The Times
Pay is up at last, but we’re still worse off: Britain’s six-year pay squeeze has officially ended, but workers are still out of pocket.
Ladbrokes is also-ran in Coral deal, financier warns punters: The billionaire Irish financier who controls Celtic Football Club has called on shareholders of Ladbrokes to block its proposed £3.2 billion merger with Gala Coral, branding it “the death of Ladbrokes as an independent company”.
‘Excessive’ profits put fund Managers under microscope: The City regulator is to embark on a wide-ranging investigation into whether Britain’s fund Managers are making excessive profits, shining a spotlight on an industry that manages the pensions and savings of tens of millions of people.
It may have noble ambitions, but X2 cannot strike deal: Mick Davis’s dream of using the commodities downturn as an opportunity to build a new Xstrata has suffered a setback as a result of the financial difficulties of Noble Group, the troubled trader that is one of its key backers.
Grocers’ adjudicator delays Tesco report: The supermarket regulator has delayed publication of the findings of its investigation into Tesco, despite the retailer all but admitting that it breached the groceries supply code of practice.
First-time buyers need to earn £100,000 to buy London starter home: First-time buyers trying to purchase one of the government’s new starter homes will have to earn £100,000 and raise a deposit of £96,000 in many areas of the capital, research shows.
The Independent
Rik van der Kooi: Microsoft ups its challenge to Google with big plans for Bing: Microsoft will consider introducing Bing into its Skype platform, as its strategy for integrating the search engine into a range of services has helped it challenge Google’s domination of the U.K. market.
U.K. Space race worth £40 billion might never take off, report warns: The U.K.’s space sector is booming. The industry’s value grew to £11.8 billion by 13, according to the Government, and there are plans to progress towards the aim of expanding the sector to a £40 billion industry by 2030.
Weekly earnings rise 1.8% to £528 but women still paid less than men: Weekly earnings for full time employees increased 1.8% to £528 in the year to April 2015, far outstripping wage growth in any year since the financial crisis.
U.K. sees deflation again in October as wine and spirits get cheaper: A second month in a row of falling prices sparked predictions that Britain is on course this year for its lowest annual inflation rate since the 1930s.
Financial Times
Countryside enjoys strong profit growth: Countryside, which is preparing for a £1 billion initial public offering, is the latest U.K. housebuilder to issue positive results with an almost doubling of operating profit this year.
http://www.ft.com/intl/cms/s/0/c1b60aba-8df3-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
Royal bank of Scotland scraps cash bonuses for branch staff: Royal bank of Scotland is removing cash bonuses for 20,000 branch staff in an attempt to improve the focus on customers after years of mis-selling scandals have plagued the retail banking sector.
http://www.ft.com/intl/cms/s/0/0bca8b84-8e13-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
Square prices IPO at $9 a share, below range: Square, the San Francisco-based payments company, has priced below its range as it prepares to go public, underscoring how investor sentiment has cooled towards a company that was once the darling of Silicon Valley.
http://www.ft.com/intl/cms/s/0/c51e9ed2-8e44-11e5-a549-b89a1dfede9b.html#axzz3rcbahWbe
Dating site Match raises nearly $400 million in IPO: The Match Group raised just under $400 million in its initial public offering after pricing shares at the low end of the company’s projected range of $12 to $14.
http://www.ft.com/intl/cms/s/0/c6e624c6-8e60-11e5-a549-b89a1dfede9b.html#axzz3rcbahWbe
Ola raises fresh funds at $5 billion valuation: India’s leading taxi-hailing app Ola has raised $500 million in fresh capital at a valuation of around $5 billion, providing new ammunition for its battle with U.S.-based Uber and underlining the fundraising power of top-tier Indian start-ups.
http://www.ft.com/intl/cms/s/0/c7932dfe-8da4-11e5-94a4-639039952d45.html#axzz3rcbahWbe
U.K. Mail cuts dividend as profits plunge: Shares in U.K. Mail fell 11% after the postal operator cut its interim dividend by a quarter and warned of a “softened” financial performance next year, following further difficulties at its new automated sorting hub.
