The Times
City advisers shared £2.4 million success fee for sale of BHS: Two top city advisers shared a £2.4 million “success fee” for advising on the purchase of BHS, which collapsed into administration just over a year after the deal completed.
Barclays’ Libor rigger hit trader with baseball bat to humiliate him: A former Barclays banker accused of rigging the Libor rate was “whacked across the back of the head” with a 12-inch baseball bat by his Boss when he made mistakes at work, a court heard.
Red flag raised over award of Northern Rail: The rail franchise system has been thrown into disarray again after the competition authorities said they would launch an in-depth investigation into the award of the Northern Rail network to the German-owned Arriva.
Founder has designs on a brand new role: One of the co-Founders of Supergroup has resigned but will continue to design clothes for the Superdry chain of stores, which reported a sharp rise in revenue.
Monsoon’s profits are washed away: Profits at Monsoon Accessorize have been almost wiped out after the retailer’s womenswear division suffered a sharp fall in sales. The latest accounts for the fashion chain show pretax profits slumped from £28 million in 2014 to £847,000 in the year to August 29.
Gates dumps BP in $187 million stake sale: Bill Gates has his own 19-seat private jet and family holidays are held on a 134 million yacht powered by eight diesel engines. But it emerged that the Bill and Melinda Gates Foundation had sold its holding in BP in the latest move to divest its fossil fuel assets.
Royal Mail Managers stick to letter of the law: Royal Mail was hit by its first industrial action since being sold into private hands in 2013 after 4,800 Managers began an overtime ban in a dispute over pay.
Tenants bear brunt of repossessions: Home repossessions fell to a record low in the first three months of this year but the number of householders evicted from rented accommodation rose, in a sign of the growing disparity between the two sectors.
Vedanta cuts dividend after slumping to a $5 billion loss: Vedanta slumped to a $5 billion loss after taking a big write-down on its oil and gas assets.
Debenhams owed €46 million by insolvent Irish stores: Debenhams’ Irish division has applied for court protection from its creditors after its U.K. parent withdrew financial support following years of losses.
The Independent
Gold demand up 21% in 2016 breaking first quarter record: Global gold demand rose at its fastest pace ever in 2016, according to an industry report released on Thursday. Demand for gold has spiked by a 21% from January to March this year or 1,290 tonnes.
Barclays to launch contactless ‘tap and pay’ service for Android phones: Barclays has said customers will be able to use their Android phones to “tap and pay” in June after the bank launches a contactless payment service.
TalkTalk profits halve after cyber-attack: TalkTalk profits have more than halved after an attack on its systems last October resulted in 160,000 customers’ credit card and bank card details being exposed.
First Group gets green light for budget Edinburgh to London rail service costing less than £25: First Group, a train operator, has won approval from the U.K. rail regulator to launch a budget service between London and Edinburgh, the company said.
Financial Times
General Atlantic frontrunner in £950 million Argus Media auction: General Atlantic has emerged as the frontrunner in an auction to buy a controlling stake in Argus Media, which would value the energy reporting company at around £950 million.
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Goodwin not to face Scottish prosecution over RBS: Former Royal Bank of Scotland Boss Fred Goodwin will not face criminal charges after a five-year investigation found “insufficient evidence” to prosecute Managers over the bank’s near-collapse.
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Former EE Chief Tom Alexander weighs O2 bid: Former EE Chief Executive Tom Alexander is in talks with financial institutions to create a consortium to mount a bid for O2 in the U.K., just days after a proposed £10.5 billion merger with rival Three was blocked in Brussels.
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SuperGroup shares soar on sales jump: Shares in British fashion retailer SuperGroup bounced 13% on Thursday, after the company behind the Superdry brand bucked the high street slowdown with a double-digit rise in annual sales.
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Nissan to take 34% stake in Mitsubishi Motors: Nissan has agreed to become Mitsubishi Motors’s largest shareholder, as its smaller Japanese rival seeks outside capital to survive a scandal over inflated fuel economy data.
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Sharp names Foxconn Executive as CEO to steer revival: Sharp has named the vice-Chairman of Taiwan’s Foxconn as its new President to steer its turnround after the embattled Apple supplier posted an annual loss of $2.4 billion.
