Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 101115

The Times

George Osborne will be burnt in ‘bonfire of the bankers’: The Treasury faces losing hundreds of millions of pounds in revenue as several of the City’s largest employers prepare to lay off thousands of workers. Credit Suisse, Deutsche Bank and Standard Chartered, which together employ more than 15,000 in London, have announced worldwide redundancies totalling more than 30,000 in the past month, raising fears of further widespread job losses in the Square Mile in what has been dubbed a “bonfire of the bankers”.

Fund Boss blasts Shell’s pursuit of BG Group: A senior Executive at one of the City’s biggest fund Managers has attacked the proposed takeover of BG Group by Royal Dutch Shell, likening it to the disastrous purchase of ABN Amro by Royal Bank of Scotland in 2007, soon before the financial crisis.

Strike three: Floors-2-Go brothers face threat of jail: Two brothers who built the Floors-2-Go retail empire have been threatened with prison by a High Court judge after the business went into administration for a third time.

CBI ignores Bank to forecast ‘solid growth’: The CBI has struck an upbeat note on the economy, only days after the Bank of England warned that the outlook for global growth had “weakened”.

Saga adds investment services to its arsenal: Saga will launch its long-awaited investment services business, aiming to provide older generations with advice and the ability to cater for their financial needs in the run-up to and during retirement.

Hawkpoint bankers set out on their own: A team from one of the City’s best-known boutique investment banks will launch its own business under the wing of a privately owned American bank. Nine former Hawkpoint bankers have set up as Stephens Europe, specialising in mergers and acquisitions and with offices in London and Frankfurt.

Sports Direct seeks spot on Findel board: Mike Ashley’s Sports Direct International has called for a shareholders’ meeting of Findel to appoint one of its representatives to the board.

The Independent

CBI warns George Osborne on cuts to science and innovation budget: The CBI has warned the Chancellor not slash the Business Department’s science and innovation budget in the crunch Spending Review later this month.

Swansea’s tidal lagoon project delayed amid concerns over costs: Government officials are reviewing whether the technology behind a proposed £1 billion tidal lagoon in Swansea Bay, the first of its type in the world, could be as easily exported as its backers have claimed.

Arriva may face SFO fraud inquiry over NHS deal: Ministers have hinted that the transport giant Arriva could be subjected to a Serious Fraud Office inquiry after it inflated figures on an NHS contract.

Shareholders and boards at odds over Bosses pay: Top investors are frustrated by the failure of the FTSE 100’s remuneration committees to take account of mounting public anger over Bosses’ pay and don’t trust them, a report out will warn.

Financial Times

Jaguar Land Rover to cut costs in face of slowing China sales: Jaguar Land Rover has launched an ambitious drive to cut £4.5 billion of costs by the end of the decade, underlining the steep challenge the British carmaker faces to offset declining sales in China and meet tougher emissions targets.

http://www.ft.com/intl/cms/s/0/b0f387d0-8609-11e5-9f8c-a8d619fa707c.html#axzz3qxijxwyt

AMG buys stake in Leda Braga’s hedge fund: Michael Platt’s hedge fund BlueCrest has agreed to sell most of its stake in high-flying former subsidiary Systematica Investments to a rapidly expanding U.S. fund management group, after spinning out the $8.8 billion computer-powered vehicle earlier this year.

http://www.ft.com/intl/cms/s/0/b2155660-8678-11e5-90de-f44762bf9896.html#axzz3qxijxwyt

More U.K. high earners now male and part-time: Attitudes to flexible working have shifted to the extent that a third of part-time high-income workers are now men, with some reaching senior positions.

http://www.ft.com/intl/cms/s/0/ee5da294-863c-11e5-9f8c-a8d619fa707c.html#axzz3qxijxwyt

Santos raising A$3.5 billion to keep bidders at bay: Santos is selling a stake in a gas field and raising A$3.5 billion from shareholders and a Chinese investor in an effort to bolster its balance sheet and fight off opportunistic bidders following the plunge in global oil prices.

