The Times
Liberty Global in talks with Cable & Wireless over £4 billion deal: Liberty Global, the telecoms group controlled by John Malone, the American tycoon, is in talks to acquire Cable & Wireless Communications in a deal worth nearly £4 billion, which would help to bolster the group’s presence in South America and the Caribbean.
Amazon, Google and Microsoft in tech share surge: Amazon was among a trio of Wall Street technology heavyweights to report better than expected results, as it swung into a surprise profit thanks to its growing cloud computing business and the success of its new Fire tablet.
4 million customers’ details stolen from TalkTalk website: The personal and financial details of more than four million TalkTalk customers may have been stolen in a cyberattack that brought down the telecom company’s website.
Bank reforms do not go far enough, says Which?: Plans to boost competition in banking by encouraging customers to switch are too weak and miss the point, according to the consumer group Which?
De Beers cuts back as diamonds lose sparkle: The world’s dominant miner of rough diamonds, with about a third of global supply, cut production by 27% in the third quarter. It comes after its customers deferred half their allocated diamonds at its most recent sale, or “sight”.
Junta ‘still controls Burma’s jade industry’: Burma’s vast jade industry is still in the grips of the country’s former military junta, according to an investigation by a campaign group.
Sales rise as household income hits six-year high: Families have more money to spend after taxes and buying essentials than they have had in six years, helping sales at the tills to grow last month by the biggest amount in nearly two years.
Prospective buyers optimistic as wages rise: Mortgage lending is having its best spell since 2008 as negative inflation and rising wages leave would-be buyers confident enough to take the plunge into the property market.
Let us penalise slow builders, councils plead: Cambridgeshire is pushing for rights to force developers to build homes more quickly, as part of a push to win more powers from Whitehall. Council leaders want to penalise developers who sit on empty land by charging them council tax on all homes which are not built within five years.
London property prices turn around to bite Foxtons: Foxtons’ shares tumbled this morning after it reported that “historically low levels” of activity in central London had hit sales commissions.
The Independent
Subway agrees to start measuring its sandwiches in class action lawsuit: Subway in the U.S. has agreed to start measuring its 6-inch and 12-inch sandwiches as part of the settlement to a class action lawsuit.
Airbnb says sorry for ‘passive aggressive’ adverts on bus shelters: Airbnb has apologized for a series of adverts that made offending suggestions about what the city could do with tax.
Eurotunnel freight trains down by a third because of refugee crisis at Channel Tunnel: Eurotunnel has slashed the number of trains using the Channel Tunnel by a third because of security risks posed by refugees, the company has said.
Black Friday warnings see Argos owner’s shares plunge 16%: Profit warnings by big high street names due to poor performances over the key Christmas period are usually made after the holiday season.
Financial Times
Four Seasons launches emergency review of finances: The extent of the crisis at Four Seasons, Britain’s largest care home provider, was underscored on Thursday when it appointed advisers to carry out an emergency review of its finances.
http://www.ft.com/intl/cms/s/0/0f1bf93a-78c9-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Chorus of criticism greets CMA banking probe: Challenger banks, politicians and business lobbies lined up to criticise the results of an 18-month competition probe into U.K. retail and business banking on Thursday, saying the proposed remedies were inadequate.
http://www.ft.com/intl/cms/s/0/0b530f88-78b9-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
U.S. emerges as potential Headquarters for HSBC: The U.S. is emerging as a serious alternative to Hong Kong as the possible Headquarters for HSBC, as Europe’s biggest bank by assets considers shifting its base out of the U.K..
http://www.ft.com/intl/cms/s/0/e3854c8e-78cf-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Travis Perkins warns on growth as homeowners shy away from DIY: Travis Perkins warned that earnings growth this year would be at the lower end of forecasts as a slowdown in the housing market meant that homeowners spent less on renovating their homes.
http://www.ft.com/intl/cms/s/0/f6203c8a-78cc-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Freeport cuts more U.S. copper output: It’s not enough for copper bulls to dream of restoring balance to the market. But Freeport-McMoRan’s latest production cut is a straw in the wind.
http://www.ft.com/intl/cms/s/0/702f8178-78d9-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Nyrstar’s Bill Scotting floats prospect of equity fundraising: The new chief Executive of Nyrstar has laid bare the challenges facing the world’s biggest zinc producer, saying an equity fundraising might be needed to meet a looming bond repayment and bolster its balance sheet.
