Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 011116

The Times

Tesco sued by investors for £100 million: More than 125 institutional investors have filed a claim against Tesco over allegations that they suffered millions of pounds of losses from the grocer’s accounting scandal.

BMW workers consider strike over pension scheme switch: BMW is facing a battle with its British workforce as unions gear up for industrial action over plans to abandon its final-salary pension scheme.

What Brexit fears? Small businesses show hunger for more credit: Lending to small businesses rose at its fastest annual pace since 2012 last month, suggesting that the Brexit vote has done little to dampen companies’ appetite to take on debt.

British banks in U.S. inquiry into interest rate swaps: Barclays, Royal Bank of Scotland and HSBC have been linked with an investigation in the United States into alleged impropriety in the market for trading interest rate swaps.

Oil fuels acceleration in Eurozone inflation: Inflation in the Eurozone inched up to a two-year high last month as the price of oil rebounded, but economists still believe that the European Central Bank will extend its huge levels of monetary stimulus beyond March.

Broadband provider hits a new level with $25 billion deal: A stellar month for big merger deals ended with a $25 billion bid by CenturyLink, the fifth-largest broadband provider in the United States, for Level 3, an internet infrastructure company.

GE bets on oil’s recovery with Baker Hughes deal: General Electric and Baker Hughes have agreed to combine their energy businesses to create an oilfield services giant to rival Schlumberger and Halliburton.

Come clean on pay gap, boards are told: Leading fund managers are demanding that listed companies publish the details of how much senior Executives are paid compared with their average workers.

No frills is bang on trend as TK Maxx raises profits: Retailing with what might be described as the minimum of fuss appears to be paying off handsomely for TK Maxx, which has reported a double-digit percentage rise in profits and turnover.

The Independent

Barclays customers charged twice in latest debit card payment glitch: Barclays customers face being charged twice as the high street lender tries to fix a debit card payment glitch.

Pound is the worst performing currency in the world this month: The pound is the world’s worst-performing currency this month, trailing behind about 150 peers, as the first signs of how Brexit will look emerged in October.

France is appointing a task force to lure businesses from London: France will set up a special task force of corporate leaders and politicians aimed at luring businesses and talents from London as the U.K. prepares to leave the EU.

Mortgage approvals perk up in September: Mortgage lending unexpectedly picked up in September, according to the latest credit statistics from the Bank of England.

Financial Times

Uber worker ruling raises questions for food start-ups: Last week’s ruling in London that Uber drivers are workers entitled to basic rights threatens to upend Europe’s crowded food delivery sector, boosting rivals such as Just Eat while raising concerns about similar last-mile services from Deliveroo and others.

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Essentra appoints Coats head Paul Forman as new Chief: Essentra, the U.K.-based maker of cigarette filters and plastic packaging, has named a new Chief Executive months after its stock market value dropped more than a quarter on the back of a profit warning.

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U.S. crude output up in August for first time since March: U.S. crude production rose in August for the first time since March, official data showed on Monday, dealing another blow to hopes that oversupply in the global oil market could be eased rapidly by a sharp decline in output from the shale reserves of North America.

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October dealmaking volumes hit $500 billion after GE acquisition: General Electric led a trio of companies penning big takeovers on Monday to lift the total value of transactions attempted in October to above $500 billion, in what has unexpectedly become one of the busiest months for global dealmaking on record.

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Sony and Panasonic warn on profits: Sony and Panasonic, the Japanese electronics makers, have warned that profits would be hit by lower export income owing to the stronger yen and the retreat from lossmaking businesses.

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Hexagon Chief detained and charged with insider trading: The Chief Executive of one of Sweden’s largest technology companies has been arrested by Norwegian authorities and charged with insider trading.

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Education start-up Coursera shifts to monthly subscriptions: Education start-up Coursera is adopting a monthly subscription model to encourage binge-learning on its online platform at a time when its annual revenue is on track to double for the second time in two years.

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Atlantia criticises ‘immature’ state of U.S. toll road market: The Chief Executive of Atlantia, one of the world’s largest toll road operators, has branded the U.S. industry immature, fragmented and vulnerable to political interference, in a sign of the barriers to investment in the sector.

