In the papers: Sainsbury's, Telford Homes, Channel 4
(MENAFN- ProactiveInvestors - UK) Proactive Investors, Thu
The Times
Sainsbury's sales slump as new pitch fails: J Sainsbury has suffered its worst sales performance in nearly a year after it ditched 'buy one get one free' offers in favour of overall lower pricing.
EU referendum stunts manufacturing output: British manufacturers are putting decisions on hold in the build-up to the European Union referendum, causing activity to slow, according to a closely followed survey.
U.S. economy starts to show signs of recovery: Manufacturing activity in the United States expanded for the third successive month in May in further signs that the economy is regaining speed after a weak first quarter.
Tyrie asks FCA to check P2P 'savings': Regulators have been asked by MPs to investigate whether customers of peer-to-peer lending sites are sufficiently protected now that they can put their P2P investments inside tax-free Isas.
Spies and hackers raided U.S. Federal Reserve: Spies, hackers and other unknown attackers broke into the computer system of the American central bank on multiple occasions between 2011 and 2015, resulting in more than 50 cyberbreaches, Federal Reserve records disclose.
Armani to focus on brands as sales slow: The upmarket fashion retailer beloved of celebrities and Hollywood stars has eked out a small rise in operating profit as growth in the wider luxury sector continues to slow.
Telford Homes eyes up private rented sector: A London housebuilder said that a quarter of the homes that it sold over the past year had been bought by institutional investors that rent out the space as an increasing number of big players take an interest in the private rented sector.
AG Barr to focus on push into Europe: AG Barr is hoping for a long hot summer and is continuing its push into Europe, according to the soft drinks maker's Chief Executive.
The Independent
Abe delays Japan's sales tax hike until late in 2019: Prime Minister Shinzo Abe said he'll delay an increase in Japan's sales tax until 2019, a move that may help support consumer spending while complicating the government's efforts to tame the world's largest debt burden.
Tata Steel saves 4,400 jobs with sale of Scunthorpe site to Greybull Capital: The sale of Tata Steel's Long Products business to Greybull Capital has been completed overnight, saving 4,400 jobs in the U.K.
Jack Wills advert banned by ASA over inappropriate 'sexualised' images: A 'sexualised' advertisement for British clothing brand Jack Wills has been banned by the U.K. advertising watchdog after being deemed inappropriate for young people.
EU referendum: OECD warns of 'significant' Brexit impact on U.K. growth: Brexit-related uncertainty has prompted the OECD to downgrade its growth forecast for the U.K. this year to just 1.7%, sharply down from the 2.1% GDP expansion the Paris-based economic organisation was forecasting only in February.
The Daily Telegraph
Channel 4 takes stake in 'viral' video producer Barcroft: Channel 4 has taken a stake in Barcroft Holdings, a media company specialising in 'viral' online videos such as 'Pregnant Woman Deadlifts 205lbs' and 'Meet Dr Pimple Popper', as part of its effort to support new producers.
Life would be simpler outside the EU, says Drax (but it's 'neutral' on Brexit): The simplicity of not having to deal with the EU officials would be 'desirable', Drax Chief Executive Dorothy Thompson has admitted, despite insisting the company was 'neutral' on Brexit.
FCA hits lender CT Capital with 2.4 million fine for PPI complaints failures: The City watchdog has fined a PPI provider almost 2.4 million for wrongly rejecting complaints about its products, marking the latest penalty linked to the mis-selling scandal that has triggered nearly 24 billion in compensation payments.
Ryanair attacked over Oslo base closure: Ryanair has come under attack for deciding to close its base near Oslo - a move that is expected to result in the loss of 1,000 jobs - after Norway introduced a new tax on air passengers.
Mortgage rates fall to record low as Bank of England mulls rate cut: Home buyers in April paid the lowest interest rates ever on their mortgages, according to the Bank of England.
Brexit is already costing British firms, S & P warns: Borrowing costs have already risen for British firms, as cautious investors charge more because of uncertainty ahead of this month's referendum on EU membership.
Nigerian emerges as frontrunner for top Opec job: A Nigerian oil technocrat has emerged as the frontrunner to take the top job at the Organization of the Petroleum Exporting Countries (Opec), in what would be a rare compromise candidate to lead the group amid rising tensions between Saudi Arabia and Iran.
