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In the papers: The Bank of England, Virgin, Fastjet

Published: 03:36 29 Jun 2016 EDT

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The Times
Truell puts together bid to save Port Talbot: Edmund Truell, the pension scheme rescuer and private equity investor, has emerged as the latest potential saviour of the British steel industry.
Big banks ‘will not have to quit the U.K.’: International banks will not have to move thousands of jobs away from London and will still be able to do business with the rest of Europe despite Brexit, according to legal experts.
Jamie’s recipe goes awry Down Under: Jamie Oliver’s overseas ambitions suffered a setback when the Australian restaurant company that holds the franchise for his Jamie’s Italian brand collapsed into receivership.
Heathrow ‘British jobs’ role for Blunkett: Lord Blunkett has been appointed Heathrow’s new “employment tsar” as the airport pledges to create thousands of “British jobs for British workers”.
Dow Chemical cuts 2,500 jobs for silicone-enhanced future: One of America’s oldest materials producers is set to cut 2,500 jobs after completing a deal to acquire full Ownership of a joint venture that makes silicone.
Redrow takes cue from keen buyers: Redrow has shaken off worries about the possible impact of the vote to leave the EU and has told investors that it expects to beat profit expectations.
Carpetright gets down to brass tacks and cites Leave concerns: Businesses have long been warning about the impact of leaving the European Union, but Carpetright became the first retailer to do so since the referendum.
Gambling Chiefs take a punt on float: Two of Britain’s most experienced gambling Executives are taking over at Intertain as the Toronto-listed online bingo group considers a listing on the London Stock Exchange.
U.S. economy ‘exposed to Brexit wake’: The American economy grew faster than initially thought in the first quarter of the year but it remains vulnerable to the repercussions of the Brexit vote, economists said.
Ride-hailing firm seeks another lift: A boutique investment bank founded by Frank Quattrone has been hired by the biggest rival to Uber in the United States to explore its options, according to reports.
The Independent
London property snapped up by overseas investors as domestic buyers pull out after Brexit: Overseas property buyers are snapping up London property after the shock decision for the U.K. to leave the EU, even as domestic buyers, spooked by uncertainty, pull out.
Bank of England injects U.K. banking system with £3.1 billion of funding after Brexit: The Bank of England has injected £3.1 billion into the U.K. banking system. Three special auctions, where the Bank of England makes extra funds available to banks, were planned around the EU referendum to shore up the financial system.
Uber offers passengers boat and hot air balloon travel in China: Chinese customers travelling with Uber will soon have the option to request a boat or a hot air balloon as the company takes on the travel industry.
Richard Branson: Virgin lost a third of its value, cancelled contract worth 3,000 jobs because of leave victory: Richard Branson, Founder of the Virgin group, has said that his company has lost about a third of its value because of the plunging stock market caused by the Brexit vote on Friday.
Euro 2016 boosts supermarket sales as football fans stock up on booze: Euro 2016 helped supermarkets to their first sales increase in over a year, new monthly data shows. Sales of beers, wines and spirits jumped 6.2% for the four weeks to 18 June, whilst crisps & snacks rose 4.2%, according to June figures from retail analysts Nielsen.
The Daily Telegraph
New bank set up for armed forces and veterans: A new bank for armed forces personnel, veterans and their families is set to launch by the end of this year. The Services Family is in talks with regulators to acquire a licence to offer savings accounts and give out loans.
China’s banks show signs of weakness as profits dip: Profits at China’s banks have fallen for the first time in 12 years, highlighting fears that the country’s economy is slowing.
EasyJet Boss says it ‘remains to be seen’ if airline moves HQ after Brexit: The easyJet Boss has suggested the FTSE 100 airline could move its headquarters from Luton in the aftermath of Britain’s decision to leave the European Union.
Lloyds Chief buys 100,000 shares in show of strength: Lloyds Banking Group’s Boss has bought another 100,000 shares in the bank in a show of confidence that the lender’s share price tumble is a short-term hit rather than a sign of long-term problems.
Fastjet to raise more funds as cash dwindles: Troubled Africa-focused airline Fastjet, which defeated a shareholder revolt by Sir Stelios Haji-Ioannou, is to raise more cash to keep itself in the air, just 15 months after tapping its long-suffering investors for £50 million.
