The Times
Hedge funds to pour cash in Co-operative Bank: The Co-op Bank has received interest from hedge funds that want to invest in the problem-hit lender.
Greece gets three days to make cuts or face exit: European leaders warned Greece to implement draconian austerity measures within 72 hours or face effective expulsion from the single currency.
Reddit Boss quits in war of words over free speech: A furious row over the limits of free speech has divided users of Reddit, one of the world’s most popular online community websites, and has forced the company’s divisive Chief Executive to make an abrupt exit.
Markets are caught short by traders’ wrong information: Traders who deal in shares they do not own are running the risk of creating false markets at a time when indices are already unusually volatile.
Lloyds forced companies into loan defaults, claims report: Lloyds has been accused of unduly influencing property valuations to “engineer defaults” of smaller companies in an attempt to clean up its balance sheet.
Late payment pressure rises at small firms: Small businesses are waiting longer than ever to be paid by their customers, increasing the pressure on the government to legislate on the issue.
OakNorth lands another big hitter: A challenger bank that will lend to entrepreneurs has hired a former senior banker from Barclays as its new Chairman.
Company liquidator takes on ‘mafia’: PwC and Lloyds are being sued for £55 million by the liquidator of a Leeds-based car business, which claims that the accountancy firm and the bank colluded to put a profitable company into administration.
Secret is out for online fashion club: Two brothers who started an online fashion business in a basement in 2007 have turned the venture into one of Britain’s fastest-growing private companies.
Train stations ‘hold the key’ to building 500,000 new homes: There is scope to build more than half a million homes on land within walking distance of railway stations in England, one of the country’s leading estate agencies has claimed.
At last, Aga’s American sale is ready to serve: It has been simmering gently in the oven for some time now, but Aga Rangemaster’s sale to an American rival is almost ready to be dished up this week in a deal that could value the business at £100 million.
Embattled BBC faces curbs on website and reality shows: The BBC is facing its most extensive changes in a generation as the government prepares to launch “root-and-branch” reforms that could force it to scrap commercially popular programmes such as The Voice and scale back its website.
The Independent
Fresh crackdown on rates rules despite outcry from businesses: The Government has vowed to tighten up the business rates appeals process, despite companies overwhelmingly opposing the proposed new rules.
Apprenticeship levy will fail to close skills gap, CBI says: Business leaders have warned that a government plan for an apprenticeship levy could lead to a major skills shortage in the U.K. because it would not create enough high-skilled workers in the key manufacturing and construction sectors.
Ousted Lib Dem special advisers Peter Carroll and Will de Peyer turn to lobbying: A pair of special advisers to Danny Alexander, the former Chief Secretary to the Treasury, have started advising big business on improving their contacts within the Westminster bubble.
Financial Times
U.K. boards divided on cyber and social media: FTSE 350 companies are optimistic about the U.K.’s growth prospects, worried about a potential U.K. exit from the EU — but surprisingly conflicted about social media and cyber-crime.
U.K. companies fear speaking out on Brexit: Only 7% of U.K. companies would be willing to speak out in favour of the country staying in the EU even though two-thirds believe a so-called Brexit would be damaging for them, research has found.
Graze hungry for high street presence: The online snacks brand Graze goes physical on Monday when its boxed nibbles will be sold in shops for the first time, in a sign that even fast-growing internet brands can still need bricks and mortar retailing.
Financial regulator to be grilled over delay to HBOS report: The U.K. financial regulator is to be grilled at its annual meeting on the continued delay to its long-awaited report on the collapse of HBOS.
Barclays considers acquisition to help split off retail arm: Barclays is considering an acquisition as the quickest way to gain the extra licence it needs to hive off its retail bank under new rules forcing big U.K. lenders to split in two.
BP braced for billions of dollars more in Deepwater payments: BP is still facing a threat of billions of dollars more in compensation payments for its 2010 oil spill in the Gulf of Mexico, even after the $18.7 billion settlement last week that resolved all actions against the company from federal, state and local governments.
Microbes from rabbit gut help turn waste to fuel: ArcelorMittal, the world’s largest steelmaker, is to install an €87 million system at one of its plants that uses microbes found in a rabbit’s gut to turn toxic waste gas into bioethanol.
Nuclear industry confident over long-term prospects: Britain’s nuclear programme is shrouded in “fog” but a new generation of power stations will be built, says the Chief of a company planning a plant in Cumbria.
Dubai’s Drydocks World hires Citi for $2.3 billion debt restructuring: Dubai’s Drydocks World has hired Citi to help restructure debts of around $2.3 billion as the emirate exploits low interest rates and confidence in its diversified economy to push back repayments again, people familiar with the matter say.
