The Times
Make businesses pay for new railways, says Network Rail Chief Mark Carne: Councils, local businesses and train operators should be made to co-invest in major railway upgrades, according to the Chief of Network Rail.
TalkTalk Chief calls in her own digital warriors after cyberattack: The under-fire head of TalkTalk last night revealed that she had called in digital warfare experts to help her fight the “cybersecurity arms race”. Baroness Harding of Winscombe emphasised that the security breach that put a still unknown proportion of her four million customers at risk of fraud had not been as devastating as originally feared.
Aldi ups the ante in battle over staff pay: Aldi has become the latest grocer to increase the wages of its UK staff as a new frontier opens up in the battle for dominance of the supermarket sector. The German discounter said that all its employees would be paid a new minimum wage that started at £8.40 an hour, with staff in London receiving £9.45 an hour, from next February.
Bank Chief Mark Carney in no rush to raise rates: Mark Carney has said there is no clear end in sight for the era of record low interest rates as the pensions industry warned that loose monetary policy was damaging retirement incomes. The Governor of the Bank of England said that interest rate rises were a “possibility not a certainty”. He added that any rate rises would be steady and modest but “there’s no certainty that they will happen”.
Clock change adds to Barclays glitch: Barclays customers found themselves unable to withdraw cash or make payments over the weekend in the latest software glitch to hit a high street bank. The bank admitted that it had suffered an “outage” on Saturday that left some customers experiencing difficulties in accessing their accounts.
Smartphones searches boosting retailers: Britons are increasingly using their mobile phones to shop online, with home and garden goods topping the list of the most-researched items. The latest online retail report from the British Retail Consortium and Google shows that the search for such goods on smartphones outpaced that of tablets, with numbers up by 48% on phones compared with 7% for tablets.
Baker Tilly rebrands with global identity: The accountancy group Baker Tilly, which traces its history back to 1865, is to rebrand as it strengthens its relationship with a global network of audit, tax and consultancy firms. The consultancy group said it would adopt the RSM name and logo from across its 35 UK offices in a bid to strengthen its position in the mid-market.
The Independent
EU referendum: Hedge fund Managers backing ‘Out’ campaign to set make millions from Brexit: Billionaire hedge fund Managers who are backing the campaign to take Britain out of Europe stand to bank millions more pounds a year in the event of a so-called “Brexit”. Two of the five richest hedge fund billionaires in Britain are already linked to EU exit campaigns, and The Independent understands that other fund Managers are planning to throw their weight behind the Out campaign in the coming months.
Volkswagen emissions scandal: EU officials knew of ‘widespread concern’ that manufacturers were cheating tests: The European Commission knew of “widespread concern” that car manufacturers were cheating in emissions tests as long as two years ago, according to a report.
Lord Heseltine says now is ‘as good a time’ as any to be made redundant while speaking about British steel job losses: Lord Heseltine, the former Deputy Prime Minister and an economic adviser to David Cameron, has claimed that now is “as good a time” as any to be made redundant. Speaking about the Government’s decision not to do more to save the British steel industry, which has shed 3,500 jobs in recent weeks, the Tory peer said many new jobs were being created, which he described as a “very exciting” feature of the current economic situation.
Financial Times
RBS signs up bankers for Facebook at Work: Bankers will soon be using Facebook to communicate with colleagues, swap information and could even offer banking services to the public through the social network, after Royal Bank of Scotland became the world’s first bank to adopt Facebook at work.
http://www.ft.com/intl/cms/s/0/f9c268cc-79a3-11e5-a95a-27d368e1ddf7.html#axzz3pXkMjPcG
Plans to swap grants for loans will hit R&D, warns UK business: Ministers are considering proposals to replace research grants to industry with loans, in a move that business leaders fear would damage Britain’s ability to innovate.
http://www.ft.com/intl/cms/s/0/310e1be8-7b0f-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
Four Seasons insists it can make £26 million interest payment: Four Seasons, Britain’s largest provider of care homes, has insisted that it can meet an upcoming £26 million interest payment, following speculation over a potential deal with lenders to reduce its debt pile.
http://www.ft.com/intl/cms/s/0/fd208c2c-7b2b-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
Taxi groups unite to fight Uber with $250 million start-up: An unexpected new combatant is set to join the taxi app wars: a 10-month-old start-up has raised $250 million, with plans to raise more than $1 billion, in an ambitious attempt to take on Uber. Karhoo, a little-known group founded by a British entrepreneur and based in New York, said it will launch its taxi comparison app in January next year with the support of several high-profile partnerships and backers.
