Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 260816

The Times

All Nippon Airways engine problem hits Rolls-Royce: Japan’s largest airline, All Nippon Airways, said that it had been forced to cancel up to 300 flights over the next month while it investigated a problem with the Rolls-Royce engines in its fleet of Boeing 787 Dreamliners.

Investors raise stakes in challenge to Sports Direct board: One of the City’s most influential investor groups, whose members manage £14 trillion of assets, has called on Sports Direct to reform fundamentally its corporate governance as shareholder pressure mounts on Mike Ashley’s sportswear group.

Bell steps aside from PR company he founded: Bell Pottinger announced his abrupt departure in a short press release, saying that Lord Bell, 74, “would like to step back from the day-to-day running of the business”.

Playtech stalking rivals as investors hit £150 million jackpot: Playtech, the Israeli gaming technology company, is betting on further acquisitions to drive growth even after reaching deep into its war chest to pay investors a jackpot in the form of a special dividend worth about €150 million.

Burberry Chief casts off shares: Burberry’s Chief Executive and Chief creative officer has sold nearly 19,000 shares worth £253,500.

Luxury going out of fashion as Tiffany’s sales fall further: Tiffany reported its seventh successive quarter of falling sales but profits unexpectedly rose as the luxury retailer succeeded in keeping a lid on expenses.

Volkswagen bows to U.S. dealers: Volkswagen has reached a settlement with hundreds of car dealers in America who had threatened to sue it in April over losses they allegedly suffered in its diesel emissions scandal.

The Independent

Brexit fails to stop U.K. shoppers spending as retail sales beat expectations: British shoppers have shrugged off uncertainty caused by the U.K.’s vote to leave the EU with retail sales growing at their best level in six months, pushed by the summer weather and foreign visitors lured by a weaker pound, according to a survey by the Confederation of British Industry (CBI).

U.K. car industry ‘booming’ with more than a million vehicles built this year: The U.K. built over a million cars in the first seven months of the year for the first time since 2004. The Society of Motor Manufacturers and Traders (SMMT) said output was up for the twelfth month in a row, with 7.6% more cars made than in July 2015.

UberEats couriers to strike in London over pay dispute: Hundreds of couriers for UberEats, Uber’s food delivery service in London, are planning an all-day strike on Friday over low pay, in the latest sign that unrest among workers in the sharing economy is growing.

Domino’s Pizza to introduce drone delivery service in New Zealand: New Zealand led the world when it gave women the vote and introduced inflation targeting. Now it’s claiming another world-first: pizza delivery by drone.

Financial Times

Apple signs music streaming deal with EE: Apple has signed a deal with Britain’s largest mobile phone network to offer its music subscription service free for six months as it raises the pressure on Spotify by teaming up with telecoms providers.

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Spire bets NHS funding gap will push patients into private care: Spire Healthcare is investing £190 million in new hospitals, wards, and operating theatres as it bets that an NHS funding squeeze will push more British patients into its private facilities.

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PizzaExpress sales dip reflects ‘broader slowdown’ in casual dining: PizzaExpress has suffered lukewarm sales over the past year, as the private equity-owned restaurant chain continues to be hit by consumers opting against eating out and instead preferring to use mobile apps to order in.

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M&S shares advance on high hopes over food: Marks and Spencer was a standout gainer on Thursday after Morgan Stanley, its joint house broker, argued that investors should be viewing it as “a very successful food retailer, with a clothing business attached”.

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Portugal and EU reach deal to recapitalise Caixa Geral de Depósitos: Portugal’s largest bank could face difficulties in raising €1 billion from private investors as part of a €5 billion recapitalisation package agreed with the EU, institutional investors warned on Thursday.

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Shares in Kenyan banks hit after interest rate cap move: Shares in Kenyan banks suffered their worst falls in years on Thursday as investors reacted to President Uhuru Kenyatta’s unexpected decision to sign legislation capping interest rates on loans and deposits.

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Prudential of the U.S. warns of ‘systemic risk’ from low bond yields: The Chief Executive of Prudential’s $1 trillion asset management arm has said low interest rates have led to “substantial systemic risks” for the financial system, adding to the chorus of big investors concerned over the swelling universe of negative yielding debt.

