The Times
Capita shares slide again as bad news keeps on coming: Attempts to revive one of Britain’s biggest outsourcing companies were dealt a series of setbacks, hitting plans to clean up the business ahead of the arrival of a new Chief Executive.
Securities and Exchange Commission, reveals it was hacked: Hackers infiltrated the computer network of America’s top markets watchdog, stealing private information that could have been used to make illegal trading profits.
Pubs group caught out by sudden downpour: A cool end to the summer cast a chill over Mitchells & Butlers, owner of the All Bar One, Harvester and Toby Carvery pub chains. Like-for-like drink sales fell 1.2% in the eight weeks to September 16 in a sharp reversal of the 3.8% rise in the previous ten weeks.
Solicitors ‘using tax avoidance schemes’: Lawyers are facilitating “aggressive” tax avoidance schemes that flirt with being illegal, the profession’s watchdog said as it warned of a crackdown on sharp practices.
Mercedes-Benz owner finds sweet home for new electric cars: Daimler is to begin making electric cars in the U.S. with a $1 billion overhaul of its Mercedes-Benz factory in Alabama.
Paragon goes mainstream as it banks on deposits: The Paragon Group of Companies said it would henceforth be known as Paragon Banking Group, as it transferred all its staff to a new holding company three years after gaining permission from the Bank of England to open a deposit-taking arm.
Demand for electric vehicles could crash power grid: MPs are set to investigate whether the spread of electric vehicles could crash Britain’s electricity grid.
Eon to scrap controversial standard variable energy tariff: Eon has announced plans to scrap its standard variable tariff, in a first for the Big Six energy giants.
The Independent
NHS staff real income cut by almost £2,000 over seven years: The damage inflicted on the living standards of NHS staff by the Government’s pay freezes and caps has been underlined by new figures, which show the average health worker enduring a real terms cut of almost £2,000 over the past seven years.
Slough has been crowned the best place to work in the U.K.: Slough, most famous for its portrayal as a dreary, post-industrial commuter town in cult sitcom The Office, has been named the best place to the work in the U.K.
Broadband providers warned to improve or lose customers: Some of the U.K.’s biggest broadband providers have ranked the poorest for customer service failings such as poor speeds and connection dropouts.
Greenpeace storms massive ship delivering Volkswagen diesels to U.K.: Greenpeace campaigners in boats and kayaks have stormed a 23-tonne ship, in an attempt to stop it from delivering diesel cars made by Volkswagen to the U.K.
San Francisco sues Big Oil for billions over climate change: The U.S. cities of San Francisco and Oakland are suing five of the world’s largest oil companies for the coasts of walls and other defences against rising sea levels, saying the industry made vast profits from fossil fuels while knowing they were causing “an existential threat to humankind”.
Dollar rises after Federal Reserve hints at interest rate rise: The dollar was trading near a two-month high against Japan’s yen on Thursday, after the U.S. Federal Reserve indicated that it was on track to start paring back its massive bond-buying programme next month.
Chinese search engine Baidu sets up $1.5 billion self-driving car fund: Chinese search engine Baidu announced a 10 billion yuan ($1.1 billion) self-driving car fund on Thursday as part of a wider plan to speed up its technical development and compete with U.S. rivals.
Hard Brexit could lead to the next financial crisis, says Deutsche Bank: Brexit could be an unlikely cause of the next financial crisis, according to research by Deutsche Bank.
Financial Times
Anadarko shares push higher on $2.5 billion buyback programme: Anadarko Petroleum shares were leading the S&P 500 on Thursday morning after the energy group announced a massive $2.5 billion share buyback programme through the end of 2018.
Drax boss Dorothy Thompson to step down after 12 years: Dorothy Thompson, one of the few women at the top of the U.K. energy sector, is stepping down as Chief Executive of Drax after 12 years during which she shifted the company away from coal-fired power generation towards renewable fuel.
Naftogaz resignations spark concern over Ukraine reforms: Ukraine is coming under pressure from its western backers to adhere to vital structural reforms after Naftogaz, the state oil and gas company and model of reform in recent years, was left without a supervisory board after independent British Directors resigned.
CICC shares soar on sale of strategic stake to Tencent: Shares in China International Capital Corp, the Chinese investment bank, soared on Thursday following the group’s sale of a strategic stake to internet group Tencent, as investors bet that the tie-up would boost CICC’s retail franchise.
Investors shy away from $7.25 billion Avantor deal: Debt investors have shied away from a $7.25 billion junk bond and leverage loan deal from life sciences company Avantor — one of the year’s largest leveraged buyout financings — forcing banks led by Goldman Sachs to delay pricing and increase the interest rate being offered.
Goldman Sachs slumps to its worst ever position in IB ranking: Goldman Sachs’ fixed income woes have relegated the Wall Street stalwart to its worst ever position in a benchmark ranking of the world’s biggest investment banks.