The Questor Column:
Telford Homes makes plans for private rent: AIM-listed Telford Homes has proved a solid performer in the last five years, growing its share price from a low of 62p in October 2011 to a high of 492p in May 2015, and the housing market shows no immediate signs of abating. Telford Homes mainly concentrates on developing residential schemes in east London, an area of the capital which is proving extremely popular. The strategy appears to be paying off: sales rates of new developments have exceeded management's expectations, with demand high from both overseas and domestic investors. As a result, the company is largely protected from fluctuations at the very top of the market, brushing off reports that house prices in prime central London are beginning to dip. Telford Homes also benefits from having high visibility of its future development pipeline, with many units forward-sold, securing 50% of the next three years' forecast revenues already. Telford Homes said that a 'significant' move into private rented sector housing had brought 'exceptional capital returns' and that that type of scheme could soon form a larger part of its business. Yesterday, it agreed a deal to sell a private rented sector development in Bow, east London, to M & G Real Estate for 69.3 million. The private rented sector is also seen as counter-cyclical to the wider housing market, meaning Telford Homes could be better placed when prices next turn. Telford Homes has a good track record and all the signs point to a bright future, but caution is probably the order of the day for now. Hold. Telford Homes at 3.66-5.25p. Questor says 'Hold'.
Vertu looks for growth: Gateshead-based Vertu Motors announced that it has acquired five car dealerships for 18.7 million as it seeks to continue to expand, adding Toyota to its roster of brands for the first time. This means the company's management has completed a large proportion of a promised 26 million of acquisition deals outlined after a fundraise in March ahead of time, and there are expected to be more opportunities to buy. These most recent deals are likely to improve Vertu's results in the next year, and brokers upgraded their forecasts for earnings again. Vertu has built up a good reputation for steady performance, and has delivered year-on-year growth in the past nine half-year periods. It can benefit from organic growth and M & A in the coming months, as the market for cars remains favourable. The rise of consumer finance, particularly in a low interest rate environment, is also boosting business. The company's shares are currently trading at almost the 12-month low, at around 56p, having been 79.25p in January. Its consensus target price for the next 12 months is 93.5p, although brokers at Liberum put it as high as 100p. Buy. Vertu Homes at 56p-2.25p. Questor says 'Buy'.
The Guardian
Brexit could spread shockwaves through global economy, says OECD: Britain's departure from the EU poses as big a threat to the global economy as a 'hard landing' in China, the Organisation for Economic Cooperation and Development has said.
Tom Watson: ban hedge funds from cashing in on EU referendum: David Cameron should ban hedge funds from trying to cash in on the EU referendum by commissioning private exit polls to speculate on sterling before the official result, Labour's deputy leader has said.
Panama Papers inquiry expected to call George Osborne as witness: George Osborne, the Chancellor, and Ministers from the U.K.'s extensive network of tax havens are among key witnesses that MEPs intend to call as part of a major inquiry set to be launched into the Panama Papers.
French tax authorities seek 356 million from Booking.com: French tax authorities are seeking 356 million (276 million) in unpaid taxes from Booking.com, a unit of Priceline Group, according to a filing by the parent company to the U.S. Securities and Exchange Commission.
Daily Mail
Lawyers, bankers and spin doctors set to rake in an astonishing 235 in fees to sell the London Stock Exchange to the Germans: Lawyers, bankers and spin doctors are set to rake in up to 235 million from a German takeover of the London Stock Exchange.
Oil producers spark wild price swings ahead of Opec clash over production levels: The price of crude swung wildly ahead of a crucial meeting in Vienna when major oil producers are likely to clash over output.
Property tycoons to be quizzed over funding thrice-bankrupt Dominic Chappell's doomed BHS takeover: Wealthy property backers who bankrolled the purchase of BHS are to be quizzed by MPs over their dealings with the stricken high street chain.
Halfords wheels out Olympic golden girl Laura Trott to boost falling bike sales: Halfords has pinned its hopes on double Olympic gold medallist Laura Trott to ratchet up its bike sales this year.
WPP Boss Sir Martin Sorrell faces shareholder backlash over 'excessive' and 'unacceptable' 70 million pay deal: Sir Martin Sorrell faces an investor backlash over his earnings as the 'shareholder spring' over fat cat pay heats up.
