The Times
Caravan parks sale on blocks thanks to staycation boom: Caledonia Investments is said to have shelved plans to sell one of Britain’s biggest caravan park operators as the tourism industry predicts a post-Brexit boom in staycations.
NBC’s $12 billion Olympics bet up in the air: America may have topped the Olympics medals table, but when it comes to TV ratings the U.S. broadcaster NBC lost in Rio with prime-time viewership down by 17% compared with the London 2012 Games (Alexandra Frean writes).
Students hit by decline in summer jobs: The days of students pulling pints, stacking shelves or working behind tills during the holidays are vanishing, according to a report which warns that summer jobs are in a “long-term decline”.
Supermarket price war would kill profits: Sugar crunches underfoot in the baking aisle and crates of empty boxes clutter the shop floor, but Aldi in Brighton is teeming with customers on a Friday afternoon.
Oil falls as hopes of output freeze fade: Oil prices dropped back beneath $50 a barrel as signs of increasing production took the heat out of last week’s rally.
China takes control of North Sea oil drilling: China has become the largest crude oil operator in the North Sea despite boasting that it uses deep-water oilrigs as strategic weapons.
Swedish PM warns May tax cuts would complicate Brexit talks: Senior Conservatives reacted with anger after a European leader warned Theresa May that handing a tax cut to businesses would make Brexit negotiations “more difficult”.
The Independent
Pfizer to buy cancer drug maker Medivation for $14 billion: Pfizer announced it will acquire cancer drug company Medivation in a deal worth nearly $14 billion (£10.6 billion).
Brexit: Infrastructure spending falls by 20% after EU referendum: Spending on infrastructure in the U.K. has declined sharply since the country voted to leave the EU, new figures have shown.
House prices to fall in 2017 as Brexit uncertainty takes hold: A weaker economy caused by the uncertainty following U.K.’s vote to leave the EU is likely to push house prices down next year, Britain’s largest estate agent has predicted.
Financial Times
Investors signal revolt at Sports Direct: Several investors in Sports Direct have signalled they are likely to vote against its Chairman amid new scrutiny of business practices at the retail empire founded and majority owned by billionaire Mike Ashley.
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Two top asset Managers to drop staff bonuses: Two prominent U.K. asset Managers have decided to stop paying Executive bonuses, as pressure mounts on the investment industry to rethink the way it rewards top employees.
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Australia’s Fortescue bucks dreary conditions for miners: Australian iron ore miner Fortescue has shrugged off low commodity prices to more than double its full-year net profit, rewarding investors with a sixfold dividend increase.
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Eon’s Uniper loses €3.9 billion in first six months of 2016: Uniper, the newly-created power company spun out of German utility Eon, revealed a net loss of €3.9 billion for the first half of 2016, largely due to write-downs on its power generation and gas storage assets.
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Circle Holdings wins NHS services deal in London: Circle Holdings, the private healthcare company that last year pulled out of a contract to run an NHS hospital, has now won a £74 million a year deal to provide orthopaedic services in London.
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Kingspan shares rise on back of best ever 6-month trading: Shares in Kingspan, the Irish building supplies group, rose 5% on Monday after its strongest ever six-month trading period on the back of a recovery in European construction markets.
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Japan’s Renesas considers bid for U.S. rival Intersil: Renesas Electronics, the world’s third-largest producer of automotive microchips, is considering acquiring U.S. rival Intersil amid a flurry of consolidation in the global semiconductor industry.
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Lex:
Renesas/Intersil: empty the nest: According to reports on Monday, Renesas would like to purchase U.S. chipmaker Intersil for about $3 billion. It is a combination with little industrial or financial sense.
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Viacom: New Boss same as old Boss: Over the weekend, Viacom resolved its tawdry C-suite battle between management and the Redstone family that controls the company. Embattled Chief Executive Philippe Dauman chose to step aside as multiple lawsuits between the company and Redstone were settled.
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Pfizer/Medivation: combination therapy: There is a grim symmetry between the challenges pharmaceutical companies face and the treatments they sell. Both are often about staving off decline. Whereas cancer drugs measure “progression free survival”, big pharma is rated by how it copes with falling sales as patents expire.