http://www.ft.com/intl/cms/s/0/cd606c54-8676-11e5-8a12-b0ce506400af.html#axzz3qxijxwyt

U.S. timber giants $8.4 billion deal: Weyerhaeuser has agreed to acquire Plum Creek Timber for about $8.4 billion, in a real estate deal that will create the largest private Owner of timberland in the U.S..

http://www.ft.com/intl/cms/s/0/4dbc5f76-868f-11e5-9f8c-a8d619fa707c.html#axzz3qxijxwyt

Snapchat triples video traffic as it closes the gap with Facebook: Snapchat is closing the gap with Facebook in the social networks’ battle for scale in video. The number of videos viewed on messaging app Snapchat every day has tripled since May to 6 billion, according to people close to the company.

http://www.ft.com/intl/cms/s/0/a48ca1fc-84e7-11e5-8095-ed1a37d1e096.html#axzz3qxijxwyt

CICC jumps 10% in Hong Kong trading debut: China International Capital Corporation overcame a soft market with an opening bounce on its stock market debut in Hong Kong after the Chinese investment bank cut the size of its initial public offering by nearly a fifth to raise $811 million.

http://www.ft.com/intl/cms/s/0/5e664116-8685-11e5-90de-f44762bf9896.html#axzz3qxijxwyt

Toshiba shares tumble after unveiling loss: Shares in Toshiba fell as much as 7.5% after the Japanese industrial group unveiled its first loss in six years and said it had sued former Executives over an accounting scandal.

http://www.ft.com/intl/cms/s/0/516aabe8-85c5-11e5-9f8c-a8d619fa707c.html#axzz3qxijxwyt

TfL paying £1.5 million a month for delayed Night Tube: London’s transport operator has been criticized for wasting money after it emerged that it has been paying 500 additional workers £1.5 million a month since that will not start until next year.

http://www.ft.com/intl/cms/s/0/4cc1192c-84b9-11e5-8095-ed1a37d1e096.html#axzz3qxijxwyt

Lex:

Square: misshapes: Square has more than one: a last private fundraising that valued the payments company at $6 billion, and an initial public offering whose indicative range values it at as much as $4.2 billion.

http://www.ft.com/intl/cms/s/3/bd76d02a-85d2-11e5-9f8c-a8d619fa707c.html#axzz3qxijxwyt

The Daily Telegraph

Greek problems here to stay warns tax Chief, as government stumbles in battle for creditor cash: Millions more Greeks need to start paying taxes says OECD Boss, as Athens likely to fall short in bid to secure €2 billion cash injection this week.

Greggs’ Boss says global growth is ‘impossible’: Demand for the bakery’s trademark sausage rolls and pasties is limited to the U.K., he admits.

Fears for China hard landing grow as trade gap hits record: China’s trade surplus reached its highest level on record last month, according to the latest official data, as tumbling imports show domestic demand is not replacing a slowdown in exports such as electronics and industrial goods.

The Guardian

Brazil dam burst: BHP Boss to inspect disaster zone with dozens still missing: The Boss of BHP Billiton will arrive in Brazil on Monday to see at first-hand the devastation wrought by the collapse of a dam at an iron ore mine co-owned by the company that has left at least two dead and dozens missing.

Four departments agree to meet George Osborne’s cuts target: Four government departments have agreed deep spending cuts of 8% a year for the next four years, George Osborne will announce on Monday.

U.K. pay rises to stay low despite economic recovery: Pay rises will remain subdued over the next year, despite Britain’s robust recovery and complaints from business leaders of acute skills shortages, according to a survey of employers.

Britain’s largest firms failing to disclose bonus criteria: More than a quarter of Britain’s largest companies are failing to explain to investors the criteria by which top Executives are awarded bonuses, according to PricewaterhouseCoopers.

