The Times
Firms avoiding attempts to tackle pre-pack abuse: Ministers have been urged to tighten the rules around pre-pack administrations after figures showed that a voluntary system for preventing abuses was largely being ignored.
Velocity set to land on London market: A British company at the heart of the efforts to make large aircraft more fuel-efficient and less environmentally damaging is set to float on the junior market of the London Stock Exchange.
Lloyds denies claims of credit card ‘time bomb’: Lloyds Banking Group has shrugged off concerns that its practice of booking revenue upfront from customers who have interest-free periods on their credit cards is a “ticking time bomb”.
Gas users fear lack of public money is storing up trouble: The government is resisting calls to intervene and protect the stability of Britain’s gas supply, despite warnings that the country’s main gas storage site is likely to close.
Car dealers join bankers caught in headlights of compliance: Bankers know the word only too well, what it means in basic terms and, more to the point, what it demands in man hours and hard cash, in getting it right and the huge cost of getting it wrong. Now car dealers are undergoing a crash course in compliance.
New York hedge fund Boss places his bet on City: One of Wall Street’s best-known hedge fund managers is set to make his first foray into the City as he oversees the London listing of a $4.4 billion vehicle that will seek wealthy investors from across the U.K.
Music producer calls the (whisky) shots: A whisky company founded by a music producer aims to raise at least £300,000 to take the drink into new markets.
Garden chain plants online delivery idea: One of Britain’s biggest garden centre chains is hoping to follow in the footsteps of Amazon and Asos by launching a next-day online delivery service.
Heads roll in Alliance Bernstein shake-up: The Boss of Alliance Bernstein has been dismissed by the company’s French owner as part of a shake-up at the top of the New York-based fund manager.
The Independent
Amazon Founder Jeff Bezos could beat Bill Gates to become first trillionaire in the world: With a net worth of $87 billion (£67 billion), Microsoft co-Founder Bill Gates is the richest man in the world, and is currently in pole position in the race to become the first trillionnaire. With a net worth of $87 billion (£67 billion), Microsoft co-Founder Bill Gates is the richest man in the world, and is currently in pole position in the race to become the first trillionnaire.
Dyslexia should be recognised as a sign of potential, says Richard Branson: Sir Richard Branson has said dyslexia should be recognised as a sign of potential in an effort to combat the stigma around the learning difficulty.
Proportion of female high earners unchanged in six years: The proportion of U.K. female high earners has not changed for the past six years, despite initiatives to shrink the pay gap between men and women, according to new research.
Recruitment essential for U.K. post-Brexit, BCC warns: Brexit negotiations shouldn’t divert the U.K. government’s attention from the challenges businesses are facing at home, the British Chambers of Commerce (BCC) has warned.
Fox News co-President Bill Shine out amid growing exodus at network: The bloodletting at Fox News shows no sign of stopping after the conservative network announced that co-President Bill Shine was leaving.
A classic Cadbury chocolate bar is making its long-awaited comeback: The Cadbury Dairy Milk Tiffin, first produced in 1937, is making a permanent comeback to the U.K.
Avocados just got a lot more expensive: If you can’t imagine starting your day without smashed avocado on toast, get ready to pay a hefty price for your breakfast.
Financial Times
BHP Billiton has no regrets over $1 billion fight with Chile workers: The head of BHP Billiton’s business in the Americas said a dispute with a trade union over pay and benefits at the world’s biggest copper mine was painful but necessary to safeguard the site’s future.
RBS lawsuit set to draw Fred Goodwin into court drama: Observers keen to see disgraced banker Fred Goodwin grilled in court about the months leading up to the disastrous collapse of Royal Bank of Scotland may soon get their wish.
Investment in insurance tech start-ups drop sharply: Investment in insurance technology start-ups dropped sharply in the first quarter of the year, according to new data — signalling a possible new maturity in the market.
Bank of Mum and Dad is ninth-biggest lender with £6.5 billion loans: The Bank of Mum and Dad has unofficially become Britain’s ninth-biggest “mortgage lender” with loans and gifts from family or friends increasing 30% this year to £6.5 billion as house prices keep rising.
Hedge funds bolster staff despite performance worries: The hedge fund industry is employing a growing number of people, in spite of investor concerns over its performance.
