The Times
Pound tumbles as Bank delays rate rise to 2017: The Bank of England sent the pound tumbling against both the euro and the dollar with a clear signal that interest rates are likely to remain at a record low until spring 2017.
Barclays Boss buys £6.5 million of shares in show of faith: Jes Staley splashed out £6.5 million on shares in Barclays weeks before he officially becomes the new Chief Executive in an effort to bolster shareholder confidence at the bank — and was left sitting on a paper loss of £135,000 .
China slowdown costs Schroders clients £15 billion: Clients of Schroders lost nearly £15 billion over the summer as fears about a Chinese economic slowdown tore through world equity markets, the fund management house has revealed.
RSA is still open to bids, reveals Hester: The Chief Executive of RSA has made plain that he is still open to offers for the insurer after Zurich Insurance pulled out of a £5.6 billion takeover deal in September.
Inquiry into Exxon climate change ‘lies’: Exxon Mobil is being investigated over claims that it lied to the public and investors for years about the risks of climate change to protect profits.
Amazon extends same-day delivery: Amazon has promised to deliver a television in time for tea with free same-day postage for its most loyal shoppers.
House prices forecast to rise by 20% over next five years: House prices are on course to rise by almost a fifth by the end of the decade, adding almost £70,000 to the cost of the average home in London.
Books and online estate agent boosts News Corp: News Corp earnings rose by more than 30% as increased sales in its online property and book publishing businesses helped to offset currency shifts and weak advertising.
The Independent
Twitter’s only black engineering Manager blasts company over ‘diversity problems’: Leslie Miley, who said he was the only African-American in engineering leadership at Twitter, was laid off due to the company’s recently planned downsizing.
Vice is launching a new TV channel: Vice Media, known for its edgy reporting, is getting its own 24 hours cable channel in February next year, the company announced this week.
TPP: Trans-Pacific Partnership text finally revealed in detail: Officials released details of a sweeping Pacific Rim trade deal on Thursday, setting the stage for a debate in Congress – and around the world – on whether or not the pact promotes U.S. exports and jobs.
Financial Times
Tate & Lyle promises $200 million of sales from new products: Tate & Lyle, the sweetener and starches group, sprinkled some good news on half year pretax profits that were 11% higher, by setting targets that included a promise to deliver sales of $200 million from new ingredients within five years.
http://www.ft.com/intl/cms/s/0/6177ef00-83ae-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
AstraZeneca raise full year profit and sales forecasts: AstraZeneca said it was strong enough to cope with the loss of patent protection on its biggest-selling drug next year, as it races to unleash the new generation of medicines it is counting on to revive growth.
http://www.ft.com/intl/cms/s/0/69445dc0-838d-11e5-9dc0-186bb1146746.html#axzz3qImbGejY
Standard Chartered shares drop after Fitch cuts rating: Standard Chartered’s credit rating has been downgraded by Fitch Ratings in the latest sign that its new Boss Bill Winters is struggling to convince the market that his new strategy can turn round the emerging markets lender.
http://www.ft.com/intl/cms/s/0/479fcf82-83b6-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
UK tour operators’ shares hit by Egypt concerns: Shares in tour operators Thomas Cook and Tui fell after the UK government barred flights to and from a popular Egyptian seaside resort over security concerns.
http://www.ft.com/intl/cms/s/0/fce4c69c-83b4-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
700 more jobs go in U.K.’s north-east as work stops on energy plant: Teesside’s economy has suffered another employment blow with the sudden suspension of construction work on a renewable energy plant, costing 700 contractors their jobs.
http://www.ft.com/intl/cms/s/0/9e244ac0-83e5-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Valeant shares tumble to lowest level in three years: Valeant’s share price touched a three-year low, heightening fears over the embattled pharmaceuticals group’s business model and inflicting further losses on its high-profile hedge fund backers.
http://www.ft.com/intl/cms/s/0/9eaaef00-83d9-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Low oil lifts credit risk at U.S. banks: Stresses created by the low oil price are contributing to elevated credit risk in the U.S. banking sector despite a relatively strong economy, regulators have warned.
http://www.ft.com/intl/cms/s/0/07774f16-840b-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Kuoni shares surge as chief is replaced and 350 jobs cut: Shares in Kuoni surged 10% after the Swiss travel group appointed a new Chief Executive and announced an extensive restructure with the loss of 350 jobs.
http://www.ft.com/intl/cms/s/0/63a36078-83a6-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Lex:
Qualcomm: debt collectors: Qualcomm is heavily dependent on Chinese demand for its intellectual property in smartphones. It also supplies modems to Apple’s iPhone and circuits to Samsung. If these customers manage without it, or use the patents and refuse to pay, it is in trouble.
