The Times
Legal aid row threatens Barclays Libor-fix trial: The trial of six former Barclays bankers accused of rigging international borrowing rates is on a knife edge as barristers for half of the defendants have yet to agree fees for the case weeks before it begins.
Virgin calls for end of rail franchise monopoly: Britain’s biggest train operator has called for a radical shake-up of the system of rail franchising to introduce competition on services between London and Edinburgh.
Grocery regulator blows the cover of supplier in dispute: A supermarket watchdog that is struggling to win the confidence of the suppliers it was set up to protect has blown the identities of a “Big Four” grocery chain and a supplier in dispute.
Enjoy dividend boom while you can, says Capita: The stock market is set for another record year of dividend payments, but clouds are gathering over 2016 as some large corporates cut their payments, raising questions over the present value of the market.
BDO administrators ‘abused powers to foreclose on loan’: Administrators from BDO, the accountancy and restructuring firm, have been accused of abusing their legal powers to help a bank to foreclose on borrowers “aggressively”.
Banks enjoy ride on raft of big floats: City financiers were given £101 million worth of reasons to be cheerful last week as three companies and their backers raised more than £2.5 billion in flotations.
The ‘true cost’ of a free bank account: A report into Britain’s retail banking market is expected this week to order lenders to make clearer how much customers are being charged for current account services that supposedly are provided for free.
Nothing in this life is free, even Spanish sunshine: Spaniards are feeling burnt by a new tax on the resource that most take for granted — the Sun. The country’s conservative government has passed a law to levy charges on homes or small businesses that produce electricity from solar panels.
Things are rough in diamond business: Rough diamond prices have to fall sharply for the middlemen who connect mines with jewellery stores to stay in business, a leading commentator on the market has warned.
BP’s oil trading ‘king’ abdicates: One of the world’s most influential oil traders is to retire next year after a career in which he has brought in huge profits for his employers at BP and earned hundreds of millions for himself.
China’s nuclear power deal not a Trojan horse, says Mandelson: China’s planned investment in Britain’s nuclear power industry is not a “Trojan horse”, supporters insisted as concern grew about potential threats to national security.
Moomins are more successful than ever: Finland has produced exports that have made their mark all over the world, from Nokia phones to the Molotov Cocktail, and the EKG heart monitor to Angry Birds — but all of them must bow to the might of the Moomins.
Grocery regulator blows the cover of supplier in dispute: A supermarket watchdog that is struggling to win the confidence of the suppliers it was set up to protect has blown the identities of a “Big Four” grocery chain and a supplier in dispute.
Sales climb at Mountain Warehouse: A leading outdoor clothing chain is opening online in China in time for the world’s biggest shopping day after a record first half of the year.
Stamp duty slices the price of luxury London homes: The price of prime property in the centre of London is expected to be down by 2% this year because of the changes in stamp duty, according to a leading estate agency.
First-timers and landlords force up prices: A battle between first-time buyers and buy-to-let landlords for the same type of home has forced the asking price of properties with a maximum of two bedrooms in England and Wales to a record high.
Deal adds some more noughts for Octonauts: China’s state broadcaster has invested in a British children’s television series after Samantha Cameron’s stepfather brokered a co-production deal in the Far East.
The Independent
McDonald’s is facing a ‘deep depression’ and could be in its ‘final days’, say U.S. franchise owners: McDonald’s is facing a “deep depression” and could be in its “final days,” according to some U.S. franchise owners who were surveyed about the restaurant chain’s recent performance.
Resurgent banking lobby sets regulatory alarm bells ringing: Concern is mounting over the growing influence of banking lobbyists over the direction of financial regulation, as George Osborne implements his so-called “new settlement” with the City of London.
Starbucks plans to open stores in Italy: Italians might soon swapping their espressos for triple- shot skinny soy mochas when Starbucks opens its first outlet in Italy.
Barbie: slumping sales hits Mattel profits as Disney princesses leave for Hasbro: Barbie, once present in every little girl’s bedroom, is becoming increasingly unpopular judging by global sales, which have fallen for the eighth straight quarter.
Uber fare calculator app does not break the law, High Court rules: The High Court in London has ruled that the Smartphone app used by Uber drivers to calculate fares does not break the law.
Financial Times
Commodities slump casts a pall over dividend growth: Total dividends paid by companies listed on the main market are set to grow by 3% in 2016, down by a 6.8% projected increase in 2015, says a report by Capita Asset Services.
http://www.ft.com/intl/cms/s/0/0ea6f4b6-7593-11e5-a95a-27d368e1ddf7.html#axzz3oymGGHUZ
‘New work’ smaller businesses drive economic success in cities: Small companies in the creative, professional and digital sectors are the drivers of jobs, productivity and wage growth in cities, says researchers.
http://www.ft.com/intl/cms/s/0/d0ea3da6-736f-11e5-a129-3fcc4f641d98.html#axzz3oymGGHUZ
Second tier British law firms outperform top 10: Second tier U.K. law firms have financially outperformed those in the top 10 in the past year, powdered by mergers and cost-cutting and signaling renewed strategic focus among the smaller firms.