http://www.ft.com/intl/cms/s/0/2b4db41a-8dcb-11e5-a549-b89a1dfede9b.html#axzz3rcbahWbe
Lex:
Square: Odd one out: Square has priced its initial public offering below the range, at only $9 compared with a proposed $11-$13. No even Goldman could sell this thing. Call in the removal trucks. San Francisco is done.
http://www.ft.com/intl/cms/s/3/ed2c06cc-8e61-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
Drax: biomass hysteria: “Energy policy shouldn’t be noticed,” the energy secretary said in a speech which confirmed plans to phase out coal-fired generation by 2025. Shares in Drax, Owner of the said installation, fell 4% after the speech and have lost almost two-thirds pf their value this year.
http://www.ft.com/intl/cms/s/3/560e6a40-8e0d-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
Towers Watson/ Willis Group: bump and grind: Traditionally, agitators such as Carl Icahn or Bill Ackman jump into laggard companies and press for a buyback or a sale. Mr Icahn jumped into the 2013 Dell buyout fray and secured a slightly higher price – the strategy is playfully referred to as “bumpitrage”.
http://www.ft.com/intl/cms/s/3/2ceaa59a-8d70-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
Lombard:
…Winging it: Underlapping is a political no-no when supplying electricity, as Amber Rudd, energy Minister, acknowledges in her first speech on moving Britain to a carbon-free future, writes Kate Burgess. The power cuts of the 1970s still hang over Westminster.
http://www.ft.com/intl/cms/s/0/0a83d854-8de9-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
…Hot potato: A version of the playground game One Potato, Two Potato is under way to determine which City sector will become the default bogeyman of U.K. regulators in succession to banking. Asset management has a chance of winning, as illustrated by a study from the Financial Conduct Authority.
http://www.ft.com/intl/cms/s/0/0a83d854-8de9-11e5-8be4-3506bf20cc2b.html#axzz3rcbahWbe
The Daily Telegraph
Sky launches new set-top box: Sky has unveiled its new set-top box, Sky Q, alongside plans to begin ultra-high definition broadcasts next year.
Amazon Prime Same Day delivery: is it available in my area?: Amazon’s Prime Same Day delivery service is now available outside of Greater London, Hertfordshire and Berkshire for the first time, providing customers with delivery within hours of ordering.
U.K. Mail shares plunge after troubled move to new automated plant: U.K. Mail saw its shares plunge by more than 17.5% after the company issued a fresh profit warning as its parcel delivery service struggles with a move to a new fully automatic processing facility.
FCA to scrutinise competition in £6.8 trillion asset management industry: The U.K. financial watchdog has said it “may intervene” in the asset management industry if a new report finds there is not enough competition in the sector.
Hastings profits grow as it reaches 2 million motorists: Profits at motor insurer Hastings have grown 19% on the back of its burgeoning share of the private insurance market.
The Questor Column:
Hold Avon Rubber as gas mask orders rise on risk: The very real threat of terrorism is driving more orders for gas masks from emergency services and the military at Avon Rubber, and that makes the shares well worth holding on to. The Wiltshire-headquartered group is a specialist in designing and manufacturing the gas masks and breathing systems. It holds the enviable position as the sole provider to the U.S. defence department and is midway through a 10-year contract with the government. It delivered 240,000 of its M50 gas mask during the year and has another 50,000 already on order as it enters a new financial year. The defence contract provided steady revenues in the 12 months to September 30 and profits rose after a customer in the Middle East paid a premium to have equipment delivered quickly. Avon said this helped the group as a whole increase revenue by 8% to £134.3 million, and adjusted pretax profits jumped 20% higher to £19.8 million for the full year. The strong performance gave management the confidence to increase the annual dividend by 30% to 7.29p, with the 4.86p final going ex-dividend on February 17 and paid on March 18. Avon has two main businesses: one is obviously the gas masks, which generate the majority of profit, some 80%. The other, somewhat incongruously, is making rubber suction systems used to milk cows. The dairy operations have had a resilient year, with revenue and profits up 11%, despite farmers’ budgets coming under pressure from falling milk prices. The dairy business was expanded through the €30 million (£21 million) purchase of Italian-based InterPuls in August. The new business reported revenue of about €15 million and pretax profits of €2.3 million last year, and Avon’s results will fully reflect this over the next 12 months. With more dividend income on the way we are happy to hold long term. Avon Rubber at £10.89 -1p. Questor says “Hold”.