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NordLB faces ‘considerable’ loss as shipping loan troubles bite: NordLB warned on Thursday that it was facing a “considerable” loss this year, after taking another hefty round of provisions against losses on its shipping loan portfolio.

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Nordea and DNB to combine Baltic operations: Sweden’s Nordea and Norway’s DNB plan to combine their operations in Estonia, Latvia and Lithuania to create the second-biggest bank in the Baltic region.

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Muddy Waters claims device maker vulnerable to hackers: Muddy Waters, the hedge fund, on Thursday claimed that a pacemaker manufacturer’s life-saving devices are vulnerable to hackers, the first time a shortseller has publicly used alleged cyber security vulnerabilities to put pressure on a stock to fall.

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Vivendi sets out to slash €300 million of costs at Canal Plus: Vivendi has launched a €300 million cost-cutting plan at Canal Plus as part of efforts to turn round the lossmaking French channels of its pay-TV unit and return it to break-even by 2018.

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Lex:

Muddy Waters-St Jude: heart attack: For its short position in Noble Group, Muddy Waters deployed former CIA spies to analyse the energy company’s management. Now it is using a cyber security firm and a cardio electrophysiologist to allege that St Jude Medical makes pacemakers that can be hacked and should be recalled.

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Brexit: apocalypse, no: The charts of economic data refuse to show the expected right-angled precipice. Company statements — pace London estate agents — have not registered much of a Brexit effect. Sure, there are some nasty survey results, but surveys are a bunch of guesses. Out on the high street, shoppers continue to open their wallets.

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Mylan: pen is not mightier: American consumers forking out more for their healthcare is a feature not a bug of the system that is growing more efficient. But the backlash against transparent costs will not be shared equally between the ostensible villains.

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The Daily Telegraph

North beats South as U.K. house price divide narrows: A shift in house price momentum is underway in the U.K., as southern cities start to slow down with the north taking their place at the top of the leaderboard.

EE teams up with Apple Music in bid to undermine Spotify: BT’s mobile arm, EE, has become the first British operator to bundle Apple Music with mobile contracts in a move to designed to increase subscriber loyalty and help the iPhone maker’s music streaming app challenge Spotify.

News organisations could charge Google to show stories in Brussels copyright shake-up: News organisations in Europe will be given the right to charge internet giants such as Google to link to their content in a major shake-up of copyright reforms planned by Brussels.

Energy price surge to hit independent suppliers: The U.K.’s burgeoning independent energy supply market is braced for a heavy hit as rocketing market prices make it harder for the smaller companies to compete against larger energy rivals.

Sports Direct faces L&G anger as City turns the screw on corporate governance: Legal & General, the U.K.’s biggest pension fund Manager, has come out swinging against Sports Direct by revealing it will vote against the retailer’s Chairman and all its non-Executive Directors at the sportswear chain’s meeting next month.

BHP Billiton spin-off South32 eyes commodity rebound as it reports maiden loss: Commodity prices have probably turned a corner, the Boss of mining group South32 has said, as the company reported a loss in its first set of results since splitting from BHP Billiton.

The Guardian

Uber lost at least $1.27 billion in first half of 2016 – report: Ride-hailing giant Uber Technologies lost at least $1.27 billion before interest, taxes, depreciation and amortization in the first six months of 2016, Bloomberg reported, citing people familiar with the matter.

Theresa May announces £40 million fund to boost post-Brexit U.K. tourism: Theresa May has pledged Brexit will create “real opportunities for growth” in the tourism sector as she announced a new £40 million fund for tourism projects across the country, though just one of the projects which have won funding so far is based in the north of England.

Retail sales growth expected to slow after summer bounce: Warmer weather and an influx of tourists helped retailers recover from their post-Brexit blues, but there are clear signs that sales are expected to slow in the autumn.

Daily Mail

FTSE 250 soars to a 14 month high closing more than 20% above its post-Brexit low: Britain’s FTSE 250 index closed above the 18000 mark for the first time in more than a year in a boost for millions of savers and investors.

Britain must invest in rail and airports now if it is to remain a top trading hub, claims building Boss: Britain’s airports must be upgraded without delay if the country is to retain its power as a trading hub, a top building Boss has said.

Now even the Germans warn against LSE takeover claiming it poses a major risk to Europe’s financial system: A top German regulator has warned a takeover of the London Stock Exchange could pose a major risk to Europe’s financial system.