http://www.ft.com/intl/cms/s/0/e89e6cd8-7572-11e5-a95a-27d368e1ddf7.html#axzz3oymGGHUZ
Oil explorers predict 10,000 more job losses in the North Sea sector: Two of the biggest independent oil explorers in the North Sea have predicted a further 10,000 jobs will be lost from the sector, indicating a growing acceptance that oil prices are struck in a prolonged slump.
http://www.ft.com/intl/cms/s/0/555cd072-5c54-11e5-9846-de406ccb37f2.html#axzz3oymGGHUZ
EDF looks to sell €10 billion of assets to boost balance sheet: EDF plans to sell as much as €10 billion of assets over five years to shore up its balance sheet, as the French energy group prepares to start the expensive process of building three U.K. nuclear reactors.
http://www.ft.com/intl/cms/s/0/fcd6a462-7578-11e5-a95a-27d368e1ddf7.html#axzz3oymGGHUZ
Bayer open to deals to bolster crop science division: Bayer says it is interested in acquisitions and partnerships in crop science after the partial disposal of its plastics business increased in German group’s firepower.
http://www.ft.com/intl/cms/s/0/9c1a97bc-7430-11e5-a129-3fcc4f641d98.html#axzz3oymGGHUZ
Japan Tobacco buys Iranian cigarette maker to boost dominance: Japan Tobacco International has bought an Iranian cigarette maker in an attempt to reinforce its position as the market leader in a country which hopes to open up to western companies once international sanctions over its nuclear programme are removed.
http://www.ft.com/intl/cms/s/0/626e5c5a-7576-11e5-a95a-27d368e1ddf7.html#axzz3oymGGHUZ
Lex:
Bloomberg and Symphony: Bittersweet: The failure to develop the Bloomberg terminal’s popular chat application into a more secure service tailored to Wall Street’s needs has opened the door to a homemade alternative: Symphony, which this week announced a $100 million fundraising round.
http://www.ft.com/intl/cms/s/3/f0d2f9da-7547-11e5-933d-efcdc3c11c89.html#axzz3oymGGHUZ
The Daily Telegraph
Users who post ‘fake’ Amazon reviews could end up in court: Online retail giant files papers in the United States against more than 1,000 people, claiming that its brand reputation is being tarnished by ‘false, misleading and inauthentic’ reviews.
EU Referendum: Six Tory Cabinet ministers demand freedom to campaign for Brexit: The Conservative secretaries of state are calling on David Cameron to allow Cabinet members to publically back an “out” vote.
Steel turmoil places Lord Paul’s Caparo Industries in danger: Caparo Industries was looking at all funding options over the weekend.
The Guardian
Chinese economic growth slows to 6.9% in third quarter despite stimulus: China’s economic growth slowed in the latest quarter to a six-year low of 6.9%, despite repeated interest rate cuts and other stimulus measures.
U.K. solar power industry proposes emergency plan to save renewables: The solar power industry has proposed an emergency plan to rescue renewables, which it says would add just £1 to consumer bills by 2019, on top of the £9 a year that clean technology subsidies cost bill payers.
Solar industry Bosses attack government over jobs and subsidies: Some of Britain’s most powerful solar Executives have accused the government of mounting an ideologically driven campaign against their industry which has driven it into crisis.
Deutsche Bank divides investment arm in two as part of overhaul: Deutsche Bank is splitting its investment bank into two separate units as part of a broad strategic overhaul launched by its new chief Executive, John Cryan.
Trinity Mirror to announce £220 million deal to control Local World: The publisher of the Daily Mirror is poised to announce a £220 million deal to take control of Local World, which owns more than 100 regional titles, to create a local newspaper powerhouse.
Daily Mail
Insurance claims processor Quindell spends £11 million in bid to bolster its own share price: Quindell has spent £11 million in a bid to bolster its own share price, writes Peter Campbell. The insurance claims processor bought scores of staff out of a lucrative share rewards scheme that would have sent its stock tumbling if it went aHead.
Fashion retailer Reiss planning to expand in New York and make debut Down Under after notching up record sales and profits: Fashion retailer Reiss is planning to expand in New York and make its debut Down Under after notching up record sales and profits.
Admiral’s own ‘ambulance-chasers’ make £6 million after insurer is banned from selling customer details to claims firms: Insurance group Admiral made £6 million in profits last year from its legal arms, which it set up to dodge a ban on selling customers’ details to claims firms.
Volkswagen facing £30 billion lawsuit over diesel emissions scandal: Volkswagen is facing a £30 billion lawsuit over its diesel emissions scandal.
Daily Express
Interest rates will rise ‘sooner rather than later’: Britain is heading for an interest rate rise “sooner rather than later” as it weathers the storm of slower growth in China, a Bank of England policymaker predicted.
