Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 010916

The Times

Fears over dividends as pensions crisis grows: A listed plastics manufacturer, Carclo has scrapped its dividend after its spiralling pension deficit triggered rules that prohibited a payout, in what could be a watershed moment for British business.

AstraZeneca fined $5 million for bribing doctors: Federal regulators in the United States have now extracted a $5.5 million payment from the British pharmaceuticals company to settle a bribery investigation into improper payments made by its staff to state-employed healthcare officials in China and Russia between 2005 and 2010.

Ex-Tesco Chief cleared over accounts scandal: The Tesco accounting scandal will continue to be investigated by the industry watchdog even though it has cleared the retailer’s former Chief financial officer of wrongdoing.

Elliott raises its stake in Poundland: The battle for control of Poundland took a new turn after Elliott Capital said that it had raised its stake in the retailer to 22.7%.

Tool supplier gears up for expansion: The tool and equipment supplier HSS Hire has cut its losses from £14.1 million to £9.8 million in the first half.

Canadian growth goes up in smoke: Canada’s economic output shrank by its greatest percentage since 2009 as the country’s oil sector continued to struggle.

Oil slump triggers Nigeria recession: Nigeria has slipped into recession for the first time in more than 20 years as a slump in oil prices, militant attacks on oil pipelines in the Niger Delta and a weaker currency led to a significant contraction in growth.

Funds buyer may swap U.K. for Amsterdam: Chesnara, a specialist consolidator of life insurance funds, could move its head office to Amsterdam if regulations change unfavourably after Brexit.

The Independent

Extra Energy gets more complaints than any other supplier: Extra Energy has attracted the highest number of customer complaints among energy companies for a second consecutive quarter, performing 80 times worse than the best-performing supplier, figures show.

Dishonest bankers threaten new financial crisis says Bank of England Governor Mark Carney: Corrupt bankers represent a threat not only to those they directly rip off but also potentially the entire global financial system, the Governor of the Bank of England has warned.

Lush cosmetics to move staff from Britain to Germany following Brexit vote: The U.K. cosmetics company Lush is relocating staff from Britain to Germany amid uncertainty following Britain’s Brexit vote.

Ryanair flights hit by Brexit despite falling prices: Ryanair has cut its annual growth rate for U.K. flights from 15% this year to 6% next year because of the decision to leave the European Union.

France steps up fight for British jobs as Paris ‘rolls out red white and blue carpet’: Valerie Pecresse is aiming to take British jobs to France, by fair means or foul. The head of the Paris region had a charm offensive ready for U.K. companies the day after the Brexit referendum, regardless of the result.

Financial Times

PwC fined £2.3 million over auditing of subprime lender: The U.K. accounting watchdog has handed out its second-largest ever fine, to PwC, in a case relating to the professional services firm’s 2007 audit of subprime lender Cattles and that of Welcome Financial Services, its biggest unit.

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The Gym Group benefits from no-frills trend: Low-cost fitness chain The Gym Group reported its first pretax profit and a maiden dividend, as it took advantage of the trend to swap swanky health clubs for no-frills gyms.

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EDF board members sue to block Hinkley plant decision: Five board members of French state-controlled utility EDF are petitioning to have the courts annul last month’s board decision to push ahead with the controversial Hinkley Point power project in the U.K.

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Asia clamour spurs Saudis to look at boosting bond sale: Saudi Arabia’s first international debt sale has generated so much interest from Asian investors that the kingdom is weighing a full pipeline of bonds to follow a $15 billion initial auction as early as October, according to bankers briefed on the sale.

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Danish payments processor Nets Holding plans IPO: Scandinavia’s biggest payment processor aims to announce plans for an initial public offering on Thursday that could value it at as much as DKr35 billion ($5.2 billion), according to people briefed on the plans.

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Fosun Chairman calls China’s P2P market a ‘scam’: China’s self-styled “Warren Buffett” and billionaire businessman Guo Guangchang on Wednesday called the country’s Rmb440 billion ($65.9 billion) peer-to-peer lending market “basically a scam”, becoming the latest high-profile Executive to attack an industry that has been plagued by scandal.

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Biogen predicts preventive drug for Alzheimer’s disease: A senior scientist at Biogen, the large U.S. biotech group, has predicted that potential Alzheimer’s victims will be treated long before they develop symptoms, much as millions of people without heart problems are prescribed cholesterol-lowering statins.

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Bouygues appoints 2 deputy Chief Executives: Bouygues has appointed two deputy Chief Executives, setting in motion longer term plans for a change of guard at the French construction-to-telecoms conglomerate led by industrialist Martin Bouygues.