Oaktree Founder warns of risky private equity financing: Financial engineering techniques used by private equity managers to flatter their investment returns could pose systemic risks to the stability of financial markets, a senior partner at a global alternative investment management firm has warned.
G4S teams up with Lloyds for banks on wheels: Security company G4S has agreed a deal with Lloyds Banking Group to provide banks in vans, in a move aimed at filling the gap left by branch closures across the U.K.
Standard Life and Aberdeen to offer top managers £35 million: Some of the biggest names in U.K. fund management will share a £35 million bonus pot from Standard Life and Aberdeen Asset Management after the merger to create the country’s largest asset manager.
Spanish bad debt comes good for U.S. private equity: The long legacy of the vast books of bad debts accrued by Spanish banks has proven to be good business for U.S. private equity groups, which have emerged as custodians to the country’s real estate woes.
Fox in talks with Blackstone to buy Tribune Media: Rupert Murdoch’s 21st Century Fox is in talks with Blackstone, the private equity firm, to launch a joint bid for Tribune Media, according to two people familiar with the negotiations.
Trump says healthcare plan will cover pre-existing illness: Donald Trump said on Sunday that the new Republican healthcare plan would guarantee coverage for people with pre-existing medical conditions, a potentially significant change in the latest version of legislation authored by his party’s leaders in the House.
Demand for bigger vehicles spell bigger profits for carmakers: Revenues and profits at carmakers have been boosted by a shift towards larger vehicles as low fuel prices and a flurry of new products convince motorists to ditch traditional saloon cars for sport utility vehicles.
Orbital Access seeks listing lift for space ambitions: A Scottish start-up that is bidding to send satellites into orbit from the U.K. with a reusable rocket launcher is aiming to raise €5 million through a listing on Malta’s new junior market.
Carmakers grapple with China’s electric vehicle drive: Global carmakers are grappling with forthcoming rules requiring them to produce electric vehicles in China, the world’s largest car market.
U.S. media readies for deals sparked by new FCC rules: A regulator’s reversal of arcane channel ownership rules has left U.S. media companies jostling to consolidate America’s local television networks, setting the stage for a wave of deals.
Race for China’s $5.5tn mobile payment market hots up: China’s $5.5tn mobile payments sector — more than 50 times bigger than that of the U.S. — is being shaken up by one-time underdog Tencent, which is snatching market share from rival Alibaba.
Metro seeks higher valuation by splitting into two: Breaking up can create value. This, at least, is the contention of Olaf Koch, Chief Executive of Metro, who has majority backing from his shareholders to split the company in two in the middle of 2017.
Metro has ‘no plan B’ even as demerger faces legal challenge: The head of Metro, Germany’s largest listed retailer, has “no plan B” if a billionaire shareholder is successful in a legal challenge to its plans to split the company in two.
‘Escape room’ gaming group set to float on Aim: Escape Hunt is set to become the first “escape room” company to list on the London Stock Exchange next month, in a sign of the leisure activity’s growing popularity among consumers and businesses.
Apple shares hit new record ahead of quarterly results: Stock in the world’s most valuable company surged to a new record on Monday, as expectations run high for Apple ahead of the release of its quarterly results.
Tencent poised to launch virtual reality headset: Tencent is preparing to launch its long-awaited virtual reality headset later this year, according to people familiar with its plans, in a bid to dominate China’s fast-growing VR market.
Lex:
U.S. television M&A: out-Foxed: On Sunday, the Financial Times reported that Blackstone was exploring a partnership with 21st Century Fox to acquire Tribune Media. Tribune owns 42 local television stations that affiliate with the national networks. It had been suggested that Sinclair, another local station group, would acquire it as part of a broader redrawing of the cable, satellite and local television businesses. But all dealmaking in the sector had until now contended with rules designed to limit concentration.
Global Ports Holding: Innocents abroad: In his travelogue about cruising in the Mediterranean, Mark Twain warned that passengers’ illusions were often shattered once they set foot in destinations they had previously only dreamt about. Global Ports Holding, which serves cruise passengers and is set to price its London IPO on Tuesday, should take note.