Nintendo President Satoru Iwata dies from bile duct tumour: Nintendo’s President Satoru Iwata died on Saturday, aged 55, from a bile duct tumour, the Japanese company said on Monday.
Huawei dips toe in Ireland with Amartus deal: Huawei, the Chinese technology group, has made its first acquisition in Ireland with the purchase of a Dublin-based telecoms network management business from developer Amartus.
Drugmakers premiere summer blockbusters: A wave of new multibillion-dollar medicines for heart disease and high cholesterol, added to recent breakthroughs in cancer and hepatitis C, is reviving optimism that the pharmaceuticals industry has moved beyond the heavy patent losses of the past few years.
Lex:
U.K. housebuilders: can we build it?: The government has announced a shake-up of planning, curbing local authorities’ ability to block development. This is great for housebuilders, in theory. A quicker process would mean greater volumes, smaller land banks relative to annual output and higher returns on capital. Builders’ share prices responded with a shrug, however, rising only fractionally more than the broader market. In any case, large quoted builders will not be the main beneficiaries of a planning revolution. Smaller builders once accounted for half of output. Now, it is nearer a quarter. For them, the multiyear planning process represents a big cash flow headache. Speeding it up would improve their access to finance and so their ability to compete in the land market with their larger peers. That could push up land prices — which have so far been unusually restrained compared with house prices — for the bigger players. It might also stiffen competition for skilled tradesmen, another big constraint on home construction rates. Builders may not crank up their output, even if the system allows it. They have spent years rebuilding balance sheets and restoring margins. Several, including Persimmon and Berkeley, prioritise staged returns of cash to shareholders over volume increases. The bats and newts will be safe for a while yet.
Personal computers: bad memories: Companies whose profits depend on PCs have been hit. Shares in Hewlett-Packard, Intel and Micron have fallen 24, 20 and 50%, respectively, since the beginning of this year. Each cited poor PC demand in their most recent, soft earnings reports. At Intel, PC revenues dropped 8% in the last period. Gartner puts some of the blame for the drop in shipments on the release of Windows 10 in coming months. Merchants are clearing out inventories of machines with older versions of Windows. This may be why Microsoft’s shares have fallen only a bit this year, although if Windows 10 disappoints, it will catch up quickly. Another factor is the strong dollar, which makes PCs more expensive in emerging markets. PC demand is not likely to implode overnight. But the market is difficult to predict, and the experts have frequently been wrong. A year ago, Gartner expected that PC sales would increase in 2015. IDC was also overly optimistic. In March the consultancy cut its forecast for 2015 PC shipments a percentage point or two, to a drop of 5%. Of course, the PC crisis pales next to the ructions in Greece and the turmoil on China’s stock markets. That doesn’t make it any easier to call the bottom.
Mining M&A: mine or yours?: Capital spending in the mining sector has slowed. Projects are expensive to build, given declining metals prices. So it could prove cheaper for them to buy their rivals. That would please investment bankers — deals in the mining sector have fallen two-thirds since 2011. Better to shop for assets on the stock market. Share prices for some copper miners have fallen so much that the buy versus build comparison is worth making. Antofagasta, the U.K.-listed Chilean copper producer, has nearly halved in value since 2012. If one were to buy it , it would cost $17,000 a tonne of annual production — cheaper than building that production from scratch. Even Freeport-McMoRan, the world’s largest listed copper producer, trades at an enterprise value of just $24,000 a tonne of copper. That ignores Freeport’s gold and molybdenum operations, and its oil business.
The Daily Telegraph
Panic-buying Greeks boost sales at Dixons Carphone: The Greek arm of Dixons Carphone has enjoyed a boost in sales as worried consumers seek to protect their money by spending it on big ticket electrical items such as computers and fridges.
U.K. space industry ‘punching above its weight’ in the global market: Britain’s space industry has more than doubled its turnover over the past decade to £11.8 billion a year and is “punching above its weight” in the international marketplace.
Axa completes £2.8 billion deal to protect pensions from risk of longer lives: The trustees of the Axa pension scheme have offloaded some of the risk that its members will live longer than expected in a £2.8 billion longevity swap deal with Reinsurance Group of America.
MatchesFashion duo step back after successful shift to online sales: The couple behind luxury retailer MatchesFashion.com are stepping down as joint Chief Executives after 27 years, in a move that may pave the way for a stock market float.
Growth in mid-cap deals boosts boutique advisory firm: A flurry of deals by wealth Managers and insurers has helped boutique adviser Fenchurch to more than double its revenues in the last two years, according to soon-to-be-filed accounts.
Britain gets a pay rise as wage growth steps up a gear: Pay growth is marching back up towards pre-crisis levels as real wages rise at their fastest pace in almost eight years, official data will show this week.