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Bayer explores $40 billion bid for Monsanto: Bayer, the €79 billion German chemicals and drugs company, is exploring a bid to buy U.S. agribusiness Monsanto for more than $40 billion in what would be the latest consolidation of the world’s providers of seeds and crop chemicals to farmers.
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Generali’s first-quarter profits dented by volatile markets: Shares in Generali suffered another difficult day on Thursday, falling 3% as lacklustre quarterly numbers from the Italian insurer disappointed investors.
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Lex:
Ambac: turnabout and fair play: Canyon, a credit specialist, owns 5% of bond insurance group Ambac, which collapsed after the financial crisis following heavy losses from insuring mortgage-backed securities.
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Bayer/Monsanto: seeds of doubt: A new Chief Executive is greeted by some short-term softness in earnings. He operates in an industry that is consolidating around him. A rival’s shares are under pressure. One way to make an entrance: mount an audacious takeover bid.
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Dong Energy: membership bid: Denmark’s state energy company has tried unsuccessfully three times to list. On Thursday, the wind energy specialist confirmed it was trying again in Copenhagen this summer. Dong has big growth plans and will need access to the equity markets in the years ahead.
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Lombard:
City’s not-so artful dodgers drinking in the Last Chance Tavern: City pubs are often incongruously Dickensian, given the modernity of the offices where the clientele works. Shady places for shady deals? That is the implication of the Tabernula insider trading case, whose name means “little tavern” in Latin.
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Conscientious protector: “Doing the right thing” means different things to different people. For Mookie, the protagonist of Spike Lee’s 1989 movie Do the Right Thing, it meant throwing a dustbin through the window of the pizza restaurant where he worked.
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The Daily Telegraph
Warning Tata pension changes plan sets illegal precedent: A plan to overcome the £500 million pensions deficit that is proving a massive hurdle to the sale of Tata’s U.K. steel business is set to fail, according to a leading pensions expert.
Android Pay set for imminent U.K. launch as Pret A Manger plugs Google mobile payments: Popular fast food chain Pret A Manger now accepts Android Pay, according to tags on payment terminals in one of its London outlets, suggesting an imminent launch of the mobile payment service in the U.K.
Restaurant Group’s shareholders rebel over Executive pay: More than a quarter of shareholders in the company that owns the Frankie & Benny’s restaurant chain have voted down the pay packets of its top Executives.
City insider traders sentenced to eight years in prison: Two men who were part of the most complex insider dealing ring uncovered by the City watchdog have been sentenced to a total of eight years in prison.
Euro-MPs fire thundering warning shot against China over trade terms: The European Parliament has voted by an overwhelming majority to deny China the coveted prize of market economy status, warning that it would leave Europe’s battered industries vulnerable to a devastating flood of subsidized Chinese goods.
Aldermore Bank bets on strong future for landlords: The buy-to-let housing market is not about to tumble because of tax changes, according to the Boss of Aldermore Bank. The bank’s mortgage lending overall shot up 60% to £542 million in the first three months of 2016, as landlords scrambled to buy properties before the stamp duty hike in April.
The Questor Column:
British Land and Land Securities hold steady through a property storm: Both British Land and Land Securities report final results next week as the U.K. property market continues to experience something of a slump. But there is no denying they are trading in difficult times: the looming EU referendum has caused investment in property to fall, and sentiment among developers is down, according to a report released by Savills. Confidence among commercial property developers dipped in April as Savills’ monthly survey of U.K. developers and contractors registered as negative for the first time since August 2012, at -1%. Investors also seem to have been thrown by the fact that London mayor Sadiq Khan is considering introducing rent control on homes, even though British Land’s residential exposure is very limited. Land Securities has had a similar experience – it hasn’t matched the high of £13.63 that it was trading at last May this year, and dropped to a low of 963p in February. While interest rates are low, consumer confidence should remain buoyant and large companies, particularly those which are U.K.-focused, should be reasonably stable. Both firms have shown that they are able to ride out recessions by selling underperforming stock and scaling back development activity. Last month, Questor recommended selling shares in U.K. REITs as experts called the top of the property market. But with the EU referendum just 40 days away, and with so much of the uncertainty around the market pegged to the vote, holding on to the shares for now could result in small gains after June 23. British Land at £718.50-6p and Land Securities at £11.41-10p. Questor says “Hold”.
