In the papers: Facebook, Royal Bank of Scotland, Deutsche Bank
Date
10/11/2016 5:43:47 AM
(MENAFN- ProactiveInvestors - UK) Proactive Investors, 08:14
The Times
Oil rises after Putin backs supply cut: President Putin came to the rescue of the oil price, driving it to a one-year high as Russia revealed that it was ready to join other leading producers in cutting supply this year.
Facebook gives the office its big thumbs up: Facebook is taking on LinkedIn and rival professional networking services with the launch of Workplace, a tool for companies that allows workers to chat, collaborate and share spreadsheets and contracts instead of cat videos and baby pictures.
HarbourVest tries less hostile approach: The American funds group stalking SVG Capital has offered to buy the private equity trust's entire investment portfolio to try to outmanoeuvre a rival Goldman Sachs-led consortium.
Law firm merger creates £1 billion giant: Three law firms have agreed to merge in a deal that creates the sixth-largest legal practice in the country.
We let our customers down, admits RBS: Royal Bank of Scotland has admitted for the first time that it 'let customers down' by mistreating them in its restructuring division.
Deutsche Bank in fine mess as 9,000 job cuts loom: Deutsche Bank is thought to be planning an acceleration of job cuts and spin-offs amid concerns over the lack of a speedy deal to reduce a $14 billion fine in the United States.
Times are looking good again: Last week LVMH bought Rimowa, a German suitcase maker, for €640 million and the world's biggest luxury goods group revealed a virtual case-full of cash, with third-quarter sales of €9.1 billion that beat analysts' expectations.
Morrisons sends Sainsbury's rolling in the aisles: Wm Morrison briefly overtook J Sainsbury to become Britain's second-biggest supermarket chain by stock market value.
The Independent
Brexit will hurt U.K. investment and growth, Britain's Nobel Prize-winning economist Oliver Hart says: Oliver Hart, Britain's Nobel prize-winning economist, has warned that U.K.'s vote to leave the EU, will hurt Britain's investment and growth.
William Hill's Amaya merger looks like a bad bet: The bookie is talking to the PokerStars Owner about an all share deal but both companies have problems and putting them together might make things worse
Goldman Sachs could move 2,000 jobs out of the U.K. if it leaves single market, says report: Goldman Sachs is drawing up plans to potentially transfer around 2,000 employees to a rival European city should the U.K. lose its passporting rights, according to a report.
Brexit could lead to higher food and clothing prices for shoppers, high street retailers warn: British shoppers could face higher prices if the Government fails to strike the right Brexit deal with the EU, the British Retail Consortium (BRC) has warned.
The Daily Telegraph
Britain should embrace weaker pound and it needs to fall further, says former BoE govenor and currency guru: The slump in sterling is a blessing in disguise after years of overvaluation and helps to break the corrosive stranglehold of the financial elites over the British economy, according to a former bail-out Chief for the International Monetary Fund.
Manufacturing giant JCB ends CBI membership over anti-Brexit stance: Manufacturing giant JCB is to end its membership of the Confederation of British Industry (CBI) amid reports that the digger maker was unhappy with the lobby group's anti-Brexit stance.
MPs could re-open RBS probe as leaks reveal 'dash for cash' in 2008: Royal Bank of Scotland could face a fresh investigation from MPs as a new cache of leaked documents has shed more light on allegations that the bank ripped off small businesses during the financial crisis.
Crisis-hit Southern Rail operator threatens legal action to quash strike as franchise questions mount: The operator of crisis-hit Southern Rail has defended its record as a rail franchise holder against fierce Government criticism, hours after threatening to take a major trade union to court in a last-ditch bid to avert another round of strikes.
British steel could have gone into Trident subs - but the contract was sent to France: The scandal over BAE Systems' decision to use French steel to build Britain's new Trident submarines has intensified, with claims the metal could have been produced in U.K. after all.
Gold miner Randgold hits out in Mali tax dispute: Randgold Resources has hit out at Mali over a long-running tax dispute that has resulted in the government closing the gold miner's offices in the West African country.
WANdisco finance Chief makes surprise return - three days after quitting in his first week: WANdisco, the big data company at the centre of a boardroom coup that was swiftly reversed, has reinstated its finance Boss Erik Miller, three days after he quit in what was his first week at the struggling technology business.
The Guardian
Uber's main U.K. business paid only £411,000 in tax last year: Uber's main British business paid only £411,000 in tax last year while the commission fees from thousands of drivers in the U.K. disappeared into a controversial tax structure in the Netherlands.
Eurogroup ministers back further bailout loans for Greece: Greece is on track to receive €2.8 billion (£2.5bn) from its Eurozone creditors by the end of October, after an agreement on Monday on the latest instalment of its multibillion-euro bailout.
Hard Brexit will cost Treasury up to £66 billion a year, ministers are told: Treasury coffers may take a £66 billion annual hit if Britain goes for a hard Brexit, cabinet ministers have been warned.
Retailers warn on weak pound and blows to consumer confidence: Retailers have warned of challenging times ahead as the weak pound ramps up their import costs and consumer confidence is buffeted by a climate of economic uncertainty as the U.K. embarks on Brexit negotiations.
Tourism booms in U.K. after post-referendum fall in pound: The U.K. has recorded its biggest-ever month for tourist visits after the referendum-related slump in the pound lured 3.8 million people to British shores in July.