http://www.ft.com/intl/cms/s/0/bb5fa9ee-78e7-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
Aberdeen in search for buyer as emerging markets take toll: Aberdeen Asset Management has begun to sound out potential buyers for the group as Europe’s second-largest fund house struggles to put an end to a slump in its profitability, share price and assets under management.
http://www.ft.com/intl/cms/s/0/41fc1e60-7b0e-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
U.K. remains fertile ground for biotech fundraisings: When Shield Therapeutics and Acacia Pharma lined up in September to each raise more than £100 million in two of the biggest U.K. life-science flotations on record, it raised hopes that London was finally establishing itself as a prime location for fledging drugmakers to raise money.
http://www.ft.com/intl/cms/s/0/d5baf606-78a9-11e5-a95a-27d368e1ddf7.html#axzz3pXkMjPcG
U.K. manufacturers unfazed by shrinking steel sector: When Tata Steel told the smokestack town of Scunthorpe last week that it was scaling back the 150-year-old steelworks, it pinned the blame on the government. Britain would have to “rekindle its desire” for industry, one executive said, or see the door finally closed on a proud history of manufacturing.
http://www.ft.com/intl/cms/s/0/32521d6e-7994-11e5-a95a-27d368e1ddf7.html#axzz3pXkMjPcG
TalkTalk’s problems go beyond cyber security: Sir Charles Dunstone has a knack for extracting extraordinary value from ordinary businesses. He managed to pull off this trick not once but twice with the British mobile retailer, Carphone Warehouse; first entering a lucrative joint venture with Best Buy of the U.S. and later merging the business with its street rival, Dixons.
http://www.ft.com/intl/cms/s/0/59e3434c-7b08-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
Rothesay Life to push back IPO plan: Turmoil and uncertainty in the insurance industry caused by tough new financial safety rules has prompted Rothesay Life, the Goldman Sachs-backed pensions group, to rethink plans to launch on the stock market early next year. Rothesay, which insures pension schemes at British Airways, Panasonic and General Motors, had been eyeing a £2 billion-plus listing in the first half of 2016.
http://www.ft.com/intl/cms/s/0/226d18d8-78bb-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
Oil traders threaten London market exit over EU ‘position limits’: Some of the world’s largest oil traders are threatening to pull their business from London’s derivative exchange because of tough new European rules that would place limits on their ability to manage price swings. Oil majors including BP and Royal Dutch Shell, and large independent traders such as Trafigura, may be unable to hedge their financial exposures to the contents of more than a handful of oil tankers under current proposals from the European Commission.
http://www.ft.com/intl/cms/s/0/c2e22dae-795f-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
More fund Managers sue scandal-hit Petrobras: Dozens of mutual funds owned by Pimco, Allianz, Legg Mason and Western Asset Management have sued Petrobras over losses stemming from huge and long-running incidences of bribery at the Brazilian oil company.
http://www.ft.com/intl/cms/s/0/f50dacce-78bd-11e5-a95a-27d368e1ddf7.html#axzz3pXkMjPcG
Ex-Rabobank trader arrested in Australia: A former Rabobank trader charged by U.S. authorities with allegedly manipulating Libor, the benchmark interest rate, has been arrested, according to Australian authorities.
http://www.ft.com/intl/cms/s/0/1bfce98e-7aef-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
U.S. escalates Deutsche Bank probe into Russian trades: Deutsche Bank is facing a major escalation of U.S. probe into its activities in Russia, as a money laundering investigation of its Moscow unit widens to examine possible sanctions violations.
http://www.ft.com/intl/cms/s/0/9f0d10b0-79d2-11e5-a95a-27d368e1ddf7.html#axzz3pXkMjPcG
Pimco promises ‘no entitlements’ under new incentive scheme: Pimco is overhauling a compensation system for senior staff which lies at the heart of co-founder Bill Gross’s $200 million-plus lawsuit against the asset management group.
http://www.ft.com/intl/cms/s/0/b5df09ca-783c-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
Asset Managers suffer as oil funds withdraw cash: Global asset Managers are facing a double hit to their fees, as sovereign wealth funds withdraw billions to support their oil-dependent economies-and switch to a cheaper in-house investment approach.
http://www.ft.com/intl/cms/s/0/93b91eec-77e4-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
Chinese group accused over U.S. metal duty: An American trade association has brought a case against China Zhongwang Holdings, the Hong-Kong-listed aluminium producer, alleging that it has evaded duties on exports to the U.S.