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Panasonic to test ‘smart city’ living in Berlin: Panasonic is taking expertise gained from working with Japan’s ageing population and bringing it to Germany, with a “smart city” building comprising 69 flats.

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Coursera targets Executive customers for new education platform: Coursera has launched a pay version of its online learning platform for corporate customers, creating a competitor to the universities that have been providing it with downloadable lectures and teaching material.

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Blow to telecoms companies as EU outlaws network-wide ad blocking: Plans by European mobile phone companies to block advertisements across their networks have been dealt a heavy blow after new EU telecoms rules outlawed the process.

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BA halves business-only flights from London City to NY: An exclusive business class-only airline service from London to New York billed as being “like your own private jet” turns out to have limited appeal for jet-setters — just as it did a decade ago.

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Lex:

Tepco: have life: Public opinion towards nuclear power remains resolutely hostile, years after the 2011 disaster at the Fukushima Daiichi nuclear power plant run by Tokyo Electric Power (Tepco). Its shares have suffered ever since. All of its low-cost nuclear reactors are shut. That could now change. If it can cope with the newly deregulated electricity market, the worst has passed for Tepco.

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Abercrombie & Fitch: point break: Abercrombie & Fitch, the American clothing retailer, has delivered a 14th consecutive quarter of declining sales. It needs to broaden its appeal significantly to reverse the trend, but management has only started to catch the wave.

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Steinhoff: too much of a good thing: It is tempting to characterise Steinhoff’s recent flurry of acquisition activity as an indiscriminate rush to get capital out of South Africa. That is not entirely fair; operationally, there is plenty of logic in its various bids. But it is still valid to ask whether such deals will ultimately make investment sense.

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Lombard:

Too easy for auditors to cock a deaf ‘un: Partial deafness has its advantages. You sit with your weaker ear nearest to the person you least want to hear. For auditors, this comes naturally, judging from PwC’s 2007 audit of Cattles, for which it has been fined and reprimanded by the Financial Reporting Council.

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Hog-tied house: In theory, rock-bottom rates are good news for heavily-leveraged businesses. In practice, it’s more complicated, as Punch Taverns illustrates. On Wednesday, the pub company trumpeted a 16% reduction in its net debt burden to £1.2 billion. But its scope to go further is limited.

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The Daily Telegraph

Netflix funds first British children’s series as kids streaming battle intensifies: Netflix is to produce its first British children’s programmes, as entertaining kids becomes a key battlefield in the intensifying pay-TV war with Amazon and Sky.

Rolls-Royce hits back at defence watchdog after having profits capped: Rolls-Royce has hit back at Government attempts to crack down on the profits defence companies make on military contracts.

Anya Hindmarch on attack mode for global growth: Anya Hindmarch, the woman behind her eponymous handbag and accessories empire, has said that the company is on the “attack mode” in China, despite her luxury rivals retrenching amidst a consumer slowdown.

Ryanair Boss lashes out at Europe over Apple ruling: The outspoken Boss of Irish airline Ryanair has launched an extraordinary broadside at the European Commission over its controversial demand that U.S. technology giant Apple pay €13 billion (£11 billion) to Ireland in unpaid taxes.

888 Boss rules out merger with Rank: The Boss of online gambling company 888 has ruled out a tie-up with casino and bingo hall giant Rank Group in the wake of the pair’s failed £3.4 billion bid for William Hill.

The Guardian

Eurozone core inflation fall raises prospect of ECB stimulus measures: Speculation is growing that the European Central Bank could take action to stimulate the Eurozone economy after official figures showed an easing in underlying inflation last month.

Defined benefit pension fund deficit grows by £100 billion in a month: The combined deficit of the U.K.’s 6,000 defined benefit pension funds has grown by £100 billion in the last month, bringing the total deficit to £710 billion, according to a new report.

U.K. house prices edge up in August, Nationwide says: House price growth picked up slightly in August, despite the Brexit vote, according to Nationwide Building Society.

Daily Mail

Creator of Brompton folding bicycle steps down from company’s board – disgruntled at way business is run: The creator of the Brompton folding bicycle has stepped down from the company’s board – disgruntled at the way the business is run.

PricewaterhouseCoopers fined more than £3 million for failing to spot black hole at risky lender: The Big Four accountancy firm that gave a clean bill of health to sub-prime lender Cattles shortly before its near collapse has been ordered to pay more than £3 million in fines and legal fees.

