The Times
Household debt rises at fastest pace in a decade: Britain is heading back into a household debt boom, according to official figures published by the Bank of England, which is considering fresh action to curb lending.
Another ones bites the dust amid fallout of Alliance Trust revolt: The chairwoman of Alliance Trust resigned amid one the most colourful shareholder rebellions of recent years.
Libor trader challenges guilty verdict and 14-year jail term: The Court of Appeal will begin hearing arguments from lawyers for Tom Hayes, who is mounting a challenge to his conviction and 14-year jail sentence for Libor-rigging.
SFO clinches first U.S.-style plea deal: The Serious Fraud Office has struck its first American-style plea deal with a bank, which has put its hands up to wrongdoing and agreed to penalties, compensation and costs totalling $32 million to avoid prosecution.
Neil Woodford gets his Northwest inquiry: An American drugs company has agreed to a demand by a British fund Manager for an independent investigation into claims of financial impropriety.
Web crashes cast black cloud over Cyber Monday: Sales on Cyber Monday were expected to have risen by 31% on last year, but to have still fallen short of the record £1.1 billion spent on Black Friday.
The Independent
EU stock market rule change to boost start-up floats: A shake-up of stock market guidelines has been unveiled to encourage start-ups to tap public markets. European companies will now only have to issue a prospectus – the detailed legal document compiled for investors – if they are raising more than €500,000 (£351,000), compared with €100,000 before, under new rules to be introduced as part of the European Commission’s Capital Markets Union plan.
Oil prices: Russia faces financial crisis if oil falls below $30 a barrel: The financial stability of Russia is at stake if the price of oil falls below $30 a barrel, according to analysts.
Bank extends loan help for small firms by two years: The Bank of England made a new bid to address “relatively tight” credit conditions for small and medium-sized firms, as it extended its Funding for Lending (FLS) credit scheme for another two years.
Financial Times
Former Garden Centre Chief eyes Homebase bid: A retail Executive who turned round the Garden Centre Group, is eyeing a bid for Homebase, the home improvement arm of Home Retail Group.
http://www.ft.com/intl/cms/s/0/e1f7f4d2-978a-11e5-95c7-d47aa298f769.html#axzz3swWP4sF9
India and France launch $1 trillion solar power tie-up: India and France have launched a global alliance to mobilise $1 trillion worth of investment towards developing solar power around the world, focused on tropical countries that are sun-rich but cash-poor.
http://www.ft.com/intl/cms/s/0/6b781150-978c-11e5-9228-87e603d47bdc.html#axzz3swWP4sF9
BTG Pactual shares fall after CEO resigns amid corruption inquiry: BTG Pactual shares plunged after its Chief Executive and controlling shareholder Andre Esteves resigned amid a corruption investigation.
http://www.ft.com/intl/cms/s/0/0a980c88-9786-11e5-bdda-9f13f99fa654.html#axzz3swWP4sF9
Ball to sell €1.5 billion of bonds to fund Rexam deal: Ball Corporation could be forced to sell off more assets than originally anticipated to satisfy competition concerns over its £4.3 billion takeover of Rexam, the U.K. drinks can maker.
http://www.ft.com/intl/cms/s/0/f721175a-9760-11e5-95c7-d47aa298f769.html#axzz3swWP4sF9
ThyssenKrupp polishes bid to win A$50 billion submarine contract: ThyssenKrupp Marine Systems has offered to build Australia’s new submarines fleet in Adelaide for the same price as it would in Germany, as it battles Japanese and French rivals to win one of the world’s most lucrative defence contracts.
http://www.ft.com/intl/cms/s/0/b17ea62a-9730-11e5-95c7-d47aa298f769.html#axzz3swWP4sF9
Bharti Airtel to spend $9 billion over 3 years in Indian networks: Bharti Airtel, India’s largest mobile operator by revenue, is planning a Rs600 billion ($9 billion) investment drive over the next three years to overhaul its network in anticipation of a wave of new competition for fast data services from rivals Vodafone and Reliance Jio.