AIG steps up campaign to shed ‘too big to fail’ status: AIG is pushing hard to shed its “too big to fail” status, ahead of a crunch vote that could boost the Trump administration’s attempt to undo Obama-era reforms.
TSB appoints Richard Meddings as non-Executive Director: TSB has appointed Richard Meddings, a former finance Chief at Standard Chartered, as a non-Executive Director, paving the way for him to become the next Chairman of the bank.
Nissan Chief adds note of caution to Ghosn’s electric dream: Hiroto Saikawa has only been Chief Executive of Japanese car group Nissan for a handful of months, but already he has distanced himself from his boss.
BYD head lobbies Beijing for early ban to combustion engine: China’s largest maker of battery-powered cars is lobbying for a ban on combustion engines in its home country, saying on Thursday that China’s vehicle market will be fully electric by 2030.
China’s Best Logistics blames recent IPO flops for price cut: Alibaba-backed Best Logistics, the Chinese supply chain group that saw its shares jump as much as 19% on its New York debut, blamed investor caution over recent public offering flops for halving its initial fundraising expectations.
Google in talks with news publishers to help their subscriptions: Google is working with three publishers to improve their subscription services using data and artificial intelligence in a move that signals a new willingness by the search company to help news organisations generate revenue from their journalism.
Tiffany names Roger Farah as its new Chairman: Mr. Farah, an Executive Director at fashion brand Tory Burch and former long-time Ralph Lauren Executive, joined the New York-based company’s board in March as one of three Directors appointed in a deal with activist investor Jana Partners.
Deliveroo sales and losses soar in expansion drive: U.K. start-up Deliveroo grew sales by more than 600% last year, through an aggressive global expansion of its food delivery service, as it battled increasing competition in the takeaway sector from rivals such as Uber and Amazon.
Manchester United revenues boosted by broadcasting deal: Manchester United achieved record annual revenues last season, boosted by a new broadcasting deal for English football and trophy wins.
Ubisoft calls for Vivendi support over key resolutions: Ubisoft has appealed to Vivendi, its largest investor, for support over key resolutions at a shareholder meeting on Friday even as the French video games maker continues to warn of the threat from a takeover from the media group.
HTC pops 10% on $1.1 billion Google deal: Taiwanese smartphone maker HTC jumped to a five-month high on Friday after it agreed a $1.1 billion deal with Google for the U.S. technology giant to acquire 2,000 of its staff.
Texas Instruments boosts share buybacks, dividend: Texas Instruments is injecting more cash into share repurchases and raising its dividend.
Potato farmer uprooted for €1 billion Google investment: The Grand Duchy of Luxembourg has won a hard-fought battle against a landowner in the central region of Bissen, whose refusal to sell a small plot of potato farmland had threatened to scupper its efforts to woo Google for a billion-euro investment.
Telia to pay $965 million to settle Uzbek bribery claims: Swedish telecom Telia has agreed to a $965 million global settlement to resolve allegations that it paid at least $330 million in bribes to break into the Uzbekistan market.
Lex:
SEC hack: code read: The SEC admitted that in 2016, its database of filings, which is called Edgar, had been improperly accessed by hackers who gained access to private information. News of the breach came just a fortnight after the massive hack at the credit rating company Equifax.
Volcan/Anglo American: ore ya ready: Portfolio managers practised in the value style will like Anil Agarwal’s. The Indian mining magnate likes to buy cheap assets and is prepared to wait for profits to follow. Good thing. In March, he bought a 12% stake in bargain miner Anglo American, and the shares have barely budged since. This week his holding company Volcan decided it will almost double down his bet. Is Mr. Agarwal only a passive investor? Unlikely. Soon he will be Anglo’s largest investor, expecting to make a profit.
Commerzbank: least wurst options: Like a foaming tankard at the Oktoberfest, bid speculation is once again frothing around Commerzbank. But the best qualified acquirers are not the names bandied about: shares in Germany’s second-biggest bank rose a thigh-slapping 5% on Thursday, after media reports named UniCredit or BNP Paribas as potential acquirers.
Lombard:
How shy and retiring Dorothy took Drax-tic action: Dorothy Thompson, the immaculately suited Chief Executive of FTSE 250 power group Drax, does not look like someone who knows how to cut wood into optimally-sized biomass pellets. Lombard only discovered her expertise over lunch a few months ago, and was lucky to have had the chance — Ms. Thompson seldom gives interviews, and is now stepping down after 12 years. She is literally shy and retiring.
Ryanair resorts to the Fawlty Towers school of man management: Ryanair’s equally polite and customer-focused champion of low-cost tourism, Michael O’Leary, reckons the tactic could pay off. An offer of extra cash to his airline’s pilots will result in no more delayed flights, limit losses to £22 million, and help passengers on their way. Or so he claimed.
