The Times
Sports Direct’s ‘fake news’ row escalates: Sports Direct’s “fake news” row with Pirc deepened after it emerged the sportswear retailer had objected to the corporate governance advisory body’s report on Executive pay before it was published.
Volkswagen emissions Chief’s bid for bail fails: A Volkswagen Executive, who appeared in a U.S. court in an orange prison jumpsuit and handcuffs, lost his attempt to win bail before his trial next year over the emissions scandal.
Optimistic Japan holds on to the zero option: The Bank of Japan kept monetary policy unchanged hours after a rise in U.S. interest rates, maintaining its cautiously optimistic view on growth.
Recovery plan makes net gains for Balfour: Balfour Beatty, the contractor and support services provider hauled back from the brink after two years of losses by Leo Quinn, the Chief Executive, returned to profit in 2016.
Batteries included as power providers look to renewables: Britain’s energy system is poised for a rapid expansion of batteries, with 4 gigawatts likely to be operating by 2033, official forecasts show.
Jewellery giant to buy energy firm: The Hong Kong owner of the world’s largest jewellery company has broadened its investment approach with a deal to buy Alinta Energy, the Australian firm, for about A$4 billion.
FCA aims to stop bad apples rolling: Bankers who skirt bonus deferral rules by moving job have been singled out by the country’s top financial regulator, who warned that he would put a stop to the industry practice known as “rolling bad apples”.
Grandee’s transfer delayed by challenge to sale of green bank: Lord Smith of Kelvin, the Scottish business grandee, is being lined up to chair the British Business Bank but his appointment has been delayed by a dispute over another government-owned body.
Spending growth to ease as Brexit bites: PWC, the accountants, said that consumer spending growth would ease from 3% in 2016 to about 2% this year and 1.7% in 2018 after powering the economy and helping to defy forecasts of a marked slowdown after last June’s EU referendum.
The Independent
Employees aged 25-34 most unhappy with work-life balance: People in their late twenties and early thirties are more unhappy about their work-life balance than any other age group, with almost half saying that there is sometimes an expectation from their employer that they work outside normal hours, according to a YouGov poll.
Regulator urged to investigate official data leaks by TSC: The chair of the Treasury Select Committee has urged the Financial Conduct Authority to investigate the possibility of insider trading based on official data leaks.
Peta to buy Canada Goose shares to stop firm using coyote fur: Up-market coat retailer Canada Goose is set to go public on Thursday in a $240 million (£195.5 million) float, but animal rights activists are determined to spoil the party.
Cautious Federal Reserve knocks dollar and supports bond prices: The dollar fell sharply while U.S. government bonds enjoyed their biggest rally in around nine months after the Federal Reserve on Wednesday raised interest rates for only the third time in a decade, but signalled that it would proceed cautiously going forward.
Environmental policies are ‘driving down consumer energy bills’: The average consumer has saved £115 a year on their energy bills since the Government committed to legally binding targets to reduce greenhouse gas emissions, according to a new analysis by the Government’s climate change advisers.
Billionaire is betting on both sides of French presidential election: David Tepper is betting he can make money on the upcoming French election, no matter the outcome. The billionaire hedge fund manager said last week that he’s snapping up European equities because they’re cheap as the market overplays the risk that nationalist Marine Le Pen will win. When it comes to French bonds, he’s taking the opposite position, believing investors are underestimating the chance of a Le Pen victory, according to people familiar with the matter.
Poland aims to be big winner from battle for U.K. banking jobs: As Britain prepares to leave the EU, the country hoping to win the most jobs from London’s financial centre is not Germany or France, but Poland.
Financial Times
Eon to increase share capital to boost balance sheet: Eon, the German utility, is to increase its share capital by about 10% or up to €1.35 billion to strengthen its balance sheet ahead of major payments to a newly-created state-run fund to cover the cost of dealing with Germany’s nuclear waste.
To Read More Click Here
Macquarie buys Cargill’s petroleum business: Cargill, one of the world’s largest commodity traders, has agreed to sell its petroleum business to Australia’s Macquarie, the infrastructure and natural resources focused investment bank.
