In the papers: Deutsche Bank, Fresnillo, Volkswagen
Date
8/11/2016 9:41:35 AM
(MENAFN- ProactiveInvestors - UK) Proactive Investors, 08:50
The Times
Brexit panic prompts 3.5 billion fund withdrawal: Retail investors used fears over Brexit to withdraw 3.5 billion from U.K. managed investment funds in June, dwarfing the worst month in the 2008 financial crisis.
Abe accused of inflating impact of spending plan: Shinzo Abe launched a public spending package intended to salvage the Japanese Prime Minister's Foundering 'Abenomics' program but economists said that the new spending it contained was inadequate to achieve the promised levels of growth.
Fresnillo predicts a glittering future of high prices: The biggest London-listed miner of precious metals said that high silver and gold prices could remain for the foreseeable future. Fresnillo reaped the reward of the pick-up in prices by revealing that first-half profit had more than doubled to $166 million.
SFO got wrong guy, claims Libor convict: The former trader convicted of being the 'ringmaster' of Libor-rigging has hit out at his jail sentence on the first anniversary of his imprisonment, saying that he had been handed a longer term of incarceration than rogue traders and bank Chiefs responsible for the collapse of their institutions.
Still strong but Travis Perkins fears the Brexit effect: Britain's biggest builder's merchant has reported a strong first half but warned that the Brexit vote has hurt demand and created 'significant uncertainty'.
Big banks relegated from European index: Two banking heavyweights, Deutsche Bank and Credit Suisse, are being dropped from the Stoxx Europe 50 index of leading Eurozone companies in a further sign of distress in the sector.
Noble forced to explain sharp share price plunge: Noble Group has been forced to explain a precipitous decline in its stock price by the Singaporean regulator.
Miserable summer leaves AG Barr feeling flat: Shares in AG Barr lost their fizz as the maker of Irn-Bru forecast a fall in revenues on the back of the soggy summer weather.
The Independent
PPI claim deadline proposed for June 2019 by FCA: Those seemingly endless PPI claim calls may be coming to an end by June 2019 anyway. The FCA has set the deadline for people to make claims over mis-sold payment protection insurance.
VW hit with 12 million fine and sales ban on 80 models in South Korea: South Korea on Tuesday suspended sales of most Volkswagen models in a fresh blow to the German car manufacturer as it struggles to overcome the global repercussions of its emissions-test cheating scandal and rebuild its tattered image.
Japanese government bonds suffer worst sell-off in 13 years: Japanese 10-year government bonds saw their worst sell-off in 13 years as investors feared the Bank of Japan may ratchet back the pace of its aggressive government bond buying.
Asda, Tesco and Sainsbury's join Morrisons in cutting petrol prices but 'could have passed on savings sooner': Asda, Tesco and Sainsbury's have joined Morrisons in cutting petrol prices by 2p, but campaign groups have accused the supermarkets of being slow to pass on lower wholesale prices to customers.
The Daily Telegraph
U.K. will avoid recession in 2016 but ex-Bank deputy warns no 'big bazooka' to prevent slowdown: The U.K. will avoid a Brexit-induced recession at the turn of the year, according to a top think-tank. The National Institute of Economic and Social Research (NIESR) expects the economy to contract by 0.2% in the third quarter following the vote to leave the EU, but to grow by 0.1% in the final three months of 2016.
U.K. new nuclear programme not dependent on Hinkley, say rivals: Nuclear developers NuGen and Horizon have played down fears that scrapping Hinkley Point would derail the wider U.K. new-build programme, insisting their projects are not dependent on EDF's getting the go-ahead.
Meggitt latest engineer to see profits take big hit on pound's collapse: Aerospace and energy engineering group Meggitt has become the latest company to report a plunge in profits in the wake of sterling's fall as a result of the EU referendum.
Construction slump fastest in seven years in July: U.K. construction activity suffered its biggest fall in more than seven years in July as the decision to leave the EU triggered a significant drop in the commercial property market.