Sony: ghosts in the machine: The company’s interests range from silicon chips and consumer electronics to a U.S. movie studio whose remake of Ghostbusters flopped in 2016. Sony’s full-year results, released after market close on Friday, made for poor viewing too. A $962 million impairment for Sony Pictures contributed to a 17.4% drop in profits before tax, to ¥251.6 billion. But the shares popped 3% on Monday, in response to plans for a financial sequel with greater appeal.
The Daily Telegraph
Premier League, Sky, Odeon and BFI join forces to fight Brussels’ copyright overhaul: The British entertainment industry has joined forces with its counterparts across Europe to attack moves in Brussels it claims will “severely erode” the “absolute cornerstone” of the film and television businesses.
Tesla prepares to update on car production rates that are crucial to its success: Tesla is set for another jump in sales as it ramps up production in response to growing demand for its electric cars.
Scottish whisky maker Loch Lomond bets big on China with distribution deal: One of Scotland’s oldest whisky producers is banking on rising Chinese appetite for scotch after signing a distribution deal with China’s biggest food company.
Apple’s cash reserves swell to $250 billion: Apple’s cash pile has swelled to over $250 billion (£194 billion), a sum greater than the combined foreign reserves of the British government and Bank of England.
Twitter shares jump 6% in one day after streaming news deal with Bloomberg: Twitter’s shares rose more than 6% on Monday after a report that the company is partnering with Bloomberg for streaming news, marking the stock’s third straight day of gains following strong results last week.
General Motors says it will become the first automaker to generate profit from electric cars: U.S. auto giant General Motors is poised to become the first manufacturer to make a profit from electric vehicles, a GM Executive predicted on Monday.
Boost in Aberdeen results could reshape merger, analysts warn: Aberdeen Asset Management is set to announce better than expected first-half results on Tuesday in a move City analysts say could transform the shape of its proposed £11 billion merger with Standard Life.
The Guardian
Britain’s energy supply is in jeopardy after Brexit, warn MPs: The future of Britain’s power supply has been jeopardised by Brexit and the government must act urgently to ensure nuclear power stations stay open, MPs have warned.
Google and Facebook bring in one-fifth of global ad revenue: Google and Facebook attracted one-fifth of global advertising spending last year, nearly double the figure of five years ago, research shows.
May Day report by MPs damns growing U.K. gig economy: Companies in Britain’s growing gig economy are forcing workers into bogus self-employment and free-riding on the welfare state, an influential committee of MPs has said.
German finance Minister hails progress in Greek economic reforms: Greece has received some rare praise for its reform push from Germany’s finance Minister, who has raised hopes that the debt-stricken country will get more bailout funds soon.
Smaller deposits raise hopes for U.K. first-time homebuyers: Easier access to mortgages with a small deposit has offered some glimmers of hope for first-time buyers struggling to get on to Britain’s housing ladder, according to a new report.
Chinese economy cools as key sectors continue to slow: China’s economy has shown more signs of cooling with key barometers from its manufacturing and services sectors dipping in April. The latest data comes as Beijing attempts to rein in a booming property market and rapid credit growth.
State-owned Swedish firm Vattenfall enters U.K. energy market: A state-owned Swedish company has become the latest European firm to enter the U.K.’s lucrative energy market, as Britain’s appeal to continental power suppliers shows no sign of abating after the Brexit vote.
Daily Mail
Sirius Minerals digs deep to mine in the Yorkshire Moors: Sirius Minerals is more than just another stock market-listed company. It is an adventure – a blend of British pioneering spirit at its best, mixed with thoroughly modern technology and a large dose of Australian perseverance.
Former U.K. energy Minister takes fourth oil job as deputy Chairman of Atlantic Petroleum: A former energy Minister has taken up a fourth lucrative job in the oil industry. Charles Hendry, who owns a £2.5 million castle in Scotland, has been made deputy Chairman of troubled explorer Atlantic Petroleum.
U.S. handbag giant Coach plotting to bag shoe maker Jimmy Choo in £1 billion takeover: New York handbag firm Coach is said to be plotting a £1 billion bid for shoe maker Jimmy Choo as it continues to target the U.K.’s luxury goods market.