http://www.ft.com/intl/cms/s/0/5c625d52-78aa-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Huarong sets Hong Kong cornerstone record: Hong Kong’s stock market has witnessed a new record for locked-up shares in an initial public offering after Huarong, one of China’s four leading “bad bank” asset Managers, priced its $2.3 billion float near the bottom of its range.
http://www.ft.com/intl/cms/s/0/b2480510-7921-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Meagre results from CMA’s first 18 months: During its first 18 months, Britain’s Competition and Markets Authority has taken two men to trial for criminal cartel offences, reviewed the retail banking sector and probed the U.K.’s biggest energy companies. The results in these three largest cases have been slender.
http://www.ft.com/intl/cms/s/0/f7566b06-78a9-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Valeant becomes latest battleground in hedge fund war: The travails of Valeant Pharmaceuticals are spellbinding enough, with a dispute over its accounting and a 25% share price fall over two days.
http://www.ft.com/intl/cms/s/0/274f3168-78b8-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Valeant fears spread to drugmaker’s bonds: The cost of insuring against a debt default at Valeant rocketed to a new high, as the drugmaker struggled to shake off attacks from short sellers.
http://www.ft.com/intl/cms/s/0/77da78c2-78d1-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Roche confident of U.S. returns despite drug pricing furore: Roche is confident of maintaining strong returns on investment in the U.S. even as drug pricing comes under increasing scrutiny in the world’s biggest pharmaceuticals market.
http://www.ft.com/intl/cms/s/0/165347b6-7889-11e5-8564-b4bb9a521c63.html#axzz3pGObU9ng
Aluminium hits seven-year low in China: Aluminium prices in China fell to a seven-year low, adding to difficulties facing companies in the world’s largest producer.
http://www.ft.com/intl/cms/s/0/2d0d75ca-78c6-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Volkswagen has suspended 10 senior Executives in emissions probe: Volkswagen has now suspended about 10 senior Executives as part of its investigation into the crippling emissions scandal that has rocked Europe’s biggest carmaker.
http://www.ft.com/intl/cms/s/0/337b86de-78c8-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Poor China performance dents Hyundai Motor: Hyundai Motor reported its smallest net profit in at least five years in the third quarter, as sales slumped in emerging markets including China and higher marketing costs outweighed currency gains.
http://www.ft.com/intl/cms/s/0/aabd3a44-7887-11e5-8564-b4bb9a521c63.html#axzz3pGObU9ng
Daimler powers aHead with record quarter for sales: Daimler sold more Mercedes-Benz cars in its third quarter than in any other three-month period, boosting operating profit at the German manufacturer by more than 30%.
http://www.ft.com/intl/cms/s/0/67b3d4e0-7884-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Publicis shares plunge 9% on back of poor growth: Shares in Publicis suffered their worst one-day fall in seven years as the French advertising group slashed its organic growth target for this year following flat sales in September.
http://www.ft.com/intl/cms/s/0/37c56792-78cc-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Ari Emanuel’s WME-IMG forms internet of things data partnership: WME-IMG, the entertainment and sports group, has formed a joint venture with data analytics company AGT International to bring the “internet of things” to live events as part of a push to better engage with fans.
http://www.ft.com/intl/cms/s/0/55ab3bc6-78ca-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Google launches €150 million fund for ‘new thinking’ in EU journalism: Google has launched its €150 million fund “to spark new thinking” in European journalism — part of an attempt to improve relations with an industry that has consistently complained about its approach to copyright.
http://www.ft.com/intl/cms/s/0/58a5f39a-78b4-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Vivendi raises stakes in gaming groups Ubisoft and Gameloft: Vivendi has raised its stake in video-game makers Ubisoft and Gameloft for the second time in a week, saying that it could buy more shares and even ask for board seats.
http://www.ft.com/intl/cms/s/0/37a62e14-78a8-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Raf Simons steps down as Christian Dior creative Director: Raf Simons has stepped down from his role as creative Director of Christian Dior to focus on his own label after only three and half years at the French couture house.
