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In the papers: Société Générale, Rolls-Royce, BAE Systems

Published: 03:40 19 Jul 2016 EDT

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Newspaper Summary
The Times

Sterling’s slide means the price is right for global business: British companies could find themselves besieged by foreign takeover bids as rivals take advantage of the cheap pound, experts have claimed.
Investors stream straight to exit after Netflix fails to make numbers add up: Wall Street wasted no time in tuning out of Netflix after the on-demand streaming service managed to exceed even its own worst fears about its growth prospects.
One bill for power, water and broadband can fit all, says Ofwat: Households may be able to bundle their water bills with their energy charges or broadband costs in a new world of water competition, the regulator Ofwat has said.
Libya sues French bank for slice of its lost dough in battle of pizzas: Société Générale has pushed for the postponement of a trial involving claims that its staff paid nearly $60 million in bribes to Libyan officials to win business from the country’s sovereign wealth fund during the Gaddafi era.
North Sea rig workers set strike date: The North Sea oil industry is heading for its first strike action in a generation after 400 rig workers agreed to down tools during a 24-hour stoppage next week.
Brexit vote ‘will not end in recession or housing crash’: The economy has quickly stabilised after the European Union referendum and will not suffer a recession or a housing market crash, according to analysts at PwC.
Hoteliers vie for gateway to the palace: Twelve hotel groups have expressed an interest in running Admiralty Arch — known as the gateway to Buckingham Palace — which is being turned into a 100-bedroom hotel with a private members’ club.
Crowdfund website raises £12 million — for itself: Crowdcube is trying to raise up to £12 million from ordinary investors via its own platform.
Miners on receiving end of dig from Credit Suisse: The mining industry may have helped to drive the FTSE 100 to 11-month highs as it dug itself out of a hole, but the rebound stalled when Credit Suisse turned cautious ahead of the earnings season.
The Independent
Roger Ailes ‘is to be removed’ as Fox News CEO by Rupert Murdoch and sons: Rupert Murdoch and his sons have reportedly unanimously decided to oust Roger Ailes, the head of Fox News, who is at the centre of a sexual harassment lawsuit.
Incomes of young still 7% below 2007 levels says Institute for Fiscal Studies: The incomes of people in their 20s are still 7% lower than they were almost a decade ago, according to a new analysis from the Institute for Fiscal Studies which underlines the uneven social distribution of economic pain across the generations in the wake of the U.K.’s Great Recession.
U.S. bank Wells Fargo buys London office despite Brexit fears: Wells Fargo, the third largest bank in the U.S. by assets, has agreed to buy an office in the City of London, just under a month after Britain voted to leave the EU.
Brexit fallout affecting Ireland more than any other EU country: The intertwining of trade and finance means no other country is feeling the fallout from the U.K.’s vote to leave the European Union more than Ireland.
The Daily Telegraph
Hyperoptic wins EU loan after Brexit leaves bigger £100 million deal ‘at risk’: Broadband builder Hyperoptic has won a £21 million loan from the European Investment Bank (EIB) just days after another U.K. start-up complained that Brexit had caused its deal with the lender to fall through.
Rolls-Royce enters new market with contract to design cruise ship: Rolls-Royce’s troubled marine unit has delivered a rare piece of good news, landing a £25 million deal to design a new generation of environmentally friendly cruise ships.
Theresa May reiterates top-level government support for struggling steel industry: Britain’s crisis-hit steel-making industry has the full support of Government, said Theresa May on her first visit to Wales as the newly installed Prime Minister.
Recruiter Matchtech changes name to Gattaca - same as the hit Hollywood movie about eugenics: A recruitment company appears to have embraced the controversial subject of eugenics, rebranding itself as Gattaca – taking the name of the dystopian Hollywood movie about genetic modification.
Trendy office furniture maker Ocee in £10 million Business Growth Fund deal: British furniture firm Ocee Design, which makes colourful stools and chairs for company offices, has won a £10 million cash injection from the Business Growth Fund to expand the business abroad.
The Questor Column:
Hope for peace but prepare for war by buying BAE: BAE Systems is a play on whether you think the world is becoming safer or more dangerous. Being a gloomy soul, Questor believes it’s the latter and is a pretty solid supporter of BAE, the world’s third-biggest arms company. ‘s parliamentary vote on replacing the Royal Navy’s nuclear missile submarines highlights this. Any sensible person prays we’ll never have to use the weapons aboard these vessels, but you wouldn’t want to be without the deterrent they provide. BAE is the only company in Britain capable of building the “Successor” submarines, in a 20-year project priced at £31 billion. National security means the work has to be done in the U.K. and with political parties supporting Successor at the election, to put it simply, this is a massive project which BAE is going to get. However, that doesn’t mean there aren’t risks. BAE led work on the Astute-class attack submarines, a project which saw the first of these vessels arrive four years late and billions over budget, with further problems over the quality of the work. Trading on a price-earnings ratio of 13.8, BAE is good value compared with rivals and the forecast 4% dividend yield is respectable, too. Questor – while hoping for peace – upgrades to Buy. BAE Systems at 534p-3p. Questor says “Buy”.
