock Exchange.
Pret a Manger’s reputation will soon recover from its unpaid work experience stumble: As Theresa May invokes Article 50, it may be a time for companies to reflect on how they will staff their businesses in the coming years in the face of possible changes in migration and labour laws.
Cost-cutting BBC drops international news agency Associated Press citing “financial pressures”: The BBC will end its association with international news agency Associated Press (AP) this week because of “financial pressures”, City A.M. has learned.
Brits confident of their own finances as U.K. Prime Minister Theresa May prepares to trigger Article 50: British consumers’ confidence in their own finances has continued to rise, a new survey shows, as Prime Minister Theresa May prepares to trigger Article 50 for the U.K. to leave the EU.
Governor of the Central Bank of Ireland Philip Lane calls for Brexit transition periods: The Governor of Ireland’s central bank has become the latest in a long list of names to call for transition periods for Brexit.
