The Times
Bill to clean up nuclear reactors rises by £1.6 billion: Taxpayers face a big rise in the bill for cleaning up the first generation of nuclear power stations in Britain after the company that was wrongly awarded the contract raised its estimate by £1.6 billion.
Bank buys £1.2 billion gilts after yields go negative: Investors flocked to sell government bonds to the Bank of England, restoring confidence in its new £60 billion stimulus plan, which had taken a knock on Tuesday when it failed to attract enough sellers.
Facebook will force users to view adverts: Facebook is to force users to look at adverts on the social network even if they have installed software to block them. The company said that its advertising platform had been redesigned to circumvent ad-blocking software on desktop computers.
Apprentices may be shunned if reforms are costly: Government reforms to apprenticeship funding could result in smaller companies rejecting vocational training, an employers’ group has warned.
Interserve’s waste of time and energy: Shares in Interserve shook off a dive into the red as the office cleaning group and former star of the outsourcing industry counted the cost of a move into building incinerator-based power stations.
E.ON hit by Merkel’s nuclear power shutdown: E.on recorded a loss of €3 billion for the first half of the year as it continued to suffer from Angela Merkel’s nuclear power shutdown and the switch to renewable energy sources.
Michael Kors sees a wobble: A decline in visitors to shopping malls and lower tourism in cities has prompted Michael Kors to warn that its “September quarter results are on track to disappoint”.
The Independent
Apple buys Turi machine-learning startup for a reported $200 million: Apple has reportedly bought a Seattle-based machine-learning startup as part of its continued investment in artificial intelligence.
Scotland just produced enough wind energy to power it for an entire day: For the first time on record, wind turbines have generated more electricity than was used in the whole of Scotland on a single day.
U.S. sells Saudi Arabia £880 million of tanks and weapons: The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armoured recovery vehicles and other equipment, worth about £880 million ($1.15 billion), to Saudi Arabia, the Pentagon has said.
Financial Times
Eurostar and Virgin face disruption as Southern strike suspended: The union at the centre of a series of disputes threatening a summer of U.K. rail disruption on Wednesday suspended its five-day strike at Southern but announced plans for strike action on Eurostar.
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Peppa Pig Owner Entertainment One rejects ITV takeover offer: ITV’s £1 billion bid to buy Entertainment One — the majority Owner of children’s cartoon franchise Peppa Pig — may have been rebuffed but comes as further evidence of the U.K. broadcaster’s ambition to become a major international content production business.
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G4S reports progress with financial recovery plan: Shares in G4S shares spiked on Wednesday after the security company outlined significant progress with its financial recovery after a series of scandals.
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Prudential first-half profits boosted by U.K. and Hong Kong: Prudential suffered sharp drops in sales in some of its big markets such as the U.S. and Indonesia, but strong performances in the U.K. and Hong Kong more than compensated for the declines, helping it produce first-half profits that beat expectations.
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Aviva warns property fund withdrawal bars could last until 2017: Aviva Investors has warned investors in the company’s £1.6 billion property fund that they are unlikely to be able to withdraw their money until 2017, raising further questions about the suitability of highly liquid real estate products.
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Lower gas prices hit Gazprom profits: Gazprom, the Russian state-run gas group, reported a dip in quarterly profit of more than 5% due to lower gas prices and higher capital expenditure.
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Paysafe to open new digital wallet as sales double: Paysafe, the online payments group, will launch a new digital wallet that will help companies sell products such as pharmaceuticals, alcohol and groceries, after more than doubling revenues during the first six months of 2016.
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Grain markets weigh on Cargill’s operating profit: Cargill revealed its weakest operating profit in four years amid a slump in grain markets, intensifying pressure to reignite growth at the world’s largest agricultural trading house.
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Lex:
Eon: power politics: Rising commodity prices may attract investors to German utilities. The prices they charge are, after all, linked to wholesale energy prices. ‘s news from Eon is a reminder that politics remains the most important driver of returns in the sector.
