In the papers: John Lewis, The Bank of England, Virgin Active
Date
9/19/2016 7:54:56 AM
(MENAFN- ProactiveInvestors - UK) Proactive Investors, 09:04
The Times
Profits plummet at John Lewis: First-half profits have plunged by nearly 15% at the John Lewis Partnership after it had to absorb higher pay costs and pricing pressures.
Electrifying update on profits ignites sudden rise in shares: Shares in Electrocomponents shot up to a new high as analysts tore up their profit forecasts after a decision by the electronics distributor's board to bring forward a trading statement to tell the City how well it is doing.
H & M's clothing wilts in the sweltering heat: Hennes & Mauritz reported a rise in sales last month that fell well below expectations as the retailer blamed unusually hot weather in its key markets for keeping shoppers away from their stores in the second half of the month.
Inquiries double at online estate agent: Purplebricks said that it had received 3,156 instructions in August, up 121% compared with the same time last year as it continues its rapid expansion in an attempt to become the U.K.'s biggest estate agent within four years.
Booker's acquisitions paying their way: Booker Group said that the integration of Londis and Budgens was progressing well and that both convenience store franchises were making solid contributions.
Post-Brexit house sales up 20% on last year, says Miller: Miller Homes has shrugged off any suggestion of a post-Brexit slump by saying that private house sales since the referendum are running about 20% up on last year.
Swift success for Spotify as subscribers jump to 40 million: Spotify, one of the world's largest music streaming services, has paid $5 billion to industry rights holders in the eight years since it was launched.
The Independent
Interest rate remains unchanged at 0.25% and leaves door open to another cut in 2016: The Bank of England's Monetary Policy Committee (MPC) decided to keep interest rates unchanged at the historic low of 0.25% on Thursday, in line with analysts' expectations but the MPC stuck to its view that they could be cut again later in the year.
Thousands due back-dated tax credit payments after HMRC contractor blunders: Concentrix, which was supposed to save the government £1 billion by cutting tax credit fraud and overpayment, had its contract terminated on Tuesday after a series of blunders which have left thousands without access to vital cash were uncovered by the BBC.
Fiat Chrysler recalls 1.9 million vehicles over air bag defect: Fiat Chrysler Automobiles NV has said it is recalling 1.9 million vehicles worldwide for an air bag defect that is linked to three deaths and five injuries.
The Daily Telegraph
Retail sales remain strong as Britain's shoppers stay upbeat: Retail spending boomed in the year to August, reinforcing hopes that enthusiastic shoppers will keep the economy growing.
South African billionaire looks to list New Look Owner in London: The South African giant behind the New Look clothing chain and Virgin Active gyms has signalled it has its eye on more British companies after it revealed it is planning a stock market listing in London and wants to build-up its war-chest.
Renewed demand for annuities helps pensions firm JRP beat forecasts: A growing number of retirees are turning their backs on the pension freedoms and choosing to buy an annuity instead, according to Just Retirement Partnership as is reported better than expected results.
Glass Lewis and ISS back £79 billion SABMiller takeover: Two influential shareholder advisory groups have come out in support of Anheuser-Busch InBev's £79 billion takeover of rival brewer SABMiller, increasing the likelihood that investors in the FTSE 100 company will back the biggest deal in British corporate history.
Fat Face earnings slide on wet weather and pound's plunge: The falling value of the pound and rainy weather have hit profits at British fashion brand Fat Face, amid the clothing retailer's push across the Atlantic.
Ophir Energy burns through cash as hunt for project partner continues: Ophir Energy has almost halved its cash pile over the past six months as it continues to look for a project partner for its $500 million Fortuna gas project.
The Questor Column:
Don't follow the Purplebricks road all the way just yet: Purplebricks has had a short, sharp rise to fame, as one of the first major online estate agents to emerge. It was founded in April 2014 and floated on the Alternative Investment Market (Aim) in December 2015. It is a 'hybrid' agent, combining an online-only presence, with no expensive high street shops, and a network of estate agents called 'local property experts'. Since floating at the end of 2015, it has posted a pretax loss of £11.9 million, higher than the year before, and partly due to their marketing costs and expenses incurred while floating. Revenues were £18.6 million, an increase of 450%, albeit from a low level. Purplebricks reported that its instructions have increased by 121% year-on-year, although this starts from a small base. Purplebricks claims to be the best-reviewed estate agency online, but if it is not shifting homes, there is a risk that the inexpensive online model may prove to be cheap for a reason. Purplebricks' model is attractive to sellers, especially the low prices: it charges a flat fee of £789 to list with them, and £1,158 in London. This is far less than the 2% commission typically demanded by high street agents: Countrywide, for example, charges an average of £3,000 per transaction. Unlike other listed estate agents, Purplebricks' share price barely fell after the referendum. More domestic high street agencies are doing far worse: Countrywide's share price is 35.5% below its peak, LSL Property is 23.8% down and the London-based Foxtons is 35% lower. Purplebricks' listings are largely of lower value than these agents, which suggests that it may ride out any decline in transactions that may affect more expensive properties. Purplebricks at 133.25p +3.25p. Questor says 'Hold'.
The Guardian
Deutsche Bank must pay $14 billion fine to settle U.S. mortgage case: Deutsche Bank must pay $14 billion to settle a U.S. investigation into its selling of mortgage-backed securities, Germany's flagship lender has said.
