The Times
Factories revival lifts growth hopes: British factories bounced back to life last month on surging domestic and overseas orders, raising hopes of an economic pick-up and sparking speculation of an early interest rate rise.
Thomas Cook: ‘Profits put before grieving parents’: Thomas Cook was more concerned with profits than looking after the family of two children who died on holiday in Corfu, according to a damning report.
HSBC Boss shrugs off profit slide and investor pressure: The Chairman of HSBC defended his management team as Britain’s biggest banking group unveiled a 14% decline in underlying profits in the third quarter because of the Chinese share market turmoil in August.
Crown slips for ‘bond market king’ after Soros walks away: George Soros appears to have pulled a $500 million investment he made a year ago with Bill Gross, the so-called bond market king.
AllSaints’ revival is paying dividends: The revival of fortunes at AllSaints has surged with the hip fashion chain paying its first dividend since it was engulfed in the Icelandic banking crisis.
Population growth ‘will lift house prices even further’: The rising population will continue to push up house prices over the next five years, with large cities expected to grow by the biggest amount.
Commercial investor says now is right time to float: A new commercial property real estate investment trust will give details of plans to list on the stock market, with its shares expected to start trading on Friday.
The Independent
Alarm over Government’s growth mandate for nuclear regulator: Anti-nuclear campaigners fear regulators have been forced to cosy up to the industry and sacrifice some of their safety responsibilities as a result of government changes to their role.
Alstom sells energy business to GE for $13.6b: Alstom, the French electricity and rail company, has competed the $13.6 billion sale of its energy assets to General Electric, the American corporation, the company said on November 2.
Supreme Court tells retailers they need permission to use Bob Marley’s image: America’s highest court has indicated to some of the countries biggest clothing companies that they do not have the right to use sell shirts bearing the the image of Bob Marley.
Hewlett-Packard has split up: The company officially split into two entities on November 1.
Financial Times
Vertu luxury smartphone maker sold to Chinese investor: Vertu, the U.K.-based maker of handcrafted luxury smartphones that feature precious metals, leather casings and sapphire screens, has been sold by Swedish private equity group EQT to Chinese investors, in the latest sign of the popularity of upmarket brands in Asia.
http://www.ft.com/intl/cms/s/0/b0535512-818b-11e5-a01c-8650859a4767.html#axzz3qImbGejY
Stuart Gulliver’s losing streak at HSBC looks set to continue: Stuart Gulliver has been on a four-year losing streak. Every year since he took over as HSBC Chief Executive in 2011, the bank has suffered a drop in revenue.
http://www.ft.com/intl/cms/s/0/7aa263a6-8184-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Financial services groups occupy 85% more London office space: Financial services companies increased the amount of London office space they occupy by 85% in the first half of 2015, a sharp acceleration that put more pressure on business rents.
http://www.ft.com/intl/cms/s/0/49460c68-817f-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Ithaca Energy becomes first U.K. oil group to have credit lines cut: Ithaca Energy has become the first U.K. oil company to have its available credit cut following the devaluation of its assets by its banks.
http://www.ft.com/intl/cms/s/0/ae8980ba-815b-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Lonmin warns of $2 billion impairment charges: Lonmin warned investors to expect about $2 billion of impairments as the struggling platinum miner prepares for several years of low prices.
http://www.ft.com/intl/cms/s/0/84565476-8156-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Quindell plans £415 million return of cash to shareholders: Quindell has detailed plans to return £415 million to shareholders in December, despite the insurance software company facing a Serious Fraud Office investigation.
http://www.ft.com/intl/cms/s/0/8fd482f8-8135-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Activision to buy Candy Crush’s King for $5.9 billion: Activision Blizzard has agreed to acquire King Digital Entertainment, the London-based group behind the hugely popular Candy Crush Saga mobile games, in a $5.9 billion deal that would be the biggest takeover of a U.K.-based tech company since HP acquired Autonomy for $11 billion four years ago.
http://www.ft.com/intl/cms/s/0/680ccbd2-81d4-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Molson Coors in talks on joint venture: Molson Coors, the U.S.-Canadian brewer, is in advanced talks to buy SABMiller’s majority stake in their American joint venture, people familiar with the talks said, in a move seen as critical to helping Anheuser-Busch InBev secure its £68 billion takeover of SAB.
http://www.ft.com/intl/cms/s/0/d5567b0e-81c3-11e5-a01c-8650859a4767.html#axzz3qImbGejY
Pfizer spurned by GSK before Allergan talks: Pfizer approached GlaxoSmithKline about a possible takeover in recent weeks but was rebuffed before confirming its talks about a possible bid for Allergan last week.
http://www.ft.com/intl/cms/s/0/3a26241c-81b0-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Lex:
Greek banks: on a wing and a Piraeus: The European Central Bank’s latest health check of Greek lenders identified a €14.4 billion capital shortfall; banks have until Friday to submit their capital plans for its approval – and until the end of the year to raise the new money.
