The Times
Hedge funds ‘wiped out’ by vote to leave Europe: The decision to leave the European Union is expected to claim its first victims, when hedge funds and other financial institutions reveal deep losses suffered in the volatile markets on Friday.
Big hitters assemble after Javid’s rallying cry: Sajid Javid will meet business Chiefs in London for a crisis summit to discuss the consequences of Brexit.
Goldman Sachs Boss to appear before MPs over BHS: The Chief of Goldman Sachs in London will appear before a committee of MPs on Wednesday, when he may be forced to give evidence against Sir Philip Green, one of his closest business clients.
‘Risky trinity threatens global economy’: Global economic policy needs an urgent overhaul to cope with a world of persistently high debt and weak productivity and in which monetary policy is out of ammunition, the Bank for International Settlements believes.
City banks face block from services market: London-based banks could be blocked from selling services to the European Union’s 500 million consumers if Britain fails to secure access to the single market in exit talks, the governor of the French central bank has warned.
Decide on runway now, Cameron is urged: David Cameron has been urged to make a swift decision on a new runway in the southeast amid fears over a collapse in economic confidence triggered by the Brexit vote.
Major Tim answers call to arms from fearful Farnborough: Thunderclouds are forming over Farnborough ahead of the world’s largest international air show as services and industry leaders await news on two of Britain’s most important military aircraft orders.
Councils flex their muscles over minimum wage: Local authorities have been redrawing care contracts amid concerns that a FTSE 250 public sector outsourcer led by Baroness McGregor-Smith, the Conservative peer and Whitehall adviser, was not paying the minimum wage, The Times has learnt.
Infrastructure spending stuck in the slow lane: Britain has been warned that it is spending less on infrastructure than the nation needs to secure future economic growth, even before leaving the European Union.
Hot property drove pre-poll recovery: Economic recovery was accelerating before Britain’s decision to leave the European Union, according to research into medium-sized businesses by Investec.
The Independent
Boris Johnson says U.K. will ‘still have access to single market’ despite Brexit: Boris Johnson has said the U.K. there will be “still have access to the single market”, despite Britain’s historic vote to leave the EU.
Brexit will cause U.K. food prices to rise, farmers warn: Food prices are set to rise as a result of the U.K. voting for Brexit, the National Farmers Union has warned.
Financial Times
Britain faces up to waning influence on global stage: Britain faced the stark reality of crumbling influence on the world stage on Sunday as turmoil triggered by the vote to exit the EU plunged the U.K. into domestic political instability.
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City of London elite blame inequality for Brexit: The City of London elite are urging companies and policymakers to learn one of the big lessons from the Brexit referendum by working harder to reverse the widening wealth gap in Britain and overseas.
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Brexit wagers set new record for non-sports bets: Wagering on the outcome of the Brexit referendum broke the record for non-sporting events, as punters put down £120 million, and the unexpected outcome left some bookies celebrating six-figure profits while others nursed heavy losses.
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Hedge funds win big from Brexit bets: Hedge funds betting that Britain would leave the EU were rewarded with bumper payouts after stock markets fell sharply on the back of the Brexit decision.
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Tech companies eye helping U.K. build new data economy out from EU: The U.K.’s exit from the EU will create the need for a new national IT infrastructure as the country turns its back on the dream of a more integrated European data economy, according to American technology companies that already have their eyes on the work.
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Anglo American closing in on Australian coal mines sale: Anglo American is hopeful of concluding the sale of its Australian coal mines within weeks with BHP Billiton among the leading bidders, said people who have been close to the sales process.
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Israel’s Harel in talks with Noble for stake in Tamar gasfield: Israel’s Harel Insurance and Financial Services said on Sunday that it was in talks to buy up to 4% of the Tamar offshore natural gasfield from Houston-based Noble Energy, currently its biggest shareholder.
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China Vanke boardroom feud boils over: A long-simmering feud at one of China’s biggest property companies has boiled over, with the largest shareholder in China Vanke demanding the resignation of developer’s charismatic Founder and the rest of his board.
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U.K. disclosure rules tying CEO pay and performance not working: New U.K. disclosure rules introduced to curb Chief Executive pay and improve the link between pay and performance are not working, according to new research.
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Intel weighs sale of cyber security business: Intel is looking at options for Intel Security, including potentially selling the antivirus software maker formerly known as McAfee which it bought for $7.7 billion almost six years ago.
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Lex:
U.K. housebuilders: confidence demolished: Housebuilders were among the biggest casualties of Friday’s sell-off. This looks odd. They are not overleveraged; they learned that lesson back in 2008-09. They do not export to the rest of the EU, so will not be hit by tariffs.
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U.S. banks: transatlantic blues: Recent years have brought U.S. banks a series of stress tests, both artificial and real. The two types coincided last week. On Thursday, the Federal Reserve released the first results of its annual test.
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Airlines: brace position: Airline Executives could use a bucket of piña coladas and a one-way ticket. Their profits are highly cyclical. Travel is largely discretionary and the industry’s fixed costs are high. Unsurprisingly, they took the result of the U.K.’s referendum badly.
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The Daily Telegraph
U.K. must look ‘beyond Europe’ after Brexit, says CBI Boss: Britain must look “beyond Europe” if it is to thrive in a post-Brexit world, according to the Confederation of British Industry (CBI).
Farmers’ leader seeks government subsidy ‘equal to support given by European Union’: Farmers are demanding that the victorious Leave campaign honours its promise to provide them with financial support to replace the EU’s Common Agricultural Policy, which currently provides 55% of their income.
Brexit the ‘tip of the iceberg’ as vote risks EU’s destruction: Brexit is just the “tip of the iceberg” of popular resentment against the EU that could destroy the entire bloc, economists have warned.
