The Times
VW to recall 8.5 million cars in Europe over emissions scandal: Volkswagen will recall 8.5 million vehicles across Europe as the diesel emissions scandal engulfing the company continues to escalate.
Weak inflation casts doubt on U.S. interest rate rise: Weak U.S. inflation has cast fresh doubts on whether America’s central bank will raise interest rates this year.
Goldman Sachs profits fall short amid global economic woes: Shares in Goldman Sachs shrugged off the investment bank’s trading woes as it reported revenues that fell short of market expectations.
Citigroup profits soar despite revenue fall as legal bill slashed: A sharp fall in legal expenses at Citigroup helped its profits to soar and offset a fall in revenues at America’s third-largest lender.
Hochschild hopes to dig out of debt with £64 million rights issue: Hochschild Mining is to raise £64 million in a discounted rights issue to reduce its debts, as miners of precious metals continue to grapple with weak prices. The London-listed company, which has total net debts of €455 million (£293 million), will sell investors three new shares for every eight shares they already hold at a 48% discount to Wednesday’s closing price.
De Beers hit as world falls out of love with diamonds: A dismal sale of De Beers diamonds has provided the latest sign that the precious stones are losing their sparkle.
Iron mines payout blow for Rio Tinto: Rio Tinto has lost a A$200 million tussle with Gina Rinehart, the mining heiress who is Australia’s richest person, over a clause in a 45-year-old contract.
Game expects to make a bundle this year: Britain’s largest video games retailer said that it was better prepared for a rush of shoppers this Christmas after a surge in demand for bundles of games and new consoles forced it into a profit warning last year.
WH Smith sales take off as Britons holiday abroad again: The stationery and newsagent group WH Smith said that its pretax profits had jumped by 8% to £123 million in the 12 months to August, with a 4% like-for-like increase in sales from its travel division, which includes shops at airports and train stations.
M&S refuses to cut hospital shop prices: Marks & Spencer has refused to lower prices in its hospital shops to put them in line with the high street.
McCarthy & Stone to raise £70 million in London listing: McCarthy & Stone, the housebuilder that specialises in homes for the retired, has announced plans to return to the London Stock Exchange after almost a decade in private ownership.
Nick Candy wants to be heard in advertising once again: A shell company set up by Nick Candy, the property tycoon, to target a natural resources deal has been used instead for the reverse takeover of an advertising company run by the founder of Aegis.
Agency moves from Ant & Dec to flogging the Black Horse: The advertising agency that put Ant & Dec in commercials for Morrisons’ supermarkets and Marco Pierre White in adverts for stock cubes has won the mandate to publicise the Lloyds Banking Group share offer.
Advertising slowdown hits Trinity Mirror: Trinity Mirror said that it was on track to meet its full-year targets, despite a slump in advertising sales over the summer.
The Independent
Soma Oil & Gas lobbies U.K. for help in Somalia despite Serious Fraud Office inquiry: Soma Oil and Gas, the energy explorer chaired by the former Conservative Party leader Michael Howard, has been lobbying the Government to take actions that would help its operations in Somalia, even as the Serious Fraud Office is investigating the company for alleged corruption there.
Financial Times
Booker defies supermarket gloom with profit rise: Booker, the cash and carry wholesaler shrugged off the turmoil in the grocery sector to report a 10% increase in interim pretax profit.
http://www.ft.com/intl/cms/s/0/f81fd772-734d-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
PwC settles lawsuit with subprime lender: Cattles, the subprime lender, has settled a high profile lawsuit with PwC that had alleged negligence by the accounting firm over the auditing of the scandal-hit group.
http://www.ft.com/intl/cms/s/0/9c0e623e-734b-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
HSBC imposes 10% pay cut on 500 contractors: HSBC has imposed a 10% pay cut on about 500 contractors in its global investment banking operation and forced them to take two weeks of unpaid holiday as it steps up efforts to rein in rising costs.
http://www.ft.com/intl/cms/s/0/d459e9b6-7318-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Aston Martin to cut 14% of jobs: Aston Martin plans to cut almost 300 jobs as the lossmaking British carmaker seeks to address its historically perilous financial position.
http://www.ft.com/intl/cms/s/0/7e256d6a-732f-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Ashmore hit as investors pull back from emerging markets: Investors are hitting the exists at emerging market bond house Ashmore as the group suffered a steep fall in assets under management and more outflows.
http://www.ft.com/intl/cms/s/0/6bb22652-7305-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
Schlumberger says oil outlook in ‘increasingly challenging’: A recovery in the oil and gas industry has been delayed and companies will continue to cut their spending next year, the Chief Executive of the oil services group Schlumberger has warned.
http://www.ft.com/intl/cms/s/0/8acfc3de-737b-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Valeant shares dive on drug pricing probe: Pressure over the way Valeant prices its drugs intensified, after the company said it was being investigated by federal prosecutors, wiping as much as 9% off its shares before paring back losses.