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NYK, MOL and K Line to combine container shipping units: Japan’s big three shipping conglomerates on Monday outlined plans to set aside one of the country’s most ferocious industrial rivalries amid brutal market conditions to establish a joint venture for their container shipping businesses.

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Lex:

CenturyLink/Level 3: Pipe-fitting: After the razzmatazz of AT&T storming Manhattan and Hollywood to buy Time Warner, a more humdrum variety of dealmaking returned on Monday. CenturyLink announced a takeover of Level 3 Communications, paying $34 billion including debt.

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Hexagon: one-sided: Take “key man” risk, double it and you get Hexagon. On Monday, shares in the Swedish group dropped a tenth after news that Ola Rollen, Chief Executive, is being investigated over allegations of insider trading. Earlier in October Melker Schorling, a Director whose holding company owns 26% of Hexagon, said he was stepping down.

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Japanese shipping: just another list: On Monday, three Japanese shippers — Nippon Yusen (NYK), Mitsui OSK and Kawasaki Kisen — announced a joint venture. This does not mark an end to tough times. NYK will take the biggest share (38%) of this joint venture, the rest shared equally between the other two.

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Lombard:

Gold-diggers scent opportunity in Centamin’s higher grade ore: In the immediate aftermath of the EU referendum, Centamin appears to be that miner. Thanks to an 18% annual increase in its third quarter realised gold price to $1,335 per oz — driven partly by Bremoaners — Brexiter equity bulls have gained even more from the 30% fall in Centamin’s “all-in sustaining costs”, to $644 per oz.

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Sweet odour of waste: The market was not greatly enamoured of Infinis Energy, the wind and gas-waste processor that big-haired tax-exile Guy Hands floated in late 2013 at close to £780 million. The shares flopped 28% as government policy on renewable subsidies flipped and power prices fell.

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The Daily Telegraph

Foreign appetite for gilts revives as bond worries shift back to Eurozone: Foreign investors returned in force to the U.K. bond market in September, snapping up a net £13.3 billion in gilts as fears of a full-blown Brexit crisis faded.

Centamin hits milestone as it pays back $1 billion cost of Sukari gold mine: Gold miner Centamin has hit a milestone by building up its cash flow to the point where it has begun sharing its profits with the Egyptian government.

3i Infrastructure snaps up landfill gas energy supplier for £185 million: FTSE 250 company 3i Infrastructure will pay £185 million to acquire Northampton-based Infinis, one of Britain’s leading renewable energy companies, and its subsidiaries.

Anglo American sees ‘bright future’ as metals industry hopes for strength in China: The mining and metals industry has a “bright future”, the Boss of Anglo American has said, as the sector weighs up the future of China, the biggest consumer of raw materials.

Stock Spirits faces fresh attack as activist investor piles on pressure: Stock Spirits is facing a second fresh attack from its largest shareholder in less than a fortnight over claims the vodka-maker is overpaying its board while dodging questions about its corporate governance.

The Guardian

Mark Carney to serve extra year as Bank of England governor: Mark Carney has ended weeks of speculation about his future by agreeing to stay on as governor of the Bank of England until Brexit negotiations with the EU have ended in 2019.

Rolls-Royce middlemen may have used bribes to land major contracts: Rolls-Royce plc, Britain’s leading manufacturing multinational, hired a network of agents to help it land lucrative contracts in at least 12 different countries around the world, sometimes allegedly using bribes.

Daily Mail

Sir Martin Sorrell sees WPP pocket £462 million from post-Brexit fall in value of pound – despite peddling warnings ahead of vote: Media tycoon Sir Martin Sorrell saw his advertising firm WPP pocket £462 million from a post-Brexit fall in the value of the pound – despite peddling doom-laden warnings ahead of the vote.

Former RAF Harrier pilot set to make £4 million when tech business he founded nine years ago floats on stock market this month: A former RAF Harrier pilot is set to make £4 million when a tech business he founded nine years ago floats on the stock market this month.