BT shares hit as Brexit renews fears over £10.6 billion pension black hole: Shares in BT have plunged 10% following Britain’s decision to leave the European Union as Brexit re-ignited fears over the company’s gaping £10.6 billion pension deficit.
Government ‘committed’ to airport expansion despite Brexit turmoil: The Government is “committed” to expanding airport capacity in the south east, despite the political turmoil caused by Brexit, the transport secretary has said, signalling a decision on a controversial £17.6 billion third runway at Heathrow could still be on the cards.
Sir Philip Green in BHS talks with Pensions Regulator: Sir Philip Green has been in secret negotiations this week with the Pensions Regulator about plugging BHS’s £571 million pension shortfall, Frank Field, chair of the Work and Pensions select committee has revealed.
Ocado brushes off Amazon Fresh and Brexit fears: Ocado’s Chief Executive has downplayed the threat of Amazon Fresh and said that Brexit could actually boost its chances of securing an international tie-up.
The Questor Column:
Carpetright share plunge is not a buying opportunity: Carpetright, the U.K.’s largest flooring retailer, is making progress on a turnaround and the profits jumped 33% higher in the full-year results announced , but the uncertainty of the vote to leave the EU sent the shares tumbling 20%. Carpetright’s retail model is facing serious challenges. The strategy of pile it high and sell it cheap through vast warehouses never really recovered from the 2008 recession. The Founder Lord Harris of Peckham left the business two years ago and was replaced by Wilf Walsh, the former Coral betting group Boss. The company closed 43 stores and opened 18 new sites, leaving 572 for the financial year to the end of April. Another 20 are expected to shut in the year ahead, with 12 closures underway. This causes short-term pain from ending the leases early, which along with other costs came to £4.5 million last year. Sales were down 1.3% to £456.8 million as the store footprint shrank. However, underlying pretax profits moved 33% higher to £17.3 million as loss-making stores shut and higher margin products were sold. The reported pretax profits are lumpier as they include those one-off lease costs, but still improved to £12.8 million, up from £5.4 million a year earlier. Mr Walsh said the start to the new financial year had been “challenging” with last week’s referendum adding further complications. Like-for-like sales were down 7.6% in May, before bouncing back in June to rise 6.3%, leaving the first eight weeks to June 25 down 1% overall. Market expectations are for underlying pretax profits to rise from £17.3 million to £22 million. The U.K. housing recovery looks likely to pause and we think shares in Carpetright will struggle. Sell. Carpetright at 219¼p-55¾p. Questor says “Sell”.
The Guardian
Expect fall in U.K. living standards and foreign investment, MPs hear: Living standards are expected to fall as a result of the vote to quit the EU and foreign companies will be deterred from investing in Britain, according to economists appearing before a parliamentary committee.
U.K. firms say it’s business as usual but Branson warns on recession: British companies are lining up to reassure staff and shareholders following the market turmoil sparked by the U.K.’s vote to leave the European Union, although Sir Richard Branson is warning that “thousands of jobs” have been put at risk.
Brexit: Bank of Japan urged to free up cash for Japanese companies in U.K.: Shinzo Abe has urged Japan’s central bank to ensure ample funds are available to help Japanese companies operating in Britain and shore up business at home after the U.K.’s shock vote to exit the European Union.
U.K.’s major supermarkets decline for first time this year: The U.K. grocery market has fallen into decline for the first time this year as the performance of all four major supermarkets worsened.
Daily Mail
Sir Shifty Philip Green ‘must pay £400 million’ into BHS pension blackhole, says City grandee: Sir Philip Green could be forced to pay as much as £400 million to fill the BHS pension black hole, a City grandee has claimed.
Markets see 17 years of share deals in one day: Savvy investors use the Brexit roller-coaster to cash in: Savvy investors have used the recent stock market roller-coaster to cash in on shares and funds – causing 17 years’ worth of trades in just one day.
Daily Express
Lidl and Aldi claim record slice of British grocery spend: Lidl and Aldi have claimed a record slice of Britain’s grocery spending as the big four supermarkets saw takings fall.