Euro 2016 and expansion on the Continent gives a boost to results for online gaming firm 888 Holdings: Euro 2016 and further expansion into the Continent has helped online gaming firm 888 Holdings report a rise in first half profits and revenue.

Daily Express

Bookmaker Gala Coral ready to bet on mergers as it closes Ladbrokes deal: Two of Britain’s biggest gaming companies said they could roll the dice on more mega-deals after scoring financial success from the Euro 2016 football tournament.

Italian economy shattered as one in three jobless give up searching for work: A third of jobless Italians gave up looking for work at the start of the year, amid rising fears for Italy’s economy.

Fashion company Abi Fisher is bang on trend as it launches own label and franchise network: Fashion company Abi Fisher looks to be the shape of things to come as it grows from styling service to own label launch and franchise network.

The Scottish Herald

Information technology companies worried about access to skilled staff after Brexit vote: Three-quarters of Scottish information technology companies fear Brexit will have a detrimental impact on their access to skilled staff, a survey reveals.

Recruiter PRG sold to Director in prepacked administration: A Director of recruitment consultancy PRG Recruitment has set up a new company to continue PRG’s business activities after administrators were called in by one of its creditors.

Whisky firm Ian Macleod dismisses Edinburgh Gin acquisition talk: The managing Director of Ian Macleod Distillers has said the whisky firm is exploring ways of working more closely with Edinburgh Gin Owner Spencerfield Spirit Company, and did not rule out buying the business if the opportunity arose.

IT firm ECS launches digital practice with acquisition of London’s Forest Technologies: Glasgow information technology consultancy ECS has expanded its reach in the digital space with the acquisition of a London-based digital transformation business.

Glenfiddich makes foray into whisky-flavoured beer: Glenfiddich has teamed up with an up and coming Speyside brewer to produce a beer-flavoured single malt.

Russian takeover of Stirling insulation firm moves closer: Shareholders in Superglass, the insulation maker which employs 150 in Stirling, have given overwhelming backing to the £8.7 million takeover bid for the firm made by Russian roofing tycoon Sergey Kolesnikov.

The Scotsman

Orkney oil and gas decommissioning site unveiled: Plans to create a new decommissioning site in Orkney have been announced, potentially giving the islands a massive jobs boost.

Exova downbeat on short-term oil and gas prospects: Exova, the Edinburgh-based materials testing group, reported “very strong” first-half growth but said conditions in the oil and gas sector were likely to weaken further this year.

Canadian coffee chain Tim Hortons set to open in Scotland: Iconic Canadian coffee brand Tim Hortons is to launch in Scotland as part of a U.K.-wide expansion.

Commsworld dials up energy client wins in Aberdeen: The downturn in Aberdeen’s oil and gas sector has played into the hands of an Edinburgh-based telecoms specialist as firms look to eke out efficiency savings.

App business Waracle bags seven-figure partnership: Mobile app developer Waracle has struck a “seven-figure strategic partnership” with ScottishPower, creating jobs and helping the utility giant develop new mobile and online services for customers.

Dundee University secures £40 million financing facility: The University of Dundee has secured a £40 million financing facility to help bank-roll its business transformation programme.

City A.M.

Social networking app Yubl seeks new funds as it prepares to expand into Europe: A London-based social networking app that connects groups of people is aiming to raise up to £20 million in venture capital as it gears up for expansion into Europe.

Taptica shares soar on rising mobile advertising spend: Mobile ad firm Taptica shares have rocketed after the firm posted what it called a “record” year.

Software giant Salesforce has seen its share price slump in late trading after weak Q3 forecasts: Software giant Salesforce saw its share price plummet in after-hours trading late, after it warned of worse-than-expected results in the third quarter.

Private equity group NorthEdge scoops up Millionaires’ Holiday Club company ITC Luxury Travel for £30 million: The luxury holiday company at the centre of the BBC documentary series The Millionaires’ Holiday Club has been bought by NorthEdge capital in a deal thought to be worth around £30 million.

Commerzbank and Deutsche Bank merger rumour shot down but German lenders’ share prices still up: Shares in two big names in German banking are currently riding high on rumours of a merger, even though they have since been denied.

Waitrose’s sales were boosted by the summer sun last week – but John Lewis stayed in the shade: The warm weather boosted Waitrose’s sales last week – but sister shop John Lewis failed to cash in on the summer sun.

More than half of small businesses say the National Living Wage has hit profits: More than half of small businesses say they have reduced profitability or simply absorbed the costs of the new national living wage.

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