http://www.ft.com/intl/cms/s/3/1a5e6398-8178-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Mobile payments: Food fight: Jamie Dimon warned last year that Silicon Valley was out “to eat our lunch”. Yet his bank, JPMorgan Chase, was an enthusiastic (sounding) partner when Apple launched iPhone payments seven months later – even though it forced U.S. banks to sacrifice 15 basis points out of the 2% they earn processing card transactions.
http://www.ft.com/intl/cms/s/3/29233afc-7c69-11e5-98fb-5a6d4728f74e.html#axzz3qImbGejY
Shire / Dyax: mother of pearls: The U.S. company’s buying prowess has helped put its shares on a price/earnings ratio of 35. Shire, on a p/e of half that, would doubtless love to replicate its success.
http://www.ft.com/intl/cms/s/3/a2fb7de0-816d-11e5-a01c-8650859a4767.html#axzz3qImbGejY
Lombard:
Statistically challenged: The decision of the Labour leader not to grace the next CBI conference with his North London Polyesque presence is uncomfortably timed. Pro-Brexit campaign group Vote Leave has poked the organization in a sore spot: its claim to represent U.K. business.
http://www.ft.com/intl/cms/s/0/b3e045e2-8149-11e5-a01c-8650859a4767.html#axzz3qImbGejY
Justified Justin: The former Chief Executive of J Sainsbury sees the world through the prism of an industry where customers matter hugely. They should matter hugely at a travel company too.
http://www.ft.com/intl/cms/s/0/b3e045e2-8149-11e5-a01c-8650859a4767.html#axzz3qImbGejY
The Daily Telegraph
Aston Villa holds talks with Swiss investor over sale of club: A mysterious Swiss investor has held detailed talks about a possible bid for Aston Villa, the Premier League football club, it can be revealed.
The Earth is not running out of oil and gas, BP says: The world is no longer at risk of running out of oil or gas, with existing technology capable of unlocking so much that global reserves would almost double by 2050 despite booming consumption, BP has said.
Greek banks will have to tap bondholders for bail-in cash, Moody’s warns: Greece’s troubled banks will have to tap bondholders for more capital as they are likely to be unable to find more private investors to offer up fresh money, credit ratings agency Moody’s has said.
British banks cash in as Visa Europe sells for €16.5 billion: Visa Europe is now in American hands after Visa Inc snapped up its sister company for €16.5 billion, potentially rising by another €4.7 billion if the firm performs well over the next four years.
Ryanair Boss urges Britain to remain in the EU: The Boss of Ryanair has urged Britain to remain inside the European Union because there is “no doubt” the U.K. economy benefits from being a member state.
Shire to acquire U.S. rare drugs maker Dyax for $6 billion: Shire is to pay nearly $6 billion (£3.88 billion) to buy U.S.-listed rare disease drugs maker Dyax in the latest round of consolidation in the pharmaceuticals sector, but says it still has enough firepower for further acquisitions.
HSBC delays HQ decision until next year: Giant British bank HSBC needs more time to decide whether it still wants to be based in London or if it will move its headquarters abroad, its Chairman said.
Global recession scare fades as stimulus revives manufacturing: The first green shoots of global manufacturing recovery are emerging as Europe, the U.S. and Japan shake off the recession scare, and China comes back to life after a deep industrial slump.
Seedrs launches U.S. site as lawmakers finally legalise equity crowdfunding: Seedrs, the crowdfunding platform, has launched into the U.S. following a vote by the U.S. Securities and Exchange Commission (SEC), which will make it possible to offer equity crowdfunding to the American masses for the first time.
The Questor Column:
Hold Ryanair after profits jump: Ryanair reported a sharp jump in revenue and profits thanks to so many British holidaymakers escaping the inclement British weather over the summer. However, there are signs the market is beginning to suffer from too much capacity. And that is beginning to weigh on prices. The big question across the budget airline industry at the moment is just how much extra capacity it can take? The low cost carriers have grown rapidly during the past decade yet they still only occupy about a third of the European aviation market. The fears is that, with so much extra capacity being created, prices will suffer. So far that hasn’t happened. Half-year profit after tax, jumped 37% to €1.09 billion, in the six months to September 30, which incorporates the key summer period. The important factor during the summer months was that as capacity increased 11%, prices also climbed 7%, sending revenues 19% higher. With this in mind Ryanair’s shares at €13.82 and trading on 15 times forecast earnings are now near all-time-highs of €14.30 reached in early September. The shares have soared 70% in just under a year since our buy advice (Buy, €8.15, Nov 4). However, Questor believes much of this good news is already in the price and feels it would be prudent to downgrade our recommendation to a hold given the signs of tougher trading through the winter season. Ryanair at €13.96 +0.47c. Questor says “Hold”.
The Guardian
Amnesty report accuses Shell of failing to clean up Niger delta oil spills: Four oil spill sites in Nigeria identified by the UN, which Shell has claimed to have had cleaned up by contractors since 2011, are still polluted, says a report by Amnesty.