The Guardian
Barclays fined $150 million over forex trading by New York regulator: Barclays’ reputation took another battering on Wednesday when a U.S. regulator imposed a $150 million fine on the bank for the way it treated its foreign exchange customers.
Interest rate hikes likely in December, Federal Reserve minutes reveal: Interest rate hikes are coming. Most members of the Federal Reserve now believe the U.S. economy could sustain a historic rise in interest rates as soon as December.
Coal and renewable firms criticise government energy plans: Coal and renewable power firms have formed an unlikely alliance to criticise government plans to put gas and nuclear at the centre of U.K. energy supply.
U.K. workers’ pay up but wages still a long way off pre-recession levels: ONS: The Office for National Statistics has released its sprawling Annual Survey of Hours and Earnings (Ashe) covering the year to April 2015. It provides a wealth of information about the labour market and how different sections of the workforce are faring.
Worldpay appoints first woman to main board: Worldpay, the payments-processing company chaired by City veteran Sir Mike Rake, has appointed the first woman to its main board, weeks after floating on the stock market.
Daily Mail
Investigation launched by City watchdog into U.K.’s £6.6trillion investment industry amid fears that millions of savers being crippled by charges: An investigation has been launched by the City watchdog into the U.K.’s £6.6trillion investment industry amid fears that millions of savers are being crippled by swingeing charges.
Former Bosses of HBOS may be summoned to give evidence to MPs following publication of report into its collapse during the financial crisis: Former Bosses of Halifax Bank of Scotland could be summoned to give evidence to MPs following the publication of the report into its collapse during the financial crisis.
Insurance giant Aviva to expand its healthcare arm by targeting low-cost cover for diseases such as cancer: Insurance giant Aviva is to expand its healthcare arm by targeting low-cost cover for diseases such as cancer.
Daily Express
Royal Mail seals deal for eCourier: Royal Mail is set to purchase sameday delivery firm eCourier as it looks to strengthen its presence in the rapidly growing sector.
Theo Paphitis: ‘Europe’s bureaucracy makes it difficult to do business’: TV star and self-made millionaire Theo Paphitis has blasted European bureaucracy and its stifling impact on business. The former Dragon’s Den star exclusively told Express.co.uk how rules and regulations from the European Union (EU) are making it too difficult for firms to trade.
Coal power plants to close within 10 years – will Britain be able to keep the lights on?: Britain’s long tradition of coal power is to end with all plants using the fuel to be closed within just 10 years, raising fears over the future of the nation’s energy supply.
Currys PC World’s best Black Friday 2015 deals: HIGH street retailer Currys PC World expects Black Friday 2015 to be bigger than ever, as if offers special deals across a range of electrical goods and gadgets.
The Scottish Herald
Top economist: new powers deal could cost Scotland hundreds of millions of pounds: One of the country’s leading economists has warned Scotland could be left hundreds of millions of pounds worse off as a result of the financial deal that will underpin Holyrood’s new powers.
News of the World publisher launches Sheridan appeal: The publisher of the now defunct News of the World is trying to re-start its appeal in the defamation case Tommy Sheridan won nearly ten years ago.
Survey reveals that only 16% of U.K. rail industry employees are women: Fewer than two in every 10 rail industry employees are female, according to a comprehensive new survey into gender diversity across the sector.
Labour rows erupt as SNP pushes Trident vote: Labour appeared to be in disarray over Trident after the SNP announced they would push a Commons vote on the nuclear deterrent next week.