http://www.ft.com/intl/cms/s/0/1a3e4116-78f5-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
New menu boosts U.S. sales at McDonald’s: McDonald’s showed the first signs of a recovery in its home market, with third-quarter sales there rising for the first time in two years.
http://www.ft.com/intl/cms/s/0/9db7b17c-78b8-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Suntory looks to U.S. premium beer market: Suntory may consider entering the U.S. premium beer market with a strategic partner in the wake of a £68 billion merger agreement between the world’s two largest brewers.
http://www.ft.com/intl/cms/s/0/88f4af00-78a5-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Hamleys to be sold to China’s C.banner International: Hamleys, the British toy store, is to be sold to China’s C.banner International for about £100 million in a deal announced.
http://www.ft.com/intl/cms/s/0/0a09572a-7884-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Mothercare recovery on track with U.K. sales rise: Shares in Mothercare rose after it delivered upbeat results at its troublesome U.K. business, signaling its turnaround strategy remained on track.
http://www.ft.com/intl/cms/s/0/0f206ac2-789e-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Twitter chief gives a third of his shares to employees: Jack Dorsey, the Twitter co-founder who was recently reinstalled as chief Executive, is giving away a third of his shares in the messaging platform to employees, as part of his plan to boost morale and transform the company.
http://www.ft.com/intl/cms/s/0/4313318c-791d-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Microsoft shares hit 15-year high: Microsoft’s shares touched their highest point in 15 years, as it beat revenue and earnings forecasts in the quarter to September and posted its first ever profit in search.
http://www.ft.com/intl/cms/s/0/eefc24bc-7900-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Alphabet soars on news of $5 billion buyback: Alphabet, the new holding company for Google, announced the group’s first stock buyback, marking the latest step in its transition to a new financial and management structure.
http://www.ft.com/intl/cms/s/0/e3490388-78fb-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Amazon shares jump 11% on sales surge: Amazon reported strong sales growth during its third quarter, thanks to growth in North America and in its cloud computing division, sending its share price up 11% in after-hours trading.
http://www.ft.com/intl/cms/s/0/6da2ef92-78f4-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Orange increases earnings target after quarterly revenue growth: France’s biggest mobile operator Orange has increased its earnings target for this year after revenue and profits rose in the third quarter for the first time since 2009.
http://www.ft.com/intl/cms/s/0/4e517cf2-78b9-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
China and Inmarsat agree deal for new Silk Road: China has agreed a deal with Inmarsat, the British satellite group, that will provide communications along the modern-day Silk Road being planned under the country’s “One Belt, One Road” initiative.
http://www.ft.com/intl/cms/s/0/d01a01ba-78ae-11e5-8564-b4bb9a521c63.html#axzz3pGObU9ng
Travis Perkins: fell 6% to £18.48. The company said its full-year earnings would be at the lower end of forecasts after demand in its core repair, maintenance and improvement market was weaker than expected in the third quarter.
SIG: fell 20.7% to 141.1p. It reduced its profit guidance for the full year, saying conditions in its main markets deteriorated in the second half — particularly in France.
Lex:
Travis Perkins: slated: Unfortunately for Travis Perkins, the U.K. builders’ merchant, lots of builders went away for a little rest in the third quarter. So said chief Executive John Carter on Thursday, by way of explaining his company’s wobbly results.
http://www.ft.com/intl/cms/s/3/aa2e8552-78d1-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
CIT Group: wood from the trees: Mr Thain had presided over the shotgun sale of the faltering Merrill Lynch to Bank of America in 2008. He has announced he will leave the CIT chief’s post in March 2016, but remain as Chairman. CIT is on a solid footing in contrast to the last time he left a corner office. Yet CIT shares are up just a quarter during his five-year tenure.
http://www.ft.com/intl/cms/s/3/aa2e8552-78d1-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Publicis: ad break: A lot has happened in the year since Publicis announced it would pay $3.7 billion for Sapient, the biggest in its series of digital acquisitions.
http://www.ft.com/intl/cms/s/3/b1c37f4c-78a5-11e5-a95a-27d368e1ddf7.html#axzz3pGObU9ng
Lombard:
Tossing away Ladbrokes’ tiny pens draws attention to bottom line: High-street bookie Ladbrokes has revealed that, since August, 20,000 traditional pen-wielding punters have been signed up to a new smartphone app while in store — and most now use the app to place and check multiple wagers (“track their accas” in the parlance) while still in a shop.