George Osborne demands EU safeguards for non-euro businesses: George Osborne will set out the government’s demands for a renegotiated settlement with the European Union on Tuesday by demanding legally embedded principles that will prevent discrimination against British businesses operating in the Eurozone.
U.K.’s biggest care home operator risks running out of cash, says S&P: Britain’s biggest care home operator will run out of cash next year unless it undergoes a radical restructuring of its finances, a leading credit ratings agency has said.
Large companies could face £20 million fines for corporate manslaughter: Major companies convicted of corporate manslaughter will face fines of up to £20 million under new sentencing guidelines.
HSBC and First Direct customers saved £85 million in overdraft charges after text alerts: HSBC and First Direct customers saved $135 million (£85 million) in overdraft charges after the bank started sending text messages to warn them they were about to go into the red.
Daily Mail
Ryanair raises annual profit forecast again but says it has ‘zero visibility’ on end-of-year bookings – and expects a fare war: Irish airline Ryanair has again nudged up its annual profit forecast after posting soaring first half profits, although its shares fell as, despite this, it said it still has ‘zero visibility’ on the fourth quarter.
Chinese manufacturing suffers another setback with a slowdown in October: Chinese manufacturing unexpectedly shrank in October for the third consecutive month, according to an official survey released on Sunday.
Sports Direct probed by competition watchdog over allegations it blocked negative reviews: Regulators are investigating Sports Direct over allegations that it blocked negative reviews of products on its website in an apparent attempt to boost sales.
Daily Express
Manufacturing boost gives hopes of U.K. economy growth: Britain’s growth prospects received an unexpected boost after factories achieved their best output for 16 months in October.
Porsche and Audi now embroiled in Volkswagen emissions scandal: Porsche and Audi 4x4s are now being investigated in a widening of the emissions scandal.
Fears of pensions ‘smash and grab’ raid by George Osborne in Autumn Statement 2015: A surge in pensions savings has fuelled concerns that George Osborne could slash benefits when he gives his Autumn Statement later this month.
The Scottish Herald
Founders of Pinto go for a pizza after selling Mexican food chain: The team behind Pinto Mexican Kitchen is preparing to launch a pizzeria targeting casual diners after selling the South American food business to a rival chain.
New Scottish Enterprise Chairman Bob Keiller promises to listen to wide range of opinions: The incoming Chairman at Scottish Enterprise has said he plans to keep his “ears wide open and mouth well shut” to listen to as many views as possible about the economic development agency.
Scotgold non-Executive nets top fee: Chris Sangster, who stepped down as Chief Executive of Scotgold Resources in October 2014, remained the highest-paid Director in the year to June 30, according to the annual report.
Interbulk treads water as Europe stagnates: InterBulk Group has confirmed that underlying pretax profit is expected to match last year’s result. The logistics provider, where Clyde Blowers’ Jim McColl is a shareholder and on the board, says there has been some encouraging growth in the Americas and Asia during the year, but no significant pick-up in activity in Europe in the second half , affecting activity in both liquid and dry bulk divisions.
Web and email security firm Bloxx bought by $2 billion U.S. corporation Akamai Technologies: Web filtering and email security provider Bloxx has been snapped up by a corporation in the United States in a deal which is believed to be worth several million pounds.
The Scotsman
Whisky firm raises a glass to Clydesdale funding deal: Independent blender and spirits merchant Edinburgh Whisky is looking to expand its product line-up after securing funding from Clydesdale Bank.
Scotland bucks U.K. export slump in third quarter: The U.K.’s export drive risks moving into “reverse gear” with firms reporting falling confidence, and their lowest export growth for more than six years, according to a new report published by the British Chambers of Commerce (BCC) and DHL.
Blantyre roofing firm has growth ambitions covered: A South Lanarkshire roofing company is eyeing further expansion across the south of England after receiving a seven-figure funding package from Bank of Scotland.
Royal London upbeat after record results: Mutual life and pensions group Royal London said it expects “more of the same” for the remainder of the year and 2016 after posting results it described as a new record for the 154-year-old business.
City A.M.
Fitbit sees revenue soar 168% for its third quarter of 2015, but share prices plummet: Fitbit has announced revenue of $409.3 million for its third quarter of 2015, an increase of 168% from $152.9 million compared to the same period in 2014.
Royal Bank of Canada picks Brookfield’s 100 Bishopsgate for new U.K. headquarters: Royal Bank of Canada (RBC) has signed a pre-let deal with Brookfield Property Partners to move its U.K. headquarters to the developer’s 100 Bishopsgate tower.
Gfinity raises much-needed £1 million from share sale after reporting loss of £3.6 million: Gfinity, the eSports – or gaming – company, held an accelerated share sale to raise £1 million, after reporting a loss of £3.6 million in the year to 30 June.
Luggage-maker Samsonite unpacks strong third quarter sales: The world’s biggest luggage-maker Samsonite International has posted a jump in third quarter sales thanks to strong demand for its suitcases in all of its regions, despite the strength of the U.S. dollar hitting sales on a reported currency basis.