Buyers snap up first batch of BBC Television Centre homes: The first 180 homes planned for inside the BBC’s former headquarters – a curving 1950s building in White City, London, familiar to generations of television watchers – have been snapped up, mainly by U.K. buyers.

Daily Mail

National Grid said to be planning sell-off of its gas distribution arm to foreign investors: National Grid is understood to be preparing to sell-off its gas distribution operation, which could fetch £10billion in an auction with foreign investors.

U.K. on course for aerospace boom as growing demand for air travel set to boost passengers numbers by 80% by 2034: Britain’s powerful aerospace industry is set to benefit from an expected 80% surge in the number of passengers flying by 2034 as U.K.-domiciled airlines renew their fleet of aircraft.

Fenwick family bags a £4.8 million dividend pay-out despite falling sales and profits: The Fenwick family have landed a £4.8 million dividend from their upmarket department store chain despite a year of falling sales and profits.

Daily Express

CBI Chief Cridland hails resilient British economy: CBI Director-general John Cridland said the U.K. economy was showing “resilience” in the face of “turbulent times” overseas.

The Scottish Herald

Oil and gas firm Darcy signs Statoil deal: An oil and gas technology company has received a major boost after agreeing a contract with Statoil.

Management in deal to buy textiles firm Robert Mackie of Scotland: A long established textile business has passed outside of family control after being bought by its management for an undisclosed sum. Robert Mackie of Scotland, formed in 1845, is best known for making Scottish bonnets such as Balmorals and Glengarries for military regiments, bands and clan associations.

Scottish Friendly denies morale pressures: Scottish Friendly has denied it has been losing key staff as morale comes under business pressures.

Manufacturers pessimistic on growth: The Government’s plans to rebalance the U.K. economy are increasingly at risk, according to the latest Business Trends Report by business advisers BDO.

The Scotsman

Scottish economy returns to growth but factories drag: Scotland’s private sector economy bounced back to growth territory after a summer slowdown, a key report reveals, though manufacturing remains in the slow lane.

Souper deal for Edinburgh-based charity Cyrenians: Edinburgh-based charity Cyrenians has benefited from a roadshow initiative launched by soup maker New Covent Garden Soup Company.

Creative workers valued more than ideas: Employing and nurturing creative people is more important for Scottish business innovation than striving to come up with a bright idea, new research would suggest.

City A.M.

Black Friday bargains to attract one in five shoppers as Amazon reveals 7,000 deals: One in five British shoppers are expected to take part in this year’s Black Friday shopping frenzy on 27 November, data from business analytics firm SAS shows, as the U.K.’s gears up for its biggest online shopping day of the year.

Fintech acquirer to float on London market: Silver Falcon, a shell investment company that is aiming to acquire fintech start-ups is floating on the London Stock Market.

Job vacancies on the rise across London: Jobs are on the up across a variety of sectors, according to several reports released . The number of new vacancies in financial services in London rose by seven% to 9,480 in October compared to the month before, recruitment consultancy Morgan McKinley found.

U.K. companies raised over £20 billion in a year through share and debt issues, reveals accountancy firm Moore Stephens: U.K. companies fetched a net total of £20.3 billion though share and debt issues in the year ended 30 September 2015, according to figures released by accountancy firm Moore Stephens.

Capital & Counties eyes sale of £300 million Olympia exhibition centre: The Olympia exhibition centre in West London is being prepped for a £300 million sale by its Owners Capital & Counties (Capco).

IMF Boss Christine Lagarde tells Gulf States to improve public finances: Gulf Arab oil states have been given a stark warning to get their government finances under control. At a meeting with finance Ministers and central bank governors of the six-nation Gulf Cooperation Council (GCC), International Monetary Fund (IMF) Chief Christine Lagarde said governments would have to adapt as economic growth slowed and export revenues stooped in response to cheaper oil.

Nearly 1,000 flights to be cancelled as Lufthansa strike is extended: More than 110,000 passengers will be affected after German airline giant Lufthansa said it would cancel 929 flights due to a cabin crew strike.

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