To Read More Click Here
Setback for Brussels challenge to Nord Stream 2: Top Brussels officials are scrambling to find ways to challenge Gazprom’s $11 billion Nord Stream 2 pipeline after EU lawyers and a German regulator rejected claims that the bloc’s energy laws applied to the project.
To Read More Click Here
Spain’s Gas Natural squares up to Colombia over seizure of assets: A major Spanish energy provider is fighting the Colombian government’s seizure of its assets on the country’s Caribbean coast, threatening to take South America’s third-largest economy to international arbitration.
To Read More Click Here
Kiev hits five Russian banks with sanctions: Kiev has imposed sanctions on five Russian banks after the Kremlin issued a decree requiring lenders to recognise passports issued by Ukraine’s two Moscow-backed breakaway republics.
To Read More Click Here
Moody’s plays down impact of bank accounting shake-up: Fewer than one in eight banks expect a change in the way they account for bad loans to wipe more than 0.5 percentage points off their core capital ratios when they are introduced next year, according to new research.
To Read More Click Here
PwC faces prospect of record £6 million fine for Connaught audit: The U.K.’s accounting watchdog has recommended that PwC should pay a record fine of £6 million, after the firm admitted failings in its audit of collapsed social housing maintenance group Connaught.
To Read More Click Here
Generali promises swifter delivery of €200 million cost savings: Generali has promised faster delivery of its planned €200 million of cost savings as Italy’s largest insurer reported solid operating profits for the full year and said it would raise its dividend.
To Read More Click Here
Russian companies retreat from London stock market: Russian companies are in retreat from London’s stock market, stung by lacklustre valuations and investors wary of geographical risk and poor corporate governance.
To Read More Click Here
U.K. researchers secure licence for ‘three-parent’ baby procedure: Newcastle University has received a licence to start mitochondrial replacement therapy, overcoming the last barrier to the creation of “three-parent” babies to prevent the transmission of severe genetic disease.
To Read More Click Here
HIV/Aids drugs for developing world face threat of disruption: According to UNAids, the United Nations programme on HIV/Aids, 17 million people received treatment for HIV infection with antiretroviral drugs (ARVs) in 2016. Of these, 13.9 million lived in low and middle-income countries (LMICs).
To Read More Click Here
Arts groups brace for ‘scorched earth’ cuts in Trump budget: President Donald Trump’s proposal to eliminate federal funding for public media and the arts has public broadcasters, local radio and television stations, and arts groups bracing to fight for their lives.
To Read More Click Here
Chocolate makers and cocoa groups vow to end deforestation: The world’s largest chocolate makers, including Nestlé, Mars and Mondelez, and cocoa traders, such as Cargill and Olam, have agreed to co-operate in ending deforestation in key cocoa growing areas, starting with the Ivory Coast and Ghana.
To Read More Click Here
Swatch to build rival to Apple and Android operating systems: Swatch plans to develop its own operating system as the Swiss watchmaker seeks to combine smart technology with the country’s expertise in making timepieces and miniaturisation, Chief Executive Nick Hayek has said.
To Read More Click Here
Hot debut values Canada Goose at $1.7 billion: Shares of Canada Goose, the maker of down winter coats with coyote fur trim and a circle patch logo, soared in their New York debut on Thursday, rising 26% to $16.08 after pricing at $12.78 a piece, above the anticipated range. The debut gives the company a market value of $1.7 billion.
To Read More Click Here
Unilever investors favoured talks with Kraft Heinz: Unilever should have held talks with Kraft Heinz instead of sharply rejecting the $143 billion bid that led to the speedy withdrawal of the U.S. food group, according to a majority of its shareholders surveyed by a brokerage.
To Read More Click Here
Uber tries to head off courtroom showdown with rival Waymo: Uber took steps on Thursday to avoid a courtroom showdown with Alphabet’s Waymo driverless car unit that could see Chief Executive Travis Kalanick and other Executives forced to take the stand.
