The Times
Barclays takes the axe to 30,000 jobs: Barclays is planning to cut more than 30,000 of its staff within two years as the struggling bank considers accelerating a group-wide cost-cutting programme after firing Antony Jenkins, its Chief Executive, this month.
Budget effect ‘will make consumers poorer’: British consumers will be worse off in the next few years because of measures announced by George Osborne in his budget this month, according to the EY Item Club.
Future must be British for BAE as it seeks Chief: BAE Systems will have to limit its search for a new Chief Executive to a British national after the government indicated it was against relaxing its ban on a foreigner running the U.K.’s premier defence company.
Beechbrook Capital aims to plug the funding gap: Entrepreneurs and family firms are to get an alternative to bank lending with the launch of a £200 million private debt fund dedicated to small and medium-sized companies.
Pressure on Anglo American’s payout: Anglo American, the global mining group, is under pressure to cut its dividend for the first time since 2009 when it releases halfway figures on Friday.
Small companies ‘priced out of the system’ by law fees increase: Michael Gove’s recent warning that Britain’s “two-tier” justice system works well for the wealthy but is “badly failing” most users rang true with Nikki Turner — not that Ms Turner, who runs SME Alliance, a new organisation campaigning for fairer treatment of small companies, is holding her breath for sweeping reforms.
Amazon adds petrol stations to locker locations: Internet shoppers will be able to collect their purchases from lockers at petrol stations as online retailers grapple with the problem of growing delivery costs.
Cost of compensation for Heathrow runway soars: Compensating homeowners for a third runway at Heathrow could cost £1.5 billion, hundreds of millions more than when it was first proposed.
The Independent
Top City watchdog Martin Wheatley is forced out by the Chancellor: The City’s Chief watchdog Martin Wheatley is to leave the Financial Conduct Authority (FCA) after it emerged he had been told by the Chancellor, George Osborne, that he wouldn’t be kept on for a third term.
Electric car tycoons settle charging point legal battle: Tesla, the electric car company set up by billionaire Elon Musk, and Britain’s wealthiest green energy tycoon ave settled a bitter legal row over creating a U.K.-wide network of charging points for electric cars.
Another online gaming giant is spawned as 888 buys bigger rival: Online gaming consolidation moved apace as 888 sealed an £898 million take-over bid for its larger rival, bwin.party digital, under the nose of a slightly higher bid from GVC, the AIM-listed Owner of Sportingbet, and Amaya, the Canadian Owner of PokerStars.
Financial Times
Shell says BG deal will produce ‘billions’ in savings: Royal Dutch Shell expects billions of dollars more in savings from its proposed £55 billion takeover of BG Group than previously disclosed as it uses the enlarged company’s scale to slash costs in its deepwater oil business and natural gas trading arm.
Ineos Chief makes case for U.K. to leave European Union: Jim Ratcliffe, the billionaire Founder of Ineos, the chemicals group, has predicted that the U.K. would thrive outside the European Union, bolstering the eurosceptic “No” camp ahead of Britain’s membership referendum.
U.K. pensioners try to recoup losses from high-risk unregulated funds: Thousands of U.K. pensioners are fighting to recoup losses in mis-sold high-risk unregulated funds, as lawyers warn that new pension freedoms could herald a fresh wave of unsuitable products.
Pfizer ranked top foreign research partner for U.K. academics: Pfizer has more collaborations with British universities than any other foreign company according to a study that sheds new light on the U.S. drugmaker’s role in the U.K. science base a year after it was defeated in a bitter battle to buy AstraZeneca.
Anglo American delays decision on platinum mines: Anglo American is set to delay a decision on how to offload some problem platinum mines and miss its own informal deadline to put forward a plan for the assets.
Banks vie to build up Asia compliance teams: Asia’s compliance and corporate investigation industry is booming as regulators from China to the U.S. crackdown on corruption and companies turn to new technologies in a pre-emptive approach after a string of high-profile scandals.
U.S. Chiefs less upbeat on expansion than overseas peers: U.S. Chief Executives are much less confident about growth and the global economy than counterparts in Europe and Asia, according to a survey.
Mashable turns to Asia as it looks to expand international reach: Digital news company Mashable is to launch operations in Asia as part of an aggressive international growth plan fuelled by $31 million in venture funding the business has raised in the past 16 months.
YouTube advertisers increase 40% in year: The number of advertisers on YouTube has soared more than 40% in the past year as big brands seek to reach millennial consumers on Google’s video site.
Hungary threatens foreign companies in tax dispute: Hungary has escalated its battle with the European Commission and foreign companies, threatening businesses that oppose the government’s alleged discriminatory taxes with additional penalties.
Craft beer brewers caught on the hop by soaring temperatures: The craft beer industry is on high alert as blistering heat is hitting key growing areas in the U.S. and Europe, threatening this year’s hop harvest.