Premium leather handbags help fashion chain All Saints net its fourth consecutive year of growth: Premium leather handbags helped fashion chain All Saints net its fourth consecutive year of growth.

Daily Express

The Investment Association step up pressure on FTSE Bosses’ to justify bonuses: Fund Managers are stepping up the pressure on Britain’s top companies to justify boardroom pay by telling them to publish how much their Chief Executives make compared with the average employee.

Eurozone economy grows just 0.3% in Q3 showing EU hit worse than U.K. by Brexit: Europe’s economy squeezed out of growth of just 0.3% in the third quarter of the year, despite mammoth efforts by the European Central Bank (ECB) to kick-start expansion.

Russia’s financial crisis: Moscow launches desperate austerity programme: Russia has revealed a dramatic austerity programme in a desperate bid to shore up the economy and quell public anger, amid the country’s worst financial disaster in years.

Heathrow begins pumping millions into U.K. supply chain after expansion backing: A multimillion-pound boost to U.K. businesses was triggered by the Government’s backing for Heathrow expansion, according to the airport.

The Scottish Herald

Shake up in North Sea oil services market continues: Subsea services business M² has acquired 32 remotely operated vehicles in a deal which is expected to see it creating jobs in Aberdeen.

Property deals soar in capital: Commercial property investment in Scotland reached £1.4 billion in the first three quarters of the year, with deals completed in Edinburgh hitting £478.75 million in the period – the highest in the city since 2007, according to Savills’ research.

Forestry fund launched: Five forests in the west of Scotland are being acquired for £12 million by asset manager Gresham House after its new Forestry Fund first closed with an initial £15 million of commitments and finance.

Mac Mic upbeat as builder lifts profits: Mactaggart & Mickel has declared sentiment in the housebuilding sector continues to be robust in spite of the uncertain economic outlook brought the Brexit vote, as profits at the Glasgow-based housebuilder increased for a fourth consecutive year.

Oil services firm slumps into red after halving workforce: Oil well technology firm Plexus Holdings has signalled more job cuts could be in prospect after it reduced staff numbers by around 50% and plunged into the red in the latest year amid the downturn in the key North Sea market.

Innis & Gunn to raise £1 million in equity sale plan: Innis & Gunn is offering up two% of its share capital to beer lovers in a crowdfunding initiative that the Scottish craft brewer hopes will raise £1 million.

The Scotsman

Edinburgh accounting software firm aims for flotation: FreeAgent, the Edinburgh-based provider of accounting software, has unveiled plans to float on the London Stock Exchange.

Scottish business optimistic despite vote to leave EU: Scottish business optimism about growth prospects over the next 12 months remains “resilient” despite continuing Brexit uncertainty, but hiring and exports expectations are subdued, a new survey out says.

WPP sees signs of ‘Brexit anxiety’ as growth slows: Advertising giant WPP has said the first signs of “Brexit anxiety” are beginning to show as the firm reported slower sales growth in Britain.

City A.M.

Chancellor should use Autumn Statement to boost business confidence, as British Chambers of Commerce finds trade hopes are beginning to flounder: The British Chambers of Commerce (BCC) is calling on Philip Hammond to use his first Autumn Statement to boost business confidence, after its figures found overseas trade hopes were beginning to slip away.

U.K.’s financial services sector goes from strength to strength as City trade surplus jumps to a record high: The U.K.’s financial services sector has boomed to its highest level of trade surplus yet, highlighting the importance of maintaining and developing the City’s trade ties post-Brexit.

Treasury launches new scheme to help small businesses secure financing: A new government scheme to help small businesses turned down for loans find alternative means of finance launches.

HSBC U.K. expected to name former London Stock Exchange Boss as chair: Dame Clara Furse is close to being named Chair of HSBC U.K., the new ring-fenced retail bank, it has emerged.

Green Investment Bank takes another step towards £2 billion privatisation, with Macquarie in poll position: The Green Investment Bank (GIB) has taken another step towards its £2 billion privatisation. Australian investment bank Macquarie is believed to be the government’s preferred bidder for GIB, beating competition from a consortium headed up by Sustainable Development Capital (SDC).

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