Craig Whyte could get £6 million from claim on Rangers oldco creditors pot: A claim over the whole of the £18 million creditors payout pot of the liquidated Rangers oldco could earn Craig Whyte £6 million, it has emerged.
The Scotsman
Whisky group to let world taste ‘joys of Scotch’: A company that exports whiskies from independent distillers and bottlers has launched a tasting challenge in a bid to teach the world “the joys of Scotch”.
Nicola Sturgeon backs 2016 female entrepreneur conference: A conference to drive greater growth among female-led companies is set to take place in March next year, including Scotland’s first-ever pitch competition for women entrepreneurs, and backed by Scottish First Minister Nicola Sturgeon.
Scalerator project to catalyse Scottish start-ups: Creating more billion-dollar businesses in Scotland and nurturing the next generation of talent is the aim of a project that has been launched by a start-up accelerator, which argues that more support is required to boost firms beyond their initial stages.
Broughton Ales bought by trio of drink Executives: Three international drinks Executives are ditching the global brands in favour of micro-brews with the purchase of one of Scotland’s oldest craft brewers.
Edinburgh’s Aircraft Medical sold in $110 million deal: Aircraft Medical, the Edinburgh-based healthcare device maker, has been acquired by Irish medical technology company Medtronic for $110 million (£72 million) in cash.
City A.M.
Sajid Javid calls for EU market reforms: The business secretary Sajid Javid will later call for the European Union to move “further and faster” towards single-market reform.
Blackrock fund Global Ascent to be wound down: Blackrock, the world’s largest asset Manager, is shuttering another of its macro funds, citing headwinds facing the industry. The Global Ascent Fund, which makes bets on stock, bond and currency markets, will return money to investors.
SMMT: U.K. car manufacturing hits 10-year-high as car makers keep the pedal to the metal: Car manufacturing in the U.K. has hit highs not see for a decade, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
Despite emerging market turbulence U.K. assets under management are set to reach a record £7.4 trillion in 2015: U.K. assets under management are set to reach a record £7.44 trillion by the end of 2015, well above the pre-recession peak.
Massive cost-cutting isn’t enough and the oilfield sector could shrink by a third as EY predicts oil prices will stay low beyond 2020: The oil sector could reduce by a third, as cost-cutting won’t be enough for many companies to survive low oil prices, according to a report out from EY.
Recruitment industry now worth £31.5 billion, up nearly 10% from the year before, but skills shortages could create problems: Recruitment is now a £31.5 billion industry, up 9.7% compared to last year. According to a report released by the Recruitment and Employment Confederation (REC), recruiters placed 634,000 people in a permanent post over the last year, and have helped 4 million workers find a permanent role since the recession.
Banking Standards Board chair Dame Colette Bowe signals a tougher stance on U.K. banks: The Banking Standards Board (BSB), a City body tasked with restoring faith in the U.K. banking sector, gave its first indication that it will push for more banking regulation ahead of a major report due next year.
Danone aims for five% sales rise by 2020: French food giant Danone unveiled new sales growth targets as it vowed to bolster the profitability of its struggling dairy division.
Edge Investments launches £40 million creative industries fund with the government’s British Business Bank to address arts “funding drought”: Edge Investments, the creative industries fund that invested in the Clangers reboot, has launched a £40 million creative enterprise fund.
French private equity firm Ardian raises €1.1 billion for co-investment fund: French private equity firm Ardian has completed a €1.1 billion (£769 million) fundraising for its fourth co-investment fund.
NewRiver Retail shares boosted by record 217% jump in profits: NewRiver Retail said profits leapt by a record 217% in the first half of the year, boosted by a frenzied acquisition spree that saw the retail and pub landlord’s assets under management hit £1 billion for the first time.
Valeant’s “female viagra” pill flops with just 227 prescriptions in first month: After a turbulent few weeks of allegations relating to its pricing and sales techniques, Canadian pharmaceutical giant Valeant has suffered yet another setback. Its new female libido-enhancing drug Addyi, dubbed the “female viagra”, was prescribed just 227 times during its first month on the U.S. market, according to reports.
