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In the Papers - British Gas to freeze energy prices for 6 million customers

Published: 10:02 02 Dec 2016 GMT

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Newspaper Summary

The Times

Hunt to find white knight for mutual at risk of failing: The financial regulator has been seeking a rescuer for Manchester Building Society but has been turned down by Nationwide, Britain’s largest society.

Japanese give Branson a no-frills rival in space race: When Sir Richard Branson gets round to conquering his final frontier with the promise to boldly go where no man (or woman) has gone before on a passenger aircraft and pop into space, he may not be alone.

Manufacturers raise prices at fastest rate in five years: Sterling’s sharp fall since Brexit is driving up factory prices at the second fastest pace in more than five years in a sign of creeping inflation.

‘No sacred cows’ as Daily Mail group ponders sale of assets: The Boss of DMGT refused to rule out a sale of any of its businesses as the owner of the Daily Mail reported a rise in annual revenues to £1.9 billion despite a double-digit decline in print advertising.

Fifteen Amsterdam files for bankruptcy: Only four weeks after stepping in to rescue his Australian restaurant franchise from receivership, Jamie Oliver has suffered a bankruptcy in another part of his overseas restaurant empire.

Fallen Iceland bank comes in from cold: One of the most prominent Icelandic victims of the financial crisis is due to return to the stock market within months after preparing for a flotation that could value it at €1.5 billion.

Stimulus plan proves to be China’s trump card: Large state-owned companies, bolstered by a credit and construction boom, have helped China to post better-than-expected factory activity figures for November.

Landlords take company route to dodge tax change: Hundreds of thousands of landlords have set themselves up as corporate entities to avoid the government’s tougher buy-to-let tax rules that come into force in April.

VAT rate cut is good news for online publishers: The European Commission has moved to scrap a tax disadvantage for e-books and digital publications in a boon for online news organisations and other internet-based media businesses.

Jobless rise a lousy Thanksgiving gift: New claims for unemployment benefits in the U.S. climbed more sharply than expected to hit a five-month high last week, before the publication of closely watched jobs figures.

Derivative traders cry foul over tighter regulation in Cyprus: A renewed clampdown on light-touch financial regulation in Cyprus hit shares in London-listed derivative brokers, raising the prospect of “contagion” across other European markets.

Oil company challenges SFO raid in court: Unaoil, an oil and gas services company, accused of international corruption is challenging the Serious Fraud Office at the High Court, claiming the agency is abusing its power by requesting a raid on its Monaco office.

Vodafone’s Indian rival extends free calls offer to customers: India’s richest man has extended an offer of free data and voice services to millions of the country’s mobile phone users to win customers from rival providers, including Britain’s Vodafone.

The Independent

British Gas to freeze energy prices for 6 million customers: British Gas has announced it will freeze gas and electricity prices for more than six million customers this winter. Those on standard tariffs will benefit from the move, with prices being held at current rates until March.

House prices ‘could fall in 2017 as Brexit hits spending power’: House price growth slowed in November, prompting experts to warn that prices could fall in 2017 as higher inflation hits spending power. Nationwide Building Society recorded a 4.4% rise in the year to November, the slowest rate since January.

U.K. finance firms have started applying for Irish licences: Ireland’s central bank has been receiving applications for licences from U.K. authorised financial firms seeking to relocate from London in the wake of the U.K. vote to leave the EU, a top official said on Thursday.

Citigroup in talks to move London banking jobs to Germany after Brexit: Citigroup is considering moving some of its London-based equity and interest-rate derivatives traders to Frankfurt after Brexit is triggered, according to people with knowledge of the matter.

Tougher immigration system could harm economy, CBI Chief warns: Theresa May risks harming Britain’s businesses if her government implements a new immigration system that is too bureaucratic, Carolyn Fairbairn, Director of the Confederation of British Industry (CBI) has warned.

Financial Times

Scottish Mortgage just misses out on FTSE 100 spot: Scottish Mortgage Investment Trust has just missed out on becoming the third investment trust to enter the FTSE 100 index, but is now on a reserve list and could be promoted later in the year.

Serco wins £600 million contract to manage Barts hospitals: Serco has landed a £600 million contract to manage facilities for Barts Health NHS Trust in London, the largest deal the company has won since 2014 and a sign that its recovery is on track.

Brazil’s Odebrecht admits to ‘improper practices’: Odebrecht, Brazil’s biggest construction company, said on Thursday it had “erred” and acted “improperly” amid local media reports that the group had signed a plea bargain with investigators probing corruption at state oil company Petrobras.

