In the papers: TalkTalk, Burberry, Experian, Tata Steel
Date
7/19/2016 8:23:27 AM
(MENAFN- ProactiveInvestors - UK) Proactive Investors, Fri
The Times
Brexit blow to family finances will be significant, says Bank: House prices and family finances are under threat from a 'significant' slowdown in the economy after Brexit, the Bank of England warned as it prepared for an interest rate cut in three weeks' time.
'Spoofing' trader jailed for three years: The first trader convicted in the U.S. for the newly created crime of spoofing has been sentenced to three years in prison in a case likely to be closely watched by lawyers acting for Navinder Sarao, a London-based trader facing similar charges.
Falling pound will hit retailers, Moody's warns: Britain's high street fashion is looking out of vogue after Moody's, the credit rating agency, warned that the falling pound is set to add to the sector's woes.
BT lifts the trophy after TalkTalk hacked down: BT appears to have been the biggest beneficiary of the cyberattack on TalkTalk last year after the latest industry data suggested that it scooped up 40% of the customers that left after the data breach.
BHP warns of lay-offs after mine work stalls: Samarco, the Brazilian mining company jointly owned by the FTSE 100-listed BHP Billiton, is preparing to cut the jobs of 40% of its workforce as its recovery from last year's fatal dam disaster hit another setback.
Google faces new EU anti-trust charges: Google faced fresh charges by the European Commission that it breached competition practices and abused its dominant position to push rivals out of online advertising and shopping.
Burberry Boss defends stock destruction: Burberry has defended destroying 19 million of products that it could not sell through its cut-price outlet stores.
Office glut grows over Brexit fears: London is experiencing a growing glut of office space after demand from prospective tenants dried up because of Brexit uncertainty. Demand for central London office space fell by 22% between the first and second quarters of this year while supply mushroomed, according to the property consultants CBRE.
Acadia set to sell off clinics in face of competition inquiry: The U.S. healthcare company that bought Priory Group for $2.2 billion in February is expected to offer to sell off some U.K. clinics after the deal was referred to a competition investigation.
Bondholders take equity in Keystone: Gulf Keystone Petroleum, the embattled Iraq-focused oil explorer, has restructured its debts in a move that will heavily dilute big shareholdings held by a string of top international funds.
Record number of families switching energy supplier: The number of British families switching energy supplier soared to a record 2.3 million during the first six months of this year, up nearly 30% from 1.8 million in the same period a year ago.
The Independent
Embargoed 0001 U.K. 'lacks the will' to hold Volkswagen to account for cheating emissions tests, MPs warn: The Department for Transport (DfT) has been far too slow to investigate whether Volkswagen should be prosecuted in the U.K. over the diesel emissions scandal, MPs claim.
Brexit recession 'could increase unemployment rate to equivalent of 500,000 lost jobs': Britain's vote to leave the EU will plunge the country into a shallow recession in the second half of 2016, which could see the unemployment rate rise to 6.5%, the equivalent of around 500,000 jobs.
JPMorgan profit beats estimates but Brexit effects may prolong stagnant growth: JPMorgan, the biggest U.S. bank by assets, said second-quarter profit fell 1.4%, beating analysts' estimates as fixed-income trading revenue and loan growth jumped.
The Daily Telegraph
England needs to build 50% more homes than Government's target, says critical Lords' report: The Government must build 300,000 homes each year in England to help solve the housing crisis, an increase of 50% from its current target, a committee of Lords has advised.
Faroe Petroleum moves on $70 million North Sea acquisition: Independent oil explorer Faroe Petroleum has snapped up five Norwegian oil and gas fields for $70.2 million in a bid to take advantage of North Sea opportunities in the wake of the market downturn.
Mobile-only bank Starling wins its licence: Starling Bank, the fledgling mobile-only business, has won the approval of the Bank of England and Financial Conduct Authority, receiving its banking licence.
City watchdog battles to ban 'reckless' payday lender: The City watchdog faces a legal battle in its attempts to ban a payday lender from the industry, as financier Andrew Barry Hart fights claims he 'took a reckless approach' to lending and 'failed to address unfair business practices'.
Richard Branson invests in secret gig start-up: Sir Richard Branson is returning to his musical roots by investing in Sofar Sounds, a company which organises secret music events in 260 cities around the world.
Sales at Experian's U.K. arm down 5% as changes to business model bite: Growth in Experian's U.K. business fell 5% during last quarter as the credit information company experienced a lag in customers being able to use new technology.
B & M relies on new shops for sales growth: B & M's expansion campaign has lifted quarterly sales by more than a fifth, although growth was almost non-existent at established stores during a weather-beaten quarter on the high street.
The Questor Column:
Experian set for growth: Despite some wobbles caused by currency movements, analysts are broadly pleased with Experian's performance at present. Since Chief Executive Brian Cassin was appointed two years ago, it has focused on key growth opportunities, including cross-selling its products and trying to cultivate more communication between its divisions. In a competitive environment, Experian is managing to innovate and grow the business through new products, especially in areas such health, fraud and analytics. While U.S. growth last year was just 3%, the U.S. credit services arm bucked the trend and had double-digit growth in the last two quarters of 2015-16. There are some risks from lower consumer confidence in the U.K., which accounts for 21% of Experian's revenue and 24% of profit, not least because of the threat of an economic downturn following the EU referendum. During the height of the last recession in 2009-10, the U.K. credit business experienced eight quarters of decline, and any serious dip in consumer confidence could knock Experian's performance. But analysts suggest this risk is offset by strength elsewhere, particularly in the company's Brazilian business, and the recent strength of the company's share price. Shares in the business have grown steadily in the last 12 months, holding up particularly well around the referendum where others took a tumble. They closed at 14.59, 21% above the 12.02 they were trading at a year ago, and only slightly off the in-year high of 14.85, recorded last week. With analysts suggesting a target price of between 15.40 and 16, there is still some room to grow. Buy. Experian at 14.59 (-4p). Questor says 'Buy'.