Pound continues to fall against dollar amid 'hard Brexit' fears: The pound has continued to fall against the U.S. dollar as worries persist over the U.K.'s economic prospects outside the EU.
Give regulator veto over takeovers that strain pensions, says IoD Chair: The Pensions Regulator should be given the power to veto takeovers that put too much strain on their pension schemes, according to the Chair of the Institute of Directors.
Daily Mail
Deutsche Bank only passed European Central Bank health test by bending rules: Europe's banking watchdog bent the rules to give troubled lender Deutsche Bank an easy ride, it is claimed. The German firm was given a pass in an European Central Bank stress test in July – providing temporary respite amid concerns about its future.
'Brexit uncertainty poses the greatest threat to businesses', U.K. finance Chiefs warn: U.K. finance Chiefs have warned that the long-term effects of the U.K.'s Brexit vote pose the greatest threat to their businesses.
BP rises as Boss vows to protect its 6% dividend while predicting oil price will stay around $53 over the year to come: BP shares were given a boost as the firm's Chief Executive promised to defend the dividend. Bob Dudley revealed that he thought the global oil market was 'pretty much in balance'. His comments came after a week of oil price rises.
Daily Express
Bank of America issues terrifying worldwide recession warning: Based on key indicators that have predicted previous recessions, the U.S. will face a downturn next year, according to Bank of America-Merrill Lynch's head of U.S. equity and quantitative strategy Savita Subramanian.
Angela Merkel facing huge pressure to act as Deutsche Bank shares plunge again: Struggling Deutsche Bank saw its stock dive again on Monday, amid fears the lender could be wiped out by a looming fine from U.S. authorities.
Deutsche Bank going bankrupt could destroy EU and tear down world economy, warns investor: Troubled Deutsche Bank will collapse and tear down the world's financial system, if U.S. authorities refuse to relax a £10 billion fine, according to financial commentator and investor Jim Rogers.
Portugal's finance Chief says economy is fine despite debt ratings being downgraded twice: Fears Portugal's debt could lose its investment grade status and support from the European Central Bank (ECB) are wide of the mark, according to the country's secretary for state for finance.
The Scottish Herald
Scottish ice cream maker set to open shop in major city: A retail development in Aberdeen has secured a major scoop after Mackie's of Scotland chose it as the location for its first ever retail outlet.
Aberdeen's New Thai fund lags in first half: Despite making greatly improved returns in the first half of this year, Aberdeen Asset Management's New Thai Investment Trust failed to keep pace with the rocketing Thai market.
Professional pay to rise with inflation: People employed in professional roles can expect a 2.1% increase in their salaries in 2017, broadly in line with inflation forecast.
Pub group's Brexit manifesto: The British Beer & Pub Association has published a Brexit manifesto, which it said would help the U.K. Work towards having the most competitive tax and regulatory regime in Europe, and help to foster a resurgence in beer exports, more jobs in pubs, and boost the U.K. tourism industry.
Murray Capital makes progress in property market: Murray Capital Group, Sir David Murray's family business empire, has increased profits 46% in a year which left the company with cash in the bank and on the hunt for new investment opportunities.
Entrepreneurs sell Edinburgh hotel in multi-million deal with Israeli firm: Entrepreneurs Sandy Orr and Donald MacDonald have sold a city centre hotel in Edinburgh to an Israeli firm in a multi-million deal that signals continued overseas interest in the leisure market in Scotland following the Brexit vote.
Sales growth relief for grocers but BRC warns of impact of tumble in pound: The U.K. grocery sector has achieved its best underlying year-on-year growth in sales value in any three-month period since November 2013, industry figures have revealed.
The Scotsman
Tech sector attacks plans for 'foreign workers list': Senior figures in Scotland's technology sector have attacked U.K. government proposals to make companies list their foreign employees.
Hamleys targets festive bargain hunters with new store: Iconic toy retailer Hamleys is to open a branch in Livingston Designer Outlet, its first discount venture in Scotland.
Ruby McGregor-Smith to quit as Mitie Chief Executive: Outsourcing group Mitie said that Ruby McGregor-Smith is standing down after almost a decade as Chief Executive.
Scotland's private sector upturn flags return to growth: Scotland's private sector output grew for the first time in three months in September to reach a 14-month high, according to a report published.
City A.M.
The Single Market battle is the Remainers' last stand in the Brexit war: It has all the hallmarks of a last stand. Having abandoned resistance to the referendum result itself, Remainers are rallying to the cause of staying in the Single Market.
Professional pay continues to inch up as hiring managers struggle to fill jobs: Salaries for white collar roles have nudged up over the last three years, as employers struggle to find talented staff to fill top finance and technology roles, research has found.
Investors more concerned about keeping passporting than immigration rights: Some of the world's biggest financial players are more worried about what would happen if the U.K. lost passporting rights than immigration rights, research has found.
Pure Gym gathers sufficient investor interest but pulls London listing: Britain's largest gym chain will pull its planned London listing tomorrow after concerns from board members over challenging initial public offering market conditions.
Third quarter results reveal steady growth at Moet Hennessy Louis Vuitton: Luxury goods group Moet Hennessy Louis Vuitton reported a positive first nine months of the year with sales of over €26 billion.
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