Big four supermarkets lose ground as shoppers prefer to share their spend with budget rivals: The U.K.'s top supermarkets are still losing ground to high and low end rivals as shoppers share their spending around different retailers, a survey has revealed.
Daily Express
Eurozone on the brink: Europe's stock markets nosedive as Bank policies fail: Stock markets across Europe have plunged into the red amid growing fears over the economy and the failure of the European Central Bank (ECB).
Financial crash warning: U.S. set for 'economic meltdown that will drag down U.K.': America is on course for another recession that would have devastating consequences for Britain and the rest of the world, a top economist has warned.
House price bubble is all set to explode, property experts warn: House prices continue to surge but fears are growing that the latest boom could end in yet another bust. Property experts have warned that today's sky-high prices are only affordable with interest rates at near-zero and that a crash is inevitable, the moment rates start rising.
The Scottish Herald
Scots oil services firms eye move into Myanmar amid North Sea downturn: Scottish Enterprise Chief Executive Lena Wilson will lead a pioneering trade delegation to Myanmar this week in the hope of identifying opportunities there for firms in the hard pressed oil and gas sector.
Bumper audience for investment cartoon: Aberdeen Asset Management has declared it has reached an online audience of 1.3 million for its cartoon series, 'Seven Deadly Sins of Multi-Asset Investing'.
English construction firm targets strong Central Belt market: ESH Group has won contracts in Scotland worth more than 7 million since the English firm established an operation in West Lothian last year.
Warning: 'Fintech' threat to global wealth management sector players: Wealth management is among the least technologically-literate financial services sub-sectors globally, and already finds itself well adrift of other industries in this regard, a report has concluded.
New Chairman for Alliance savings arm: Financial services veteran Tim Tookey has been appointed Chairman of Alliance Trust Savings, a subsidiary of Dundee investment house and merger target Alliance Trust.
The Scotsman
Clydesdale Bank Boss named Chairman of Scottish Financial Enterprise: Scottish Financial Enterprise (SFE) has named Jim Pettigrew as its forthcoming Chairman, replacing Sir Ewan Brown who is retiring from the role.
Rabbie's Trail Burners unveils glass-roofed vehicles: Tour company Rabbie's Trail Burners has revealed its new Edinburgh City Tours in glass-roofed mini-coach convertibles.
SLI pays 17.4 million for Glasgow student housing project: Standard Life Investments (SLI) has bought an accommodation scheme for Glasgow School of Art students in a 17.4 million deal.
Funding lift for Prestwick Airport space hub plan: Plans to create a space hub around Government-owned Prestwick Airport have received a fresh funding package of 240,000 from local government and economic development authorities.
Board appointment for metering firm SMS: One of Scotland's most high-profile Directors has taken a seat on the board of Glasgow-based SMS, which provides energy-saving smart meters.
City A.M.
Reducing net migration could mean the state pension age goes up and annual payments come down: Hitting the government's net migration target would put an 8 billion hole in the public finances, and could lead to lower state pensions or higher taxes.
Saudi wealth fund invests $3.5 billion in Uber: Controversial taxi app Uber has raised $3.5 billion (2.43 billion) from Saudi Arabia's sovereign wealth fund valuing the company at $62.5 billion.
Goldman Sachs reportedly cuts dozens of investment banking jobs: Goldman Sachs has reportedly cut dozens of investment banking jobs across its global locations over the past number of weeks.
Private equity giants storm into MBNA credit card auction: The auction of credit card giant MBNA is getting crowded as three of the world's biggest private equity firms prepare bids.
London Stock Exchange-Deutsche Boerse merger could lead to 1,250 job losses: The London Stock Exchange and Deutsche Boerse could cut up to 1,250 jobs if their planned merger goes ahead.
End of the road in sight for BHS sale: The futures of BHS and thousands of its staff are hanging in the balance as administrators and the only known remaining bidder struggle to agree terms.
Commodities hedge funds shrug off money Manager woes amid metals boom and oil price uptick: Commodities hedge funds shrugged off the problems plaguing other money Managers at the start of this year, as investors piled into the long-suffering sector.
Hikma Pharmaceuticals replaces Inmarsat in FTSE 100 index: Hikma Pharmaceuticals is set to enter the FTSE 100 index as satellite firm Inmarsat drops to the FTSE 250.
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