Newspapers: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 120816

The Times
L&G Chief forced into humiliating Cofunds sale: Nigel Wilson, Chief Executive of Legal & General, has been forced to retreat on a key part of his strategy with the loss-making sale of its investment platform for financial advisers.
Huffington abandons her Post to launch health venture: Arianna Huffington is leaving the news website that she founded more than a decade ago to focus on the health and wellness company she is launching.
Expect a recession for Christmas, economists say: Economists believe the U.K. will be in a mild recession by Christmas, by which time they expect the Bank of England to have cut interest rates even further from their record lows and for the government to have announced a big fiscal stimulus package.
Alibaba pulls revenue out of the clouds: An aggressive push into cloud computing and digital media helped Alibaba to achieve the kind of strong growth that it last saw at the time of its initial public offering in New York in 2014.
Profits bubbling up at Coca-Cola Hellenic: Poor weather in Europe and economic volatility failed to affect Coca-Cola Hellenic Bottling Company as the FTSE 100 soft-drinks maker reported a stronger-than-expected first half.
Blood, sweat and fears as Noble falls to $55 million loss: Noble Group, the struggling commodities trader, slumped to a quarterly loss as it said it was “focusing on liquidity”. Richard Elman, the 76-year-old Brighton-born metals trader who founded the business, said that Noble’s start to the year was marked by blood, sweat and toil.
Record month for Gatwick boosts runway campaign: July was the busiest month in Gatwick’s 80-year history as growth in long-haul traffic helped to push up overall passenger numbers up by 6.8% over a year earlier.
Brexit leaves investors bullish for gold bullion: Brexit and the global spread of negative bond yields sparked the biggest investor stampede into gold of any first half on record.
Britain is still largest foreign investor in U.S.: The U.K. is the largest foreign investor in the United States, dwarfing Canada, Japan and China, according to the CBI. It said that British investment into the U.S. equates to 15% of the $2.9 trillion of foreign direct investment in North America.
Glencore demands damages from Bolivia over nationalised plants: Glencore is suing the government of Bolivia to seek compensation for three operations nationalised under Evo Morales, its populist President.
Macy’s set to close 100 stores: Macy’s, the American department store giant, plans to close 100 stores and increase investment in its online business after 18 months of falling sales.
The Independent
350,000 sign petition against KFC’s use of antibiotics as superbug fears mount: Kentucky Fried Chicken Owner, Yum! Brands, has faced renewed pressure from campaigners and investors to stop using chicken routinely treated with antibiotics, a factor in the emergence of drug-resistant superbugs such as MRSA.
Brexit pain will last for years, says Hong Kong’s richest man Li Ka-shing: Hong Kong’s richest man, one of the biggest investors in the U.K., hit a setback in his efforts to cut his reliance on Britain and warned the fallout from the nation’s decision to leave the European Union will last for years.
Government sells debt at all-time record low interest rate in wake of Brexit vote: The Treasury’s Debt Management Office this morning sold debt at a new record low interest rate, underlining the massive appetite from investors for British Government bonds in the wake of the Brexit vote and sparking fresh calls for the Chancellor to take advantage by ramping up its infrastructure investment.
Oil demand set to slow in 2017 due to weak economic outlook: Oil demand growth will weaken more than expected in 2017 as a climate of economic insecurity continues, according to the world’s leading energy body.
Poundland sale: Steinhoff increases bid to £610 million: Steinhoff International raised its agreed bid for U.K. discount chain Poundland after an activist investor built a stake that threatened to derail the deal.
Financial Times
PageGroup cuts U.K. headcount after Brexit poll hits recruitment: Recruitment company PageGroup reduced its headcount in the U.K. by 3% in the first half of the year in response to tougher trading conditions in the run-up to the EU membership referendum, as companies put hiring and investment plans on ice.
To Read More Click Here
Derwent London lowers rent expectations after Brexit vote: Property developer Derwent London has lowered its expectations for rental growth after Britain’s EU referendum, predicting a short-term hit to demand for office space.
To Read More Click Here
Mondo becomes the latest U.K. digital bank to gain a licence: Mondo is the latest U.K. digital bank to gain a licence as the number of smartphone lenders gathers pace, paving the way for more competition in the current account market.
To Read More Click Here
Abengoa staves off insolvency with €1.17 billion restructuring: Abengoa has struck a €1.17 billion restructuring deal with its creditors, ensuring the survival of the debt-laden Spanish renewables group after a year of financial turbulence that pushed it to the brink of bankruptcy.
To Read More Click Here
U.S. bank sacks lawyer over Fannie Mae CEO relationship: The largest bank in Ohio fired its top lawyer last month after she said she was in a romantic relationship with the Chief Executive of Fannie Mae, the government-backed mortgage company — who has been allowed to keep his job.
To Read More Click Here
Sharp surges as China approves Foxconn deal: Shares in Sharp surged almost a fifth after Taiwan’s Foxconn said Chinese antitrust authorities have approved its $3.8 billion takeover of the struggling Japanese display maker.
