The Times
Fund managers to ditch U.K. holdings over Brexit: More than half of Europe’s largest fund managers plan to cut their holdings in U.K. companies amid fears about the impact of Britain leaving the EU.
Raising the bar: Wandsworth acts to protect its pubs: The London borough of Wandsworth has become the first local authority in Britain to seek to formally protect its pubs from redevelopment in a move that could be replicated up and down the country.
William Hill bidders are ready to fold: A £3.4 billion bid for William Hill hung by a thread last night amid indications that Rank Group and 888 Holdings may be ready to throw in their cards.
Fed could put rates up next month: A Federal Reserve official has suggested that the U.S. economy is becoming strong enough to withstand a rise in interest rates as early as next month.
Petrol price increases push inflation to two-year high: Rising prices at the petrol pump helped to push up inflation to its highest level in nearly two years, according to the first set of official figures after Britain’s vote to leave the European Union.
Rail deal signals U.S. strength of Beatty: The U.K.’s largest contractor is betting that a £524 million contract to upgrade the high-speed rail line that connects San Francisco to some of the biggest companies in Silicon Valley can help to turn around its fortunes.
Karen Millen loses battle to use her name for trading: Karen Millen has lost a High Court battle with her old company to regain the rights to use her name in business. The fashion designer sold the retail chain she founded with her ex-husband, Kevin Stanford, to Baugur, the Icelandic investor, for £95 million in 2004.
Essilor has eyes on a new market: A large French lens maker has bought MyOptique Group, which operates websites such as Glasses Direct and Sunglasses Shop in the U.K., in a deal thought to be valued at about €140 million.
Miner cuts costs to take sting out of cheap copper: Antofagasta managed to outrun a falling copper price by cutting costs, but said that it did not expect prices to improve until 2019. The FTSE 100 copper producer, which operates in Chile, posted improved earnings despite revenue falling by 19% in the first half.
Pipe profits hit record level: One of Europe’s biggest makers of plastic piping has reported record results and says that the Brexit vote has had little impact on its business. Polypipe said its first half profits had risen 29% to just under £30 million.
Bank finds sellers for bond scheme: The Bank of England returned to the market yesterday for its latest purchases of long-dated U.K. government bonds. The central bank found plenty of ready sellers as it bought £1.17 billion of bonds with maturities greater than 15 years, despite being offered more than twice that amount.
The Independent
BT Boss accuses rivals of ‘Orwellian tactics’ over ‘Fix Britain’s Internet’ campaign: Gavin Patterson, the Chief Executive of BT, has written to rival broadband providers Sky, TalkTalk and Vodaphone accusing them of misleading customers with their “Fix Britain’s Internet campaign”.
World’s biggest banks already plotting mass exodus from London after Brexit: Big investment banks with their European headquarters in London will start the process of moving jobs from the U.K. within weeks of the government triggering Brexit, a faster timeline than their public messages of patience would imply, according to people briefed on the plans being drawn up by four of the biggest firms.
Theresa May writes conciliatory letter to Chinese President amid Hinkley nuclear deal spat: Theresa May has written to Chinese President Xi Jinping and Premier Li Keqiang to express her desire to enhance trade and strategic ties, after tensions emerged over the controversial Hinkley Point nuclear power plant.
Financial Times
U.K.’s big lenders would lose £12 billion in commercial property stress scenario: Royal Bank of Scotland has been identified by credit rating agency Moody’s as the bank with the most to lose from a crisis in the U.K. commercial property market.
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World’s biggest offshore wind farm given go-ahead: Ministers have given the go-ahead for the world’s largest offshore wind farm to be built off the Yorkshire coast in an area nearly a third of the size of Greater London.
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Royal Bank of Scotland cancels Infosys contract: Royal Bank of Scotland has cancelled a $300 million contract with Indian technology company Infosys after earlier this month dropping plans to launch Williams & Glyn as a standalone bank.
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Junk bond rally shrugs off Brexit risk: Investors could be forgiven for thinking that after Britain’s shock decision to leave the EU and upend the geopolitical status quo, the riskiest parts of the debt markets might have registered some concern.
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Beijing gives green light to Shenzhen-Hong Kong market tie-up: Beijing has approved a long-awaited stock trading link between Shenzhen and Hong Kong that will for the first time allow foreign investors to trade shares in some of China’s most sought-after technology companies and start-ups.
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Praxair makes move for German rival Linde: U.S. gas company Praxair is in talks to acquire Linde, a German rival, which would create the world’s largest supplier of industrial gas with a combined market capitalisation of more than $60 billion.