http://www.ft.com/intl/cms/s/0/e53a4656-974c-11e5-bdda-9f13f99fa654.html#axzz3swWP4sF9
Uber extends Pool service in London and Paris: Uber is to launch its ride-sharing service in London this week as part of a wider regional push by the company to get customers to split a taxi journey.
http://www.ft.com/intl/cms/s/0/94beae7e-935f-11e5-94e6-c5413829caa5.html#axzz3swWP4sF9
Lex:
BTG Pactual: run for its money: Andre Esteves, the celebrated entrepreneur who, over two decades, assembled investment bank BTG Pactual, was arrested last week, ensnared in the Petrobras corruption scandal. He was replaced as company head on Sunday after his detention was extended indefinitely. While BTG touts its other leaders, its shares have plummeted a third in a week. Now attention turns to its creditors.
http://www.ft.com/intl/cms/s/3/52e27d24-9787-11e5-9228-87e603d47bdc.html#axzz3swWP4sF9
Ore play: Aussie rules: Time, once again, to separate the men from the boys. As iron ore futures fell below $40 a tonne on Monday in Singapore on oversupply of the steelmaking ingredient, shares in Rio Tinto shrugged off the decline. The Anglo-Australian miner knows it can lift output to drive down costs and cushion the blow to its earnings.
http://www.ft.com/intl/cms/s/3/4c5634c6-9775-11e5-95c7-d47aa298f769.html#axzz3swWP4sF9
P2P lenders: question of trust: One almost feels sorry for the U.K.’s big banks. Disdained by the public, they are regulated with paternal vindictiveness by a government that turns around and applauds challenger banks and peer-to-peer (P2P) lenders. The challengers have been well received by the market, too. Shares in Aldermore and Shawbrook trade above their recent IPO prices and well ahead of the FTSE U.K. Banks index.
http://www.ft.com/intl/cms/s/3/e88d78aa-977e-11e5-9228-87e603d47bdc.html#axzz3swWP4sF9
Lombard:
Peaky oil and debased sovereigns leave Aberdeen in Viennese whirl: Vienna gave birth to the waltz, a more polite dance than the elbow-jabbing jig Martin Gilbert has been dragged into by Opec meetings in the city. A depressed oil price has put sovereign wealth funds in a spin, and led them to withdraw capital from fund Managers — leaving the Boss of Aberdeen Asset Management to preside over a dispiriting drop in assets.
http://www.ft.com/intl/cms/s/0/9f089620-9750-11e5-9228-87e603d47bdc.html#axzz3swWP4sF9
Great universal snore: History is the reason we have institutions that would make little sense if we invented them, like the royal family. Home Retail Group is another example. This relic of Great Universal Stores does not even throw dinners for visiting totalitarians, one of The Firm’s more useful functions. HRG is so challenged it may be bought off the market by private equity.
http://www.ft.com/intl/cms/s/0/9f089620-9750-11e5-9228-87e603d47bdc.html#axzz3swWP4sF9
The Daily Telegraph
Britain’s biggest banks braced for stress test results: Britain’s biggest banks are set to be told that they have done good work building their financial strength since the financial crisis, but that they need to do more to toughen up over the coming years to really convince the authorities that they can survive the next economic downturn.
Gold heads for biggest monthly drop since 2013: Gold is on course for its biggest monthly drop in more than two years after increased speculation that the U.S. Federal Reserve will raise interest rates before the end of the year triggered a sell-off in the precious metal.
Federal Reserve agrees to rein in emergency lending after criticism over AIG rescue: The Federal Reserve has agreed to rein in its emergency lending powers following concerns the U.S. central bank went too far in bailing out lenders during the financial crisis.
Gatwick launches last-ditch attack on Heathrow expansion: Heathrow dismissed another attack on its growth plans by fierce rival Gatwick as a government committee prepared to make a recommendation on airport expansion that is expected to favour a third runway at the west London hub.
IMF blesses China’s yuan but the dollar is still dangerously dominant: The Chinese yuan is to join the elite currency basket of the International Monetary Fund, opening the way for a surge of investment flows that could send tremors through the global financial system.
ICBC Standard Bank pays out $32.5 million for bribery failings: ICBC Standard Bank has had to pay out $32.5 million (£21.6 million) to British and Tanzania for failing to stop a bribe being paid which it helped to secure business in the African country.