http://www.ft.com/intl/cms/s/0/36c0382a-78ba-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
Seeing stars: After nearly a year, and 80 pages, of painstaking research, the Competition and Markets Authority has concluded that bank customers need help choosing the best account.
http://www.ft.com/intl/cms/s/0/36c0382a-78ba-11e5-933d-efcdc3c11c89.html#axzz3pGObU9ng
The Daily Telegraph
U.K. investors could start forex lawsuits after banking trio settle for $1 billion in U.S.: British investors could soon begin legal action against banks accused of rigging foreign exchange markets, after Barclays, Royal Bank of Scotland and HSBC paid a combined total of almost $1 billion (£650 million) to settle claims in the U.S..
Tesco ditches Deutsche Bank after 17 years as part of post-£263 million fraud shake-up: Tesco has parted company with Deutsche Bank after 17 years as corporate broker as part of the continued shake-up at the retailer following last year’s £263 million fraud.
Breaking up TSB and Williams & Glyn has not worked: Forcing Lloyds and RBS to set up the new banks TSB and Williams & Glyn has cost billions of pounds but failed to promote competition in banking, according to the agency studying the market.
EU takes member states to court over ‘bail-in’ laws to protect taxpayers: The European Commission is taking legal action against member states including the Netherlands and Luxembourg, after they failed to implement rules protecting European taxpayers from funding billions in bank rescues.
Infinis Energy taken private by Guy Hands’ Terra Firma after share price slump: Infinis Energy, the renewable power generator, is being taken back into private hands by Terra Firma after the fall in power prices and Government subsidy cuts saw its share price halve.
City watchdogs have revealed the biggest problem in finance: City regulators have said the British financial industry is Heading towards a more stable post-crisis footing, with regulation now focusing on improving conduct rather than mopping up the meltdown of 2008.
Big bonuses breed bad behaviour, says Barclays Chairman: Barclays’ Chairman believes investment bankers should not get huge bonuses, as they encourage bad behaviour and short-term thinking.
Peer-to-peer firm delisted from stock exchange after £3 million of savers’ cash ‘goes missing’: Savers who use peer-to-peer firm TrustBuddy have been told it is “highly unlikely” they will get any of their money back as the firm has now gone bust and been delisted from an international stock exchange.
The Questor Column:
Hold RELX as results on target: Relx [LON:REL], the owner of Lexis Nexis and The Lancet reference services, said it was on target to hit full-year targets. The company historically provided reference material for lawyers, accountants and scientists in print. It now offers all this material online and digitally through a service called Lexis Nexis. The business has been a steady performer this year. Group revenue has increased 3% in the nine months to the end of September. Relx is forecast to generate £1.7 billion in pretax profits, giving 61p in earnings per share, from £6.1 billion of revenue in the year to the end of December. The company also generates plenty of cash, which covers the dividend payments more than twice. The shares are expected to pay a 28.9p dividend this year, offering a prospective yield of 2.5%. The payout is set to increase by 6% a year. The shares also command a premium to the wider market, trading on 19 times forecast earnings, falling to 17 times next year. However, this remains one to hold for the long term. RELX at £11.57 +4p. Questor says “Hold”.
Avoid Foxtons as shares look overvalued: Shares in Foxtons [LON:FOXT] fell by more than 6% after the London-focused estate agent said high prices and stamp duty changes resulted in house purchases in the centre of the capital fell to record lows. The company said that uncertainty around the general election also knocked property sales in London. The number of sales completing in the centre of London is currently 40% below historical averages, according to broker Cannacord Genuity. Foxtons said the housing market has been slow to recover following a sharp downturn in the second half of last year. Foxtons has previously managed to offset the sluggish market for property sales with steady growth from the lettings market. The problem for anyone considering Foxtons’ shares is that investors are being asked to pay a high rating for the shares, which can only really be supported if the company is growing rapidly. However, there are many signs London is in the latter stages of a property bubble; any growth from here may be hard to come by. Foxtons at 203p-18½p. Questor says “Avoid”.
The Guardian
Sugar tax will not change diets, says Cadbury Chief: Britain’s largest confectionery company has claimed that a levy on sweet food and drinks will not make people overhaul their diets.