Tullett to create 300 jobs at new fintech hub in Belfast: Tullett Prebon is to establish a major new technology centre in Belfast which will serve as a global hub for the firm's technology operations.
Direct Line cheers investors with mega dividend despite falling profits: Direct Line's shares rocketed as the insurance company paid out a special dividend of 10p per share, amounting to a 138 million handout to investors.
Brexit gives U.K. 'huge advantage' in trade deals, predicts car industry Chief: Brexit presents 'unprecedented' opportunities to seal trade deals that are beneficial to both the U.K. and foreign partners, according to the Boss of Britain's biggest car dealer.
The Guardian
Bank of England urged to use 'sledgehammer' to combat Brexit slump: The Bank of England needs to use a sledgehammer to combat a severe economic downturn caused by the vote to leave the EU, one of Britain's most respected thinktanks has warned.
Slough has most foreign-owned properties outside London: Slough has the highest proportion of properties owned by offshore companies outside London, according to an analysis of Land Registry data.
Southern and RMT prepare for talks to avert five-day strike: Talks will start on Wednesday to avert the most extreme disruption yet for long-suffering Southern passengers, with 40% of trains to be cancelled as conductors prepare to strike for five days next week.
Number of striking workers now lower than ever: The number of workers that went on strike in Britain last year was the lowest recorded in more than 120 years.
Daily Mail
Now French want to block Hinkley nuclear plant with unions set to launch second legal challenge: Fresh fears have emerged over the future of Hinkley Point nuclear power station as French trade unions look poised to launch a second legal challenge against the project.
RBS considering Santander's bid for 300 Williams & Glyn branches but refuses to disclose the figure: Santander has put in a bid to buy more than 300 bank branches and take on millions of customers from Royal Bank of Scotland.
British former chess whizzkid who sold his firm to Google for 400 million named in top ten global tech pioneers: A British entrepreneur who was a child prodigy at chess has been named one of the top ten tech pioneer's in the world.
InterContinental Hotels sees bookings dip as oil slump puts stop to business trips: A fall in the price of oil has caused bookings in the U.S. and Saudi Arabia to dip for the world's biggest hotels company.
ARM buyer Softback issues 7 billion bonds in bid to cut debts ahead of 24 billion deal: The Japanese buyer of Britain's ARM Holdings is to issue more than 7 billion in bonds to pay off its debts.
Daily Express
Chemicals manufacturer Arrow Solutions sets its sights on Zika virus: New types of sprays for aircraft to help combat the spread of Zika, the birth defects virus, are being developed by U.K. chemicals manufacturer Arrow Solutions.
Seriously? Renzi insists Italian banks are 'good' despite overwhelming fears of crisis: Italy's Prime Minister has insisted his country's banks are strong enough to survive - despite growing fears contagion over 270 billion of problematic loans could topple the entire sector.
Eurocrat warns the EU is 'close to death' amid fears Canada trade deal could collapse: The European Union is on the brink of total collapse if its trade deal with Canada falls through, an EU bureaucrat has warned.
Eurozone warning: EU currency faces collapse post-Brexit, warns CEO of U.S.A's largest bank: The Eurozone is facing a catastrophic meltdown as a result of the Brexit vote, a senior finance Executive has warned. Jamie Dimon, CEO of American banking behemoth JPMorgan Chase, made the dire prediction for the European currency amid signs of a major slowdown across the continent.
The Scottish Herald
Edinburgh hotels enjoy buoyant month, boosted by overseas visitors but Aberdeen and Glasgow show declines: Edinburgh's hotel sector enjoyed a year-on-year surge in room rates in June, and occupancy rose to more than 93%, apparently driven by increased numbers of overseas tourists.
North Sea player continues low cost acquisition spree amid renewed crude price fall: North Sea-focused Ithaca Energy has announced a series of what it called low cost acquisitions which could allow the firm to capitalise on the downturn in the area.
