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In the Papers - British Airways, Domino's, Chesnara

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The Times

U.K. equities are on the brink, bank warns: British shares look more overvalued and more vulnerable to a crash than equities in most other major global markets by one measure, according to the European Central Bank.

Agent warns on profits as buffets hit market: The Government’s clampdown on letting agents’ fees and a lower level of property transactions over the past six months pushed shares in the U.K.’s largest estate agent to a record low.

Affordability gap could spell end for soaring house prices: The gap between what people earn and the average house price is reaching record levels in certain parts of the country, suggesting that house prices are starting to reach the peak of their affordability.

Confidence rises despite slow growth in Germany: Germany’s economy is showing signs of slowing, despite relatively high levels of confidence among consumers in Europe’s economic powerhouse.

Big fish fight to splash out for a regional water industry minnow: Investors in the tiny Dee Valley water company have been happily taking their dividends for the past 20 years with no hint of corporate excitement.

Rio pledges $5 billion in cuts and efficiency: Rio Tinto promised investors that it would generate an extra $5 billion over the next five years by working its mines, smelters and refineries more efficiently and cutting investment.

Russia boosts oil price with hint at joining OPEC squeeze: Oil prices nudged higher in London, trading within a whisker of $50 a barrel after Russia’s energy minister signalled a new willingness to participate in a potential OPEC deal aimed at limiting production next week.

Hornby struggles to find traction as losses widen: Losses have grown at Hornby but the maker of model trains, Scalextric and Airfix said that its longer-term restructuring turnaround was on plan.

Domino’s hit by shortage of dough: Domino’s Pizza has had to delay factory openings and suspend repaying cash to shareholders because its money is in the wrong place.

Another HSS warning after overhaul delay: HSS has warned yet again on full-year profits as the tool hire group continues to overhaul its stores.

The Independent

Philip Hammond should learn from Labour’s fiscal rule says Institute for Fiscal Studies: Philip Hammond should sharpen up his new “woolly” fiscal target and adopt one that is much closer to that of the Labour Party, the Institute for Fiscal Studies has suggested.

Countrywide shares fall to lowest since 2013 as housing market weakens: Countrywide, the U.K.’s largest real estate broker, fell to the lowest since the company’s initial public offering in 2013 as the Brexit vote and an increase in sales tax dampened demand for homes.

Cost of bailing out banks to taxpayer hits £27 billion after EU referendum vote: British taxpayers face £27 billion of losses from bailing out some of the largest banks during the financial crisis after their share prices dropped in the wake of the U.K. vote to leave the EU.

Euro tumbles to 20-month low as experts warn it could soon equal the dollar: The euro has fallen to its lowest level against the U.S. dollar since March 2015, as the U.S. currency continues to strengthen following the latest robust economic data.

The Daily Telegraph

Mothercare warns prices will rise by up to 5% next year: Baby and toddler retailer Mothercare has become the latest in a string of companies to warn that it will have to push prices up next year following the sterling slump.

British Airways considers plans to outsource 1,400 call centre jobs: British Airways is considering outsourcing more than 1,000 U.K.-based call centre jobs as part of an attempt to cut costs.

Iceland (the country) versus Iceland (the supermarket) in legal battle: The Icelandic Government has launched legal action against Iceland, the British frozen goods supermarket.

Charles Stanley staff agree to tie their pay to profits: Charles Stanley has persuaded its fund managers to agree to a pay cut by offering them up to 5% of the company if they can help improve the group’s profits.

Gatwick to move ahead with £1.2 billion upgrade after losing out to Heathrow: Gatwick Airport will press ahead with plans to plough £1.2 billion into a radical overhaul of its terminals over the next five years, despite losing out to Heathrow in the race to expand its capacity.

Domino’s delivers plans for an extra 400 pizza stores: Domino’s Pizza is planning to grow its share of the U.K. market by adding an extra 400 stores to its long-term growth plans in the U.K.

The Guardian

IFS warns of biggest squeeze on pay for 70 years over Brexit: Workers in Britain face the longest squeeze on their pay for 70 years as Brexit knocks wage growth and stokes inflation, a leading think-tank has said.

U.K. living standards squeeze ‘will be worse than after global crash’: Families face a worse squeeze on their living standards over the next five years than they suffered in the wake of the financial crisis, as Brexit slows the economy and Conservative welfare cuts bite, according to a new report.

Britons expected to spend £1.3 billion on Black Friday bargains: Britons are expected to embark on a record-breaking £1.3 billion online spree as Black Friday kicks off the biggest shopping weekend of the year.

Hermes drivers told of ‘mandatory’ Sundays over Black Friday rush: Hermes, the courier group that delivers parcels for John Lewis and Next, has told some drivers it is “mandatory” to work the next two Sundays during the Black Friday rush.