Entertainment One shares plunge as ITV abandons plans to buy Peppa Pig Owner: ITV has decided to walk away from the takeover of TV and film group Entertainment One after it saw its offer rejected by the Owner of Peppa Pig earlier this month.

Luxury footwear brand Jimmy Choo boosted by weaker pound, men’s collections and growth in China: Celebrity-favourite footwear brand Jimmy Choo has posted rising profits and said it expects a weaker pound in the wake of Brexit to further boost revenues and profits.

Daily Express

Shock new claims Greece rigged debt figures ahead of huge bailout: Greece’s bailout programme is under threat amid accusations its former statistics Chief rigged the country’s official economic data during its debt crisis.

Portugal in desperate £3.8 billion bid to stabilise its banking system: Portugal is set to inject billions of euros into its biggest bank in the hope of stabilising the country’s economy.

British tourism to Spanish hotels soars despite Brexit: British tourists have not been put off holidays to Spain following the vote to leave the European Union, data has revealed.

Iconic U.S. sight The Empire State Building is now part-owned by Qatar: The Gulf state of Qatar now owns part of the iconic Empire State Building in New York.

The Scottish Herald

Stagecoach looks to younger passengers for growth in tough climate: Stagecoach Group is hoping that a revamped website and soon-to-launch mobile app will help bolster its popularity among younger transport users as it eyes improved profitability in the wake of its European megabus sale.

Scottish craft brewers win listings in Sainsbury: The Tempest, Isle of Skye, and West breweries have secured product listings in Sainsbury’s Scottish stores, as the supermarket group ramps up its craft beer offering.

Housebuilder underlines commitment to Glasgow with 10-year head office lease: Housebuilder Mactaggart & Mickel has agreed a new 10-year lease on its head office at 1 Atlantic Quay in Glasgow – a deal it said had a total value of more than £4 million over the period.

Microbiological specialist E&O Laboratories aims to grow exports: Family-owned E&O Laboratories, which manufactures microbiological culture media, is opening a multi-million-pound production facility at Cumbernauld as it targets export growth in Europe and Asia.

Budget stores see sales soar as more shoppers flock through doors: Budget retailers have bolstered their takings by nearly a fifth to £4.9 billion as millions of first-time shoppers flock to their stores, a new report has revealed.

Grant Thornton takes steps to increase diversity as it doubles trainee intake in Scotland: Accountancy firm Grant Thornton has more than doubled its trainee intake in Scotland this year –welcoming 26 new recruits to its practice north of the Border.

The Scotsman

Aggreko to power Gold Coast Commonwealth Games: Organisers of the 2018 Commonwealth Games, to be held on Australia’s Gold Coast, have awarded the event’s temporary power contract to Aggreko.

STV brushes off Brexit threat with profit surge: The Chief Executive of STV has stressed that Brexit poses no threat to advertising revenues after the Glasgow-based broadcaster reported a sharp rise in first-half profits.

Macfarlane hails acquisition benefits as profits rise: Packaging group Macfarlane said it was on the search for further acquisitions as it reported a rise in first-half sales and profits.

Firms must act to close gender pay gap: The gender pay gap is big news this week, but the issue has had a regular slot in the business news for decades, ever since the introduction of the Equal Pay Act in 1970.

City A.M.

Rolls-Royce share price sinks as company shoulders blame for cancelled Dreamliner flights: Shares in Rolls-Royce Holdings tumbled after fingers were pointed at the engineering firm for multiple cancelled flights in Japan.

Liberty Media could zoom into pole position on Formula One deal with £6.4 billion bid: Liberty Media has become the latest company to throw its hat into the ring for the controlling stake of Formula One (F1) with a $8.5 billion (£6.4 billion) bid.

Bats Europe exchange mulling new EU base after Brexit vote: Bats Europe is considering its non-London options after June’s referendum result, potentially establishing a new base elsewhere in the EU.

Pharma firm Mylan boosts support for Epipen after U.S. pricing backlash: U.S. drugmaker Mylan has promised to make its emergency allergy drug Epipen more affordable after criticism over price hikes.

One more measure of consumer confidence has come roaring back: A leading measure of consumer confidence has surged by its fastest rate in more than three years as fears of a post-referendum economic collapse peter out.

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