Britain’s steel crisis continues as Tata set to axe 1,200 more jobs: Britain’s steel sector is facing another massive blow next week as industry giant Tata is set to cut 1,200 jobs at its sites in Scunthorpe and Scotland.
The Scottish Herald
Grieg Seafood nets bumper profits rise: Shetland’s largest farmed salmon producer has reported a big jump in profits on the back of high market prices and improved fish mortality.
Economist Tony Mackay clashes with Scottish Government over accuracy of Q2 growth estimate: The Scottish government has hit back at criticism from a leading Scottish economist who has questioned the accuracy of an exceptionally low official estimate of economic growth in the Scottish economy of just 0.1% between April and June this year.
Property firm LSH to have new Glasgow HQ: Lambert Smith Hampton (LSH) has revealed plans to move to a new Head office in Scotland – just days after signaling plans to double the size of its operations north of the Border.
The Scotsman
Aberdeen leads the way in creative SME league table: Aberdeen has emerged as the U.K. city with the highest concentration of small businesses in the creative, professional and digital sectors.
Oil firms urged to tap into £20 billion reservoir: Oil and gas firms in the U.K. can dive into a £20 billion reservoir by tightening up on their working capital, new research has suggested.
Scotland’s jobs market remains weak despite uptick: The number of people placed in permanent or temporary jobs in Scotland rose last month, but the market remains weak, the Bank of Scotland said.
Douglas Barnett takes experience to Resilience Centre: The business resilience delivery arm for the Scottish Government and Police Scotland has announced a further high-profile appointment, with Douglas Barnett joining the board as a non-Executive Director. Barnett, who is currently Axa’s Head of customer risk management, will bring with him 30 years’ experience in the insurance sector to his role at the Scottish Business Resilience Centre.
City A.M.
Housing stocks may benefit from new data – New York Report: Housing stocks could be in for a boost if September data due out next week confirms strength that market watchers expect.
Jinping Kerching: David Cameron and Chinese President expected to announce several deals: Prime Minister David Cameron and Chinese President Xi Jinping are hailing a “golden era” of Sino-British relations on the eve of President Xi Jingping’s four-day state visit to the U.K., as investors await confirmation of billions of pounds worth of trade and investment deals.
Eurozone geared up for lending recovery as Draghi weighs up further stimulus: Financial conditions in the Eurozone are in line for a buoyant 2016 with economists at a major consultancy forecasting a long-awaited revival in credit growth.
U.K. infrastructure is lagging behind on global value rankings: The U.K. is falling behind in global rankings on its infrastructure, according to research published.
The value of Britain’s built environment – its buildings and infrastructure – is currently £3.1 trillion, the research from Arcadis, a consultancy, and the Centre for Economics and Business Research said. The U.K. ranks 13th against a host of other economic powerhouses, but has slipped two places since 2013 and lags behind every other G7 country except for Canada.
London house prices up by 10% in October and first-time buyers bear the brunt – Rightmove: London house prices are 9.8% higher than they were in October 2014, data released by online property market Rightmove reveals.
U.K. footfall recovers in September but high streets lose out to retail parks: Retailers enjoyed more visitors through their doors in September, boosted by the onset of the colder autu million weather and the August bank holiday falling into last month’s survey period.
Pensions committee warns industry is at risk of next mis-selling scandal over new freedoms: The work and pensions select committee is publishing its report on pension freedom guidance and advice, in which it blasts reforms introduced in April as being “insufficient”.
U.K. grocery sector shows green shoots of recovery as distress levels fall: Britain’s supermarket sector is showing signs of recovery, according to new research from Begbies Traynor that reveals the number of companies struggling to stay afloat declined for the first time in over two years.
Shoppers unfazed by market Headwinds as confidence rises – Deloitte: Optimism in the economy reached a four-year high in the third quarter, according to the latest consumer tracker from accountancy giant Deloitte.
Retail website StreetHub reveals $2.6 million funding round led by Octopus Ventures: StreetHub, a network of independent retailers, has announced a $2.6 million (£1.7 million) funding round, led by Octopus Ventures.
CBI Director General: government needs to spend more on research and development: A leading business group wants the government to prioritise innovation and science funding in next month’s comprehensive spending review (CSR).
Nectar profits collapse as supermarket price war takes its toll on loyalty cards: Aimia Coalition Loyalty U.K., Nectar’s parent company, said that pretax profits fell to £14.1 million for 2014, from £74.4 million the year before, due to a rise in people cashing in their points, while collecting fewer.
Deutsche Bank’s investment arm is split in two as new Boss John Cryan tries to reinvigorate the firm: Germany’s biggest lender Deutsche Bank is overhauling its management and investment bank structure as new Boss John Cryan tries to reinvigorate the company’s performance following a number of fines and shareholder dissatisfaction.
Hamleys poised to be sold to a relative of House of Fraser’s Chinese billionaire owner: A Chinese investor is said to be closing in on a deal to buy the U.K.’s most famous toy store Hamleys in the coming weeks.