The Daily Telegraph
Worried China braces for the brave new world of Fed tightening: China and Hong Kong have begun to feel the first menacing tremors from monetary tightening by the U.S. Federal Reserve, an early warning of what may lie in store for East Asia as borrowing costs rise and dollar liquidity drains away.
Uber expected to find out London licence decision: Uber is expected to find out whether Transport for London will give it a licence to continue operating in the capital.
Facebook releasing 3,000 Russian-bought adverts to Congress: Facebook is releasing the content of around 3,000 adverts bought by Russian interests to Congressional investigators, saying it was “actively working” with the U.S. government on the probe into Russian interference in the Presidential election.
Scandal-hit CBA sells life insurance unit to AIA for $3 billion as it mulls IPO of wealth unit: Australia’s biggest bank is eyeing up a float of its global asset management business after securing a multi-billion-pound deal to sell its life insurance unit to Hong Kong-based AIA.
European Commission plans EU-wide tax crackdown on tech giants: The European Commission took the first steps towards an EU-wide tax crackdown on digital companies such as Facebook, Uber and Amazon.
Property professionals twice as optimistic about the sector compared to last year: Confidence among property professionals about the health of the real estate market has doubled since last year, according to a new survey.
The Questor Column:
Smaller companies in general – and Asian ones in particular – now offer value: One possibility is the smaller companies sector in Asia. Scottish Oriental Smaller Companies is one example. It is a long-term holding in growth portfolios run by David Coombs of Rathbones. “You can regard Asian smaller companies as being better value than stocks in Europe or the emerging markets, as long as you are reasonably bullish about global growth,” Coombs said. “Clearly there are risks in China but I think it is relatively stable and can continue to grow at 5%-7% a year. Coombs pointed out, however, that these assets are volatile and that discounts could swing violently, meaning that a very long-term investment horizon of at least seven years was advisable. Winterflood, the stockbroker, agreed. “The fund’s focus on quality and absolute returns should mean that it is defensively positioned in the event of a market downturn,” it said in a recent research note. Buyers who intend to hold for the long term can take comfort from the strength of the management team and the fact that they are buying at a reasonable discount. Questor says ‘Buy’.
The Guardian
Ryanair Chief claims he can force pilots to give up a week of leave: The Ryanair Chief Executive, Michael O’Leary, has escalated the airline’s dispute with pilots, saying they do not have a “difficult job” and claiming he can force them to defer their time off.
Amazon and Facebook keen on Premier League rights, say Manchester United: Amazon and Facebook are likely to bid for Premier League streaming rights, which will further escalate the huge financial boom for England’s top clubs, the Manchester United Vice-Chairman, Ed Woodward, has said.
Bankrupt Lehman Brothers profits from Formula One sale: Creditors of Lehman Brothers are on track for a turbocharged windfall after the collapsed bank announced it is selling its stake in Nasdaq-listed Formula One auto racing, giving it a payout of $1.5 billion from a $300 million investment.
Hinkley Point C: fresh strike threat over pay dispute: The U.K.’s first new nuclear power plant for 20 years could be delayed again, after trade unions for construction staff working on the £20 billion Hinkley Point C project announced a ballot for strike action in a dispute over pay.
China’s credit rating cut to A+ by S&P over rising debt fears: China’s credit rating has been downgraded by Standard & Poor’s amid fears rising debts are adding to economic and financial risks.
Deliveroo boss gives himself 22.5% rise amid battle over riders’ pay: Will Shu, the boss of Deliveroo, handed himself a 22.5% pay rise last year at the same time as the company spent more than £1.5 million on legal fees, partly because of the food delivery firm’s battle over pay and conditions for its thousands of couriers.
Daily Mail
Chemical firm Johnson Matthey’s £200 million bid to build electric car batteries lifts shares 15%: Shares in chemical maker Johnson Matthey hit their highest value in 11 months after it announced plans to position itself at the forefront of the rapidly growing electric car market.
Energy Minister turned oil firm Director rents his Downton Abbey style Scottish Estate for Hogmanay: Former energy Minister Charles Hendry, who — quelle surprise! — now roosts on the board of energy firm Independent Oil and Gas, is renting out his Scottish estate Blair Castle for Hogmanay.
Compass boss Richard Cousins stands down after 11 years: The cricket-loving boss of Compass is standing down after presiding over a surge in its share price during his 11 years at the helm.
Cristiano Ronaldo flogs high-risk investment firm that loses you 500 times your stake: Footballing legend Cristiano Ronaldo has signed a deal with a high-risk trading firm which allows punters to risk losing more than 500 times their original stake.
Billionaire inventor Sir James Dyson scoops a £111 million payday as profits soar: Billionaire Sir James Dyson bagged another multi-million-pound payday after his company handed out £111 million in dividends.