http://www.ft.com/intl/cms/s/0/9cf8e7e6-733c-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
Toyota launches hydrogen car amid VW emissions scandal: Toyota has unveiled its vision of a “hydrogen car” at an event in Germany, as the scandal over diesel emissions engulfs Volkswagen, its biggest global rival.
http://www.ft.com/intl/cms/s/0/e501e0b2-7353-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
Vicent Bollore’s Vivendi takes stakes in Ubisoft and Gameloft: French media and content group Vivendi has returned to the world of video gaming, taking 6.6% and 6.2% in Paris-based Ubisoft and Gameloft respectively for a combined €160 million. The move sent shares in Ubisoft up 11% and Gameloft up 13%.
http://www.ft.com/intl/cms/s/0/fe50626a-731b-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Deezer takes on Spotify with €300 million IPO: Deezer intends to raise €300 million through an initial public offering in Paris this month that would value the French music streaming service at up to €1.1 billion, helping it challenge larger rival Spotify.
http://www.ft.com/intl/cms/s/0/27b56b6c-7323-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Nintendo makes first investment in mobile gaming company: Nintentdo is making its first investment in a mobile gaming company outside Japan, joining Google and the company behind the Pokemon franchise in a $30 million funding round for Niantic.
http://www.ft.com/intl/cms/s/0/ee7ecc12-7354-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
TSMC to cut $3 billion from capex amid smartphone slowdown: TSMC has cut $3 billion from its annual capital spending budget, as the chipmaker reported its first quarterly earnings decline for three years amid slowing growth in the smartphone market.
http://www.ft.com/intl/cms/s/0/ec31fed0-7321-11e5-bdb1-e6e4767162cc.html
Lex:
Casino: poker face: The beaten-up grocer and retailer reported a much-needed bit of good news. Same-strore sales in France were up 2.4% in the third quarter. They had been flat the quarter before, and negative for the three quarters before that. Casino’s shares rose 7%.
http://www.ft.com/intl/cms/s/3/1c6ab574-7318-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Goldman: Sached: Goldman’s third quarter numbers missed expectations; Citi’s beat them. Quarterly numbers are an unreliable guide to long term trends, but this time around there were some features that should concern Goldman’s shareholders.
http://www.ft.com/intl/cms/s/3/4282badc-7358-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
TSMC: chips on the slide: TSMC reported its first year on year decline in quarterly earnings in three years. Its fourth-quarter revenues, it says, will post their first decline in four years. Finally, it cut its investment budget for this year by 30%, to $8 billion.
http://www.ft.com/intl/cms/s/3/a04683ea-7337-11e5-a129-3fcc4f641d98.html#axzz3od0K25ju
Lombard:
End of uncivil war as parliamentarians moot compromise with City: The parliamentarians are edging towards an accommodation with the City that looks more congenial that the latter had once feared. U.K. retail banks will still end up ring fenced, to protect them from market routs and taxpayers from the cost of bailouts. But the rules may be softened at the edges.
Stepford execs: LinkedIn has launched a “replica rock star” function, making it easier to hire staff with the acumen of Steve Jobs, the charm of Warren Buffet and the torso of Nicolas Cage.
http://www.ft.com/intl/cms/s/0/2892db82-7346-11e5-bdb1-e6e4767162cc.html#axzz3od0K25ju
The Daily Telegraph
John Lewis hails the rise of the mobile “master shopper”: The surge in shoppers using their mobile phones to buy online has created the rise of the “master shopper”, according to the head of department store chain John Lewis.
Slower U.S. growth supports caution on rates, says Fed’s William Dudley: William Dudley, president of the New York Federal Reserve, says 2015 rate rise still on the cards, but warns that global developments must be watched closely.
Marks & Spencer to recapture spark with new loyalty programme: Retailer launches Sparks loyalty card to reward members with early access to online sales and daily prize draws.
McDonald’s error leads to £130 million in overstated U.K. revenues: The fast-food chain has disclosed that a rogue decimal point in the accounts for its British subsidiary distorted its turnover figure.
Car fans can now stay in this Mercedes-Benz themed flat: Mercedes-Benz is driving in a new direction with the launch of a string of luxury flats that will allow fans of the German carmaker to bask in the brand even when not in their vehicles.
Fears of fresh job losses at Tata Steel as industry and government hold crisis summit: Fears Tata Steel is preparing to announcing new wave of job cuts as ministers stage steel summit to help beleaguered industry.
The Questor Column:
Buy Unilever for the long term: Unilever saw total revenues rise 9.4 %, to €13.4 billion (£10 billion), in the three months to the end of September. The strongest performance came from emerging markets where sales increased 8.4%, which was an acceleration on growth of 5.6% in the same period last year. Latin America was the strongest performing emerging market. In countries such as Brazil, Argentina, Mexico and Colombia, sales jumped 15% higher in the third quarter. Unilever achieved that growth by increasing prices by 10% price and selling 5% more products in the third quarter, when compared to the same period last year. The shares are highly rated, trading on 21 times forecast earnings. However, that reflects their defensive qualities and track record of delivering growth. Unilever at £28.90+100p. Questor says “Buy”.