http://www.ft.com/intl/cms/s/3/fc6908d2-8421-11e5-8095-ed1a37d1e096.html#axzz3qImbGejY
Whole Foods: fill the cart: Whole Foods became the dominant U.S. national purveyor of fancy and organic food, and boated industry-leading revenue growth and operating margins (both approaching a gaudy 10%).On Thursday, Whole Foods reported fourth quarter same-store sales that dropped 0.2%.
http://www.ft.com/intl/cms/s/3/806fd1f0-83dd-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Dropbox: black box: The online data storage and sharing company was valued at $10 billion at its last fundraising – way back in January 2014. But a few weeks ago BlackRock, which led the last round, marked down the value of its own stake by almost 25%.
http://www.ft.com/intl/cms/s/3/838d70dc-83d7-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Lombard:
Fireworks at Electra vote: New York activist Edward Bramson has won his second notable victory over a quoted UK company. He has ignited a Bonfire Night powder keg under the board of Electra, a venerable private equity business, gaining a directorship alongside Ian Brindle, an associate and former PwC high-up.
http://www.ft.com/intl/cms/s/0/65df3dd8-83c1-11e5-8e80-1574112844fd.html#axzz3qImbGejY
Even jumbos forget cases before Takeover Panel serves justice: The mills of the Takeover Panel grind finely, but they grind exceeding slow. The City’s quintessentially English M&A regulator has censured Credit Suisse and Freshfields Bruckhaus Deringer and criticized JPMorgan.
http://www.ft.com/intl/cms/s/0/65df3dd8-83c1-11e5-8e80-1574112844fd.html#axzz3qImbGejY
The Daily Telegraph
Tata Steel reports £301 million profit weeks after cutting 1,200 jobs: Global steel giant Tata has reported a £301 million profit just weeks after it announced the closure of U.K. plants and the loss of 1,200 jobs.
Scottish man charged in U.S. for ‘using Twitter to manipulate share prices’: A Scottish man has been charged in the U.S. for allegedly using Twitter to manipulate share prices.
Bitcoin battered by Jamie Dimon and Christine Lagarde: Two of the biggest names in global finance have attacked virtual currencies, claiming that services such as Bitcoin will never be widely used. The heads of the International Monetary Fund (IMF) and America’s largest bank have both said unregulated digital money is fundamentally flawed and will struggle to be accepted by the mainstream.
U.K. car sales end record-breaking run in wake of VW scandal: The boom in sales of cars in the U.K. has crashed to a halt with the first decline in sales after a record-breaking 43 months of growth. The news comes in the wake of the Volkswagen emissions scandal, which first broke in September.
House prices surge higher than expected to 9.7% annual growth: House prices across Britain rose 9.7% in the year to October and are expected to continue climbing over the coming year, according to the latest monthly survey from mortgage lender Halifax.
EU ignores economic threat of Brexit as Eurozone growth set to falter: The European Commission expects Britain will still be a member of the EU by the end of 2017, discounting the economic impact of a “Brexit” on the continent.
Richard Branson could launch a rival to Uber: Sir Richard Branson could launch a rival to taxi-hailing app Uber, the Virgin Founder has admitted.
The Guardian
VW’s sales fall nearly 10% in U.K., but other car brands also slide: Volkswagen’s U.K. sales fell by almost 10% after the emissions rigging scandal, but other big carmakers also suffered steep declines as demand tailed off after a period of unprecedented growth.
Eurostar sold off despite Ministers believing its value would rise – report: Britain’s stake in Eurostar was sold for £757 million even though the government believed its value would rise, because Ministers wanted to offload the state’s share in the cross-Channel train service before the general election, a report has concluded.
Asda scales back Black Friday sales after 2014 chaos: Asda is understood to be planning to scale back its plans for Black Friday later this month after the promotional frenzy in its stores last year failed to deliver profitable sales.
Daily Mail
Credit Suisse and law firms Freshfields and Holman Fenwick Willan named and shamed in rare step by Britain’s takeover watchdog: Credit Suisse and law firms Freshfields and Holman Fenwick Willan have been named and shamed in a rare step by Britain’s takeover watchdog. The Takeover Panel issued a Statement of Public Criticism over the trio’s role as advisers on the creation of troubled coal miner Bumi.
Conviction of high-frequency trader in U.S. could spell bad news for ‘Hound of Hounslow’: The conviction of a high-frequency trader in the U.S. this week could spell bad news for the ‘Hound of Hounslow’, Navinder Singh Sarao, the London-based trader accused of market manipulation.
Activist investor Edward Bramson finally secures board seat at Electra Private Equity following protracted battle: Activist investor Edward Bramson has finally secured a board seat at Electra Private Equity following a protracted battle.
Daily Express
Morrisons fall is ‘short-term’ retail Boss David Potts insists: Morrisons Boss David Potts insists his turnaround strategy for the U.K.’s fourth biggest supermarket is making “good progress” despite fewer promotions and falling food prices hitting sales.
Robots set to take a third of British jobs by 2035 – and the lowest paid are most at risk: MORE than a third of all British jobs are on track to be carried out by robots in twenty years time as the artificial intelligence revolution is now firmly underway, according to an unnerving report.