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Shiseido: putting a brave face on: Making up is hard to do for Shiseido. After the market close on Tuesday, the Japanese cosmetics producer announced first-half earnings up nearly one-third, but cut its full-year sales and profit targets. On Wednesday, the stock fell 8%. It is still not attractive.
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Centamin: ecstasy and agony: Mid-cap miners are emotional beasts: depending on commodity prices, their stocks ride euphoric highs or plumb deep troughs. Centamin, the Egypt-focused gold miner, is in ecstasy. The reversal could be dramatic.
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Lombard:
Piecemeal workout of corporate pensions crisis makes most sense: It is debatable whether rock bottom interest rates and another hit on the quantitative easing bong can rally the U.K. economy. The measures will unquestionably worsen the crisis engulfing many businesses lumbered with legacy final salary pension schemes, though. U.K. government bond yields have turned negative at the short end.
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Peppa bid needs spice: Peppa Pig and her brother George were jumping in muddy puddles. “Hurrah!” they shouted. Adam Crozier, Chief Executive of ITV, wanted to play. “Your fun and games are a valuable media franchise,” he said, “I will pay 236p per share for Entertainment One, majority Owner of your rights holder.”
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The Daily Telegraph
Number of homes on the market at record low as Brexit uncertainty hits house prices: The number of homes on the market hit a record low in July as house price growth slumped on the uncertainty in the wake of the Brexit referendum.
Lookers to sell parts business for £120 million as it focuses on car sales: Motoring group Lookers is to dispose of its car parts division as the business focuses on selling cars in a deal that has been welcomed by the City.
‘Biggest rail investment in U.K. since Victorian age’ safeguards 1,000 engineering jobs in Derby: A huge contract for hundreds of new trains – described as the “biggest investment in the railways since the Victorian era” – has secured 1,000 British engineering jobs.
Gold miner Centamin rides high after raising forecasts for the year: Shares in gold miner Centamin enjoyed another bounce this morning after the company beat expectations for the first half of the year.
The Guardian
Lloyds says António Horta-Osório has ‘no case to answer’: Lloyds Banking Group has told its 75,000 staff that the Chief Executive has “no case to answer” over questions he may have breached the bank’s expenses policy.
City turbulence drives some bond yields into negative territory: Turbulence in City markets have driven yields on some bonds into negative territory as the Bank of England pressed on with its post-Brexit economic recovery plan.
Scottish government to spend £100 million to cushion post-Brexit vote effects: The Scottish government is to redirect £100 million from a budget underspend last year into a new initiative to help cushion the economy from the impacts of a post-EU referendum downturn.
Prudential may relocate M&G funds following Brexit vote: The new head of Prudential’s M&G fund management arm, Anne Richards, has said it is considering shifting more funds to Dublin and Luxembourg after the Brexit vote.
Crunch time for cashew nut lovers as wholesale costs soar: Cashew nut consumers may face hefty price rises next year, because adverse weather conditions have caused wholesale costs to soar.
Southern rail dispute: Thursday and Friday strikes called off: Strikes by Southern railway workers on Thursday and Friday have been called off to allow fresh talks in the row over the role of conductors, Acas said.
Daily Mail
Royal Mail axes its gold-plated final salary pension scheme claiming it’s too expensive to run: Royal Mail has become the next big name to close its gold-plated pension scheme, saying it is too expensive to run.
Stock Spirits revolt ends as Britain’s first Polish Boss of a big U.K. company is appointed: The revolt at vodka maker Stock Spirits seemed to draw to a close with its new Boss becoming the first Polish Chief Executive of a big British company.
Resign now! ‘Rottweiler’ Hedge fund Boss rages at Speedy Hire Chairman over falling share price: A bitter row has erupted over the leadership of rental firm Speedy Hire with a millionaire hedge fund Boss demanding the Chairman quits.
William Hill rejects joint £3.6 billion bid from Mecca bingo Owner Rank and online gambling firm 888: Troubled bookie William Hill has rejected an ‘opportunistic’ joint £3.6billion bid from Mecca bingo Owner Rank and online gambling firm 888.