Braveheart gains from sale of mLED stakes: Braveheart Investment Group has made a 285,000 gain from the sale of its interests in mLED, the micro-LED technology specialist, to a U.S. company.
Fanduel launches first U.K. game: Fantasy sports firm Fanduel has launched its long-awaited U.K. product. Available to play on web and mobile, the product has been built by the same U.K.-based team that developed the U.S. product that made a name of the Edinburgh-company.
Retail supply chain set to be hit by Brexit: Brexit set to disrupt retail supply chain as businesses say they are likely to do more business within the U.K. after the vote, with Asian and African territories also set to benefit at the expense of EU countries.
Contract boost for Kilmarnock fabricator: A Kilmarnock-based metalwork fabricator has won contracts worth more than 800,000, giving it the confidence to take on three staff and bring an apprentice on board.
Fibre optic technology firm looks to renewables and subsea markets after angel funding: A technology firm spun out of Strathclyde University has received 370,000 in its first round of funding as it attempts to break into the renewable energy and subsea markets.
The Scotsman
Dundee engineer Galloway collapses with 161 jobs lost: Galloway Group, the specialist ductwork engineer that worked on Glasgow's Sir Chris Hoy Velodrome, has collapsed into administration after falling victim to the oil and gas downturn.
Greggs sales lifted by demand for healthier options: Healthier food options such as falafel and hummus have helped power sales at Greggs, the bakery chain better known for its sausage rolls and steak bakes.
Aberdeen relaxes fund rules as property market settles: Aberdeen Asset Management has reduced the penalty imposed on investors who wanted to withdraw their money from its property fund following last month's Brexit vote.
Ecosse Subsea Systems gets boost from offshore wind: A subsea technology firm has seen a contract to work on an offshore wind farm for ScottishPower Owner Iberdrola doubled in size.
Omega secures 1.8 million grant from Scottish Enterprise: Life Sciences Company Omega Diagnostics has received 1.8 million from Scottish Enterprise to help boost its workforce and ramp up its range of allergy testing products.
City A.M.
Bank of England stress tests 'worse than useless' according to free market think tank: The Bank of England's stress-testing regime is 'worse than useless' according to a new report from free market think tank the Adam Smith Institute.
SodaStream's sales fizz after brand overhaul: Sodastream an Israeli company which makes home carbonating devices is sparkling after working to reposition its brand. The company has shifted away from sugary drinks and into sparkling water as consumers turn towards healthier food and drinks.
Hyatt Hotels' income hits suite spot as revenue per available room up: Hyatt Hotels has beaten expectations with second-quarter net income of $67 million (50 million). It reported earnings of 64 cents per share, surpassing analysts' expectations of 47 cents per share.
CVS Health falls short and pares back forecasts: CVS Health a U.S. pharmacy chain and healthcare business has missed expectations and been forced to lower its full-year guidance.
Drop in pound and higher fuel prices weigh on Royal Caribbean: Rising fuel prices and negative currency effects notably from the fall in the pound have forced Royal Caribbean Cruises to cut its full-year outlook.
Ex-Dior designer Raf Simons crowned Chief creative officer of Calvin Klein: Ex-Dior designer Raf Simons has been appointed as Chief creative officer of U.S. fashion house Calvin Klein. Simons left Christian Dior last October after three years heading up the iconic French brand.
Pfizer share price sinks despite 11% revenue leap: Better-than-expected quarterly revenue and profit at viagra-maker Pfizer has not managed to stiffen its share price. Sales of newer drugs and the acquisition of hospital products company Hospira have sent revenue for the U.S.-based drugmaker up by around 11% to $13.15 billion (9.8 billion) in its second quarter, narrowly beating out analyst expectations of $13.01 billion.
GVC Holdings shares pop to 11-year high on refinancing deal with Nomura: GVC Holdings' stock popped to an 11-year high after the gaming group announced it will save 43 million (36 million) a year in a refinancing deal.
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