The Times
Libor reform ‘will make rigging of markets more profitable’: Measures to reform Libor could make it even more profitable for traders to rig borrowing rates, academics have warned.
Wages clock up for smart-meter fitters: Wages are rising steeply for engineers who install smart meters as energy companies struggle to recruit enough staff, threatening to further inflate the costs of the £11 billion scheme.
BHS scandal returns to haunt Sir Philip Green after liquidator lodges Arcadia lawsuit: Sir Philip Green faces being dragged back into the BHS scandal after the liquidator of the collapsed chain began legal action against his Arcadia Group.
Seven arrested in Serious Fraud Office’s investigation of trader Balli, linked to Lord Lamont: Seven people have been arrested as part of a Serious Fraud Office investigation into the collapse of an Anglo-Iranian commodities trader connected to Lord Lamont of Lerwick, the government’s trade envoy to Iran.
Osborne loan scheme for small businesses has ‘dismal’ start: A campaign to boost competition in small business lending helped only 230 companies in its first nine months. The scheme, which obliges nine of the U.K.’s biggest banks to refer companies rejected for loans to alternative lenders, resulted in less than £4 million of finance being provided.
Telit set to oust ‘fugitive’ Boss Cats: Oozi Cats, the Telit Communications Boss who was alleged last week to be a fugitive from U.S. justice, is expected to be formally ousted this week.
Junkyard Golf tees up for nationwide expansion: Going to the pub is no longer enough. These days young people are seeking out bars attached to leisure pursuits such as darts, table tennis and tenpin bowling. Welcome to the world of “competitive socialising”.
Sewtec sews up management buyout at onetime Singer design house: A British robotics company which began life in the 19th century as the design house for the sewing machine manufacturer Singer has completed a management buyout as it seeks to expand into new markets.
Profits rise but business confidence nosedives: Confidence among British businesses has fallen sharply amid mounting concerns about the domestic political backdrop and evidence that a weaker pound has failed to deliver a significant boost to exports.
The Independent
Drink-fuelled air rage still threatening safety, say cabin crew: A year on from a new code of conduct designed to curb drunkenness on planes, cabin crew report it has had little effect. The voluntary code was agreed between the police, airlines, airports and airport retailers to “minimise disruptive passenger behaviour”.
British pensioners rushing to settle in EU countries ahead of Brexit: British pensioners and people taking early retirement are flocking to settle in European countries ahead of Brexit, amid fears this will become more difficult once freedom of movement ends.
Holidays bought on internet to get same legal protection as travel agent bookings – thanks to EU: Holidaymakers who book trips on the internet are being promised protection if their travel firm goes bust – but only so Britain complies with a European Union crackdown.
Rail fares have increased ‘twice as much as wages since 2010,’ according to new research: Rail fares have increased twice as much as pay since 2010, according to new research ahead of news on how much prices will go up next year.
Financial Times
Gerhard Schröder nominated to Rosneft’s board: Gerhard Schröder, the former German Chancellor, looks set to deepen his already close ties with the Russian energy sector, after he was nominated as an independent Director to the board of state-controlled oil company Rosneft.
Chevron prepares to confirm commitments to North Sea fields: Chevron is preparing to reconfirm its commitment to the North Sea, restarting a bidding process to help unlock the region’s single biggest undeveloped field and considering extending the life of one of its main assets in U.K. waters.
Saudi Aramco’s value at risk from climate change policies: The valuation of Saudi Aramco, which is planning its initial public offering for next year, could be greatly cut by policies to address the threat of global warming, an environmental campaign group has warned.
Europe’s financial watchdog pressed to investigate asset manager fees: Europe’s financial watchdog is being urged by Ireland’s central bank to carry out a major probe into how asset managers disclose fees charged to investors, with concerns mounting that consumers are being misled.
Baillie Gifford plans to use AI to improve fund performance: Baillie Gifford has launched a project exploring how to harness artificial intelligence to improve the performance of its funds, becoming one of the first traditional investment companies to push into an area traditionally dominated by hedge funds.
Lloyds to push deeper into wealth management sector: Lloyds Banking Group is planning a big push into the wealth management market as part of its next three-year growth plan, to take advantage of sweeping pension reforms in the U.K.
Israel Aerospace Industries hunts for U.S. acquisitions: Israel Aerospace Industries, the country’s top-selling defence group, is on the hunt for takeover targets in the U.S., according to its Chief Executive Joseph Weiss.