Daily Express
Techn start-up Chargifi power into the lead with new platform: Your phone or laptop battery is running low and you’re on the move, but relax. Recharging is simple thanks to a hot spot nearby.
Stop talking Britain down! End Brexit doom and gloom, says Legal & General Boss: Britain’s business leaders have been urged to ditch downbeat outlooks, as data shows the economy is faring better than many expected from Brexit uncertainty.
Single market membership worth two years of economy growth to U.K., says think tank: British membership of the European Union’s (EU) single market could boost the economy by around four% after leaving the political bloc, according to a report by a top think tank.
The Scottish Herald
Tom Cross eyes more North Sea deals as sellers ‘get realistic’ amid downturn: Tom Cross is set to ramp up expansion at the Parkmead Group he runs by cutting more deals against a grim oil and gas industry backdrop after unveiling what looks likely to have been a cut price acquisition.
Scottish Renewables sees membership slide as deployment of new capacity slows: Scottish Renewables has seen a 15% slump in membership after the deployment of new electricity generating capacity from renewables dropped to its lowest level since 2010.
Edrington names Hyde as Chief financial officer: Edrington, the Scotch whisky distiller behind The Famous Grouse, has appointed Paul Hyde as Chief financial officer.
ScottishPower caps cost of pensioners living longer: Manweb, the ScottishPower subsidiary, has done a £1billion deal to control the costs of its pension scheme.
ANM Group to spend £4 million on business park extension: Farming co-operative ANM Group has announced its plans to invest £4 million in the extension of Thainstone Business Park in Inverurie.
Renewable community project issues £500,000 share offer: Aberdeen Community Energy (ACE) is hoping to raise £500,000 through a share offer in its flagship community renewable energy project, The Donside Hydro.
The Scotsman
Visitor numbers at Scotch distilleries hit record 1.6 m: Scotland’s whisky distilleries attracted a record number of visitors last year, according to a study published.
Retailer Fishkeeper set to make bigger splash in Scotland: Aquatic products retailer Fishkeeper Scotland is set to open its second store in Edinburgh, as part of a million-pound, 11-store roll-out plan, creating 30 jobs north of the Border.
Fish and chip chain casts net wider in Stirling: A fish and chip shop chain is trawling for further expansion after opening its 12th branch, its first premises outside its west coast heartland.
Social Bite sinks teeth into corporate catering market: Sandwich chain and caterer Social Bite has booked a healthy rise in revenues thanks to the adoption of a new software system from Livingston firm Spoonfed.
Alliance Trust Savings moves into the black: Dundee-based investment platform Alliance Trust Savings (ATS) has moved into the black following a jump in assets under administration.
Younger Scots priced out of buying their own home: A lack of supply and unaffordable mortgage deposits have been blamed for the historic decline in younger Scots owning their own home.
City A.M.
Government urged to implement new tax credit scheme for U.K. exporters for economy boost after Brexit vote: The government is being urged to implement a tax credit scheme for U.K. exporters to boost British business and the economy after the Brexit vote.
Woof: U.S. pet food firm Blue Buffalo shares up on tasty results: Pet food company Blue Buffalo’s shares were up in after-hours trading after it reported a sales and earnings growth in the second quarter.
Fast food Shack’s growth can’t shake off investor concerns: Shake Shack’s shares plummeted in after-hours trading on Wednesday despite the fast food company reporting expectation-beating results.
Deutsche Boerse turns attention to regulation after cementing shareholder support for London Stock Exchange merger: Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange.
Ralph Lauren shares get trendy as fashion group sets out “Way Forward Plan”: Ralph Lauren’s share price shot up on Wednesday despite the luxury fashion group reporting falling turnover and profit.
Coal industry urges U.K. government to reconsider carbon capture storage: The coal industry is urging the new government to change its stance on support for the development of carbon capture storage (CSS).
Charitable cryptocurrency Cross-Stratum Coin to be launched next year: A new cryptocurrency slated for release next year is set to bridge the world of digital currencies and international charity payments.