3i Infrastructure: In a world of low interest rates, infrastructure funds that generate income from investments and produce consistent returns have found favour with investors. This is true of FTSE 250-listed 3i Infrastructure, whose shares had been at a record high until it posted its annual results and detailed plans to raise £350 million in new capital. The total return – calculated against the net asset value and adjusted for capital returns – was 14%, against the fund’s target of between 8% and 10%. This was largely driven by the performance of Elenia, the Finnish electricity distribution network which is 3i’s largest investment and makes up a quarter of its £1.2 billion portfolio. This holding increased in value over the year by £109.7 million, helped by the decision of Finnish regulators to deal with low permitted return on capital for distribution companies. Other major investments – which make up 85% of the total holdings – also saw their values increase strongly. The value of the smaller “projects” portfolio of public private partnership assets such as schools and bridges, which represents up to 11% of the total, rose from £109 million to £134 million. However, the value of 3i’s India Infrastructure fund, representing 4% of the portfolio, fell 16% in the year. Fundraisings are often the sign of a company in trouble, but with £50 million in cash on its books and a large credit facility, this isn’t the case. Instead, the company is looking to pay down debt and fund investments in its £400 million pipeline. With the dividend rising from 7p to 7.25p, the shares are yielding 4.2%. 3i Infrastructure at £170.1p-5.9. Questor says “Hold”.
The Guardian
Brexit vote would bring EU states closer together, says French Finance Minister: European countries would counter the economic shock of a British vote to leave the EU by accelerating plans for closer integration, the French Finance Minister has said.
Nearly 400 LSE-listed companies based in tax havens linked to U.K.: Almost 400 companies listed on the London Stock Exchange (LSE), with a collective market capitalisation of £225 billion, are based in offshore havens connected to the U.K.
U.K. steel boost as MEPs oppose giving China market economy status: U.K. steelmakers have cheered a European parliament resolution opposing plans that they believe would kill off the industry by permanently opening the floodgates to cheap Chinese steel.
Super-rich may quit London homes under new anti-corruption rules: Super-rich international investors in London property are likely to sell off some of their mansions and penthouses after the introduction of anti-corruption rules cracking down on offshore secrecy, a leading estate agent has said.
‘Serious risks’ of more mis-selling in financial services market: There are “serious risks” of further mis-selling scandals erupting in the financial services industry and stronger action is needed to tackle problems with the culture of firms, MPs have warned.
Daily Mail
New Marks & Spencer’s Boss Steve Rowe continues shake-up with a reshuffle of his top team: Marks & Spencer’s new Boss Steve Rowe continued his shake-up with a reshuffle of his top team.
Stobart Group back in the black after being boosted by strong performance in its energy division: It may have become famous for its trucks, but it was woodchips, plane rentals and airports that boosted sales for Stobart Group.
ITV revenues soar thanks to strong production arm, but broadcaster warns ‘Brexit’ concerns are hitting advertising: ITV has warned that fears over a European Union ‘Brexit’ are having an impact on advertising, but it still reported growing overall revenues thanks to a strong performance by its production arm.
Daily Express
China on brink: Economy misses vital trading targets at critical time: China’s slowing economy and huge debts are a market disaster waiting to happen after another disastrous month for the nation. Latest data coming out of the country suggests trouble could once again be about to strike, with April trading missing targets.
Fury at Bank of England as Mark Carney warns Brexit could lead to recession: The Bank of England has warned of lower economic growth and higher unemployment, and even a recession, if Britain votes to leave the European Union next month.
Property warning: Huge signs of house price crash as buyer numbers plunge: Buyer demand for homes has dropped for the first time in more than a year, in yet another sign the housing market is heading for a severe crash.
