The Times
Windfall for banks as Visa nears $22 billion deal for sister firm: Visa Inc is days away from buying its European sister company in a $22 billion deal that will provide a multibillion-dollar payday for some of the U.K.’s largest banks.
Santander’s 1,2,3 steps to a profit: Santander has attracted almost one million new customers to its top product this year, driven by a rare big swing in the current account market.
Farm merger creates grain powerhouse: Greenshields Agri, which is based in the southeast of Scotland, has struck a cash and equity deal effectively to take over Agricultural Management Haddington (AMH), an East Lothian-based farming and farm management company.
Rapid rent rise is blamed on new homes shortage: Rents in Britain are rising at their fastest pace in three years as a shortage of homes drives up housing costs, according to official figures. The Office for National Statistics said average rents climbed by 2.7% annually in September compared with the previous year, the largest annual jump since October 2012.
The Independent
Deutsche Bank cuts 35,000 jobs by 2020 and exits 10 countries: Deutsche Bank is to cut 35,000 jobs over the next two years as it seeks to curb losses. The new strategy was unveiled by Co-Chief Executive John Cryan as part of the German bank’s third quarter results. Deutsche Bank said it will cut approximately 9,000 full-time jobs by 2020 and close its operations in 10 countries.
Lloyds share sale: U.K. Government sells a further 1% taking publically owned stake to single digits: The Government has trimmed its stake in Lloyds a further 1%. This takes the publically-owned stake below 10% for the first time ahead of a final sell-off to the public in the spring.
Financial Times
Historic cyber-attack hits shares of Optimal Payments: Mobile payments company Optimal Payments revealed details of historic cyber-attacks after discovering that customers’ personal information has been made available for sale.
http://www.ft.com/intl/cms/s/0/29166c00-7e44-11e5-98fb-5a6d4728f74e.html#axzz3q0wi3Ofc
Wasps claims to be highest-earning rugby club in Europe: Wasps said it now had the highest turnover of any rugby club in Europe as it posted a 229% rise in full-year revenues to £21.4 million.
http://www.ft.com/intl/cms/s/0/7e45d2ae-7e5f-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Lending Club delivers earnings rebuke to bears: Lending Club , the biggest of the online lenders, broke even for the first time as a public company and raising its sales and margin forecasts for the full year.
http://www.ft.com/intl/cms/s/0/a94ca4b6-7e85-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
KeyCorp in talks to buy rival First Niagara: KeyCorp is close to acquiring First Niagara in a deal that could value its smaller U.S. bank rival at about $4 billion, according to people familiar with the matter.
http://www.ft.com/intl/cms/s/0/7bd9dae6-7e60-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Tianjin port explosion set to cost Swiss Re about $250 million: The explosions that ripped apart parts of the Chinese port city Tianjin in the summer are set to cost Swiss Re about $250 million, the reinsurer forecasted.
http://www.ft.com/intl/cms/s/0/e0bee788-7e49-11e5-98fb-5a6d4728f74e.html#axzz3q0wi3Ofc
Bombardier shares fall after $1 billion jet stake sale to Québec: Bombardier shares fell 17% after the cash-strapped aerospace group’s planned sale of a $1 billion stake in its C Series passenger jet project to Québec’s provincial government failed to win over investors.
http://www.ft.com/intl/cms/s/0/7917f386-7e30-11e5-98fb-5a6d4728f74e.html#axzz3q0wi3Ofc
Nintendo shares hit by smartphone game delay: Shares in Nintendo plunged 9% after the company delayed its charge into the $26 billion global mobile games market and disappointed investors hoping for a Super Mario themed title.
http://www.ft.com/intl/cms/s/0/207dbe2a-7df6-11e5-98fb-5a6d4728f74e.html#axzz3q0wi3Ofc
Sony back in black in sign Kazuo Hirai’s turnround bearing fruit: Sony has swung to a first half net profit of ¥116 billion in the latest sign that chief executive Kazuo Hirai’s efforts to turn round the electronics group are bearing fruit.