Theresa May accused of avoiding security and cost issues of Hinkley: Theresa May was accused of backing down on security concerns about Chinese involvement in nuclear power and failing to drive a better deal for taxpayers, following the announcement on Thursday on building the £18 billion Hinkley Point C plant.
China plans central role in U.K. nuclear industry after Hinkley Point approval: China is set for a central role in Britain's nuclear industry after the government gave the go-ahead for a new power station at Hinkley Point.
Daily Mail
Neil Woodford backed Purplebricks confirms it will make a profit this year as customers and market share rise: Recently-listed digital estate agency Purplebricks has reiterated that it will make a profit this financial year.
Waste Management firm Biffa to float on London stock market next month in biggest IPO since Brexit: Waste management firm Biffa is to return to the London stock market next month after an eight-year absence in the biggest flotation since the EU referendum.
Next warns of 'tough' times ahead as profits are hit by markdowns - but ONS says U.K. retail sales held up in August: Fashion chain Next posted a drop in half year profits as shoppers refrained from buying full-price clothes but reiterated that it expects to hike prices next year.
Morrisons continues its turnaround under Boss Dave Potts, but Waitrose struggles amid supermarket price war: Morrisons has notched up a third straight quarter of sales growth as the supermarket continues its turnaround under Chief Executive David Potts.
Daily Express
HMRC could start sending 'threats' over unpaid debts: The taxman could start to send 'threatening' texts, after experiments showed the messages increased payment rates among self-assessment tax payers.
New Lifetime ISA: Buyers will be able to use cash bonus for house deposits: A new ISA will allow savers to put the Government cash bonus towards a home deposit at exchange - unlike the current Help To Buy ISA, it has been confirmed.
Pensioner shock as 2016 is worst ever year for retirement income: Fixed retirement income is on track to fall to its lowest ever level, dealing another huge blow to pensioners already dealing with ultra-low returns on cash savings, analysis has found.
The Scottish Herald
Value of Scotch whisky exports falls but single malts achieve rise: The value of Scotch whisky exports in the first half was down by one% on the same period of last year at £1.7 billion, the latest industry figures reveal.
Losses narrow at IndigoVision after switch to focus on software: Video security system firm IndigoVision remains stuck in the red after narrowing pretax losses to $269,000 for the first six months of the year.
Fund management Chief raises more than £5 million from share sale: Aberdeen Asset Management Chief Executive Martin Gilbert has realised about £5.3 million by selling shares that were the subject of awards between 2011 and 2013.
Talks about bumper Shetland oil deal Founder: North Sea-focused EnQuest has said talks to sell a stake in a giant field off Shetland to an Israeli firm to help cut debts have been terminated after the two sides failed to reach an agreement.
Whisky company Edrington picks new HQ on Glasgow's Queen Street: Edrington, the company behind scotch whisky brands including The Macallan and Highland Park, has picked an office block on Glasgow's Queen Street as the site of its new headquarters.
£1.8 million funding sees Pyreos aim for expansion: Pyreos, the passive infra-red sensor developer, has secured £1.8 million of funding from new and existing shareholders as it continues to expand its business.
CGI opens in Glasgow's inovo centre: CGI, the global technology giant, has unveiled its new office in Glasgow's inovo hub.
The Scotsman
Collagen Solutions in line for €500,000 EU injection: Life sciences firm Collagen Solutions has been invited to take part in a scheme, funded by the European Union, aimed at meeting a 'pressing' clinical need for cell-based tissue regeneration techniques.
Challenging times as Schuh suffers sales slip-up: Scottish footwear chain Schuh has suffered a sales slowdown after a bumper year which saw staff share a £25 million bonus payout.
Law firm Aberdein Considine in cross-border push: An expansion-hungry Scottish law firm is swimming against the prevailing flow of cross-border deals in the legal sector with the acquisition of an established practice in Newcastle.
Booking start-up Make it Social in expansion drive: A social booking start-up operating from tech incubator CodeBase's hub in Edinburgh has announced various deals and a key appointment as it pursues its next growth phase.
City A.M.
BlackRock piles into €2 billion VW investor lawsuit: The world's largest money Manager, BlackRock, is adding considerable weight to a pile of investors who want cash from Volkswagen over emissions rigging.
Swedish teleco hit with $1.4 billion fine for bribery: Authorities in the U.S. and the Netherlands have presented Swedish telecom carrier Telia Company AB with a $1.4 billion (£1 billion) bribery charge.
Guardian cuts extend to U.S. as newspaper group aims to break even in America: The Guardian's cuts are being extended to the United States, with around 30% of staff across the pond at risk.
Digital marketing firm targets more acquisitions after results boosted by Vodafone and Mr & Mrs Smith projects: Digital marketing company Be Heard is targeting more acquisitions after reporting its results for the first half of 2016.
Drinks industry body and local companies file lawsuit in bid to halt Philadelphia sugar tax on soft drinks: A U.S. drinks industry body and small businesses have launched a lawsuit to try to block a soft drinks tax in the U.S. city of Philadelphia.
Curzon cinema Mayfair under threat of closure in soundproofing row: The historic Curzon cinema in the West End may closure after developers have made a noise complaint.
Car repair and Ovenclean Owner Franchise Brands polishes off double-digit revenues after August IPO: Recently-listed international group Franchise Brands posted double-digit turnover in its maiden results.
Former Tata plant's steel will help build two London skyscrapers: Steel manufactured at the former Tata plant in Scunthorpe will be used in the construction of two London skyscrapers, following a deal inked by its new Owner British Steel.
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