http://www.ft.com/intl/cms/s/0/a47567a2-7b0b-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
Toshiba in talks to offload image sensors unit to Sony for Y20 billion: Toshiba is in talks to sell its image sensor business to Sony for about Y20 billion ($165 million) in the latest effort by the lossmaking nuclear-to-semiconductor conglomerate to raise cash after a $1.9 billion accounting scandal.
http://www.ft.com/intl/cms/s/0/ca7c2ed2-7ad3-11e5-a1fe-567b37f80b64.html#axzz3pXkMjPcG
Lex:
Ferrari: bourse power: Ferrari’s shares floated this week at the top of their proposed price range and buyers did not suffer the usual drop in value as they drove off the lot. The shares rose, and ended the week trading at 40 times last year’s earnings. Sales last year were €2.7 billion, including not just selling 7,200 cars but customising some of them, building Maserati engines, and licensing its brand. It could sell more units, but no more than 10,000 to keep its emission standard exemptions.
http://www.ft.com/intl/cms/s/3/f68dd04e-7988-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
Amazon: progress and paranoia: The Amazon paranoids obsess over the sustainability of high revenue growth, generation of free cash, and margins in cloud computing. In the third quarter the company sparkled in all three areas. It added $4.8 billion in new sales, compared to the same period last year, easily the biggest such gain in its history. It generated $760 million in free cash flow, the most in any non-Christmas quarter ever.
http://www.ft.com/intl/cms/s/3/f3f2a44e-7984-11e5-a95a-27d368e1ddf7.html#axzz3pXkMjPcG
Kering: bags and shoes: Should a luxury goods retailer be worth less because it also sells trainers? The valuation of Kering, the French group, suggests so. It owns Gucci and a stable of other luxury labels, but also controls sportswear maker Puma. Historically, its shares have traded at a discount to other luxury groups – both the diversified ones (such as LVMH) and the more focused (Burberry and Prada.)
http://www.ft.com/intl/cms/s/3/f0ee66f4-7987-11e5-933d-efcdc3c11c89.html#axzz3pXkMjPcG
Lombard:
No article.
The Daily Telegraph
AB InBev Boss flies to South Africa as SABMiller deadline looms: The Boss of the world’s biggest brewer is understood to have last week visited South Africa, where there is opposition to the mooted £68 billion SABMiller takeover.
Small businesses losing overdrafts at a rate of £5 million per day: Overdrafts for small firms are being withdrawn or reduced by the high street banks at an alarming rate, it has emerged, restricting working capital for hundreds of thousands of British businesses and hampering their growth.
CWC’s talks could signal a new era of cable industry deals: It looks like after 150 years it’s time to finally say goodbye to Cable & Wireless. Or what remains of it. Cable and Wireless Communications, CWC, the company that John Malone’s cable giant Liberty Global is in talks to acquire for around £3.7 billion, bears little resemblance to the former global giant.
Chiltern Railways launches rival London to Oxford service: A £320 million train route has opened between London and Oxford, the first new rail link between the capital and a British city to open in more than a century.
IAG profit jump paves way for first dividend: The Owner of British Airways and Spain’s Iberia is likely to announce its maiden shareholder pay-out in the next fortnight.
Devolution will not solve business rates burden groups warn Treasury: British business groups are joining forces to issue an unprecedented warning to the Government to not use devolution plans as an excuse to abandon an overhaul of business rates. In March, the Government made a commitment to initiate a radical review of the outdated business rates system. The tax this year brought in £23 billion, outstripping council tax as the biggest generator of income for the Treasury.
United Utilities floats £3.5 million of solar panels on reservoir: Water giant United Utilities is to install Europe’s biggest floating solar power system on a reservoir near Manchester, as it seeks to cut its energy costs.
The Guardian
David Cameron forces firms to reveal bonus amounts for men and women: Big companies will be forced to publish the size of bonuses for male and female employees under a new government drive to eliminate the gender pay gap.
Sainsbury’s Chief attacks proposal to change Sunday trading laws: One of the country’s leading retailers has criticised the government’s planned changes to Sunday trading laws, saying they are open to abuse.
Lloyds share sale attracts first-time investors, says Hargreaves Lansdown: George Osborne’s pledge to offer cut-price Lloyds Banking Group shares to the public next year appears to have attracted a new range of investors.
Daily Mail
Marc Bolland planning to remain as Chief executive of M&S for at least two more years despite speculation he could soon be replaced: The 56-year-old Dutchman, who took over at the High Street chain in May 2010, is said to have told the board he wants to stay on because he believes his turnaround plan is paying off.