http://www.ft.com/intl/cms/s/0/821762fc-7e1f-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Samsung bows to investor pressure with $9.9 billion share buyback: Samsung Electronics bowed to heavy shareholder pressure as it announced a $10 billion share buyback scheme and promised substantial increases in dividend payments over the next three years.
http://www.ft.com/intl/cms/s/0/84264e22-7dd5-11e5-98fb-5a6d4728f74e.html#axzz3q0wi3Ofc
Nokia to buy back shares as profits fall: Nokia shares jumped more than 9% after the company said it would return €4 billion to investors through dividends and share buybacks.
http://www.ft.com/intl/cms/s/0/8c3b525e-7e0e-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Xavier Niel buys options on potential 11% Telecom Italia stake: French telecoms billionaire Xavier Niel has bought options that could give him an 11.2% stake in Telecom Italia, Italy’s stock market regulator has confirmed, setting up a potential battle with Vivendi’s Vincent Bolloré.
http://www.ft.com/intl/cms/s/0/a39b4402-7e60-11e5-98fb-5a6d4728f74e.html#axzz3q0wi3Ofc
British Airways owner to pay dividend: International Airlines Group is to make the first dividend payment in its four-year history – in a sign that the company’s restructuring since being formed from the merger of British Airways and Iberia is delivering sustained profits.
http://www.ft.com/intl/cms/s/0/5dc07f82-7e48-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Air France-KLM and Lufhansa report robust profits in third quarter: Air France-KLM reported a tripling of profits in the third quarter as Lufthansa raised its full-year earnings target, highlighting how strong summer ticket sales and lower oil prices have provided welcome tailwinds for two of Europe’s largest airline groups.
http://www.ft.com/intl/cms/s/0/20c67bb2-7e12-11e5-93c6-bba4b4b36134.html#axzz3q0wi3Ofc
South Korea’s Daewoo Shipbuilding thrown a $3.7 billion lifeline: Lenders have thrown a Won4.2 trillion lifeline to Daewoo Shipbuilding & Marine Engineering, following huge losses this year for the world’s second-largest shipbuilder due to a failed foray into offshore energy projects.
http://www.ft.com/intl/cms/s/0/2be41cf6-7e0e-11e5-93c6-bba4b4b36134.html#axzz3q0wi3Ofc
Sanofi lowers forecast for diabetes business: French drugmaker Sanofi lowered forecasts for its diabetes business after sales of its blockbuster Lantus insulin fell more than 10% in the third quarter.
http://www.ft.com/intl/cms/s/0/1a3d5456-7e1b-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Lex:
Royal Dutch Shell: stained: Royal Dutch Shell has had to scrub two big projects in Alaska and Canada in just the past month alone. Shell’s management got the mop out again in its third-quarter earnings report. Even with a good outcome in Shell’s refining and marketing division, the results missed analysts’ expectations in every area. But the fact that Shell could internally fund its investment and dividend requirements this quarter deserved some attention.
http://www.ft.com/intl/cms/s/3/09ccb7d2-7e35-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Nokia: high speed network: Nokia has cleared regulatory hurdles faster than expected in its race to take over Alcatel-Lucent. Along with higher third-quarter network margins, this enabled it to raise profit targets. It also said it will repay €3 billion in debt and spend €4 billion on buybacks and dividends.
http://www.ft.com/intl/cms/s/3/5889daa4-7e20-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Samsung: cash machines: Samsung Electronics said it would spend $10 billion – 5% of its market capitalization – buying back shares over the next year, and pay higher dividends over the next three. Shareholders and South Korea’s government have been pushing the company to deploy its $60 billion cash pile. But buying back shares returns cash only to those who sell. Those who don’t end up with a larger slice of the equity – in a company that has fewer assets.