India poised to become fastest growing large economy: India grew at a quicker-than-expected pace in the third quarter, keeping the country on course to overtake China as the world’s fastest growing large economy in 2015.
Coral Boss Carl Leaver dismisses criticism of Ladbrokes merger: The Boss of Gala Coral has hit back at claims that shareholders in Ladbrokes will lose out from the £2.3 billion merger of the two bookmakers.
The Questor Column:
Cranswick shares hit record high on chicken profits: Cranswick, Britain’s largest sausage maker, expanded from pigs to chicken this time last year and this helped profits move sharply higher during the interim period. Cranswick is well placed as it manages one of the largest pig herds in the U.K., as well as the facilities to turn those animals into a range of products, from sausages to pork pies. It is now focusing on the poultry market. The company completed the £17.7 million purchase of cooked chicken specialist Benson Park in October in 2014 and branching out into these feathered friends is sensible. The chicken business is more profitable that pork and it is already sending the company’s margins higher. The adjusted operating profit margin increased from 5.4% to 6% during the six months to the end of September. Cranswick said a £9 million project to double output and reduce costs at the Benson Park facility is now complete, so there should be more to come in the second half. The growth opportunity is exporting to Asia where volumes increased 18%, and Cranswick now makes up more than half of all pig meat exports to the Far East. The loss of a major sandwich customer resulted in a £4.6 million write-down in the value of that business, and this in turn weighed on the reported pretax profits of £25.5 million, from £24.6 million. The adjusted pretax profits increased 22% to £31.5 million, on revenue up 10% to £529.1 million, during the six months to the end of September. Cranswick has a 25-year track record of increasing the dividend. The move to more profitable areas of food production looks solid and the balance sheet is strong with £130 million in available funding for further acquisitions. We are happy with these shares for the long term. Hold. Cranswick at £17.97 +97p. Questor says “Hold.”
The Guardian
British American Tobacco accused of bribing government officials: British American Tobacco paid bribes to government officials in a bid to undermine the UN’s global anti-smoking treaty, an investigation by the BBC has alleged.
Nikkei Boss: Financial Times purchase is perfect fit for global, digital expansion: Nikkei will use its $1.3 billion purchase of the Financial Times to build a digital media powerhouse by harnessing the English-language newspaper’s brand and skill in getting subscribers to pay for premium business news, its Chairman said.
U.K. households owe record £2.1 billion in water bills: Britain’s water companies are owed a record £2.1 billion by cash-strapped customers, with bad debts adding £21 to the average annual water and sewerage bill, according to the industry regulator.
JCB staff agree to work fewer hours to save jobs: More than 2,000 workers at the digger maker JCB have voted to work fewer hours to reduce the number of redundancies demanded by the company as it struggles to cope with falling global demand for mining and construction equipment.
Russia bans two Soros foundations from disbursing grants: Russia has branded foundations run by the financier George Soros a threat to the country’s constitutional order, and banned them from disbursing grants to Russian partners.
Daily Mail
Bank of England says households bingeing on cheap credit cards and personal loans at fastest rate since before financial crisis: Households are bingeing on cheap credit cards and personal loans at the fastest rate since before the financial crisis, according to the Bank of England.
As renminbi is embraced by IMF, China now being acknowledged by world’s financial powerbrokers as serious player on world stage: In the old hutong markets of Beijing, an aroma of sugary treats fills the air. The parents handing over creased renminbi notes to buy goodies for their child may not have realised it, but was a historic moment for the Chinese currency they held in their hands.
BHP Billiton faces multi-billion-pound fine after fatal Brazilian mine disaster earlier this month: BHP Billiton faces a multi-billion-pound fine after the fatal Brazilian mine disaster earlier this month.
Virgin Media’s Boss hits out at Government’s £1.6 billion broadband scheme that it claims will bring BT a windfall of hundreds of millions of pounds: Virgin Media’s Boss has hit out at the Government’s £1.6 billion broadband scheme that it claims will bring BT a windfall of hundreds of millions of pounds.