FTSE 100 soars in great post-Brexit stock market fightback: Fears that the U.K. stock market would go into complete meltdown following last Thursday’s Brexit result eased as the FTSE 100 staged a major rally.
Barclays Boss in new rallying cry for business leaders: The head of an influential lobbying group has issued a rallying cry for business leaders and politicians to use Britain’s exit from the European Union as a springboard to bolstering its status as a financial services powerhouse.
Rolls-Royce reaffirms U.K. commitment post-Brexit: Rolls-Royce has reaffirmed its commitment to the U.K. in the wake of the country’s decision to exit the European Union, but warned that longer term assurances would depend on a post-Brexit deal.
The Scottish Herald
Shopping projects face referendum headwinds: Shopping and leisure development in Scotland has been held back since September 2014 and faces a renewed threat to growth from Brexit turmoil and the prospect of a second referendum, property analysts have warned.
Norwegian oil fund sells Cairn Energy shares in protest at Morroccan activity: Cairn Energy has suffered a reverse after the giant Norwegian Oil fund sold shares in the company on ethical grounds following a stinging attack on its activity in the contested Western Sahara area.
Banking veteran Entwistle becomes is new Chairman of Bonhams Scotland: Ray Entwistle, the veteran banker who opened the doors on Scotland’s newest bank last summer, has become Chairman of auctioneer Bonhams Scotland.
Albion invests £1 million on machinery as order book swells: Stirling-based Albion Drilling Group has purchased machinery worth over £1 million to service its growing order book with funding support from Clydesdale Bank.
Fee boost for lawyers but profits flat: Improved fee income has been reported in the legal profession, however this has not led to an increase in profits. The findings have emerged in in the annual legal benchmarking review from Henderson Loggie, in conjunction with the firm’s U.K. accountancy association MHA.
The Scotsman
RBS Chief warns bank staff over Brexit ‘unknowns’: Royal Bank of Scotland Chief Executive Ross McEwan has issued a memo to staff, warning that the vote to leave the EU has created “short, medium and long-term” economic uncertainties.
Shawbrook finds breaches in asset finance arm, CFO resigns: Challenger bank Shawbrook disclosed that it expected to book an additional £9 million impairment charge in the second trading quarter due to “irregularities” in its asset finance business, and that Chief financial officer (CFO) Tom Wood has resigned.
Wood Group wins multi-million Statoil deal in Brazil: Oil and gas services giant Wood Group said it has won a multi-million dollar contract for an offshore platform in Brazil.
Evans rides into Aberdeen with fourth Scots store: Evans Cycles has opened a fourth Scottish store after taking a unit in Aberdeen’s Great Northern Road, property consultancy CBRE said.
Glasgow creative agency looks to make a big impact: Glasgow creative agency Digital Impact is looking to double its headcount and turnover, having won its first English client while looking to broaden its work U.K.-wide and internationally.
City A.M.
London HQ of merged stock exchange in doubt after Brexit: London’s position as the world’s leading financial hub could be dealt a symbolic blow, with doubts being cast over the location of its stock exchange’s merged headquarters with Deutsche Boerse.
Moody’s downgrades outlook for eight U.K. banks to negative after Brexit: Moody’s has downgraded its outlook for eight U.K. banks and building societies after last week’s Brexit vote. The ratings agency has also changed its outlook for the U.K. banking system from stable to negative.
Business leaders lash out at government’s lack of Brexit plans: Business leaders and industry groups turned on the government over its apparent lack of contingency plans in the aftermath of the Brexit vote.
Pharma giant AstraZeneca has won approval for new antibiotic in fight against drug resistance, sending its share price higher for the eighth straight day: The European Commission has granted marketing authorisation for pharmaceutical giant AstraZeneca for a new antibiotic.
Hundreds of U.K. jobs at Visa could be moved after Brexit: Visa could be pushed into relocating hundreds of U.K. jobs to other European countries following last week’s Brexit vote.
Oil baron Algy Cluff warns Brexit could squeeze lending to distressed North Sea firms: U.K. oil baron Algy Cluff has warned Britain’s vote to leave the European Union could make life harder for distressed oil and gas firms in the North Sea.

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