http://www.ft.com/intl/cms/s/3/66a5b9a4-7e08-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Lombard:
Barclays’ chariot swings low ahead of Staley’s elevation to top: Bobby Chariot epitomized the warm-up man bad enough to make the headline stand-up look good. That role fell to Barclays’ Finance Director Tushar Morzaria in presenting disappointing third-quarter results. New Chief Executive Jes Staley, who starts in December, could be forgiven for feeling reassured by their pedestrianism.
http://www.ft.com/intl/cms/s/0/46b5ab04-7e2b-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
Their dark materials: Optimal Payments has suboptimal security. Live customer data held by the Aim-quoted money transfers group have turned up on the dark web, happy hunting ground of fraudsters and extortionists. Government officials say the identities of tens of thousands of Birtons are for sale there. Optimal, which retained its original management, says it disclosed historic data breaches, though references are hard to find in the 500-page deal prospectus.
http://www.ft.com/intl/cms/s/0/46b5ab04-7e2b-11e5-a1fe-567b37f80b64.html#axzz3q0wi3Ofc
The Daily Telegraph
Britain’s credit rating could be cut by two notches if it leaves EU, warns S&P: Britain’s credit rating could be slashed below Austria and Finland’s if it leaves the European Union, Standard & Poor’s has warned. Moritz Kraemer, the agency’s chief sovereign rating officer, said Britain would be stripped of its top AAA rating with a one-notch downgrade if it voted to leave the bloc, and possibly double that if relations between Britain and Brussels soured.
Federal Reserve on track to raise interest rates despite growth slowdown: The U.S. Fed is set to raise rates this December after punchy consumer spending data.
RBS to sell off final stake in U.S. bank Citizens: Royal Bank of Scotland has announced plans to sell off the last of its stake in U.S. lender Citizens Financial. The 21% holding, comprising nearly 110.5 million shares worth a total of $2.7 billion (£1.8 billion), will be offloaded through a secondary stock offering.
BAE downgraded on doubts over Typhoon orders from Saudia Arabia: Credit Suisse says political tension between London and Riyadh could shoot down orders for Typhoon jets.
British Airways owner IAG unveils first ever dividend payment: International Airlines Group has unveiled its first ever dividend since its formation more than four years ago when British Airways merged with Spain’s Iberia.
Pfizer confirms deal talks with Botox-maker Allergan: U.S. drugs giant Pfizer and Botox-maker Allergan are considering a multi-billion dollar merger that would rank as the biggest deal so far this year and would create the world’s largest drugmaker, it has been claimed.
Clydesdale Bank launches new investment arm for tech start-ups: Clydesdale Bank, the challenger bank, is ramping up investment in U.K. high-growth businesses through the launch of a new division aimed at supporting technology start-ups.
The Questor Colu million:
Is Shell’s dividend safe as profits tumble?: Shell is expected to be the largest dividend-paying share in the FTSE 100 next year. The near £8 billion it pays out in dividends makes up 11pc of all the cash returned to investors by the 100 companies in the blue-chip index, so Shell’s dividend is critical to investors and pension funds alike. A large part of the loss was due to writing off the value of projects in which Shell has invested billions to develop. These projects would have been profitable when the oil price stood at $100 per barrel, as it did last year, but would now be loss-making at the current $48 per barrel price. Shell is still making lots of cash from its existing projects as it is one of the lowest-cost European oil majors. In the third quarter the company generated $11 billion in cash, and is expected to make about $33 billion for the full year. There is no escaping the bleak outlook for the oil industry. However, Shell has the balance sheet strength to survive, and is taking the necessary action to defend the 188 cents (123p) dividend for this year and next. We would still be happy to hold the shares as the 7% dividend income is extremely attractive and, on this analysis, sustainable. Royal Dutch Shell ‘B’ at £17.17 -25.5p. Questor says “Hold”.
The Guardian
U.S. economic growth slows in third quarter as businesses cut back: U.S. economic growth cooled in the third quarter despite a pick-up in consumer spending as a glut on inventory led to businesses cutting back on restocking warehouses.