To Read More Click Here
Russia fines Google over Android restrictions: Russia’s anti-monopoly watchdog fined Google Rbs438 million ($6.8 million) on Thursday for violating competition regulations with its Android software on mobile phones.
To Read More Click Here
Lex:
Nvidia: vroom: At the dawn of the automobile, you might have been right that cars were going to be big, but would most likely still have been wrong about which manufacturer to back. The answer with hindsight, as Warren Buffett points out, was to short horses. It is his reason for being reticent in investing in new technology.
To Read More Click Here
Valeant: follow the money: When Valeant made some broadly reassuring noises in its earnings report on Tuesday — targets maintained, talks on its debt covenants proceeding, asset sales a possibility — a blast of pent-up demand was released.
To Read More Click Here
Contingent capital: coco a gogo: Groucho Marx warned that if a man looks and talks like an idiot then do not be fooled — he really is an idiot. Credit investors who heeded this maxim and shunned banks’ contingent convertible bonds — which often look and act like equity — felt justified earlier this year.
To Read More Click Here
Lombard:
Bumpitrage is an exercise in rent seeking: On Thursday, South Africa-rooted retailer Steinhoff agreed to pay 5p more per share for U.K. bargains store chain Poundland, taking the price to 227p. Last month, brewer AB InBev sweetened its offer for rival SABMiller by £1 to £45 per share.
To Read More Click Here
Burning platform: Legal & General is flogging Cofunds, about the U.K.’s biggest fund platform, for a mere £140 million. Three years ago, Nigel Wilson, L&G’s Boss, paid the equivalent of £175 million for it. Cofunds tends £77.5 billion in funds, yet still hasn’t made a sous.
To Read More Click Here
The Daily Telegraph
Ex-Paddy Power Boss to replace Restaurant Group’s ousted Chief: The Chief Executive of The Restaurant Group is expected to be ousted from his job, to be replaced by Andy McCue, the former Boss of Paddy Power.
EU probes $130 billion Dow-DuPont chemicals merger: The European Commission is launching a probe into the $130 billion mega-merger between U.S. titans Dow Chemicals and DuPont. Competition commissioner Margrethe Vestager said she wants to make sure the deal does not harm customers.
Sky and Channel 4 make joint investment to sell more British TV abroad: Sky and Channel 4 have made a joint investment in a new online service that aims to make it easier for television producers to sell their programmes to foreign broadcasters.
Bumpy months at Old Mutual but four-way split is on track: The break-up of Old Mutual is “making good progress” despite a rocky six months for the Anglo-South African insurer as volatile markets and a string of one-off costs knocked more than 10% off its profits.
Growing demand for ‘black box’ insurance helps lift Hastings: The insurance group Hastings has kept pace with its ambitious growth plans so far this year, taking on more customers and boosting its profits by a fifth to £70.8 million.
Ailing Manchester Building Society warns investors over interest payments: Investors who own “permanent interest-bearing shares” or Pibs issued by Manchester Building Society are unlikely to receive their next interest payment, the mutual has said.
DFS shrugs off Brexit as it basks in Team GB glory: DFS shares jumped by 14.5% this morning after the sofa retailer gave an upbeat assessment of life after Brexit.
The Guardian
Nuclear espionage charge for China firm with one-third stake in U.K.’s Hinkley Point: The Chinese company with a major stake in the proposed Hinkley Point C nuclear power station has been charged by the U.S. government over nuclear espionage, according to the U.S. justice department.
Law firm investigating VW emissions scandal hired to examine BHS: The U.S. law firm investigating the diesel emissions scandal at Volkswagen is to examine the conduct of BHS Directors in the run-up to the retailer’s collapse.
Hopes rise for Tata Steel rescue deal: Tata Steel is increasingly confident about securing a rescue deal for its U.K. business and the Port Talbot steelworks in Wales, after talks with the business secretary and the Pensions Regulator.
Deliveroo couriers demonstrate against new contract: Deliveroo is embroiled in a pay row with its couriers after more than 100 riders staged a protest outside the company’s London offices in a dispute over a new wage structure.
Daily Mail
Maverick fund star Terry Smith attracts £1 billion from savers in 3 months: Maverick investor Terry Smith attracted £1billion of savers’ cash in just three months. The outspoken City veteran, famous for ruffling the feathers of employers and some of the biggest names in investment, saw the performance of his fund soar while rivals suffered.
One in four workers quitting Sports Direct’s ‘Victorian workhouses’ as pressure mounts on Boss Mike Ashley: Sports Direct’s notoriously overworked staff are voting with their feet and leaving the company.
4DX cinemas featuring vibrating seats, scents and water, wind and rain effects boost Cineworld: Cineworld’s revenues are up on the back of so-called experience cinemas, which create special effects to enhance the viewing experience.
Daily Express
Brits still going on summer holidays despite weaker pound: The pound may not stretch so far but Britons are going further and in greater numbers to enjoy summer breaks and keep tour giant TUI’s profits on track.