The Guardian
Competition watchdog could end dominance of Britain’s big banks: Britain’s big banks will find out whether they have escaped the threat of being broken up when the Competition and Markets Authority (CMA) presents its findings on the industry following an 18 month investigation.
U.K. banks at high risk of exposure to laundered money, says report: The U.K. financial system is at high risk of being used to launder billions of pounds of corrupt cash through “known professional enablers” in the legal and property professions, according to a new report.
Energy secretary blames Lib Dem predecessor for solar industry crisis: Amber Rudd has blamed a mounting crisis in the solar industry on budget overruns by her Liberal Democrat predecessors that had forced her to slash spending.
U.K. banks could be forced to hold £3.3 billion under ringfencing plans: The Bank of England has warned major banks they could be required to hold £3.3 billion of extra capital as a result of proposals to separate high street banking from riskier investment banking operations.
Daily Mail
Redcar closure is wake-up call for steel industry, says Director of U.K. Steel Gareth Stace: The loss of the Redcar steelworks is a warning signal to government and industry that a hands-off approach to industry will not work. Ministers and officials, industry leaders, MPs and unions gather at a summit in Sheffield. Business people who are used to making decisions and taking action will be expecting a lot more than tea and sympathy.
Netflix shares slide by up to 14% as profits halve after it pumps millions into new shows and films: Netflix saw profits halve after it pumped more money into new shows and films, writes Peter Campbell. For a fixed monthly fee, viewers can watch as many films or TV programmes as they like from the online video service’s vast selection.
Jaguar Land Rover sales hit by Tianjin blast after car maker loses 5,800 vehicles stored at the Chinese port: Jaguar Land Rover has announced a drop in sales in the second quarter of its financial year due to the slowing economy in China and the blast at the port of Tianjin in August. JLR said 5,800 of its vehicles stored at the port were destroyed or damaged in the chemical explosion that killed more than 160 people.
Daily Express
Burberry shares plunge after dive in China sales: British designer Burberry has been hit by China’s economic slowdown as customers in the Asian country cut back on luxury spending.
Tesco sells 14 sites for £250 million as every little helps struggling supermarket: Britain’s biggest supermarket Tesco has marked the end of its British high street expansion drive by selling off 14 development sites for £250 million.
Volkswagen owners could get £3000 or more in compensation from emissions scandal: Owners of Volkswagen or Audi cars fitted with diesel emission cheating software are in line for thousands of pounds in compensation, according to experts.
The Scottish Herald
Dairy firm Lactalis McLelland blames competitive market for loss: Cheese and dairy product maker Lactalis McLelland has blamed a competitive market as it fell to a near £4 million loss in spite of increasing turnover by more than 8%.
Allied chooses Maxim for first Scottish site: Allied Glass, the spirits packaging specialist whose clients include The Famous Grouse Scotch whisky, has launched its first Scottish office.
Artemis hikes turnover and profits to new highs: Artemis Investment Management saw profit available to its partners jump by almost a third last year from £31.3 million to £40.7 million, more than double their 2012 level of £18 million.
Acoura hires food and drink experts: Risk services group Acoura has hired three U.K. food and drink industry heavy-hitters as strategic advisers.
Scaramanga returns to silver screen with vintage role in Pan: Scottish vintage specialist Scaramanga has returned to Hollywood by supplying props for Pan, the fantasy blockbuster starring Hugh Jackman.
May swaps Stagecoach for SSE: Helen Mahy has been appointed to the board of SSE, and will join the utility giant after stepping down as a non-executive director of fellow Perth-based company Stagecoach at the end of February.
The Scotsman
Uber gears up for Glasgow launch: Glasgow is the first Scottish city to launch controversial taxi firm Uber as the U.S. firm eyes plans to open in a number of Scottish cities within the next twelve months.
HSBC to open new Edinburgh site: Banking major HSBC has underlined its commitment to Scotland with the opening of a further Edinburgh site that can house up to 400 people.
City A.M.
Volkswagen emissions scandal: New boss Matthais Mueller says VW can “shine again”: The new boss of Volkswagen Matthais Mueller has said the car giant can “shine again” in the next two or three years.
National Grid prepares for extra power demand as U.K. faces highest risk of blackouts in nine years: National Grid said it is more likely to bring extra power online this winter, as the country faces its highest risk of blackouts in almost a decade.
H&M sales rise by 12% in first three weeks of September after weather hit August numbers: Swedish clothing retailer Hennes and Mauritz (H&M) reported an 11% jump in sales in September compared with the same month last year.
Repsol share price tumbles as Spanish firm reveals plans for £4.6 billion asset sale: Repsol’s plan to sell €6.2 billion (£4.6 billion) of assets to reduce its unwieldy debt pile and keep investors happy was met with scepticism by the industry, with questions over the viability of the oil giant’s strategy.
Man Group share price jumps 5% despite firm’s cautious outlook after Chinese market crash: Asset manager Man Group gave a cautious forward outlook due to the challenging macro environment, despite reporting net inflows for the first time this year.