£1.5 billion Galloper windfarm in Suffolk to go ahead with new backers: Construction of a £1.5 billion windfarm off the Suffolk coast is to go ahead in November with the creation of nearly 800 jobs, after three new partners were found to back the project.
Harrods owner dividend falls by one-third in tough trading year: The Qatari owners of Harrods have received a dividend of £103 million following a year marked by tough trading at the landmark London department store.
Daily Mail
Rock-bottom oil prices and failure of major projects take toll on Royal Dutch Shell as it slumps to third-quarter loss of £4 billion: Even factoring in low oil prices, the result was below analysts’ expectations and Shell watched its shares fall 26.5p to 1711.5p.
Britain’s goal of doubling exports by end of decade is ‘pie in the sky’, according to senior MP: Labour MP Iain Wright, chairman of the committee, said few people expect the £1trillion target to be hit.
Daily Express
Thousands of British Gas customers’ data leaked just days after TalkTalk and M&S: British Gas customers have had their passwords and email addresses posted online as thousands more internet users fall victim to cyber criminals just days after TalkTalk and M&S breaches.
Frosty reception for £12.5 billion BT-EE deal: The Competition and Markets Authority (CMA) said that the £12.5billion deal would not harm competition in the industry as the two firms “operated largely in separate areas”. But rival Vodafone has claimed the deal could hurt both customers and businesses.
The Scottish Herald
VisitScotland launches search for new chairman: VisitScotland has launched the search for its next Chairman after it confirmed Mike Cantlay is stepping down after five years in the post.
Global IT firm moves into Glasgow: Syntel, the global IT giant, has opened its first office in Scotland after clinching a major contract with Clydesdale Bank.
Space Solutions to expand Glasgow base: Workplace design specialist Space Solutions is increasing the size of its Glasgow office by 50% after winning new clients such as Abellio and Pure Gym.
Tuffin Ferraby Taylor to open first Scottish office: Property and construction consultancy Tuffin Ferraby Taylor has opened its first Scottish office.
The Scotsman
Barclays £1 billion ‘ring-fencing’ bill impact jolts City: Barclays will spend £1 billion to shield its high street customers from riskier parts of the business, the bank revealed, alongside a major new provision for customers mis-sold foreign exchange products.
Aviva new business soars after Friends Life deal: Aviva has seen the value of its new business jump by a quarter in the first nine months of the year following its acquisition of rival Friends Life.
City A.M.
China’s Baidu sees shares jump by over six% as company reveals growth in mobile business: Chinese search engine Baidu saw shares shoot up by over six% in after hours trading, after the company said its solid third quarter performance had given it confidence to keep investing.
Starbucks’ record results leave investors wanting more as coffee chain posts muted outlook: Starbucks shares plunged as much as $2.10 in after-hours trading despite releasing record full year results.
LinkedIn share price rockets after revenues jump 37% beating forecasts: LinkedIn, the professional networking site, saw its shares shoot up 11.71% after markets closed when it released its third quarter results.
Expedia share price rises as travel group increases bookings by 21%: Shares in travel firm Expedia headed up by over 10% in after hours trading after the group, which includes the Trivago, Hotels.com and Travelocity brands, posted its third quarter results.
Time Warner Cable share price jumps as it posts better-than-expected third quarter results: Time Warner Cable’s (TWC) share price gained over 3%, after it posted better-than-expected results for the third quarter, ahead of being taken over by Charter Communications.
MasterCard beats expectations as customers seek priceless memories abroad: Mastercard customers spent more abroad during the third quarter, helping the payment processing company beat expectations with a small rise in profit.
Nissan unveils concept vehicle ahead of 2020 driverless car launch – and it can communicate with pedestrians: Nissan has launched an autonomous driving “concept vehicle” as part of its plans to launch its own driverless car by 2020.