Daily Mail

Aldi family at war over £15 billion stake in the discount supermarket empire: The owner of Aldi supermarkets was not capable of making rational decisions in the time leading up to his death, a court heard.

Matalan billionaire who ran the U.K. retail empire while ‘living’ on a yacht in Monaco fights £84 million tax bill: He’s the other billionaire tax-exile who ran a retail empire in the U.K. while living on a yacht in Monaco. Now tycoon John Hargreaves, who founded the Matalan fashion chain, is embroiled in his own run-in with the authorities.

Lidl gives 5,500 staff a raise, meaning it now offers the best pay of all Britain’s supermarkets: Budget grocer Lidl has rocked its rivals again by offering the highest pay of all Britain’s supermarkets. The German-owned discounter announced it will pay the higher voluntary living wage rate of £8.45 an hour and £9.75 in London from March.

Daily Express

Britain’s fastest-growing tech firm Skyscanner bought by Chinese firm in £1.4 billion sell-off: Travel search group Skyscanner, one of the U.K.’s fastest-growing technology companies, has been bought by Ctrip, China’s biggest online travel firm.

British workers’ ‘dreadful’ decade of zero wage growth: British workers are set for a more than a lost decade of wage growth, following a long and slow recovery from the financial crisis, an economic think-tank has warned.

EU power grab: Brussels tries to take control of non-EU banks through reforms: Brussels has revealed new rules for global banks doing business in Europe, in a fresh attempt to ward off a financial crisis within the bloc and gain more control over foreign financial firms.

Christmas energy price shock: Bills jump by £129 in just two months: British households are facing painfully higher energy bills this winter amid rising wholesale prices, experts have warned. Five of Britain’s biggest energy firms have hiked their most competitive tariffs by a staggering £129 since September, according to analysis by comparison site Uswitch.com.

The Scottish Herald

Sterling makes small gains on quiet trading day: Sterling made small gains on an otherwise muted trading day as U.S. markets closed for the Thanksgiving break and investors looked ahead to updated U.K. growth figures.

Oil and gas market will remain challenging next year warns Edinburgh testing giant: Exova, the Edinburgh-based materials testing firm, has said it still sees no sign of improvement in the key oil and gas market and is braced for the down turn in the industry to continue next year.

Edinburgh Investment Trust hit by missing out on rally in resources: Steering clear of the mining sector and individual stocks such as HSBC and Royal Dutch Shell has negatively affected the performance of Edinburgh Investment Trust, which underperformed its benchmark index in the six months to the end of September.

Pub giant ups investment in Scotland with £10 million pledge: Pub operator Marston’s is to create 300 jobs in Scotland in 2017 with a £10 million investment in expanding its sites north of the border.

Technology company ThinkAnalytics expands in Glasgow: ThinkAnalytics, which specialises in content recommendation technology for the world’s largest television and entertainment providers, is to expand its Glasgow base with the creation of 23 new technical jobs.

Remy Cointreau profits up as whisky business grows: Bruichladdich owner Remy Cointreau has grown operating profit to €124 million from €107 million for the six months to September 30.

The Scotsman

Edinburgh Woolen Mill cleared of mislabelling: Edinburgh Woolen Mill has been found not guilty of mislabelling scarves as 100% cashmere.

Tunnock to build fourth teacake plant as sales grow: The maker of Tunnock’s teacakes is to build a fourth manufacturing plant amid growing demand for its sweet treats.

Wood Group moves in after refinancing deal: A major Aberdeen office development will become home to hundreds of Wood Group staff after a £54 million refinancing deal, it was announced.

U.S. investments in Scots tech sector on the rise: Scotland attracted more 
foreign direct investment (FDI) projects in 2015 than ever before, with major global players, including Apple Inc, JP Morgan and the Webhelp Group all making significant investments.

City A.M.

FCA head of strategy and competition warns of asset management “market failure”: The financial watchdog’s director of strategy has branded competition within the asset management industry “a market failure”, after carrying out an interim report into its workings.

Regional property investment promises better returns than London in Brexit Britain: Middle Eastern buyers are looking beyond London to invest in property, regional investor Palace Capital has said.

Chesnara buys Legal & General’s Dutch life business for £136 million: London listed life and pensions firm Chesnara has snapped up one of Legal & General’s (L&G) non-core divisions in a deal worth €160 million (£136 million).

Deutsche Boerse exec warns U.S. and China will dominate if London Stock Exchange merger is blocked: A Deutsche Boerse Executive has warned rival firms from the U.S. and China will dominate if the German’s merger with the London Stock Exchange falls through.

PayPoint posts drop in revenue but profits jump in first half: PayPoint saw revenues dip in the six months to 30 September, but the payment systems company reported increased profits and said this year has been pivotal for its plans to switch focus to the retail market.

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