Royal Bank of Scotland set to plunge into red – complicating plans to return state-backed lender to private Ownership: Royal Bank of Scotland looks set to plunge into the red this week – complicating plans to return the state-backed lender to private Ownership. Analysts expect RBS to report a third quarter loss of £84 million on Friday having made a £1.3 billion profit in the same period last year.
Daily Express
I won’t quit, says Boss after TalkTalk cyber attack: The Chief executive of TalkTalk said last night she had no intention of stepping down after last week’s cyber attack and maintained bank accounts had not been plundered as a result.
Apple harvesting its best year ever: Buoyed by surging sales of its smartphone and iMac computers, Apple is expected to report a profit of $53.1 billion (£34.6 billion) for the 12 months to the end of September, an increase of 34.5% on the previous year.
New Yorker James Staley set to lead Barclays: Barclays is set to formally announce the appointment of former JPMorgan investment banking head James “Jes” Staley as its new Chief executive, which could be alongside its results on Thursday.
BP and Shell slip up on Crude bottom: Royal Dutch Shell and BP are set to blame the weak oil price for dramatic falls in third quarter pretax profits and revenues, analysts say. The price of crude oil has nearly halved over the past 12 months because of a Saudi Arabia-led effort by the OPEC cartel to crush competition from U.S. shale oil operators.
The Scottish Herald
Revealed: John Watson made £15 million from sale of printing business: Entrepreneur John Watson made about £15 million from the sale of his label-printing business to U.S. giant Multi-Color Corporation, it has emerged. Mr Watson, at the time the sale of Glasgow-based John Watson & Company was announced, described it as a “serious multi-million-pound” deal but the price was not disclosed.
TOM Vehicle Rental continues acquisition spree in England: TOM Vehicle Rental has underlined its appetite for acquisitions after the company continued its expansion in England by acquiring a London-based rival. The Airdrie-based firm has bought East-London based Solar Self Drive for an undisclosed sum in a deal that will allow the company to increase its presence in the key south of England market.
Young entrepreneurs sell school timetable technology to Americans: Two young businessmen who devised software they say takes the hassle out of organising parents’ nights at schools have clinched their first sale in the huge U.S. market. The School Cloud Systems business developed by Marcus Fields and Robbie Beattie sold a licence for their meeting scheduling tool to a school in New York City.
The Scotsman
Skye candle maker opens fifth outlet in Glasgow: A young Highlands candle-making business will this week rub shoulders with a string of national and international retailers as it opens its fifth Scottish outlet, on Glasgow’s Buchanan Street. Isle of Skye Candle Company was founded in 2007 by James Robertson, who was brought up in Glasgow by parents who hail from the Hebrides.
Hogg Robinson secures two new government deals: Travel management firm Hogg Robinson Group (HRG) has been awarded two government contracts, by the Ministry of Defence and the Scottish Government. The MoD deal, worth a potential £120 million a year, sees the firm retain the ministry’s travel account, covering domestic and international journeys. It will run for three years with a one-year extension opportunity.
Union in call for MoD to keep Scots steel plants open: Scottish Ministers should launch a plan to win Ministry of Defence contracts to save two closure-threatened steel plants, the steelworkers’ union has said.
City A.M.
Executives rank M&A last despite record activity: Driving organic growth, not mergers and acquisitions (M&A), should be a top priority for businesses according to a poll of senior executives released, despite a record-smashing year of deals across the globe. The survey carried out by Interim Partners found that over half (52%) of executives thought that pursuing organic growth should be the key focus for businesses over the next 12 months.
U.S. luxury firm Coach to move into Jaeger’s flagship on Regent Street: American luxury goods group Coach is moving into Jaeger’s Regent Street flagship as the retailer packs its bags after more than 80 years on the site. Jaeger and the Crown Estate, which owns the freehold to the 200-206 Regent Street store, have agreed to sell the lease to Coach, which relocate from its smaller will store a few doors down at 76-78 Regent Street.
Professional and financial recruiting up eight % in 2015 as salaries jump too – APSCo: Good news for job hunters: professional and financial recruiting is up eight % this year, with average salaries increasing by 4.6% since 2014. The number of finance and accounting roles has risen 17% from last year, according to data from the Association of Professional Staffing Companies (APSCo).
UK pension schemes face £62 billion rise in liabilities if interest rates stay low – JLT Employee Benefits: UK private sector pension schemes could find their aggregate liabilities increase by as much as £62 billion if an interest rate rise fails to materialise one year after market expectations, research by JLT Employee Benefits has revealed.