Monarch seeks fresh funding despite flying back into profit: Monarch Airlines is seeking tens of millions of pounds in short-term financing, underlining the still-fragile nature of the company’s finances despite a recent return to profit.
Bagel Thins help Warburtons to revenue rise despite falling sliced bread sales: Skinny bagels and gluten-free bread helped the family-owned bakery business Warburtons to a slight rise in sales last year, despite U.K. shoppers spending less on sliced bread.
Record sales for bus-maker Alexander Dennis: Strong foreign sales offset demand for rival “Boris Buses” for vehicle manufacturer Alexander Dennis, which has reported a jump in sales and profits.
Balancing demand ‘could cost National Grid £2 billion’: The costs of managing the U.K.’s electricity supplies could double to £2 billion a year within five years due to the growth of renewable technologies, a senior National Grid official has forecast.
The Guardian
Firms plan to quit U.K. as City braces for more post-Brexit losses: British businesses have warned that Brexit will trigger investment cuts, hiring freezes and redundancies as the consequences of leaving the European Union threaten to destabilise markets further this week.
Market turmoil fears likely to force Mark Carney to abandon ECB meeting: Bank of England governor Mark Carney is expected to abandon plans to fly to Portugal for a summit of central bankers, amid fears of further turmoil when markets open on Monday.
Tata Steel near deal to save Port Talbot plant despite Brexit vote: Tata Steel is close to a deal to save its Port Talbot plant despite Britain’s vote to leave the EU, as sterling’s slump potentially boosts the industry’s survival prospects.
Debt-fuelled growth could trigger financial crash, governments told: The Bank for International Settlements has warned that governments need to abandon debt-fuelled growth and shift to more sustainable expansion plans as a “risky trinity” of low productivity, high debt and lack of central bank firepower stalks the global economy.
Jack Wills may seek further investment as backer looks to pull out: Jack Wills, the British fashion brand, could bring in new investors after it was reported that its private equity backer is keen to sell its minority shareholding.
Daily Mail
Watchdog to end Government deals in which energy companies are paid well above market prices in return for building power stations: A watchdog is to end Government deals in which energy companies are paid well above market prices in return for building power stations.
Brexit vote will plunge U.K. into a new recession, warn City economists as they slash growth figures for next two years: Britain’s economy will be plunged into recession as a result of the decision to leave the EU, according to City economists who slashed their predictions for economic growth this weekend in the wake of last week’s shock Brexit vote.
Daily Express
Heathrow Boss claims Brexit boosted chance of airport expansion: The Boss of Heathrow claims the result of the EU referendum has strengthened the case for expansion at the airport.
Dixons Carphone expected to unveil record breaking profits: Electricals and mobile phones giant Dixons Carphone is expected to unveil surging profits when it publishes its annual results this week.
Military Mutual targets insurance for small businesses: Military Mutual is set to offer commercial insurance packages to small to medium-sized companies owned by former members of the Armed Forces and their families.
The Scottish Herald
Drygate to help homebrewers commercialise among ambitious expansion plans: Glasgow brewery Drygate has plans to produce beer on a larger, and smaller, scale as it expands into its third year.
First signs that Brexit will cost jobs recorded by business group: The Institute of Directors has said it has detected the first signs that the Brexit vote will cost jobs in the U.K. as businesses prepare to cut investment and move activity overseas in response.
East Lothian-based Brightwater aims to recruit thousands of SME customers: A successful cleaning entrepreneur has joined the battle to win business customers from Scottish Water with a focus on small and medium sized enterprises.
Metal dealer records one third fall in profits amid North Sea downturn: John Lawrie (Aberdeen), the scrap metal and steel trader which supplies products such as tubing to the oil and gas industry, has suffered a one third fall in profits amid the crude price plunge.
Property firm to hold online auction: Three properties in Scotland, with values ranging between £1.4 million and £7 million, are to be sold via an online bidding process this Thursday, by Lambert Smith Hampton (LSH)’s capital markets division.
The Scotsman
U.K.’s IPO market to slow to ‘near standstill’: U.K. IPO activity is expected to almost grind to a halt over the next 12 months as the slowdown seen this year intensifies amid uncertainty over the economic outlook after the Brexit vote, according to research published.
Ocado’s interim figures to shine spotlight on future: Online grocer Ocado is set to deliver its half-year results on Tuesday, amid speculation over its future, and providing investors with the chance to see how the vote to exit the EU could hit consumer confidence.
City A.M.
The Bank of England could cut its rates after vote for Brexit, according to Bank of America Merrill Lynch as it warns of imminent recession: The Bank of England could be about to cut interest rates following the vote for the U.K. to quit the European Union.
Accounting watchdog set to announce verdict of probe into KPMG’s HBOS audit: The accounting watchdog is set to announce the verdict of its probe into KPMG’s audit of collapsed bank HBOS on Monday.
Curzon Cinemas targets expansion around the world: Curzon Cinemas, a chain that began in London in 1934 and has since opened 10 more cinemas across the country, is now targeting international growth through its digital offering.
EU referendum: London Chamber of Commerce renews calls for London business visa: London needs to make it easier for foreign skilled workers to come to the capital, the London Chamber of Commerce and Industry has warned.
Brexit creates fresh wave of uncertainty for Hinkley Point: EDF’s plans to build an £18 billion nuclear power plant at Hinkley Point in Somerset will be subject to a fresh wave of uncertainty following Brexit.
George Osborne to break Brexit silence and try to reassure U.K. on economy: George Osborne is to break his post-EU referendum silence on Monday morning. The Chancellor will seek to provide reassurance about financial and economic stability following the U.K.’s vote for a Brexit.