Microsoft to open a new flagship store in London’s Oxford Circus a few doors down from rival Apple: Tech giant Microsoft is poised to park its tanks on rival Apple’s lawn with a new flagship store in the U.K. The U.S. seller of software, computers and games consoles is said to be close to opening its first British shop, in London’s Oxford Circus.
James Beckham swaps Cushman and Wakefield for CBRE: One of the City’s leading property agents is changing jobs after tying up deals worth more than £3 billion in the past year.
Daily Express
Britain’s borrowing falls to lowest level since 2007 in welcome boost before Brexit: Britain’s state borrowing has fallen to its lowest level in a decade, putting Britain in an even stronger financial position ahead of Brexit – and giving the Chancellor a boost ahead of the Autumn Budget.
Cryptocurrency price rise and scarcity make it ‘a safe haven’: Bitcoin’s scarcity and huge price rises make the digital currency as precious as gold, according to some experts.
Stock market meltdown looming and no one is prepared: Devastating economic chaos could be looming, sparked by a stock market crash, according to an expert known as ‘Dr Doom’.
Russia’s central bank rescues B&N Bank in second bailout in a month: Russia’s central bank agreed on Thursday to rescue B&N Bank by injecting extra capital, becoming the main investor in the troubled lender and its affiliated banks.
Zara is still in fashion as owner’s profits rise 9%: The owner of fast fashion chain Zara has notched up better sales and profits despite suffering pressure on overseas earnings from the strong euro.
Price cuts hit House of Fraser after web launch and discounting: Profits at House of Fraser have come under strain after the launch of a new web platform and “significant discounting” took its toll but the retailer still finds cause for optimism.
The Scottish Herald
North Sea oil industry may owe big debt to a small firm from Surrey: The latest update from Hurricane Energy adds to the evidence the activities of a firm from Surrey which had no revenue in the first half could have important ramifications for the oil and gas industry and Shetland.
Record numbers a delight for Roberston Group: Construction and infrastructure business Robertson Group has revealed another year of record turnover, which led pre-tax profits to increase by more than a fifth, to £26 million.
Pioneering Shetland oilfield development interests industry big guns: Hurricane Energy Chief Executive Robert Trice has noted the company has had recent interest from serious industry players in the acreage West of Shetland where it plans to complete a pioneering $500 million (£370 million) development.
Major milestone reached for Collagen Solutions: Collagen Solution, the developer of collagen solutions in regenerative medicine, has completed a major study into repair cartilage defects in the knee.
Simon Howie investment strategy sees butcher business become more profitable: The eponymous butcher business run by entrepreneur Simon Howie has seen pre-tax profits climb eight% to £2.7 million on revenue up 4.8% to £15.4 million.
The Scotsman
Construction group Kier hails ‘exciting’ Scottish workload: Kier, the construction group behind the restoration of the fire-damaged Glasgow School of Art, hailed its “exciting” workload north of the Border as it revealed higher annual profits.
Jobs saved after buyer found for Dingwall diabetes outfit: More than 30 jobs have been secured following a Dingwall life sciences company’s collapse into administration.
P2P lender LendingCrowd targets growth in Scotland: A peer-to-peer (P2P) SME lender that says it is the only one of its kind to be based in Scotland has reported a record August and has made a senior hire as it looks to grow north of the Border.
Co-op Group sells final 1% stake in troubled Co-op Bank: The Co-operative Group has revealed it no longer holds any stake in the troubled Co-op Bank after offloading its 1% holding.
Unions seek talks with Mitie over plans to axe 480 jobs: Union leaders are seeking an urgent meeting with management at Mitie after the outsourcing group announced around 480 jobs are being axed as part of its turnaround plan.
City A.M.
Rio Tinto digs up $2.5 billion share buyback following the sale of its Coal & Allied unit: Rio Tinto has revealed a new $2.5 billion (£1.85 billion) share buyback using the proceeds from the sale of its Australian coal assets.
Shares in Aim-listed Active Energy boom on biomass agreement: Aim-listed renewable energy firm Active Energy’s shares jumped as much as 15% after the company announced an agreement with California-based Lumino to roll out eight CoalSwitch plants.
Revolution Bars and Stonegate Pub Company move one step closer to £100 million merger: Revolution Bars is moving closer to a merger with Stonegate Pub Company, announcing that shareholders will meet in October to approve the deal.
Fever-Tree nabs Diageo Executive to head up innovation as it plots further growth: Fast-growing premium mixer brand Fever-Tree has nabbed a new Director from drinks giant Diageo, marking the company’s ambition as it continues to expand.
KKR and other buyout firms circle £600 million auction of Pure Gym: Bidders are lining up for the auction of budget fitness group Pure Gym, after the business plumped for a sale instead of an IPO.