Glencore to restart dividend payments after meeting debt target: Glencore has said it is close to completing its wide-ranging debt reduction programme and plans to pay shareholders a dividend of $1 billion in 2017, buoyed by a rebound in commodity prices.

Wells Fargo splits chairman and CEO roles after investor pressure: Wells Fargo has changed its boardroom rules to require the roles of Chief Executive and chairman be kept separate, adding to pressure on other U.S. banks to end the contentious practice of combining the top jobs.

Airbnb agrees to enforce rental limits in London and Amsterdam: Airbnb, the online accommodation service, has agreed to restrict the number of nights that hosts can rent out their homes in London and Amsterdam — bowing to pressure from regulators in two key European markets.

Parker Hannifin to buy filtration group Clarcor for $4.3 billion: U.S. industrial conglomerate Parker Hannifin on Thursday agreed to buy Clarcor for about $4.3 billion, including net debt, in a move to grow its filtration business.

Smurfit Kappa ticks the right box to join FTSE 100: Dublin-based packaging group Smurfit Kappa is set to join the FTSE 100 index later this month, thanks to a long-term turnround plan that has helped its market capitalisation rise fivefold in just five years.

Fears ebb of Trump blocking AT&T’s $85 billion Time Warner deal: Donald Trump’s transition team has reassured AT&T that its $85.4 billion acquisition of Time Warner will be scrutinised without prejudice despite the President-elect vowing to block the deal because it concentrated too much “power in the hands of too few”.

Archer Daniels Midland to sell stake in Australia’s GrainCorp: Archer Daniels Midland, the U.S.-based agricultural commodities merchant, is selling its 19.9% stake in Australian counterpart GrainCorp, abandoning a company it once sought to own in full.

U.S. developer plans $2.2 billion resort outside Madrid: The Cordish Companies, a privately held U.S. leisure and real estate business, has unveiled plans to build a $2.2 billion resort outside Madrid, sending a strong vote of confidence in Spain’s three-year old economic recovery.

Maersk Line to buy smaller rival Hamburg Süd: Maersk Line moved to shore up its position as the world’s largest container shipping group by agreeing to buy Hamburg Süd, the seventh-biggest operator.

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Lex:

Dollar General: be cents-ible: Dollar General, the chain from Tennessee, reported its second consecutive quarter of earnings below analysts’ expectations. It also said that it expected full-year profits to rise only at the low end of its target range. The company needs to balance its growth ambitions with the pressure on its profitability.

Maersk/Hamburg Süd: ship shifting: On Thursday, container line Maersk said it would buy Hamburg Süd from Oetker, the privately held German conglomerate. The transaction will expand its container fleet, already the world’s biggest, by a fifth.

Glencore: end zone: After a year of selling assets, the Chief Executive of London-listed Glencore can point to how net debt has tumbled. A muted share price reaction suggests the market got what it expected. After more than $6 billion of disposals, much in (then) higher priced gold and silver, perhaps so. A restored dividend should please shareholders.

The Daily Telegraph

BP to invest in first major Gulf of Mexico project since disaster: BP is investing in its biggest project in the Gulf of Mexico since it suffered the worst ever oil spill in its history in the region, after giving the go-ahead to spend $9 billion building a new platform in the Mad Dog oil field.

Nissan deal’s deal with the government should be audited, says senior MP: The deal that has kept Nissan building cars in Britain should be examined by the National Audit Office, over concerns that the assurances could add to the public debts without proper scrutiny, a senior MP has said.

UBS picks Frankfurt over London for wealth management business: Swiss bank UBS has merged most of its wealth management operations into a new business in Frankfurt, in a significant boost to the German city as it seeks to establish itself as a rival financial hub to London following Brexit.

AB-Inbev taps craft beer boom by opening first London pub under Goose Island brand: The brewing giant behind Budweiser is to roll out its first European chain of pubs based on its popular U.S. craft beer brand Goose Island.

Ofcom Chief backs new powers to block takeovers after Brexit: Britain should assume new powers after Brexit to impose conditions on takeovers that boost the Government’s developing industrial strategy, the Chief Executive of Ofcom has suggested.

Just Eat delivery robot to replace human drivers: Just Eat has delivered its first take away with a delivery robot to a customer in Greenwich, launching a pilot project that will involve transporting food in the city using autonomous vehicles.