The Guardian
Tata Steel's fate shuffles over to new business secretary: The fate of 11,000 workers at Tata Steel is now in the hands of Greg Clark after he was named as the new business, energy and industrial strategy secretary.
BP faces further $2.5 billion charge over Deepwater Horizon spill: BP is to take a further $2.5 billion (1.87 billion) hit as a result of the Deepwater Horizon accident, bringing the total cost of the environmental disaster to almost $62 billion.
U.K. business must wait longer for post-Brexit Bank of England boost: Britain's consumers and businesses will have to wait another month for the Bank of England to provide a boost to the ailing post-Brexit economy after Threadneeedle Street decided against an immediate cut in borrowing costs in the wake of last month's referendum.
Halfords reports 4% decline in bicycle sales in three months to 1 July: Halfords has reported another sharp drop in bicycle sales as Britons prove to be fair-weather cyclists.
Daily Mail
London's best pizza maker expanding across U.K. after profits and sales at parent firm Fulham Shore soar: London's best pizza maker is expanding across the U.K. after profits and sales at its parent firm the Fulham Shore soared.
Vow by new PM Theresa May to scrutinise impact of foreign takeovers on British economy marks radical policy change for Conservative government and Downing Street machine: The vow by new Prime Minister Theresa May to scrutinise the impact of foreign takeovers on the British economy marks a radical policy change for the Conservative government and the Downing Street machine.
Travel arm of price comparison group Moneysupermarket.com hit by industry-wide slowdown over fears of terrorism: The travel arm of price comparison group Moneysupermarket.com has been hit by an industry-wide slowdown over fears of terrorism.
Daily Express
Bank of England keeps interest rates on hold after Brexit vote: Interest rates have been kept on hold at 0.5% by the Bank of England, as markets boom following Britain's vote to leave the European Union.
London house prices tumble but rest of Britain holds up post-Brexit: House prices in London are falling - but holding up across the rest of Britain - after the vote to leave the European Union (EU), a survey has found.
The Scottish Herald
Woodside signals confidence in Cairn's Senegal discovery: Australia's Woodside Petroleum has underlined its confidence in a deepwater field off Senegal, operated by Edinburgh-based Cairn Energy, by acquiring a 35% stake in the prospect for U.S. $430 million (322 million).
Minoan ready to 'fulfil potential' as it awaits final clearance for Crete resort: Minoan Group has said it is 'closer than ever' to fulfilling its potential through a luxury development on Crete, as its travel agency business raised transaction value to 33 million for the six months to June 30.
Wood extends Australian water services deal: Wood Group has underlined its appetite to operate beyond the North Sea oil and gas industry by renewing its contract with Melbourne Water.
Independent poised to start drilling in Skipper find: Independent Oil & Gas has declared that drilling on the 'transformational' appraisal well on the Skipper field south east of Shetland will begin next week.
Manz to leave Diageo for Johnson Matthey: Anna Manz has left her post as group strategy Director at drinks giant Diageo to join Johnson Matthey.
Tennent's Open for business: Brewer Tennent Caledonian has struck a deal to provide the Caddyshack pop-up bar in Troon with lager, beer and cider during The Open this weekend.
The Scotsman
Stewart Travel Owner warns of rising holiday prices: The parent company of Stewart Travel warned that the U.K.'s decision to leave the European Union could push up holiday prices.
Contact lens maker Daysoft focuses on sales growth: Daysoft, the Blantyre-based supplier of daily-disposable contact lenses, has booked a steady rise in full-year sales as it continues to attract more than 1,000 new wearers a week.
Bank of Scotland customers hit by online glitch: Customers of Bank of Scotland were affected by a glitch that left them unable to log into its online banking system.
Scottish businesses suffer post-Brexit dent to confidence: Scotland's economy has entered a period of uncertainty that threatens investment, jobs and growth, a post-EU referendum survey warns.
Future looks bright for PureLiFi after cash injection: Edinburgh technology spin-out PureLiFi has raised more than 7 million to date following its latest round of funding.
City A.M.
U.S.Department of Justice set to wave through ICAP-Tullett deal: The U.S. Department of Justice has given a nod of approval to interdealer Tullett Prebon's revised takeover of ICAP's voice-broking and information business.
Britain's biggest trade union has voted for mandatory re-selection for Labour MPs: Britain's biggest union has passed a motion declaring that Labour MPs should face mandatory re-selection votes at the end of each parliament.
Santander Bank fined $10 million in the U.S. to settle vendor's overdraft practices: Santander Bank has been told to fork out a $10 million (7.5 million) fine after one of its vendors signed customers up to overdraft services without their consent.
Teva readies for Allergan deal with bond sale: Israeli pharmaceutical firm Teva is set to raise around $22 billion (16.4 billion) next week to fund its delayed acquisition of Allergan's generics unit.
Sky to broadcast sharper football matches and movies from August: Broadcaster Sky is going to offer a range of channels and programmes in Ultra HD from August. The move is part of Sky's Q Silver service, and subscribers will need a supported TV-top box and TV that allows the format to watch.
First Republic Bank delivers quite pleasing double digit results: First Republic Bank's Chief Executive said he was 'quite pleased' with the double digit revenue and profit growth his firm has delivered.
BT Sport price increase will place 'huge pressure' on pubs: Pub groups have hit out at BT Sport's 8.9% subscription price rise, announced, that will be enacted from 1 September.
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