Lex:
Preferred stock: Bermuda love triangle: In mergers and acquisitions that means shareholders, to whom management is responsible, getting the better of creditors (for example, by increasing debt). But Bermuda takeover law upends that traditional wisdom. To see why, just look at the fight for reinsurance company PartnerRe. In January, PartnerRe announced an all-share merger with Bermuda-incorporated rival Axis Capital. Three months later, Exor, the investment vehicle of Italy’s Agnelli family, jumped into the fray by offering cash for PartnerRe. So the target’s shareholders are left choosing between cash now or shares that may rise in value over the long term. So far, so normal. PartnerRe’s three classes of preferred shares add up to $850 million of face value, or about 10% of the company’s gross enterprise value. But because of the way that they were priced when they were issued, those preferred shares will have 42% of the vote. Typical bidding wars are expensive but straightforward: offer as much money as possible to common shareholders knowing that the howls of creditors will go unheard. Here the winning bidder will have to open its pockets too but has a trickier task: finding just the right amount to offer the common and preferred shareholders without alienating either group.
Barnes & Noble: storybook ending: Three big book releases — the To Kill a Mockingbird sequel, a new Dr. Seuss book, and the latest instalment in the 50 Shades of Gray series — have Barnes & Noble bubbling. It has been a tough five years at the U.S. bookseller. Huge losses racked up at its ereader venture Nook led to disappointment for Microsoft and Pearson (Owner of the Financial Times), which had also invested in it — both have now sold their stakes. But shares in Barnes & Nobler have nearly doubled since Michael Huseby was appointed Chief Executive in January 2014. It will soon spin-off of its college bookstore unit. Nook losses have stabilised. And while retail sales are hardly fantastic, suddenly a book chain with physical stores does not seem such an awful idea. The college unit, which will be spun off next week, has $2 billion in revenue. Sales have been flat for years as it tried to navigate a shift to digital textbooks and a backlash against high prices. But with only half of U.S. college bookstores outsourced to the likes of Barnes & Noble, it believes it has growth potential. The combination of reduced Nook bleeding and healthy cash flow in the core business has allowed Barnes & Noble to resume an annual $0.60 dividend, giving a yield of 3%.
Provident/IPF: home and away: Value beats growth, academics tell us. But what happens when value becomes growth? Provident Financial and International Personal Finance might provide the answer. The latter was demerged from the former in 2007. At that time IPF, which makes short-term consumer loans in Eastern Europe and Mexico, was regarded as the growth business. “The Provvy”, as the U.K.-based parent is widely known, was the dull-but-worthy yield stock. IPF has been no slouch. Receivables have doubled to £760 million and its shares have outperformed the FTSE 250 since the demerger. But this week, IPF said that profits would be hit if Poland were to limit non-interest charges. The shares fell sharply. Provident Financial has done even better, as mainstream lenders shrink their balance sheets and regulators target other parts of the subprime lending market. So far, Provident’s rapid growth has been well managed. Default rates have risen only slightly, despite the financial crisis. Its Bosses will need to keep it that way, or risk destroying value in the pursuit of growth.
The Daily Telegraph
Commodities crash could turn Australia into a new Greece: Last month Gina Rinehart, Australia’s richest woman and matriarch of Perth’s Hancock mining dynasty delivered an unwelcome shock to her workers in Western Australia: accept a possible 10% pay cut or face the risk of future redundancies.
Travelodge Owners hire Deutsche Bank for sale: The Owners of Travelodge are preparing to check out of the hotel business after appointing Deutsche Bank to advise them on a £1 billion sale or stock market float of the company.
Greece crisis: long queues expected as banks reopen on Monday: Queues are expected to form across Greece on Monday as the troubled country prepares to re-open its banks for the first time in three weeks, although cash withdrawal limits will remain.
Standard Chartered unveils management shake-up to restore fortunes: Standard Chartered has announced a radical management shake-up as the group looks to bolster its finances after years of disappointing financial performances.
Seabrook Crisps tickles Lloyd’s tastebuds in £35 million deal: Seabrook Crisps, the family-owned Yorkshire snacks business, has been sold to the private equity arm of Lloyds Banking Group for £35 million.
Made.com raises £38 million to expand ‘aggressively’ in Europe: Upmarket online furniture retailer Made.com has raised $60 million (£38 million) in new growth capital from Partech Ventures and Fidelity Growth Partners to accelerate its expansion into Europe.
Dividends hit record high for London investors: Large companies paid out £28.3 billion in ordinary dividends during the second quarter of the year, sharing the benefits of the cheaper pound against the dollar with a 12.7% bigger windfall for investors compared to last year.
Starbucks to launch mobile ordering as part of £30 million technology drive: Starbucks, the coffee giant, is investing £30 million on a technological revamp of its U.K. business to lure British caffeine-lovers back to its stores following a consumer backlash over its tax arrangements.
John Lewis’ Oxford Street store calls in the decorators: John Lewis has unveiled the details of its £14 million revamp of its flagship store on Oxford Street as part its aim to have the largest range of homewares on the high street.