The Questor Column:

What awaits infrastructure funds as inflation and higher rates return?: Government bond prices invariably fall when interest rates and inflation rise - because of competition from cash savings and the diminished value of future interest in real terms. Another type of asset that pays a reliable income, and has therefore been a popular choice among income seekers in the low interest rate environment, is infrastructure investment trusts. These listed funds, which are relatively new to the stock market, invest in a variety of assets, including public sector buildings, wind and solar farms and toll roads. Questor feels nervous about high premiums on funds whose assets are likely to appreciate only slowly, if at all. We therefore see the sector as no more than a hold for income seekers, with the best bets being John Laing Environmental Assets and Greencoat U.K. Wind (U.K.W), which has a 9.8% premium and a yield of 5.3%. Questor says “Hold”.

The Guardian

Opec deal pushes oil price up to $54 a barrel: Oil prices have reached their highest level in a year amid hopes in financial markets that the Opec cartel will make a deal to curb crude production stick.

Manufacturing growth slows as weak pound pushes up prices: Growth in the U.K.’s manufacturing sector has eased and the weak pound is further driving up firms’ prices, according to an industry survey.

Asos accused of underpaying new warehouse staff: The online fashion retailer Asos has been accused of breaching “the spirit if not the letter” of employment law designed to prevent the exploitation of low-paid temporary workers.

European free trade area could be U.K.’s best Brexit option, says judge: Britain could retain access to the European single market and considerably more national sovereignty if it joins the European Free Trade Association (Efta), the President of the body’s court has said.

Coutts managed tax haven firms for controversial clients: Coutts, the taxpayer-owned bank, provided offshore services to controversial clients including a member of the Brunei royal family accused of stealing billions from his own country, and a banker charged with assisting the sons of Egypt’s deposed President, Hosni Mubarak, in financial crime.

Daily Mail

Nokia phoenix firm set up by former employees to release new smartphone early next year: At one time, almost everybody had a Nokia mobile phone. Its tell-tale ringtone and snake game were part of popular culture, and it dominated the market until the iPhone was released in 2007.

Oil stocks rally again as crude price hits a 2016 high to over $54 a barrel after historic Opec deal: Oil soared to its highest level of the year last night following this week’s historic deal to cut production. The price of crude rose more than 5% to above $54 a barrel – a level not seen since summer 2015 – taking gains in the past two days to around 17%.

Brummie poster seller faces ten years in U.S. jail after being raided by police in FBI operation: An online poster salesman has become the first person in the U.K. to be banned as a Director for price-fixing – and could face ten years in a U.S. prison.

Ding Dong! Avon lady prepares to open HQ in Britain for the first time in its 130-year history: For the first time in its 130-year history, beauty giant Avon is set to be run from the U.K. The firm has recruited a finance Chief as it prepares to move into a new headquarters in Northampton. It will see the firm being run on these shores for the first time since it was founded in New York in the 1880s.

TalkTalk dives as JP Morgan sparks fears customers are quitting after it was hacked in 2015: Investors hung up on TalkTalk after JP Morgan delivered a downbeat forecast on the stock. The broker said the prospects for the business were uncertain as the telecoms provider attempts to stem the outflow of customers since it was hacked in 2015.

Daily Express

More than 15 million workers now automatically enrolled into a pension scheme: More than 15 million workers are now saving into a pension after being automatically enrolled into a scheme, official figures show.

British house prices forecast to grow everywhere in 2017 - except this one area: House prices are set to rise across Britain next year, with the exception of one major city where values are on course for a fall, according to forecasts by estate agent Knight Frank.

Energy supplier warning: Fears dozens of firms could go bust amid perfect winter storm: A perfect storm of plunging temperatures and soaring wholesale prices has left up to 30 small energy firms in a vulnerable position, experts have warned. It is feared more providers could fall under the knife after GB Energy collapsed over the weekend - leaving around 160,000 homes without a supplier.

Pound jumps to 12-week high against euro amid hopes Britain will stay in single market: The pound has jumped to the highest level since September against the euro and a three-week high against the dollar, amid rising expectations Britain could remain in the single market after Brexit.

Petrol warning: Prices to soar at pumps this winter to two-year high, drivers told: Drivers have been warned petrol is set to soar to two-year highs this winter after a surge in oil prices.

The Scottish Herald

Scots engineering sector turns corner: Scottish engineering firms have reported their first increase in orders in two years driven by growth in sales within the U.K. a study has found.

