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In the papers - 'RBS's Sir Philip Hampton switches to Glaxo hot seat'

In the papers - 'RBS's Sir Philip Hampton switches to Glaxo hot seat'

The Times                     

RBS Chief Sir Philip Hampton switches to hot seat at Glaxo: The Chairman of Royal Bank of Scotland has been selected to head the board of GlaxoSmithKline as the drugs company overhauls its leadership in the wake of a series of ethical scandals, including a criminal conviction for bribing doctors in China.

Barclays told to pay €10 million after ‘misuse’ of documents: Barclays has been ordered to pay a former client €10 million after losing a court case over claims that it misused confidential information gleaned from a customer to buy a Swedish carbon trading business four years ago.

Moses leads Pearson into the wilderness in Texas school row: Pearson has become embroiled in a furious dispute in the United States for producing a school textbook that critics say exaggerates the influence that Moses and the Bible had over the writing of the American constitution.

Court ruling hits Indian coal industry: The Indian coal industry was plunged into chaos after the nation’s highest court cancelled hundreds of mining licences dating back as far as 1993.

S&P joins in the finger-pointing at Tesco: Standard & Poor’s joined Moody’s and Fitch by putting Tesco on watch for a credit downgrade after the retailer’s admission that its books have been skewed by a quarter of a billion pounds in book-keeping irregularities.

Nanoco and Dow tune in for sharpest picture yet: Shares in one Britain’s great nanotechnology hopes soared by nearly 25% after the announcement of a deal to make the pictures of Korean-made televisions even sharper.

The Independent

Tesco admits: no one has been in charge of finance for five months: Tesco’s board was thrown into fresh turmoil as it was forced to make an apparent U-turn and admit no Director had been in charge of its finances for the past five months.

Americans give lukewarm response to RBS’s sale of Citizens’ shares: U.S. investors gave a tepid welcome to Royal Bank of Scotland’s initial public offering of Citizens, its U.S. commercial and consumer bank, marking the shares up just 2 cents in early trading.

Millions ‘wasted’ on car insurance inquiry: Britain’s competition watchdog has been accused of wasting “millions of pounds” of taxpayers’ money as it unveiled the results of a lengthy inquiry into the £11 billion motor insurance market.

Twitter U.K.’s accounts point to sales heading offshore: Twitter could be funnelling much of the sales it generates in Britain through an offshore structure, its newly published annual accounts suggest. Such a structure would be entirely legal but could result in a lesser U.K. tax bill as sales transactions would take place offshore.

The Daily Telegraph

Austria to launch legal challenge if EU approves British nuclear plan: Austria will launch a legal challenge if the European Commission approves Britain’s plan to build its first new nuclear plant in a generation, Vienna’s environment Minister has warned.

Embattled Pimco investigated by SEC: Pimco, the world’s biggest bond fund, is under investigation by U.S. regulators over claims that one of its most high-profile funds may have artificially inflated its returns.

BP cannot claw back millions in ‘overpaid’ spill claims: BP has suffered another setback in its legal battles over the Gulf of Mexico oil spill, after a U.S. court said it would not be allowed to claw back hundreds of millions of dollars in alleged overpayments to victims.

Citizens Financial Group makes tepid market debut: Citizens Financial Group made a tepid market debut on Wednesday, with shares climbing just 7.35%, despite an eleventh-hour move to cut the price of the initial public offering.

Vodafone braced for BT attack on mobile market: Vodafone has admitted it will delay a decision on whether to introduce its own home broadband and television services until BT launches its attack on the consumer mobile market.

German businesses frozen by Russian sanctions: German business confidence plunged for a fifth consecutive month in September amid ongoing tensions between Russia and the West that experts said would freeze Europe’s top economy in the third quarter.

House of Fraser to go-ahead with £150 million expansion after sales rise: House of Fraser’s new Chinese Owners are ready to press the button on expansion plans in the U.K. and abroad after the department store chain posted a solid increase in like-for-like sales for the last six months.

Apple pulls iOS 8 update after iPhone users complain of major software glitch: Apple has pulled its latest update for its new iOS 8 operating system just an hour after its release, following customer complaints.

The Guardian

Tesco Director kept out of monitoring by accountancy watchdog, says FRC: Tesco’s second biggest shareholder has sold part of its stake in the troubled supermarket chain, it was announced, as repercussions mounted from the retailer’s £250 million accounting scandal.

Monarch workers accept pay cuts in attempt to help secure firm’s future: Workers at travel group Monarch have agreed to accept pay cuts and changes to conditions to help secure its future.