Daily Express
Airlines braced for fallout from attacks: British Airways Owner International Airlines Group (IAG) and budget carrier easyJet will reveal the impact of terror attacks in Egypt and Paris when they post their latest passenger traffic numbers on Thursday and Friday respectively.
Britain’s baby boomers are ‘frugal’ generation saving twice as much as people in their 30s: This “frugal and not frivolous” generation of people in their sixties and seventies are saving nearly twice as much money as thirty and forty-year olds.
Help the high street and support Small Business Saturday: Independent shops and firms hope for a record £506 million spend by over 17 million customers during Small Business Saturday on December 5.
The Scottish Herald
FSB: Lending climate “markedly better” for Scotland’s small businesses: The Federation of Small Businesses in Scotland has described the credit climate as “markedly better”, after official figures showed lending by banks to small and medium-sized firms in the U.K. rose sharply last month.
Sterling falls below $1.50 for first time since April, before recovering later in session: Sterling has fallen below $1.50 for the first time since April, after a Monetary Policy Committee member warned about the dampening impact of a strong pound on inflation.
Aberdeen says its solid financials will weather emerging market storm: Aberdeen Asset Management leader Martin Gilbert has admitted there will be no early lifting of the emerging market gloom which saw equity outflows rise by 25% to £16billion last year, sparking a 4.6% fall in the group’s shares.
Scotgold maps out gold prospects outside national park: Several other areas close to the Cononish mine in the Loch Lomond and Trossachs National Park are at least as good a prospect for gold exploration, Scotgold Resources has said.
The Scotsman
Business confidence in Scotland lagging behind U.K.: Business confidence in Scotland has fallen in the latest quarter and continues to lag the rest of the U.K., a survey reveals.
Fortnum & Mason post record annual sales: Luxury food and gift retailer Fortnum & Mason has posted record annual sales for the year to July, boosted by a new outlet at Heathrow Airport and its new website.
French Connection share prices soar in first half: Retailer French Connection saw its share price soar around 25% after it posted a much‑improved trading performance in the 16 weeks to 21 November compared with its first trading half.
Loch Ness Water named supplier at whisky events: A business that extracts and bottles water straight from Loch Ness has been named as the official water supplier at one of the most iconic events in the whisky industry calendar.
City A.M.
Brits still unsure about where to invest their cash: People in the U.K. are unsure about how to invest their money, a study released by the Future Foundation has shown. Over a third of people, 38%, said they don’t have enough knowledge, confidence, or available cash to make investments.
BBC Trust chair to call for update to licence fee: The government’s commitment to overhaul the BBC licence fee is expected echoed by the chair of the BBC Trust Rona Fairhead later.
Festive boom sees twice as many jobs as jobseekers in the U.K., although average advertised salaries continue to fall: The U.K. had twice as many jobs available as it did jobseekers in October, with 1,229,131 vacancies and only 664,130 people available to fill them.
Jupiter’s finance Chief Philip Johnson to step down amid shake-up: Jupiter Fund Management has announced that Chief financial officer Philip Johnson is to step down due to changes to the asset Manager’s Executive committee.
Jaeger fails to shake off losses as private equity Owner Better Capital explores sale: Troubled fashion retailer Jaeger failed to shake off its losses last year, despite a rise in sales, as its private equity Owner Better Capital attempts to revive its fortunes.
Tandem digital bank granted licence by the Bank of England: Another digital bank is has been granted a licence to operate in the U.K. Tandem, a digital retail bank, has been given its licence by the Bank of England and will now begin the process of constructing its technology platform and meeting capital requirements.
Insurance losses now valued at AUS$75 million following catastrophic wildfires in South Australia: Bushfires in South Australia have generated insured losses of AUS$75 million (£36 million) as of today.
Inflation in Germany and Italy weak in November despite oil price impact wearing off: Inflation in Germany, the Eurozone’s biggest economy, and Italy was weak in November according to official estimates released.
Silverfleet Capital sell Office for £256 million to South African retailer Truworths, more than tripling its money: Office, the shoe shop, has been sold by its private equity Owner Silverfleet to Truworths International, a South African fashion retailer for £256 million.