Turkey threatens to take down the banks for ‘betrayal’ by rejecting loans after coup: Turkish leader Recep Tayyip Erdogan said banks that refuse company loans are betraying him. Turkey’s President called for companies to employ a more liberal credit policy, as he rejected any cautions about the “cleansing” in his country.
German bank charges fees for saving amid rising fears over negative rates: A German bank has started charging customers to house large savings pots, as the fallout from the European Central Bank’s (ECB) negative interest rate policy starts to bite.
Housing market confidence returns after Brexit wobble, say surveyors: Britain’s vote to leave the European Union had a small impact on the housing market but confidence already appears to be returning, according to surveyors.
The Scottish Herald
U.K. Government investment fund passes £10 million mark in helping Scottish start-ups: More than £10 million has been invested in Scottish start-ups by The Start Up Loans Company (SULCo), since its launch in 2014.
Finlayson drafted in to chair Converge Challenge: Sandy Finlayson, the co-Founder of law firm MBM Commercial, has been unveiled as the new Chairman of Converge Challenge, the Scottish company creation competition.
Scottish Enterprise highlights scale of leadership development activity: Scottish Enterprise has said it helped around 700 companies with support for leadership development in the year to 30 April compared with a target of up to 650.
Cut in forecast for oil demand growth highlights challenges facing North Sea: An authority on the global oil and gas industry has cuts its forecasts for demand growth in a move that could heighten fears the crude price slump could run deeper and last longer than thought.
Oil services firm founded by prominent businessman sold after falling into administration: An engineering business whose Directors include Melfort Campbell, co-chair of the Scottish Enterprise Oil and Gas Advisory Board and former Chairman of CBI Scotland, has been sold after falling into administration amid the downturn in the North Sea industry.
Produce Investments settles food contamination claim: Shares in Produce Investments have jumped by six% after the Borders-based potato and daffodil settled a food contamination claim.
Global firm hires Scot to lead Glasgow-based European headquarters: Global sales and marketing firm Televerde has appointed Morgan Jones as general Manager of its European office in Glasgow.
‘Tangible action’ needed from Scottish government to support retail businesses: Lobby group, the Scottish Retail Consortium, has called on the Scottish Government to put competitiveness and productivity at the heart of next month’s budget and spending review.
The Scotsman
Barrhead Travel sales grow despite ‘difficult’ year: Holidays firm Barrhead travel said it had weathered “difficult” market conditions by posting an 8.5% rise in annual sales.
Carluccio’s making move into Edinburgh eatery market: Italian restaurant chain Carluccio’s is to open its first branch in Edinburgh, marking its fourth site north of the Border.
Craft brewer Innis & Gunn tests ‘virtual beer goggles’: An Edinburgh-based brewer and bar operator is promising to transport drinkers to faraway lands by serving up a shot of virtual reality alongside its beers.
Audiology firm makes big noise in expansion tie-up: A family-run audiology business is to expand its reach across central Scotland after agreeing a partnership deal with the only clinic in the U.K. to specialise in tinnitus treatment and management.
Legal newcomer Gilson Gray lifts partner headcount: One of Scotland’s top employment law specialists has joined fast-growing practice Gilson Gray as a partner. Stuart Robertson joins the firm, which only launched in 2014 with operations in Glasgow and Edinburgh, from Ledingham Chalmers.
22 Scots businesses ‘shamed’ for failing to pay Minimum Wage: Luxury accommodation provider Macdonald Hotels and iconic Fife bakery Fisher and Donaldson are among 22 Scottish businesses which have been “named and shamed” by the U.K. government for failing to pay their workers the minimum wage.
City A.M.
Bank of England assertions on pension scheme deficits to be “tested”: Experts reacted to the contention from the Bank of England that lower yields had a “relatively limited” effect on pension scheme deficits.
Banks scramble to get rid of €100 billion in junk loans: European banks either sold or begun working on deals to dump more than €100 billion of bad loans in the first half of the year.
Npower wins scores of customer as turnaround plan takes hold: An army of U.K. customers charged back to Npower last month, as the big six energy giant’s turnaround efforts began to bear fruit.
Microsoft splashes cash on video game streaming startup Beam: Microsoft is getting in on the live games streaming action with its latest acquisition. The tech giant – fresh from snapping up LinkedIn in a $26 billion (£20.1 billion) deal – has acquired Beam, a Seattle-based startup which live streams video games.
Valeant shares take a hit after reports of criminal investigation over Philidor ties: Valeant Pharmaceuticals’ shares have slumped by almost 10% following reports it’s the target of a criminal probe.
Novartis faces potential South Korea sales ban after Executive dodgy dealings: One of the world’s largest drug producers, Novartis, is facing a sales ban in South Korea due to an ongoing scandal over kickbacks – known in the industry as rebates – that has engulfed its senior Executives.
The number of mortgages in arrears and repossessions fell in the last quarter: The number of mortgages in arrears continued to fall in the second quarter, reaching its lowest level since records began.
Sales fall, but retailer’s shares up as back-to-school season approaches: Kohl’s share price leapt 15% in the U.S. on Thursday morning after the department store retailer beat analyst expectations in its second quarter.