To Read More Click Here
Lex:
Adobe: pretty flash: Adobe is one of only 40 public companies in the world that are worth more than $20 billion, increasing revenues faster than 20% a year and with an operating margin of more than 20%. Among big U.S. tech companies, only Facebook is growing faster with fatter margins. After its shares rose 3% following the results — capping a fivefold increase since that 2011 nadir — Adobe has an enterprise value of $60 billion.
To Read More Click Here
Canada Goose: down is up for Bain: Canada Goose sold shares to the public for the first time on Wednesday night above its expected price range. After the share price popped early on Thursday, its equity value soared to more than C$2 billion. The big winner from the Canada goose listing (besides the fashion scene from the Great White North) is Bain Capital. The private equity titan co-founded by Mitt Romney acquired a 70% stake in Canada Goose late in 2013 at a reported valuation of $250 million.
To Read More Click Here
Volcan/Anglo American: horsing about: Only he knows why. Mr. Agarwal’s holding company Volcan announced this week it will finance the purchase of a 12% stake in Anglo shares with an exchangeable bond. The market’s reaction to his arrival is clear. Anglo’s shares jumped 8% on Thursday after the announcement in anticipation that it is a takeover target — not just for Mr. Agarwal but any others with interest.
To Read More Click Here
Lombard:
Bidding discipline helps Balfour Beatty back to the black: Among the potential “landmark contracts” deemed landscape blots by campaigners are the HS2 rail link, the Hinkley Point C nuclear power station, and a potash mine on the North York Moors national park. Balfour, which these days makes almost half of its revenue from the U.S., has even been linked — erroneously, it says — with that ultimate divider of opinions and former trading nations: President Donald Trump’s Mexican border wall.
To Read More Click Here
Cunning plan for Fox: With a 39% stake in both 21st Century Fox and News Corp, the Murdoch family needs to convince regulators that Fox buying Sky will not give it undue influence. And it would appear to have two killer arguments: thanks to the internet, there is now lots of healthy competition for Fox’s particular brand of journalism; and online readership of News Corp titles is helpfully not offsetting their declining circulations. Talk about taking strength from weakness.
To Read More Click Here
The Daily Telegraph
Canary Wharf Group looks to sell £600 million stake in Walkie Talkie skyscraper: Canary Wharf Group is mulling a sale of its stake in one of the City of London’s most recognisable buildings, according to reports.
Bob Diamond and Qataris swoop on Panmure Gordon: Bob Diamond, the former Barclays Chief Executive, has joined forces with a Qatari investment bank to swoop on Panmure Gordon, one of Britain’s oldest stockbrokers.
Lloyds takeover of MBNA faces competition investigation: Regulators are to investigate Lloyds Banking Group’s £1.9 billion acquisition of credit card provider MBNA from Bank of America amid concerns the deal could hurt competition in the industry.
China state TV deflates Nike’s ‘air’ sole claims: U.S. sports giant Nike has become the latest foreign brand to be named and shamed in an annual consumer investigation show in China, its second biggest market.
The Questor Column:
Buy this top manager’s ‘high conviction’ trust on a discount of 17%: This column has a marked preference for fund managers of the opposite stamp – those who hold stocks that, on the basis of thorough research, they wholeheartedly believe in. Their funds are often known as “high conviction”. The trust in question is Henderson Opportunities. Of three listed portfolios run by James Henderson, it is the most “high conviction”, according to analysts at Numis, the stockbroker. (This is not to disparage the other trusts that Mr. Henderson manages: indeed, Questor tipped one of them, Lowland, in October last year, since when it has gained 12.1%, comfortably outperforming the FTSE 100.). The list of biggest holdings includes one or two familiar names such as HSBC and Rio Tinto along with a host of smaller businesses such 4D Pharma, an Aim-listed medicines firm, RWS, the Aim-listed patent translation group tipped by Questor in December, e2v Technologies, the electronics firm, and Blue Prism, the robotics group whose shares have enjoyed an extraordinary run since listing on Aim a year ago: they started life at 78p and closed at 477½p. Despite the manager’s pedigree and recent performance, the trust’s shares currently trade at a 17% discount, in line with its average level over the past year. In any event, Questor believes that, with such a strong manager, the discount should narrow over time. Mr. Henderson owns 80,950 shares in the trust. The ongoing charge is 0.94% a year, although there is a performance fee. Questor says ‘Buy’.