Delivery Hero shifts up gear as Amazon threat looms: Amazon could be a threat, says Lucas Boventer, an analyst at Warburg Research. “But Delivery Hero has first-mover advantage and that’s a big benefit to them. They also have a broader geographical footprint than their rivals.”
Sky broadband numbers fall in final months of financial year: Sky lost customers in the broadband market in the final quarter of its financial year, according to industry data, ending a growth run dating back more than a decade.
Maersk Chief sees further deals in shipping container industry: Container shipping groups will continue to do deals, leaving only five or six survivors in an industry that two years ago had 20 players, according to the Chief Executive of AP Moller-Maersk, the sector’s dominant company.
The Daily Telegraph
Government holds crunch talks with industry giants over the future of British nuclear energy: The key nuclear power players have been called in by the Government for crunch talks on plans to meet Britain’s energy demands with new small reactor technology, amid mounting fears over delays and Whitehall paralysis.
British Gas price hikes pushes energy switching to record high: British Gas’s price rise propelled energy switching to its highest ever rate on one of the country’s biggest comparison sites.
Prepare for negative interest rates in the next recession, says top economist: Negative interest rates will be needed in the next major recession or financial crisis, and central banks should do more to prepare the ground for such policies, according to leading economist Kenneth Rogoff.
Legal & General circles Prudential annuity business: Legal & General is preparing to go after a slice of Prudential’s £45 billion annuity business amid speculation over a potential break-up of the insurance giant.
Shoppers shun high street amid wet and stormy weather: British retailers missed out on a sunshine boost last month as shoppers shunned the high street during heavy storms and rain.
British businesses brace for darker days as shoppers run out of cash: Businesses and investors are braced for a spending slowdown as those who have kept up a shopping spree in the last year run out of “borrowed time and borrowed money”.
G4S defends restructuring plans amid limited progress: G4S has defended its restructuring plans as its own figures show that, three and a half years into a transformation, it has completed only a quarter of the planned changes in some areas.
Lithium start-up finds backers for Cornish project: Claims that Cornwall is sitting on a multibillion-pound lithium bonanza are due to be tested after a start-up project that plans to drill for the metal raised £1 million from a trio of experienced mining investors.
Downsizers and renting millennials see Schroders move into self-storage: Downsizing baby boomers and young people who cannot afford their own home have increased demand for self-storage units, prompting Schroders to invest for the first time.
The Guardian
Half of landlords in one London borough fail to declare rental income: Up to 13,000 landlords in just one London borough have been identified as failing to declare their rental income, prompting estimates that unpaid tax in the capital is costing the public purse nearly £200 million.
Rise of electric car solves little if driven by fossil fuels, warns windfarm Boss: The rise of electric cars will be a pyrrhic victory for the environment if they are powered by fossil fuels instead of renewables, according to the U.K. Boss of the world’s biggest offshore windfarm developer.
U.K. inflation tipped to rise again with wages forecast to stagnate: The squeeze on cash-strapped British households is expected to be illustrated this week by official figures likely to show that inflation picked up last month, outstripping growth in pay packets.
Fairtrade Chief defends cocoa sourcing scheme with Cadbury owner: The Chief Executive of the Fairtrade Foundation has defended a controversial partnership with Cadbury owner Mondelēz and the creation of a rival sustainable cocoa sourcing scheme.
Bell Pottinger faces hearing over claims it stirred racial tension in South Africa: Bell Pottinger, the public relations company founded by Margaret Thatcher’s spin doctor Lord Bell, will on Friday be hauled before the public relations and communications association (PRCA) disciplinary committee over allegations it ran a secret campaign to stir up racial tension in South Africa on behalf of billionaire clients.
Daily Mail
Top BT shareholder calls for Boss Gavin Patterson to quit over £530 million accounting scandal: A top shareholder has called for BT Boss Gavin Patterson to quit following a £530 million accounting scandal in Italy.
Corrupt corporate fixers targeted in international crackdown as new bribery laws come into play: The Serious Fraud Office and other law enforcement agencies are targeting the actions of middlemen who have been used by U.K. firms for decades to help set up deals in Asia and Africa.
How Purplebricks Executive sold £288,775 of stock days before BBC probe sent online estate agent’s shares plunging by 7%: An Executive at online estate agent Purplebricks sold £288,775 of stock just days before a BBC investigation sent shares plunging. Lettings Director Richard Jacques flogged 60,000 shares on July 27 and 31, stock market filings have revealed.