Zara U.K. profits fall by a third: Profit at Zara’s U.K. business fell by more than a third last year as the fashion chain slashed the dividend paid to its Spanish parent.

U.K. tobacco firms protest at Labour plan to tax them more to pay for NHS: Britain’s tobacco industry reacted with fury to the plan by the Labour leader, Ed Miliband, to tax British cigarette companies to pay for NHS spending, branding the move anti-business and unjust.

Global middle class nears one billion mark: The global gross financial assets - namely securities, bank deposits, and claims on insurance and pensions - of private households grew by 9.9% in 2013, the highest rate of growth since 2003. This brought total global financial assets up to a new record level of €118 trillion.

Daily Mail

Airbus U.K. Boss Robin Southwell quits after nearly a decade at the helm of the plane-maker: Veteran aerospace Boss Robin Southwell has quit after almost a decade at the helm of European plane-maker Airbus U.K.

Topps Tiles: Something to grout about as annual sales rise 8%: The recovery in the housing sector has helped Topps Tiles post an 8% rise in underlying annual sales.

Euro plunges on German growth fears as pound hits highest level against single currency in more than two years: The pound soared to its highest level against the euro for more than two years as worried investors dumped the single currency.

Daily Express

Price increases mean millions expect home to fund retirement: Millions of people are planning to use the money tied up in their homes to pay for retirement, the latest research shows.

Tesco Boss makes an early start in fixing accounting troubles: Tesco’s new Finance Chief started work 10 weeks early as the company tackles accounting problems uncovered this week.

Jimmy Choo to make a step up in China: Luxury shoe brand Jimmy Choo will seek a bigger footprint in China after stepping on to the stockmarket next month with an £800 million price tag.

The Scottish Herald

Significant gas find for Parkmead Group: The Parkmead Group oil and gas business run by Tom Cross has said it has made a significant find in the Netherlands and highlighted the potential of its acreage in the North Sea.

Cheese company enjoys another increase in profits: Cheese company Lactalis McLelland has posted a year-on-year increase in profit after tax to hit £1.6 million, despite a “highly competitive” dairy product market.

Classic film distributor Park Circus in buyout: Film distribution business Park Circus has been acquired by cinema financier and distributor Arts Alliance for an undisclosed sum.

Rangers sponsor’s flat profit: Gaming company 32RED, the shirt sponsor of Rangers Football Club, has reported flat half-year profits even though net revenue grew 20%.

Scotgold moves to trim £320,000 from loan: Scotgold Resources has raised one million Australian dollars (£888,310) under convertible note agreements which has allowed it to partially pay back its £1.5 million loan with RMB Financial Holdings and extend the facility until December 2015.

The Scotsman

Medium-sized firms ‘stuck in policy black hole’: Mid-sized firms in Scotland are “under-valued and over-looked” despite their fundamental importance to the economy, according to a new report by BDO.

CodeBase expands with £100k package from Santander: Technology incubator CodeBase is expanding its footprint after securing a £100,000 funding package from Santander.

Apex dips toe into Bath market: Four-star hotel operator Apex is to further expand beyond its Edinburgh heartland after unveiling proposals for a £35 million establishment in the spa city of Bath.

City A.M.

Russian growth forecast slashed by World Bank due to sanctions: Russia had its growth forecasts slashed by the World Bank due to ongoing geopolitical tensions coupled with a lack of reform.

Assura raises £180 million to bolster medical centre acquisitions: Assura tapped investors for £180 million through a share placing as it looked to bolster its portfolio of medical centres across the U.K.

DHL drone to start Germany delivery service: Logistics firm DHL announced that it was using a drone to fly parcels to the German island of Juist, in what may be the first time an unmanned aircraft has been allowed to deliver goods in Europe.

Weak German outlook bodes ill for Eurozone: German businesses are at their most downbeat in almost two years, influential survey data showed, indicating the driving force behind any Eurozone recovery may itself be running out of steam.

Dublin property prices soaring: Dublin’s property prices are soaring faster than London’s, soaring 25.1% in the year to August, and easily outstripping the British capital’s 19.1% rise.

Japan output on the mend: The turbulence from Japan’s sales tax hike in April has subsided and growth has steadied, according to a popular business survey.

Inquiry launched into postal sector: A new inquiry into competition in the postal sector was launched by MPs, following warnings by Royal Mail that its universal service obligation (USO) might be at risk due to rivals “cherry picking” profitable areas.


Trinity Mirror admits phone hacking liability: Newspaper group Trinity Mirror, publisher of the Daily Mirror, admitted liability over hacking the phones of four people and said it would pay compensation.

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