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Lombard:
Gulf mixer turns Chinese fixer: The independent corporate financier and investor is the linchpin in a proposal for a Chinese group to invest in Liverpool Football Club. She is, meanwhile, suing Barclays over a £7.3 billion cash call in 2008, in which she invested alongside Gulf billionaires.
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Look mum, no bonus: The view from the moral high ground is fantastic, not least of oneself. Woodford Investment Management says it will pay no bonuses to staff. Nor will bonuses be payable to Executives at the investment trust Daniel Godfrey, ex-Boss of the Investment Association, plans to create.
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The Daily Telegraph
Damac’s new tower in Nine Elms to be built in £200 million deal with Lendlease: Dubai-based property developer Damac has signed a £200 million deal with Lendlease to build its new tower in London, signalling a vote of confidence in the post-Brexit newbuild market.
‘Last resort’ power plan scrapped as businesses decline to cut their usage: Plans to help keep the lights on this winter by paying big businesses to cut their power usage during weekday evenings have been scrapped after National Grid failed to find enough willing participants.
Egdon boosts stake in North Yorkshire gas field with shale potential: Egdon Resources has increased its stake in a gas exploration and production licence near Redcar in North Yorkshire, where it sees the potential for future shale drilling.
Team GB’s flashing shoes from Olympics closing ceremony set to give British design company a leg up: The public could soon be wearing Team GB athletes’ flashing shoes after the company that produces them was swamped with expressions of interest.
China caught in ‘dead money’ trap as central bank pleads for fiscal stimulus: China is at mounting risk of a Japanese-style “liquidity trap” as monetary policy loses traction and the economy approaches credit exhaustion, forcing a shift towards Keynesian fiscal stimulus.
HSBC thinks Theresa May will go on a £50 billion spending splurge: The government could borrow an extra £50 billion to go on an infrastructure spending spree in a bid to pep up the economy, economists at HSBC believe.
The Guardian
Passengers could be charged £25 for failed claims against airlines: Passengers of easyJet and British Airways, and the U.K.’s biggest package holiday operators, could be charged £25 if they make a complaint about delays, cancellations or lost baggage that is subsequently not upheld.
More than 1.5 million U.K. households in extreme debt, says TUC report: About 1.6 million U.K. households are living in extreme debt, according to a report by the TUC, which says official figures underestimate the intense burden of repayment on many families and individuals.
Calls for more pension advice after study raises concerns over future plans: More than half of people who have taken money out under pension freedoms have not planned for future care costs, a new study shows.
Top fund Manager Neil Woodford scraps staff bonuses: One of the U.K.’s most respected fund Manager is to scrap bonuses at his firm, in a challenge to the conventional City wisdom that bonuses are essential to motivate staff.
VW supplier clash stops output at six plants: Volkswagen has been thrown into another crisis after a dispute with a supplier forced it to halt production at six plants and cut the hours of nearly 28,000 workers.
Daily Mail
China closes in on megadeal takeover of Swiss seeds and pesticides giant Syngenta: China has moved a step closer to its biggest overseas takeover after regulators in the U.S. cleared its proposed acquisition of a Swiss seeds and pesticides giant.
We’ll be sending tourists into orbit by 2021, claims Boss of Manchester-based firm: A British space travel company will send a manned rocket into space within the next five years, according to its Boss.
Last 35 BHS stores to close this week after 88 years on the High Street: BHS’s 88-year run on the High Street will come to an end this week when the final stores close their doors.
Overseas tourists splashing out in U.K. and more Britons opting to holiday at home fuels spending boom: Tourists are flocking to the U.K. to take advantage of the weak pound – fuelling a spending boom.
Daily Express
Almost two thirds of savers who raided pension funds have no plans for care: Pension savers are plundering their retirement pots without planning ahead for the cost of any care they might need in old age.
Cut company tax and talks will be ‘more difficult’, May warned: European leaders have threatened to make Britain’s exit from the EU more difficult if Theresa May’s Government cuts corporation tax.
Top London home values to crash by up to 6% this year, say experts: House prices in London’s wealthiest areas are set to tumble by 6% this year, as the market finally runs out of steam after years of astronomical growth, according to one estate agent.