The Scottish Herald
Cairn Energy eyes acquisitions in North Sea and West Africa: Cairn Energy Chief Executive Simon Thomson has said the company has been eyeing potential acquisitions in the North Sea but good deals are hard to find amid the crude price plunge.
Loganair names new managing Director: Jonathan Hinkles is returning to Loganair as managing Director, four years after he left the company for Virgin Atlantic.
Gin production returns to Leith as firm quadruples capacity: Edinburgh Gin is to quadruple production after opening a new facility that brings gin distilling back to Leith for the first time since 1974.
Worldview set to take control of Petroceltic: The Worldview hedge fund business is set to take control of Petroceltic International, the Irish oil and gas firm with operations in Edinburgh, after having a bid for the company thwarted in March.
Standard life Boss agrees £700,000 bonus cut: Market mood has trumped maximum remuneration at Standard Life, with Chief Executive Keith Skeoch voluntarily reducing his potential future earnings by as much as £700,000.
Scotgold expands its horizons: Scotgold Resources been granted its first mainland European exploration licence in Portugal.
Aegon aims high in digital savings shift: Aegon aims to become the U.K.’s “leading platform business”, leader Adrian Grace has said, as industry speculation continues over a possible deal to buy £75billion market leader Cofunds from Legal & General.
The Scotsman
RBS plans to axe 200 jobs amid branch closures: Royal Bank of Scotland (RBS) has drawn up plans to axe 200 jobs as it cuts back its branch network. The bank intends to shed clerical roles in Scotland, Wales or south-west England, which will also lead to a number of branch closures.
Clydebank set for £3.5 million marine training facility: A new £3.5 million training facility for marine and offshore workers is expected to attract up to 5,000 people a year to Clydebank when it opens this autumn.
Skyscanner Chief backs Appointedd’s £595k funding: The co-Founder of travel search engine Skyscanner has backed a £595,000 fundraising by Edinburgh-based bookings app Appointedd.
Speirs Gumley on expansion path with Edinburgh office: Property management group Speirs Gumley is to open its first office in Edinburgh at the end of this month.
BBC to be subject of Holyrood scrutiny under new Royal Charter: The BBC is to serve Scottish audiences better and will be subjected to greater scrutiny by Holyrood, U.K. culture secretary John Whittingdale said.
New portfolio Manager for Securities Trust of Scotland: Securities Trust of Scotland (STS), the investment fund managed by Martin Currie, has appointed a new portfolio Manager after unveiling a double-digit hike in its dividend.
City A.M.
Volkswagen is preparing to launch its comeback plan in the U.S. hoping to recover from the diesel emissions scandal: Volkswagen is hoping to close the door on the diesel emissions scandal next month, as it prepares to mount a comeback in the U.S.
Seed company’s shares grow after news of $43 billion takeover interest: Shares in U.S. company Monsanto grew by more than 8.0% after it was reported to be the subject of takeover interest from Germany.
Businesses in London face £7.5 billion tax increase: Industry groups have warned of a London exodus if business rates are not cut, as new research predicts that firms in the capital will face a £7.5 billion tax hike after next April’s revaluation.
Brent crude and WTI: U.S. oil prices soar to new 2016 high: U.S. oil prices shook off earlier losses to hit their highest level so far this year, buoyed by a shock drop in U.S. oil stocks.
Oh No-rdstrom! Shares in department store company tumble 17% after drop in first-quarter sales: Department store company Nordstrom saw its share price plummet more than 17% in after-hours trading on Thursday.
Former polymer banknote manufacturer Manager sentenced over corruption-based charges: Peter Chapman, 54, a former Manager of polymer banknote manufacturer Innovia Securency PTY, was sentenced for two and a half years at a court in London for corruption-related offences.
Remaining in the EU is just the tonic for the U.K.’s gin industry, says MP Damian Hinds: Gin exports would be hit hard if the U.K. voted to leave the European Union next month, a Treasury politician warned.
Lloyds shareholders won’t do what they’re told: Shareholders at Lloyds Banking Group have clearly not caught shareholder spring fever, passing all resolutions at its AGM, despite an influential shareholder advisory group urging them vote against the remuneration report.