The Guardian
U.K. government woos world’s housebuilders: The housing Minister, Gavin Barwell, has told the world’s housebuilders that if they cannot find enough land on which to build new homes they can “come and see me” and he will try to help.
Gig economy companies trying to have their cake and eat it, say workers: Companies operating in the gig economy are “having their cake and eating it” by treating workers like staff while avoiding the tax and regulations on employing people on full-time contracts, according to a study.
Philip Hammond defends scrapping national insurance rise for the self-employed: Philip Hammond ditched plans to increase national insurance contributions for the self-employed, in a humiliating U-turn just a week after the measure formed the centrepiece of his first budget.
U.K. climate targets ‘will raise household energy bills by £100 in a decade’: The cost of supporting new windfarms and nuclear power stations to meet the U.K.’s carbon targets will add nearly £100 to the average household energy bill by the end of the next decade, according to a government adviser.
Rupert Murdoch’s Sky bid to be investigated by U.K. regulator: Rupert Murdoch’s £11.7 billion takeover bid for Sky is to be investigated by the media regulator to see if it gives him too much control of news output in the U.K. and whether the Murdoch family are “fit and proper” owners following the phone-hacking scandal.
Daily Mail
Mortgage rates set to rise this year as U.S. rate hikes push up borrowing costs for British lenders: Mortgage rates are likely to edge upwards over later in 2017 and into next year – even if the Bank of England keeps Britain’s base rate on hold, brokers have warned.
Billionaire petrochemicals giant bids for BP’s North Sea oil pipeline… 100’s of jobs at risk: A billionaire chemicals tycoon is planning to buy one of Britain’s most important oil pipelines – putting the future of hundreds of jobs in doubt.
House of Fraser planning to open up champagne bars and yoga classes to entice female shoppers: Struggling department store House of Fraser is to launch champagne bars, yoga studios and wellness studios in a bid to boost sales.
Edinburgh Woollen Mill is in pole position to buy troubled retailer Jaeger from private equity firm: Billionaire Philip Day, who owns Edinburgh Woollen Mill, has emerged as the front runner to acquire struggling high street chain Jaeger.
Aussie jail contract gives lift to services giant shares as contract could be worth £1.6 billion over 20 years: Service company Serco got a boost as it was named the preferred bidder for a £1.6 billion contract to run a jail in Australia.
Daily Express
FTSE 100 reaches record high – index is now 17% higher than before Brexit vote: Britain’s top stock index hit a fresh record high on Thursday as the Queen signed off the Brexit bill and the U.K. moved closer to its formal exit from the European Union (EU).
Sainsbury’s sales fall 0.5% amid ‘competitive’ trading and pound pressures: Sainsbury’s said trading remains “very competitive” and warned over ongoing price pressures from the weak pound as it saw supermarket sales slip back into reverse.
Toyota to invest £240 million in British plant: Toyota has signalled a vote of confidence in Brexit Britain with a £240 million investment into its plant in Derby.
Corportate takeovers set to shake and stir Britain’s economy: Britain’s “open for business” credentials are set to be tested this year as overseas predators use their burgeoning war chests to target cross-border takeover deals, a report predicts.
Defeat for Geert Wilders boosts euro exchange rates: With Geert Wilders failing to win significant support in the Dutch election, the euro was able to advance against the pound and U.S. dollar on Thursday.
AUD holds gains amid jump in unemployment: Although the Australian dollar strengthened against currencies like the U.S. dollar in the wake of the Federal Reserve’s interest rate decision, concerning Australian employment figures saw AUD exchange rates edge away from their best levels.
The Scottish Herald
Scottish firms confident despite Brexit concerns: Nearly 70% of small and medium-sized businesses in Scotland plan to expand organically over the next few years, in spite of “deep uncertainty” over Brexit, a survey shows.