The Guardian
Delivery giant Hermes pays some couriers less than living wage: Britain’s second-biggest parcel company, Hermes, which delivers for John Lewis and other major retailers, is paying some of its couriers at levels equivalent to below the national living wage according to a snapshot of information provided by some of those who have worked there.
Martin Weale’s doubts over need for interest rate cut boost markets: Sterling rose and the City’s leading share index closed at its highest level for 11 months after a Bank of England policymaker said a lack of panic since Britain’s shock Brexit vote called into question the need for a knee-jerk cut in interest rates.
U.K. lagging behind other countries in digital skills, Barclays report finds: Only 16% of workers in the U.K. would be comfortable building a website, compared with 39% in Brazil and 37% in India, according to a report, which warns that Britain’s digital skills lag behind other countries’.
Middle-income families in U.K. resemble the poor of years past, says IFS: Plunging levels of homeownership and an increased reliance on state benefits to top up salaries have meant that Britain’s middle-income families increasingly look like the poor households of the past, according to one of the U.K.’s leading thinktanks.
Surge in sales of girls’ toys drives revenue increase for Hasbro: Disney Princess and Frozen dolls and Star Wars action figures have continued to boost sales for U.S. toymaker Hasbro.
Daily Mail
Bankers set to pocket more than £90 million of fees from the £24.3 billion sale of British tech giant ARM: Bankers are set to pocket more than £90 million of fees from the sale of ARM.
Hedge fund billionaire set to lose millions after betting against ARM just before it announced £24.3 billion takeover: A billionaire hedge fund Boss is facing embarrassment after betting heavily against ARM – just before it announced a multi-billion pound takeover and its shares shot up 42%.
Property developer British Land warns investors and occupiers will be more cautious following Brexit vote: Developer British Land has warned that occupiers and investors will take a more cautious approach to the commercial property market following Britain’s decision to exit the EU.
The Scottish Herald
Babywear firm chomps through another sales target: Cheeky Chompers, the Edinburgh-based babywear firm set up by two new mums, is set to double turnover again, to about £2.5 million, as it expands distribution and its product range.
Marine Harvest nets bumper earnings: The world’s largest fish farmer Marine Harvest has reported an impressive 75% rise in earnings in its second quarter compared with the same period last year.
Stunning Highland scene to adorn rail carriage: A scene of the Scottish Highlands taken by renowned photographer Colin Prior, adorns DB Cargo U.K.’s locomotive 90024 to celebrate the company’s successful and ongoing partnership with Malcolm Logistics.
Nine Twenty set for expansion: Recruitment agency Nine Twenty is to open an office in Edinburgh next year after agreeing £500,000 in funding from IGF Group, a commercial finance provider for small and medium sized enterprises (SME).
Conviviality doubles profits in transformational year: The Owner of drinks wholesale businesses Matthew Clark and Bibendum has more than doubled revenue and pretax profits, after a “transformational” year for the business.
Slight tick-up in inflation forecast: Inflation is expected to pick up to 0.4% when officials figures for June are published, as rising petrol prices and air fares push up the cost of living.
TSB acquires former Northern Rock loans: Former Northern Rock customers are to have their mortgages and loans transferred to a new home, Whistletree, following the sale of the portfolio to TSB Bank.
The Scotsman
Clydesdale staff bank on redesigned uniform: Marking a new standalone chapter for Clydesdale and Yorkshire banks but incorporating their history is the aim of new staff uniforms created in a collaboration between a Glasgow designer and a Yorkshire mill.
RBS launches £100 million fund for small business lending: Small businesses north of the Border are being targeted by a new £100 million fund launched by Royal Bank of Scotland.
Innis & Gunn investors toast first bond payments: Innis & Gunn, the Edinburgh-based beer-maker and bar operator, is issuing the first interest payment to investors who bought into its “BeerBond” fundraising scheme.
Commsworld rings up more legal sector clients: An Edinburgh-based IT business has the legal sector firmly in its sights after cornering a fifth of the market to date.
Call centre firm to boost workforce after B&Q deal: A Motherwell-based call centre is to almost double its workforce and open a new office on the back of winning a multi-million-pound contract with DIY retailer B&Q to cover all its customer-service channels.
City A.M.
Bundesbank steps up attempts to seize control over euro bailout cash: The German central bank has called for the role of the European Commission in managing Eurozone bailouts to be watered down.
Commercial property rents in London are facing a potential freeze as negotiating power passes to tenants post the Brexit vote: Commercial property rents in London could be frozen for the next five years as Brexit uncertainty puts negotiating power in the hands of those tenants whose rent reviews fall this year.
Enquest plans stake sale in North Sea project to Israeli billionaire’s Delek: Enquest is considering selling a slice in one of the biggest North Sea development projects to an Israeli billionaire.
Yahoo posts on-point second quarter earnings as sale draws to a close: Yahoo investors were unmoved by a mixed earnings report from the American technology giant this evening as the firm prepares to offload its internet business in the next few days.

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