The Scottish Herald
French tyre giant invests in Dundee plant despite Brexit vote: The Boss of the giant Michelin tyre plant in Dundee has said its French Owners have provided reassurance they value the operation and ‘voted with their feet’ by approving a £15 million investment following the Brexit vote.
Inverarity brings long-standing rival Calder on board: Scottish drinks wholesaler Inverarity Morton has appointed former long-standing rival Brian Calder to its board.
Craft growth is in the can for Harviestoun: Harviestoun Brewery has secured listings in scores of Tesco and Sainsbury’s stores in Scotland for canned versions of its award-winning beers after doubling its production capacity and introducing new brewing formats at its Clackmannanshire base.
Highland firm to bring ultra-fast internet to Glasgow businesses: Highlands internet service provider HighNet has teamed up with fibre network provider CityFibre in a bid to transform Glasgow into a so-called Gigabit City like Aberdeen and Edinburgh.
AA to offer mortgages to members: The AA is pushing into the mortgage market by offering a range of products to its members.
Baillie Gifford hires Assure for forensic IT insight: Baillie Gifford has appointed Edinburgh-based APM Assure to give the investment house greater forensic insight and control of its IT systems.
RBS facing action over restructuring unit this year: A group representing more than 140 small businesses has declared its intention to launch a £1 billion legal action against Royal Bank of Scotland over alleged mistreatment by its Global Restructuring Group before the end of the year.
The Scotsman
Accessories brand Nu Blvck eyes £15,000 funding: A fashion accessories brand set up by two young Scottish entrepreneurs earlier this year is looking to raise at least £15,000 by early September to progress its e-commerce platform and business model.
Gender salary gap widens for 12 years after first child born: Women who have children earn a third less than male counterparts by the time their offspring have started high school, a report has revealed.
Contactless card transactions top 2015 in first half of year: A growing number of shoppers are using contactless cards for payments – with the value of contactless transactions this year already topping the level seen in the whole of 2015.
City A.M.
Bank of America escapes $1.3 billion fine after court declines to go back on decision: Bank of America has dodged a $1.3 billion (£990 million) fine, after a U.S. court decided to drop the issue.
Sadiq Khan’s plans to build affordable homes on TfL land have been thrown into doubt by questions over the sales process: Sadiq Khan’s hopes of forcing developers to build up affordable homes on former Transport for London property have been put in doubt by requirements on getting value for money on land deals.
Wonga to get a new U.K. Boss: Payday lender Wonga is due to get a new U.K. top dog. Former Travelex Executive Tommy Jordan is set to head up the business’ U.K. operations, replacing Tara Kneafsey.
Baltic Exchange to keep London HQ as it agrees terms of Singapore takeover: The Singapore Exchange has agreed the terms of its takeover of the City of London-based Baltic Exchange.
E-cigarette tax should be zero: IEA think tank: Excise taxes for e-cigarettes and other healthier alternatives should be set to zero, according to the influential Institute of Economic Affairs think tank.
Steve Wynn opens doors on new Macau resort: Casino tycoon Steve Wynn has opened the doors of his latest resort in Macau. Wynn Palace, which is located in Cotai, cost $4.2 billion (£3.2 billion), boasts an eight-acre Performance Lake and fountain show and houses an art collection that was collated over a six-year period and is worth over $125 million.
U.K. jobs rebuffed Brexit woes in July, finds Robert Walters: The U.K. jobs market warmed up throughout July, as employers got back into action following the Brexit vote, research from one specialist recruitment consultancy has found.
Panama’s banking system grows by more than $4 billion in first half of 2016, but profits drop thanks to new red tape: Panama’s government has revealed assets held by its banking system had grown by over $4 billion (£3.1 billion) in the first half of the year alone, as the country continues to work towards more transparency in its financial services sector.
TalkSport Owner reports falling profits ahead of takeover by Rupert Murdoch’s News Corp: Wireless Group, which has agreed a deal to be sold to Rupert Murdoch’s News Corporation, has reported falling profits in the first half of 2016.
Rents on high-end homes have gone down in the aftermath of the Brexit vote and the stamp duty tax hike: Lettings in the high-end of London’s property market have been “subdued” in the second quarter of the year due to both a fall in demand and an increase in supply.