Interest rates may not rise until 2017, hints Bank of England: Interest rates could stay at rock bottom until 2017, the Bank of England signalled, as it again kept the core rate on hold at 0.5%.
The Scottish Herald
North Sea engineering giant slashes dividend and costs: North Sea engineering giant Amec Foster Wheeler has slashed its dividend and said it expects profit margins to fall as the company prepares for what it expects will be a long downturn in oil and gas markets.
Buzz in seed potato export market: In 2014-2015 U.K. seed potato exports beyond the EU were up 15.5% on the previous year, to a highest-ever total of 90,000 tonnes. In Scotland, which accounts for around 80% of U.K. seed potato exports, the sector is estimated to be worth £80-100 million, and growing.
Hydro wins Meygen contract: Hydro Group, the Aberdeen-based subsea cable and connector specialist, has secured a milestone contract with Atlantis Resources for its MeyGen project.
Lobby firm attacks proposed register: Media House International, the Scottish media relations company, has attacked Scottish Government proposals for a new lobbying register and code of conduct,
Margins under pressure at Scottish Leather: Scottish Leather Group has seen profits fall sharply as high prices for raw hide depressed margins, but it has signalled confidence by maintaining its dividend.
The Scotsman
Brightree opens Glasgow office in $50 million Scots investment: Brightree, a U.S.-based provider of cloud-based software to the health sector, has opened an office in Glasgow, in a move expected to create more than 100 high-value software development jobs over the next two years.
Insurance policy launches on growing Air bnb rentals: One of Scotland’s biggest insurance brokers has launched a dedicated policy to cover Britain’s £2 billion bed and breakfast industry amid the growing popularity of online private rental marketplace Air bnb.
Car industry still ahead despite sales reversal: Industry Bosses have described a 17% slide in sales of new cars north of the Border last month as “disappointing” but said they remained ahead in the year to date, writes Scott Reid.
Morrisons sales fall faster in third quarter: Sales falls at Morrisons have worsened, highlighting the challenges facing a grocery giant that has failed to post positive underlying sales since the final quarter of its 2011-12 financial year.
Edinburgh’s green bank pumps £47 million into Belfast plant: The Green Investment Bank (GIB) is to invest £47 million in a Northern Irish project to turn waste into energy.
City A.M.
Older homeowners’ wealth set to double to £2.5 trillion by 2035: The total property wealth of over-55s in England is expected to double to almost £2.5 trillion by 2035, new research shows, as the baby boomer generation benefit from house price rises and a longer life expectancy.
Dreamworks Animation shares fly up after hours as company smashes through expectations with $259 million revenue: Shares in Dreamworks Animation, the company behind the Shrek and How To Train Your Dragon franchises, went up by almost nine% in after-hours trading, despite the firm posting a $3.5 million (£2.3 million) loss for the third quarter of 2015.
Walt Disney revenue sparkles at $13.5 billion for fourth quarter of 2015: Revenue at The Walt Disney Company sparkled for its fourth quarter of 2015, coming in at $13.5 billion (£8.88 billion), up nine% from $12.4 billion for its fourth quarter of 2014.
Food giant Kraft Heinz cooks up net sales of $6.1 billion in first set of results after merging in July: Food giant Kraft Heinz has revealed net sales of $6.1 billion (£4 billion) for its third quarter of 2015, up 136% from $2.6 billion for the same period last year.
Fast food chain Shake Shack shakes revenue up to $53.3 million in third quarter of 2015 results: Shake Shack has reported total revenue of $53.3 million (£35.1 million) for its third quarter of 2015, an increase of 67% from £31.8 million from the same period last year.
Vocalink is reportedly in talks to merge with rival Sia: Payments infrastructure company Vocalink is reportedly in talks for a £2 billion merger with Italian counterpart Sia.
Martha Stewart Living Omnimedia revenue chopped 41% to $17.5 million for third quarter of 2015: Revenue for Martha Stewart Living Omnimedia has been almost chopped in half for its third quarter of 2015, dropping 41% to $17.5 million (£11.5 million) from $29.6 million in the same period last year.
Handbag designer Kate Spade fashions a net profit of $2.3 million for third quarter of 2015: Kate Spade & Company revealed that it had fashioned a net profit of $2.3 million (£1.5 million) for its third quarter of 2015, up from a net loss of $9.1 million for the same period last year.
Pure Gym speeds up £20 million makeover of former LA Fitness sites: Budget gym operator Pure Gym is flexing its muscles and speeding up £20 million plans to revamp the 43 LA Fitness sites it acquired this summer.
Sports Illustrated publisher Time Inc net loss plunges to $913 million: Media company Time Inc, which publishes Sports Illustrated, InStyle and Time magazine, earlier reported a net loss of $913 million (£600 million) for its third quarter of 2015, swinging from a net profit of $48 million for the same period last year.