The Guardian
Greek banks to reopen for first time in three weeks: Greek banks will reopen on Monday morning for the first time in three weeks, with queues expected to form outside branches as customers rush to empty deposit boxes they have been unable to access.
Supermarket price war takes toll on U.K. food suppliers: The number of U.K. food suppliers and farmers struggling to stay afloat has leapt more than 50% in 12 months, as a bitter supermarket price war continues to take its toll.
Housing prices reverse trend with rise in north-east and fall in London: House prices are rising rapidly in the north east of England and falling fast in Kensington and Chelsea, according to property website Rightmove, in a remarkable reversal of the trend over the past decade.
Boris Johnson’s good landlord scheme branded a flop: A scheme launched by the London mayor, Boris Johnson, to improve the standard of rented property in the capital has been branded a flop after it was found just 0.2% of adverts for homes to let mentioned that the landlord or letting agent had signed up.
Morrisons cuts forecourt price of diesel by up to 2p a litre: Morrisons is stepping up a supermarket price war on the forecourt by cutting the cost of diesel by up to 2p a litre. It said the reduction – which is likely to trigger similar moves by rivals – meant that for the first time in 14 years, average diesel prices would be cheaper than unleaded.
Daily Mail
More than 270 business leaders urge David Cameron to give go-ahead to third runway at Heathrow – as recommended by Airports Commission: More than 270 business leaders have urged David Cameron to give the go-ahead to a third runway at Heathrow – as recommended by the Airports Commission.
Thousands of Ikea staff in line for wages boost after firm declares it will pay living wage: Thousands of Ikea staff are in line for a wages boost after the firm declared it will pay the living wage.
Iran could be hoarding more than 50 million barrels of oil ahead of end of sanctions – far more than previously thought: Iran could be hoarding more than 50 million barrels of oil ahead of the end of sanctions – far more than previously thought.
Fake tan and soap maker PZ Cussons to report fall in profits despite strong sales in Britain: Fake tan and soap maker PZ Cussons will this week report a fall in profits despite strong sales in Britain.
Daily Express
Britain on the move as sellers stir the market: Homeowners are starting to put their properties on the market, with an increase in new listings in the past month in a large number of towns and cities, according to a study.
Mark Carney to settle the score of the face on new £20: More than 21,000 nominations have flooded in to the Bank of England which closed its two-month public consultation on the face to appear on a new £20 note.
Race to get money out of ailing Lotus Formula One after court order: The Lotus Formula One team has been ordered by the courts to clear nearly £600,000 of debts, after failing to pay 27 bills, one of which was for just £97.
Q2 dividends soar to £29.2 billion: U.K. dividends have shifted up a gear, with payouts reaching a record for a second quarter, according to the latest U.K. Dividend Monitor from Capita Asset Services.
The Scottish Herald
Scottish jobs market narrows gap with rest of U.K.: Recruitment consultancies in Scotland recorded the fastest rise in permanent staff placements for three months in June, and a continuing sharp rise in salaries, according to the latest Bank of Scotland Report on Jobs.
Lloyds action group seeks High Court backing for disclosures: The Lloyds Shareholder Action Group will this week ask a High Court judge to overturn Lloyds Banking Group’s refusal to disclose documents relating to the shotgun marriage with Halifax Bank of Scotland in 2008.
Craft distillers make case for tax break: Scotland’s nascent craft spirits industry has issued a call for duty rebate similar to the tax break that is credited with playing a key role in the explosion of the craft beer sector in the past decade.
The Scotsman
Chancellor warned austerity drive is a risky bet: George Osborne’s continued austerity drive in the Budget has been branded as “risky”, leaving the U.K. economy “hanging critically” on the need for more private sector exports and investment, a top forecaster warns.
Number of shoppers hits five-month low: The high street and shopping centres saw shoppers desert in droves in June in the worst footfall performance in five months, the Scottish Retail Consortium (SRC) reveals.
More interest rate speculation on the cards: Minutes from the Bank of England’s latest monetary policy committee meeting will be pored over this week for further hints at when interest rates may start to rise.
City A.M.
London’s housing market hits consumer confidence: London’s housing market is weighing on the minds of consumers, driving the steepest decline in consumer confidence for any major region of the U.K. last quarter, a poll shows.
Merkel calls for action on Greek banking rules: Greek banks opened again after a three-week closure, as European politicians try to restore trust inside and outside of Greece after it narrowly avoided bankruptcy with a last-minute financial reforms deal last week.
Barclays Boss McFarlane to join Treasury financial services board: John McFarlane, Executive Chairman of Barclays, is set to join the Treasury’s Financial Services Trade and Investment Board (FSTIB) as an external member.
Ofcom says BT merger with EE could harm other mobile firms: Telecoms giant BT could be facing double trouble from the industry regulator, after Ofcom revealed concerns surrounding its proposed merger with mobile network EE.
Anglo American lowers the bar for Chief Executive Mark Cutifani: Mining group Anglo American has lowered the bar at which Chief Executive Mark Cutifani reaches his performance targets, a controversial move as shares in the company this month fell to a 12-year low.