Monsoon named and shamed for not paying staff minimum wage: Monsoon has been named and shamed by the government for failing to pay more than 1,400 workers the minimum wage. The privately owned fashion retailer is one of 115 companies caught in the latest swoop by HM Revenue and Customs (HMRC), which oversees implementation of the pay regulations.
Daily Mail
Private equity mogul Guy Hands hit with £60m loss buying back windfarm giant Terra Firma at a lower price than he sold it: Private equity mogul Guy Hands has bought back a renewable energy company at a lower price than he sold it for. His Terra Firma vehicle floated off a 31.5% stake of wind-farm operator Infinis energy in 2013, raising £234 million.
Luxury brands including Gucci, Saint Laurent and Stella McCartney defy China slowdown with sales up 3.1%: The slowdown in China is still hurting luxury labels but the owner of brands including Gucci, Saint Laurent and Stella McCartney put in a better-than-expected third-quarter performance with same-store sales up 3.1%, writes Laura Chesters. French-based Kering said group turnover for the period reached £2.9 billion.
FCA chairman admits sudden departure of CEO Martin Wheatley has made the regulator ‘less stable’: The chairman of the Financial Conduct Authority has admitted the sudden departure of its chief executive has made the regulator ‘less stable’. Giving evidence to the Treasury Select Committee, John Griffith-Jones revealed the City watchdog had been rocked by the Chancellor’s decision not to renew Martin Wheatley’s contract.
Daily Express
Bank of England Boss warns Europe’s rules make the job of looking after economy tougher: Europe’s tangle of rules and regulations could make it harder for the Bank of England to do its job of looking after the British economy, the Bank’s Governor has warned.
Debenhams chief to stand down next year: Debenhams is looking for a new chief Executive after Michael Sharp said he will step down next year following fi e years at the helm of the department store group.
The Scottish Herald
Scots firms kick up a Storm at 2015 Herald Digital Business Awards: Storm ID has scooped the top prize at the 2015 Herald Scottish Digital Business Awards.
Family-owned manufacturer sold to Dutch giant: Stevens (Scotland), a family-owned window blind maker employing over 100 in Brechin, has been sold to Dutch giant Hunter Douglas in a multi-million pound deal.
The Scotsman
Bett Homes rebrands itself Avant Homes: One of Scotland’s best-known house-builders, Bett Homes, is to rebrand itself as Avant Homes.
Pernod Ricard keeps growing European and U.S. sales: Global spirits giant Pernod Ricard has steadily increased its sales in the quarter ending 30 September, but highlighted the varied environment, with growth in Europe and the U.S. but a slowdown elsewhere weighed down by Chinese economic woes.
Fishers to create 150 jobs at £5 million ‘super laundry’: Textile services firm Fishers is planning to create a £5 million “super laundry” in Coatbridge that will bring about 150 jobs to the town.
City A.M.
Barclays, HSBC and RBS agree to £600 million fine for foreign exchange rigging: Three of Britain’s biggest banks were slapped with a $924 million (£600 million) bill for rigging foreign-exchange markets.
Eurozone bond yields sink to four-month lows on dovish Draghi comments: Government borrowing costs dropped across the Eurozone and the euro tumbled as European Central Bank (ECB) Boss Mario Draghi gave his biggest hint yet that the bank would take further steps to boost the lacklustre economy.
Ladbrokes share price soars despite profits plunging 56.7%: Ladbrokes’ share priced soared up 8.43% in trading, despite reporting that profits for the last three months more than halved to £14.3 million thanks to an increased marketing spend.
European Court of Justice: Bitcoin is exempt from VAT: Europe’s top court, the European Court of Justice, has ruled that transactions made with digital currencies such as bitcoin should be exempt from VAT.
Dr Pepper Snapple Group raises earnings outlook as sales volumes jump during third quarter: American soft drinks giant Dr Pepper Snapple Group raised its full-year earnings outlook, after better-than-expected third quarter results that showed a nine% rise in core earnings.
Slow and steady growth for Grant Thornton as profits and revenues both rise: Professional services firm Grant Thornton reported full-year profits were up to £78.6 million from £77.9 million in 2014 on the back of revenues, which rose from £512 million to £521 million.