Top London hotels Claridge’s, the Connaught and the Berkeley are boycotted by super-rich Saudis because of their Qatari ownership: Super-rich dignitaries from the Gulf states are boycotting some of London’s best-known hotels because of their Qatari ownership. The tiny Arab nation is locked in a bitter dispute with neighbours, including UAE, Bahrain, Egypt and Saudi Arabia, over allegations it supports terrorists.
Netflix loses its crown as online rivals muscle in with Amazon Prime boasting almost 2 million more viewers: Online video company Netflix is facing an uphill battle to boost viewer numbers as rivals circle, analysts have warned. City insiders believe the company now has 6.1 million U.K. customers – a figure thought to have been static since Christmas, despite Bosses spending billions of pounds on a string of programmes.
Soaring profits at U.K.’s biggest firms with food retailers cashing in more than £100 billion in sales: Britain’s biggest businesses have posted their best profits since 2012 in a fresh sign of the economy’s resilience.
Daily Express
Lower unemployment unlikely to affect pay growth: Pay growth is likely to remain weak despite falling unemployment, with wage rises over the next year expected to be 1%, according to a new report.
Pound to drop below the euro – weakened by threat of Labour victory, bank predicts: The pound is to continue falling in value and drop below parity with the euro early next year, one of the world’s largest investment banks has predicted, citing the threat of a Labour victory as a major reason.
HMRC wrongly hunts one million taxpayers for late filing penalties: Up to one million innocent people have been wrongly chased for late tax returns, it has emerged.
The Scottish Herald
Firms in hiring mode as expansion accelerates: Growth of Scotland’s private sector economy accelerated sharply in July to its fastest pace in 33 months, and employment increased significantly, a survey has revealed.
Kingfisher to post fall in B&Q sales amid slower property market after Brexit: B&Q is expected to report a slump in sales this week as a slowing housing market drags on its U.K. performance.
Challenges of life afloat prompt technology tyro to start business in Edinburgh: BLACKBX is a cloud-based Wi-Fi management software that we think makes setting up and maintaining Guest Wi-Fi easy and affordable for business owners.
Oil firm in $4.55 million deal to help speed growth: The Trinity Exploration and Production business which runs its corporate development function from Edinburgh is selling its assets off the west coast of Trinidad and Tobago for $4.55 million (£3.5 million).
Scottish shell firm fronting for online payment system shuts down: A Scottish shell firm used as a front for an online payment system in the ex-U.S.SR has been dissolved days after it was due to reveal its true owners.
Scottish shops suffer ‘rather cheerless’ summer trade: Scots have stayed away from shops over this summer amid high personal borrowing and continued failure of real incomes to recover from the financial crash a decade ago.
The Scotsman
Nicola Sturgeon joins criticism of Clarks’ ‘sexist’ shoe range: Footwear firm Clarks has sparked a sexism row after naming a girls’ shoe range Dolly Babe and a boys’ line Leader.
Philip Hammond accused of caving to hard line Cabinet Brexiteers: Chancellor Philip Hammond has been accused of caving in to hard line Cabinet Brexiteers after accepting Britain will withdraw from the European single market and the customs union when it leaves the EU in 20 months’ time.
City A.M.
Tax bill for U.K. holidays reaches £3.1 billion as calls grow for government to slash air passenger duty: The treasury is set to rake in £3.1 billion this year from British holidaymakers, according to new calculations by the TaxPayers’ Alliance (TPA).
Online retailer Hut Group worth £2.5 billion as funding round more than doubles valuation: Online lifestyle retail firm The Hut Group has added another brand to its portfolio after closing in on a valuation of £2.5 billion through a new funding round.
Tesco, Boots, BT and more ignored over reforms to business rates appeals system: The row over business rates has erupted again after it emerged the government ignored the concerns of businesses as it pushed through reforms to the appeals system.
Asda’s sales set to rise as Walmart-owned grocer makes gains against discounters: Asda is set to report a bump in sales this week after three years of dismal quarterly figures. The grocer, which has been losing market share to German discounters Aldi and Lidl, is likely to report sales growth of between 1% and 2% on a like-for-like basis, according to the Telegraph.
Hilton Hotels backs U.K. tourism with plans for more than 30 British hotels: Hilton Hotels and Resorts has confirmed plans for the addition of more than 30 U.K. hotels in the next few years, as the global brand invests in the British hospitality and tourism industry.
Barclays to close dozens of branches across the country this autumn: Barclays is planning to axe dozens of branches across the country this autumn, City A.M. has learned. The bank currently has more branches than any other bank in the U.K., with around 1,300 outlets.