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Cornwall comes round to tin mine revival: The last Cornish tin mine to fall victim to a devastating price slump looks set for a rebirth. South Crofty in Redruth has been shut for almost two decades and most of its workings are flooded. But Strongbow Exploration, a Canadian company that bought it out of administration this year, is confident that industry economics support a restart.
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Univision set to purchase Gawker Media for $135 million: Univision is set to buy Gawker Media for $135 million, after the Spanish-language TV broadcaster trumped a rival offer in a bankruptcy auction for the online media group.
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India messaging app Hike raises $175 million from Tencent and Foxconn: Hike Messenger, an Indian rival to Facebook’s WhatsApp, has achieved “unicorn” status after Tencent and Foxconn joined a fresh funding round that valued the business at $1.4 billion.
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Lex:
Handelsbanken: a fine balance: As revenues are squeezed by ever lower interest rates, banks need to cut costs — while keeping customers happy and credit quality high. It is hard to do both. Frank Vang-Jensen, the CEO of Sweden’s Handelsbanken, was sacked on Tuesday after 18 months in office.
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Polypipe: insulated: High sales to the U.K., check. Exposure to construction, check. High-ish debt, check. These facets of Polypipe’s business appear chosen to brew the perfect Brexit short sale target.
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Praxair/Linde: heavier than air: Air may be free, but there is money in its constituents. Selling industrial gases such as nitrogen and oxygen has been a steady business for companies such as Praxair of the U.S.
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Lombard:
BHP’s mini-Macondo: Andrew Mackenzie does not want to get his life back. The reserved Chief Executive headlined 2016 results with BHP Billiton’s efforts to rehabilitate a Brazilian district devastated by a dam burst last year.
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The Daily Telegraph
City firms to face 100% fines for tax avoidance advice: City firms that help businesses run tax avoidance schemes could face huge financial penalties under fresh Government proposals. Banks, accountancy firms and lawyers could be forced to hand over underpaid tax if they are found to have broken the law.
Ford plans mass-market self-driving cars within five years: Ford has pledged to build a self-driving car for the mass market within five years as the car giant battles for pole position in the burgeoning technology which is set to revolutionise the automotive industry.
Hinkley Point not necessary to keep the lights on, says SSE Chief: The U.K. does not need EDF’s proposed Hinkley Point new nuclear plant as it has plenty of alternative options for keeping the lights on, rival energy giant SSE has said.
Morrisons sells U.S. grocer stake as it focuses on domestic market: Supermarket retailer Wm Morrison has sold its stake in U.S. online grocer FreshDirect for £45 million in a further dismantling of the legacy left by former Chief Executive Dalton Philips.
MBDA lands order to arm Britain’s new stealth fighters: Weapons business MBDA has secured a £184 million order to equip Britain’s new F-35 stealth fighters with missiles, securing jobs at the company’s Lancashire factory.
G4S close to Israeli business sale: Security company G4S is close to offloading its Israeli business in a $100 million (£77.1 million) deal, as plans to rationalise the firm continue.
ICE deal for Trayport under threat from competition probe: Intercontinental Exchange’s takeover of the City trading software company Trayport is under threat as a watchdog probes whether the deal undermines competition.
Iceland prepares to end currency controls: Iceland plans to significantly ease capital controls for individuals and companies, marking the end of a regime that was described as the crutch for the Icelandic economy following the 2008 crisis.
Rent-to-buy homes provider Rentplus lands more funding: Rentplus, a business that provides rent-to-buy homes, has secured further funding from Crestline, an American investment firm.
Handelsbanken ejects Chief Executive and promotes U.K. Boss: Swedish lender Handelsbanken has kicked out its Chief Executive and promoted its U.K. Boss to take his place in the top job.
The Guardian
U.K. rail fares to rise by 1.9%: Calls to reform the rail industry have intensified after news that fares would rise by 1.9% next year, prompting calls from Labour to take services into public ownership and a warning from the passenger watchdog that millions of commuters are not getting value for money.
Care home rooms now cost more than £30,000 a year: The financial pressure on older people and their families when trying to pay for social care is growing, with the average cost of a room in a care home now more than £30,000 a year.
Southern and Thameslink station staff vote in favour of strikes: Further strikes loom on Southern after station staff across the Govia Thameslink Railway (GTR) franchise voted for industrial action over ticket office closures.
Corbyn to launch transport campaign with rail pledges: Jeremy Corbyn is to renew his pledge to renationalise the railways and promise fare savings of up to 10% for passengers under a Labour government.
Daily Mail
British builder Balfour Beatty wins its biggest ever U.S. contract to transform 52-miles of Californian railway: Balfour Beatty has bagged its biggest-ever U.S. contract to transform a 52-mile stretch of Californian railway.
Santander warns Brexit vote ‘marked the end’ of stability for U.K. banks – a day after hitting customers with 123 account rate cut: Santander has warned that Britain’s vote to leave the European Union ‘marked the end’ of an era of stability for U.K. banks.