Co-op Bank sale going to the wire and moving towards a second diminishing financial restructuring: A sale of the struggling Co-op Bank may be abandoned, forcing it to raise more cash from existing investors as a key deadline looms.
Able U.K. welcomes the arrival of cargo ship Pioneering Spirit: The world’s largest ship is due to arrive in Hartlepool carrying the 24,000-ton platform of one of Shell’s old North Sea oil rigs.
Daily Express
Hyatt Hotels boosted by U.S. holidaymakers taking advantage of weak pound: The Europe Chief of luxury hotel brand Hyatt has said the group had enjoyed a healthy first quarter in the U.K. this year, as the weaker pound attracted more visitors from across the Atlantic.
Co-op switches all their fresh meat to British-only: Co-op stores have switched all their fresh meat to British-only.
Murdoch’s Sky bid back in spotlight: Rupert Murdoch’s bid to take full control of Sky will come under fresh scrutiny this week when an influential group of politicians meets with Ofcom to express their opposition to the tycoon’s latest takeover attempt.
Rock music fan fights Viagogo over sky high concert ticket charges: It was no go with Viagogo, a rock music fan decided, after she saw the staggering price the online agency had charged her for concert tickets and costly extras.
Reasons for optimism as U.K. salaries on the rise: Advertised salaries have started to rise slightly after falling over the past year, research shows.
The Scottish Herald
Copylab expands U.S. city presence: Investment writing business Copylab is to open offices in New York and Chicago.
Plant hire business sold to staff in MBO: The owner of an Ayrshire plant hire company is to develop a garden centre and country park after selling the business in a management buyout backed by Royal Bank of Scotland.
Scotland is in line for data jobs boost: Scotland is building a global reputation as a “destination of choice” for data science companies to invest and develop their businesses, as the country’s data innovation centre declared 250 jobs will be created by the projects it supports.
Agents in bid to see Holyrood regulate profession: Glasgow online estate agency Walker Wylie has added its voice to calls for regulation of estate agents to be passed to the Scottish Parliament.
Superstores’ figures set to bring up issues of rising prices and downturn fears: Rising prices and fears of a consumer spending downturn are set to be key themes when supermarkets Sainsbury’s and Morrisons report figures this week. Under-pressure food sales will be in sharp focus when Sainsbury’s kicks off with its full-year figures on Wednesday.
The Scotsman
Data Lab doubles up with £70 million boost to economy: Scotland’s publicly funded innovation centre for data science is set to double its annual contribution to the economy to £70 million after ramping up the number of research projects it supports.
Hotels Chief warns over Brexit threat to workers: Luxury hotel group Hyatt has warned that “life could become very difficult” for the U.K. hospitality industry after Brexit if access to foreign workers is restricted.
Canny Scots steer clear of high-risk mortgage frenzy: Homebuyers in Scotland are steering clear of the risky mortgage frenzy amid fresh fears that many people across the U.K. could be over-stretching themselves.
Supermarket giants to test high street resilience: There can be little doubt that 2017 will prove to be a more challenging year for Britain’s retailers than 2016, which, in itself, was hardly a cause for much celebration.
Leadership organisation gets wealth firm Tcam onside: Wealth management firm Tcam has been announced as a new corporate partner for Entrepreneurial Scotland (ES), the leadership outfit that will stage its annual conference this week at Gleneagles.
City A.M.
U.S. President Donald Trump is plotting a move to break up Wall Street banks: Donald Trump is plotting a break-up of Wall Street banking giants, the U.S. President said.
Brockmans toasts the U.K.’s gin renaissance with record sales and big plans: The U.K. is the midst of a gin renaissance. Last year, gin sales at home and abroad smashed all records. In the U.K., sales broke the £1 billion mark for the first time while overseas more British gin was sold than ever before, worth almost half a billion pounds.
U.K. oil majors set to follow in Exxon Mobil’s footsteps and post profit surges after lift oil price rally: Oil majors BP and Royal Dutch Shell are set to unveil robust first quarter profits this week, boosted by a surge in oil prices since late November.
Oasis, Coast and Warehouse stores could close after sale to turnaround firm: Branches of Warehouse, Oasis and Coast could close after the brands are auctioned off to a new owner.
