In the papers: Hinkley Point, Ladbrokes, Petra Diamonds
Date
9/21/2016 5:45:20 AM
(MENAFN- ProactiveInvestors - UK) Proactive Investors, 09:33
The Times
Delays at Hinkley 'would harm industry': Russia's state-owned nuclear developer has warned EDF that delays or cost overruns at its Hinkley Point power project risk damaging the credibility of the wider industry.
Studio sale prospects look golden: A private equity property fund is set to become the new Owner of the film studios behind James Bond, where Goldfinger was filmed in 1964, after Pinewood Group shareholders approved the takeover.
Japan set to strengthen firepower of QE: Japan's central bank will open a new front this week in the battle against deflation by overhauling its quantitative easing programme as policymakers worldwide look for new ideas to kickstart growth.
Bookmakers to lay off 700 as part of merger: Up to 700 gambling industry jobs could be lost in London as a result of the impending £3.3 billion merger of Ladbrokes and Gala Coral Group.
Reforms will save 66p on water bills: Introducing competition in the water supply market could save households £8 on their annual bill, or 66p a month, the same amount as the price of a branded bottle of water in a supermarket.
Sparkling dividend is going to have to wait: Debts have prevented Petra Diamonds from paying out a dividend, even though the company beat City expectations.
Partners' relationships cost EY $9.3 million: The professional services giant EY will pay $9.3 million in the United States to settle charges that two of its former auditors had inappropriate relationships with clients, compromising their ability to be independent.
Falling interest rates hit profits at insurer: One of Britain's biggest mutually owned institutions has reported a collapse in profits and a weaker capital position because of falling interest rates in the first half of the year.
The Independent
Renault, Fiat & Vauxhall cars produce 10 times legal pollution limits, research shows: One year after the 'Dieselgate' scandal engulfed Volkswagen, shocking new figures show that many of Europe's other large car manufacturers are even worse polluters.
Kate Moss launches her own talent agency 'to create stars': One of the world's most iconic models of her generation, Kate Moss, has announced plans to start her own talent agency this month.
Galaxy Note 7 recall: Samsung sells off shares to pay for $1 billion exploding phone disaster: Samsung has sold at least 1 trillion won (£683 million) of shares in four technology companies to raise cash to pay for a recall expected to cost $1 billion (£766 million).
Microsoft to shut down Skype office and sack staff: Microsoft is going to shut down Skype's London offices and sack some of those employees.
The Daily Telegraph
Banks can cope with loss of EU passports after Brexit, says Moody's: The City of London will be able to cope with the loss of banks' passporting rights if Britain leaves the EU's single market, according to an influential credit rating agency, assuaging fears that the U.K.'s financial services sector will be crippled by Brexit.
China creates global steel champion as doubts deepen on output cuts: China has backed the creation of a giant national steel champion with continental reach, calling into question the country's pledge at the G20 summit to slash over-production.
Dairy Crest to pay its farmers more for milk amid supply shortage: Dairy Crest is increasing the price it pays its farmers for milk amid a sharp upturn in global dairy markets, its Chief Executive has said.
Investors abandon principles as low interest rates put pressure on returns: Rock-bottom returns are increasingly pushing investors to abandon the drive for socially responsible investments, according to a study from Hermes Investment Management.
WH Ireland shares spike as Kuwaitis eye stake: Investors sent shares in one of the City's oldest stockbrokers surging higher amid speculation the firm will be bought by a Middle Eastern suitor.
O2's Ronan Dunne: End 'stupid' debate over fibre and axe archaic planning laws: Ronan Dunne, O2 U.K.'s former Boss, has called on the Government to overhaul planning laws for new telecoms masts and put an end to 'this stupid debate about rolling out fibre cables' ahead of his move across the Atlantic.
The Questor Column:
Outsourcers face spending threats despite solid pipelines: An unexpected profit warning has caused shares in outsourcer Mitie to plunge, as the company warned that economic uncertainty and a slowdown in awarding contracts from local authorities would result in 'very significantly lower' operating profits this year. But investors will be wondering how much of a turnaround can be effected while public sector spending remains low. Mitie needs to take some action to stabilise the business. Investors reacted badly to the announcement, with shares declining by 29%. Mitie's lower expectations reflect a wider uncertainty that is affecting the spending power of its clients. Mitie's property management business has been particularly hit by financial pressures within local government and delays in projects. But Mitie has begun to implement a series of cost-saving measures, including integrating some of its management and back office functions for its 12 divisions, in order to shore up the business. In total this will cost around £10 million over the year and add to the profit shortfall. Mitie's current pipeline can give some confidence: it has won a large security contract with a major U.K. retailer, which will start shortly and is worth £150 million over three years, with potential for a two-year £110 million extension. Ms McGregor-Smith was confident that the company's second half will be stronger than the first as the economy begins to stabilise and companies begin to make decisions about larger contracts. Disregarding the drop after the results, shares in the company have been steady and confidence in the rest of the year should mean that continues. Mitie at 191.3p -77.7p. Questor says 'Hold'.
The Guardian
Dominic Chappell owes £500,000 in tax from BHS Ownership profits: Dominic Chappell owes more than £500,000 to the taxman on the profits he made from owning BHS, the collapsed department store chain.
Shop openings slump as big U.K. retailers scale back expansion plans: Pre-EU referendum jitters have caused a slump in the number of shops opening their doors, according to a biannual report monitoring vacancy rates on the U.K. high street.