Iran is a once in a lifetime opportunity for brave investors: Hotels in central Tehran have been booked out over the past few months by a steady influx of international business Executives visiting Iran’s capital, despite negotiators constantly extending a key deadline that would lift economic sanctions on the oil-rich country.
The Guardian
Greek crisis: surrender fiscal sovereignty in return for bailout, Merkel tells Tsipras: European leaders have confronted the Greek government with a draconian package of austerity measures entailing a surrender of fiscal sovereignty as the price of avoiding financial collapse and being ejected from the single currency bloc.
Greek crisis: European leaders begin talks with views split over agreement: European leaders have started emergency talks in Brussels that could prove decisive for Greece’s future in the Eurozone, amid signs of a split between the country’s creditors.
Treasury select committee to question Carney on Greek crisis and interest rates: The Bank of England Governor, Mark Carney, will face questions this week about the outlook for interest rates and the precarious situation in Greece when he becomes the first witness to appear before the new-look Treasury select committee.
Two out of three big firms think U.K. exit from EU could harm them, survey finds: A majority of companies believe a British exit from the EU could harm them but only 7% would be willing to speak out publicly against “Brexit”, according to a survey of FTSE-350 firms.
Credit unions ‘good value for money’ but must be easier to access, survey says: Three times as many consumers have turned to payday loans or doorstep lenders rather than credit unions, despite considering the high-cost borrowing rates to be worse value for money, according to a new survey.
Daily Mail
Analysts predict luxury brand Burberry could be heading for sales slowdown after ten quarters of ‘sector leading’ sales growth: Luxury brand Burberry could be heading for a sales slowdown after ten quarters of ‘sector leading’ sales growth, analysts have predicted.
Tragic lton Towers rollercoaster crash to hit theme park Owners’ profits, company’s own analyst warns: The tragic Alton Towers rollercoaster crash will hit the theme park Owners’ profits, the company’s own analyst has warned. The park’s flagship Smiler ride has been closed since early June after two carriages collided.
Founder and Boss of disgraced boiler repair firm Homeserve in line for £12 million windfall just year after it was fined £31 million by City watchdog: The Founder and Boss of disgraced boiler repair firm Homeserve is in line for a £12 million windfall just over a year after it was fined £31 million by the City watchdog.
Daily Express
Inheritance tax: U.K.’s most hated tax lives on: Chancellor George Osborne’s move to allow families to pass on estates worth up to £1 million free of inheritance tax (IHT) was warmly received but is far less generous than it first seems.
The Scottish Herald
Peoples promotes Gilda to high-profile role: Peoples Group has promoted Nicola Gilda to one of the most senior Executive roles within the family-run Ford car dealer.
Female angel group leads cancer trial investment: TC Biopharm has secured nearly £1.2 million in equity and grant funding to treat U.K.-based patients with melanoma, lung and kidney cancer, with the investment led by Scotland’s only female angel group.
Bulloch drinks company boosted by asset sale: The Owner of Glasgow-based drinks wholesaler William Morton has lifted profits more than six-fold after netting more than £28 million from the sale of major assets.
EY unveils biggest partner investment in Scotland: Accountancy giant EY has appointed seven partners and three associate partners to its Scottish practice.
Dixons Carphone and Sports Direct due to report: A strong first set of annual results is expected from Dixons Carphone this week while Sports Direct also looks course to report bumper profits and luxury retailer Burberry will be in focus as it publishes a trading update.
Export market worries knock business confidence and dent growth: Growth in Scotland’s private sector economy has slowed down, and business confidence has fallen as Greece and China fuel concerns about overseas markets, according to two surveys out.
The Scotsman
Fears over global outlook as Scots economy slows: Growth in Scotland’s economy slowed slightly last month as manufacturing output fell amid pressure from the strong pound.
ClubstoHire boosted by kit sell out ahead of Open: Golf club rental specialist ClubstoHire is aiming to boost its presence in Scotland after selling out of top-end kit ahead of this week’s Open in St Andrews.
Edinburgh Airport Bosses pay rise after record year: Directors at Edinburgh Airport, which has faced months of criticism over length delays at its new £25 million security hall, saw their pay packets swell last year, according to its latest annual report.
City A.M.
U.K. growth picks up but global fears hit morale: Strong domestic demand is lifting U.K. growth, according to new figures out this morning, yet fears over global headwinds are knocking confidence in the economy.
Unilever starts search for a new Chairman to succeed Treschow: Unilever has begun a search for a new Chairman as Swedish veteran Michael Treschow prepares to hand over the reins after almost 10 years in the role.
U.S. confidence slump will not stop rates hike: Business confidence in the U.S. remains slumped, weighed down by a strong dollar and concern over the global economy.
Buyout gurus make venture charity push: CVC Capital’s managing partner talks to Michael Bow about his plans for so-called venture philanthropy.