Daily Express
BHP Billiton slumps to record £4.9 billion annual loss: BHP Billiton has slumped to a record $6.4 billion (£4.9 billion) annual loss as it counts the cost of its foray into the U.S. shale gas industry and a dam bursting in Brazil.
Brexit boost: Germany wants to strike ‘special deal’ with Britain during speedy exit talks: Britain could win a “special deal” if Brexit talks are speeded up. A senior German minister is urging that the U.K. could secure a unique position in relation to the EU but warns negotiations must not be allowed to drag over detailed terms.
Merkel urges May to delay Brexit until after German election over fears of anti-EU feeling: Angela Merkel has desperately tried to convince Theresa May to delay Brexit until after the German elections because of fears it could encourage the success of the extreme right.
The Scottish Herald
Stockwell targets growth after funding boost: A Cumbernauld-based timber stair manufacturer has revealed plans to expand its workforce by nearly 50% after securing funding worth £240,000.
Faroe moves closer to Ula acquisition: Faroe Petroleum has moved closer to completing its acquisition of a 20% stake in the Ula field from Denmark’s Dong Energy.
Nick Laird is new mid-markets Boss at Bank of Scotland: Bank of Scotland has appointed a new regional Managing Director for mid-markets. Nick Laird succeeds Alasdair Gardner who has been appointed Head of Global Corporates, North America.
More job cuts possible at Wood Group with no end in sight to North Sea downturn: Wood Group Chief Executive Robin Watson has signalled it could cut more jobs in the North Sea where there is no sign of an end to the deep downturn triggered by the crude price plunge.
Keltbray Group acquires Dunne Group assets: Engineering firm Keltbray Group has acquired some of the assets of the collapsed construction business Dunne Group, which fell into administration on July 18.
Clydesdale launches Apple Pay for customers: Clydesdale Bank has introduced Apple Pay for its customers. The bank said the service is the latest digital innovation it has phased in to meet customers changing needs.
The Scotsman
Cairn Energy buoyed by ‘world-class’ Senegal discovery: Oil and gas explorer Cairn Energy has again raised its estimate of how much crude could be contained in its field off the west coast of Africa.
Stay of execution for remaining 57 BHS stores: Thousands of BHS workers have been given a stay of execution after it emerged that the department store chain’s remaining 57 shops will be kept open longer than planned.
Mackie’s has ice cream market licked as sales grow: Ice cream maker Mackie’s of Scotland has bucked an industry downturn with a healthy rise in its full year sales.
Menzies Chairman vows to tackle group’s ‘shortfalls’: The new Chairman of John Menzies today said he was pressing ahead with a review of its structure as he vowed to address “historic performance shortfalls” at the logistics group.
Wood Group lands $700 million contract as profits slide: Energy services giant Wood Group today reported a plunge in half year profits as it secured a $700 million (£542 million) contract in Kazakhstan.
City A.M.
Uber launches legal action over new London taxi rules: Uber has launched legal action against London’s transport regulator over new rules that threaten to limit its business in the capital, City A.M. can exclusively reveal.
Barnes & Noble boots out Chief Executive Ronald Boire: Barnes & Noble said today that its Boss would be leaving the bookseller, after its board decided he was not a “good fit” for the company.
Urban Outfitters jumps after posting surprise sales rise: Shares in Urban Outfitters jumped nearly 10% in after-hours trading on a better-than-expected set of quarterly results.
Direct Line abandons plan to offload part of its pension scheme: Direct Line has abandoned the potential offload of part of its pension scheme, following the conclusion of an internal review.
First-time buyers are worried the interest rate cut kills their chances of saving for a deposit: One fifth of 18 to 34 year old prospective buyers say they will find it difficult to save for a deposit due to the recent cut in interest rates.
Car dealerships are positive about what is in store for the rest of 2016: Two-thirds of car dealerships said they expected to either stabilise or grow profits during the rest of 2016 despite the “uncertainty” created by the Brexit vote.
Bayer-Monsanto: Biggest deal of 2016 expected to turn hostile if no agreement is found: German chemicals company Bayer is expected to turn its Monsanto takeover attempt hostile if its latest offer comes to nothing.
U.S. housing market lifts profits at DIY giant Home Depot: The strong U.S. housing market lifted second quarter sales and profits at the world’s largest DIY retailer, Home Depot.
Qatari bank with largest stake in U.K. broker Panmure Gordon to review portfolio after Brexit vote: Qatari investment bank QInvest, the largest shareholder in U.K.-based stockbroker Panmure Gordon, will be “carefully reviewing and stress-testing” its portfolio after the Brexit vote.