Central banks boost gold reserves as low interest rates bite: Central banks have boosted their gold stocks by almost 10% since the financial crash, reflecting its renewed attractiveness as a safe haven in an environment of uncertainty and low or negative interest rates.
Fraud soars by 53% in a year as scammers get sophisticated: Fraud in the U.K. payments industry has soared by 53% in a year as criminals resort to increasingly sophisticated tactics to trick people out of their personal details and steal their money.
Small building firms struggle to find land for homes, research shows: Small and medium-sized building firms are struggling to find land where they can build homes, research showed on Tuesday, with a lack of available sites preventing the creation of much-needed new homes in England.
Daily Mail
Ghostbusters, Pokemon and emojis give bakery giant Finsbury Food a £12 million sales kick: Finsbury Food has posted strong full-year figures thanks to Ghostbusters and Pokemon.
Rolls-Royce to axe another 200 management jobs as part of cost-cutting drive: Rolls-Royce will get rid of another 200 management jobs on top of the 400 already axed as part of its wide-reaching cost-cutting programme.
Now Frank Field MP calls for a pensions probe at Bernard Matthews: The Labour MP who led demands for Sir Philip Green to plug the hole in the BHS pension scheme is calling for an investigation into the takeover of turkey producer Bernard Matthews.
Slater and Gordon to sue over £637 million buy-up of Quindell's ambulance chasing business: The Australian law firm crippled by its takeover of Quindell's ambulance-chasing business is planning to sue the British company, writes Hugo Duncan.
Daily Express
Biggest market crash in history is coming as huge debt bubble bursts, top investor warns: Now is the most dangerous time ever to be an investor, as a giant bubble could be about to pop and derail the world's financial system, a financial expert has warned.
China warning: Economy set for financial meltdown amid soaring debt levels: China is on course for a full-scale financial meltdown that could cause havoc across the globe, suggest early warning indicators tracked by the world's central bank watchdog.
The Scottish Herald
Losses widen to £16 million at Scottish cheese maker: Dairy firm Lactalis McClelland has widened pretax losses to £16.4 million as revenue fell 6.5% to £187 million in what the company called a 'challenging trading environment'.
Land Reform Act could deter investment in Scottish property: Plans to stamp out corruption and money laundering by revealing the identities of all Owners of Scottish land could have the inadvertent effect of deterring investment in the country's property sector, lawyers have warned.
U.S. hub launched by Real Good Food: Real Good Food, the company behind Carluke jam maker R & W Scott, has launched a new division in the U.S. to drive cake decorating export business across the Americas.
Two Skye hotels come to the market: Two hotels on the Isle of Skye have been put up for sale, with its marketing agent predicting strong interest from potential buyers in the properties.
Holyrood is lacking a 'clear plan' for Apprenticeship Levy: Fears for nearly 1,400 jobs in the Scottish hydro sector have been raised by a Perth-based hydroelectric company amid concern over the effects of U.K. Government subsidy cuts.
Petrofac could pull out of Tunisia: Petrofac has threatened to pull out of Tunisia and end its investment in the North African country if protests over jobs are not stopped.
Malcolm appoints Briggs in £3 million materials handling deal: Malcolm Logistics have appointed Briggs Equipment as its preferred supplier of materials handling equipment, after the two companies concluded a major new contract valued at over £3 million.
The Scotsman
Standard Life advice arm calls off Almary Green takeover: The financial planning division of Standard Life said that talks have broken down over a deal to buy an adviser that looks after about £400 million of assets.
Motherwell-based Ascensos secures Dutch acquisition: Motherwell-based contact-centre business Ascensos announced its acquisition of a Dutch firm operating in the same field, saying this marks its first overseas expansion and addresses greater customer demand for multilingual services.
Mitie shares plunge after outsourcer warns on profits: Shares in outsourcing group Mitie tumbled by 25% in morning trading after it warned that full-year profits will come in 'materially below' expectations due to lower growth, higher staff costs and uncertainty caused by the EU referendum.
Payday lender to stump up £34 million of customer redress: Payday lender CFO Lending is to pay out more than £34 million of redress to more than 97,000 customers for unfair practices.
Social dining project set to offer Home cooking: Not-for-profit sandwich shop chain Social Bite has joined forces with key names on Scotland's dining scene to create Home, a new restaurant where diners can support the homeless, set to officially open its doors on Saturday.
City A.M.
London in line for new Internet of Things hubs: The so-called Internet of Things (IoT) scene in London is set to get a boost from the government.
Small housebuilders are struggling to find appropriate land to build on: The biggest challenge for small and medium housebuilders in the U.K. is the lack of suitable land to build on, a survey has found.
More property funds suspended after Brexit are being reopened: Henderson Global Investors has announced it will reopen the U.K. property fund it suspended in the aftermath of the EU referendum.
Sugar prices hold on to gains and surge to more than four-year high: Global sugar prices rose to a more than four-year high, adding to gains made in a rally on Friday.
Mobile lender Atom in £100 million funding drive: Mobile money lender Atom Bank is gearing up for a fresh £100 million funding drive.
Accountancy firm celebrates 14% revenue rise after merger: Accountancy firm Moore Stevens LLP has reported a revenue rise of 14%.
Designer exports from the capital set to soar on the back of London Fashion Week: London's high-end fashion brands are in high demand - and London Fashion Week is expected to boost exports even further.
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