Bowleven payout hopes played down after upheaval: Bowleven shareholders may have to wait some time for material payouts following the successful campaign by a rebel investor for a boardroom purge, analysts have warned.
Food shoppers set for a rising tide of inflation: Sainsbury Chief Executive Mike Coupe has warned the full impact of inflationary price pressures remains unknown, but that the industry is facing a “rising tide”.
Atlantis Resources planning move to launch tidal power system in France: Tidal power group Atlantis Resources has revealed plans to develop the first tidal array sites in French waters, just ten days after being granted full accreditation by Ofgem for its Meygen project in the Pentland Firth.
Space firm takes giant leap into a new era: It may not be boldly going where no company has gone before, but Bright Ascension, the Scottish space technology firm, has perhaps taken the biggest leap in its five and a half year history.
Scottish Sea Farms gets the nod for £35 million Argyll facility: Scottish Sea Farms (SSF) has hailed the green light for its £35 million smolt hatchery in Barcaldine, Argyll, as “transformational” for the company.
Pub firm backs Tax Equality Day: Tim Martin, the outspoken Boss of JD Wetherspoon, has called on pub and restaurant operators to support Tax Equality Day on September 20.
Glasgow ‘hungry to support local independent restaurant scene’: The strength of the Glasgow dining scene has been underlined by figures showing the number of independent restaurants leapt by more than 8% in the city in the last three years.
Inverness golf course hotel put on the market: A prominent hotel among golfers visiting Inverness has been put on the market for more than £4 million. The 79-bedroom Fairways Travelodge is let to the chain on a long-term lease up to February 2030, with the landlord having the option to extend.
Lords call for delay to tax changes: Plans to force small businesses and self-employed people to make quarterly online tax returns that were delayed for a year by Philip Hammond in his Budget speech should be pushed back to 2020 according to a House of Lords committee.
The Scotsman
Central banks go separate ways on interest rates: As the BoE holds rates after the latest hike from the U.S. Fed, questions remain over the next move from the Old Lady of Threadneedle Street.
Iconic Dundee hotel goes on the market for £2.75 million: One of Scotland’s most celebrated hotels – which has welcomed guests including Sir Winston Churchill and Frank Sinatra – has been put on the market with a £2.75 million price tag.
Rare Japanese whisky collection goes under the hammer: The world’s largest known collection of rare and collectable Karuizawa whisky from Japan will go under the hammer in an online auction held by Perth-based Whisky Auctioneer.
Head-hunting veterans launch new venture to find top talent: Two of Scotland’s top head-hunting professionals have joined forces to create a new specialist service.
Apps start-up Beezer heads to Berlin after pitch triumph: Beezer, an Edinburgh-based firm that lets users develop their own mobile apps, has won a place at a European technology showcase after impressing the judges at an event in London.
City A.M.
The Office Group is expanding to Hammersmith: Co-working office provider The Office Group is expanding its footprint in the capital, taking out a 20-year lease on a building in Hammersmith.
Buy-to-let bonds could be hit by falling rents in London and the south east, Moody’s warns: Falling rents in London and the south east could hurt buy-to-let bonds, ratings agency Moody’s has said.
Vodafone share price rises on reports it has reignited merger talks with Virgin Media owner Liberty Global: Vodafone’s share price rose over 1.5% following reports it had rebooted talks with Liberty Global to thrash out a deal that will shake up the British and German operations of the two telecoms giants.
Lufthansa profit rises after cost-cutting despite a tumultuous year of strike troubles: Despite suffering costly long-running strike troubles, Lufthansa unveiled a net profit of €1.78 billion last year, coasting into 2017 thanks to “effective cost reductions”.
Government should do more to boost flagging company investment business group says: An influential business group has called for government to do more to tackle falling capital spending as fears are rising about a slowdown in long-term business investment.
Theresa May vows to protect Britain’s “precious” union through Brexit talks: Prime Minister Theresa May will vow to protect the U.K.’s “precious” union as she hits back at plans for a second independence referendum in Scotland.