Growth is Fierce for Aberdeen craft beer maker: Fierce beer, the fledgling Scottish microbrewer, has revealed plans to ramp up production capacity and expand its Aberdeen premises, just seven months after opening for business.

Six candidates will stand in NFU.S.’ Presidential elections: Six candidates have now confirmed they will stand in NFU Scotland’s Presidential elections in February - three for the President post, and three for the two Vice President posts.

Business must use Brexit to deepen global ties: Scottish businesses need to be “more ambitious, think bigger and adopt a much more international mindset” in the wake of the Brexit vote, according to the outgoing chair of the Scottish Chambers of Commerce.

Graham wins NHS contract: Graham Construction has landed a contract to develop two new health facilities for NHS Grampian in Aberdeen. The £134 million scheme, at the Foresterhill Health Campus, is the largest project to be procured through the Health Facilities Scotland Framework to date.

Wood Mackenzie maintains sales amid uncertain times: Wood Mackenzie has said it achieved a solid underlying financial performance last year, when America’s Verisk Analytics bought the oil and gas consultancy for £1.85 billion.

Algy Cluff highlights appeal of North Sea: North Sea-focused Cluff Natural Resources has increased its estimate of the amount of oil and gas there may be on one licence by 300% after completing further analytical work.

Ulster Chief highlights RBS role: The Boss of Ulster Bank has declared the Irish lender will have an important strategic role to play for Royal Bank of Scotland following the U.K.’s decision to exit the EU.

Semefab plans technology investment and export growth after grant boost: Semefab, the Glenrothes- based electronics company has secured a six-figure grant from Scottish Enterprise as it looks to stay at the forefront of the U.K.’s micro and nano technology network (MNT).

Ferguson joins Wood board: Jacqui Ferguson has joined Wood Group as a non-Executive Director, and will sit on the board’s nomination and audit committees.

The Scotsman

Property firms Shepherd and Hardies build new partnership: Shepherd Chartered Surveyors has tied the knot with property and construction consultancy Hardies in a deal that will see the pair retain their own identities.

Rolls-Royce looks to offload 800 jobs: Around 800 jobs are being axed worldwide at Rolls-Royce as the group announced plans to slash costs in its embattled marine business.

St Andrews Links tees up clothing deal with Japan’s TSI: The trust responsible for the seven links courses at the home of golf has signed a global clothing agreement with a Japanese clothing group.

RBS to close half its Edinburgh branches: Royal Bank of Scotland is to close half its Edinburgh branches in the latest round of cost-cutting - with more misery to come.

Five Edinburgh start-ups heading for London showcase: Edinburgh’s start-up community will be represented by five entrepreneurs at a technology showcase being held in London next week.

Retailer McColl’s racks up sixth year of sales growth: Retail chain McColl’s notched up its sixth year in a row of rising sales as it hit its target for 1,000 convenience stores across the U.K.

Contactless payments are the future, says Qpal Founder: Mobile payments will soon become the norm across the U.K. with chip and pin viewed as painfully slow in comparison.

City A.M.

London is home to nearly a fifth of the U.K.’s rental accommodation: London is now home to almost a fifth of the rental properties in the U.K., but it accounts for nearly half of the total value of these households.

CHI & Partners Boss named as advertising trade group leader: The Chief Executive and partner of advertising agency CHI & Partners has been named as the new President of trade body the Institute of Practitioners in Advertising (IPA).

Starbucks’ Chief Executive Howard Schultz is stepping down: Starbucks’ chairman and Chief Executive Howard Schultz is stepping down from his job as Chief Executive.

BrewDog brings roulette pop-ups and “Casino Rye Ale” beer to its U.K. bars and opens a new site in Hackney: Scottish craft beer maker BrewDog has launched a Casino-themed beer and roulette pop-ups to stir up excitement for its new brewery in America.

KPMG Boss Simon Collins won’t be seeking re-election after five-year tenure: KPMG’s U.K. Boss will step down in March after five years at the helm of the accountancy giant. Simon Collins told fellow partners of his plans on Thursday and is expected to put his hat in the ring to step up and lead the global network of the firm, according to reports by Sky News.

CBRE completes property fund merger creating new £1.47 billion fund: The CBRE U.K. Property Fund (U.K.PF) is merging with the Electricity Supply Pension Scheme (ESPS) U.K. property portfolio to create a new £1.47 billion fund.

The editor of the Daily Mail has resigned from a press committee in the most Daily Mail way possible: Paul Dacre, the editor of the Daily Mail, has announced he is stepping down from a committee that sets out regulatory rules for the press.

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