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In the Papers - Michelmersh, Opitbiotix, Uber, Severn Trent

Published: 09:32 05 Sep 2017 BST

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Newspaper Summary

The Times

Peer-to-peer lenders are starting to look like banks: For businesses hyped as the great disruptors of the banking industry, peer-to-peer lenders have lately been doing a better job of disrupting themselves than the likes of high street giants such as Barclays and Lloyds.

Women make waves in water industry: Severn Trent, one of the few FTSE 100 companies to be led by a woman, has promoted two female Executives in a management restructuring which has, however, cost a fourth woman her job on the board.

Sports Direct rebels gain Fidelity votes: The institution thought to be the biggest independent shareholder in Sports Direct International has joined the revolt against its Chairman, The Times has learnt.

Three’s legal bid threatens 5G timetable: Three, the mobile phone operator controlled by the Hong Kong billionaire Li Ka-shing, has filed a legal challenge against Ofcom, Britain’s telecom regulator, after a dispute over the terms of an auction of coveted 5G airwaves.

Spending is trapped in a gloomy web: Consumer spending appears to have remained muted last month as rising prices in the shops and sluggish wage growth dampened demand on the high street.

Slowing factory gate prices make ECB’s decision harder: Prices charged at the factory gate in the eurozone grew more slowly than expected in July, as inflation struggled to accelerate. However, separate figures suggested that investor confidence was improving.

Uber takes foot off gas in cultural shift: Uber’s head of human resources has ordered a sharp slowdown in hiring, admitting that the hard-charging, win-at-all costs culture that took the company to a valuation of $68 billion in eight years had left managers burnt-out and prone to “silly gaffes.”

Michelmersh has laid foundations to grow in the brick market: The foundations may have been laid for the transformation of Michelmersh, but efforts to build up the fourth player in a British brick market dominated by a big three have yet to reach its bottom line.

Opitbiotix biotech company signs sweet deal with Tata Chemicals: A biotechnology company developing products to tackle obesity, high cholesterol and diabetes has struck a manufacturing agreement with Tata Chemicals.

The Independent

VW and its China ventures recall 1.8 million cars over fuel pump issue: Germany’s Volkswagen and two of the company’s joint ventures in China are recalling more than 1.8 million vehicles because of an issue with fuel pumps, according to China’s quality watchdog.

Micro-chipped cows are putting Argentinian beef back on the map: Argentina’s push to ramp up agriculture exports is moving to a new frontier: micro-chipped cows.

Chocolate giants are moving away from Fairtrade labelling: From cocoa to tea, food and drink giants are setting their own standards for ethical sourcing of raw materials, moving away from third-party labels such as Fairtrade.

U.S. Congress urged to raise government debt limit to help Texas relief: U.S. Treasury Secretary Steven Mnuchin on Sunday challenged Congress to raise the government’s debt limit in order to free up relief spending for Hurricane Harvey, a disaster that the Governor of Texas said had caused up to $180 billion (£138 billion) in damage.

Trial adjourned for Tesco senior Executives in accounting scandal: The trial of three former senior Executives at Tesco accused of fraud and false accounting was adjourned on Monday until 25 September.

Oil prices have just dropped over North Korea: Oil prices fell on Monday after a powerful North Korean nuclear test explosion triggered a flight of investors away from crude markets and into gold futures, which are seen as a safe haven.

Eurozone producer prices grew slower than expected in July: Eurozone producer prices grew more slowly in July than expected by markets, data from the European Union’s statistics office Eurostat showed on Monday.

Lidl removes crosses from Greek church on food packaging in attempt to be ‘religiously neutral’: Lidl has come under fire for editing a cross at the top of a church out of an image it uses on the packaging for its own-brand range of Greek-style food.

Mercedes-Benz plans to launch ride-sharing rival to Uber in London: Daimler will start ride-sharing shuttles in London later this year, expanding its cooperation with U.S. startup Via Transportation, whose on-demand service racks up 1 million rides a month across New York, Chicago and Washington.

The Daily Telegraph

Boeing claims victory in long-running battle with Airbus over state subsidies: The long-running battle between Airbus and Boeing over state subsidies has taken another twist with the U.S. aircraft manufacturer claiming what it described as a “sweeping” victory.

Norway’s giant oil fund loads up on British assets: The world’s biggest sovereign wealth fund has issued a resounding vote of confidence in the U.K. economy and the long-term prospects for the pound, raising its target for sterling bonds to 8% of its global benchmark fund.

Pub group Hawthorn’s losses widen due to cost of refinancing: The pub group founded by a former Merrill Lynch investment banker has suffered widening losses after getting hit by costs linked to a refinancing.

Aveva set to unveil merger with Schneider’s software division: The FTSE 250 software company Aveva is expected to announce a merger with Schneider Electric, following two failed attempts over the past two years.

Vet group Dechra sales jump as pets live longer: It’s not just people living longer, but pets too, according to FTSE 250 veterinary group Dechra.

Acacia pulls back from major gold mine amid Tanzania export ban dispute: Acacia Mining has said it will slow down operations in its flagship mine in Tanzania as it desperately tries to cope with an export ban on gold and copper ore.

The Guardian

Bell Pottinger expelled from PR trade body after South Africa racism row: Bell Pottinger, one of the City’s leading public relations agencies, has been expelled from the industry’s trade association after an investigation found its secret campaign to stir up racial tensions in South Africa to be the worst breach of ethics in its history.

Value of classic cars and fine art plunges as photographs soar: Classic cars and works of fine art tumbled in value in 2016, while photography and rare musical instruments emerged as the hottest collectors’ items, according to a leading private bank.

London developer to allow rental tenants to pay deposits in bitcoin: A London property developer is to allow its tenants to pay their deposits in bitcoin – the first time the virtual currency has been used in the U.K. residential homes market.

Proper carbon tax could wipe billions from polluters’ profits: More than $1.5 trillion (£1.2 trillion) in company profits worldwide could be erased by taxes required to meet the Paris climate agreement, according to analysis by Schroders.

McDonald’s workers rally outside parliament amid first U.K. strike: Up to 200 people rallied outside the Houses of Parliament in London to protest against poor pay and conditions at McDonald’s as workers at the restaurant staged their first U.K. strike.

Factory and retail sales climb despite fears of Brexit slump: British manufacturers and retailers are reporting an upswing in sales, despite fears Brexit could hamper future growth, as the weak pound bolsters exports abroad and consumer spending at home.

Grand Designs’ Kevin McCloud seeks to raise £50 million to build 600 homes a year: Grand Designs presenter Kevin McCloud is seeking to raise up to £50 million to build about 600 “beautiful and sustainable” houses a year in a challenge to the soulless, identikit estates built by conventional developers.

Daily Mail

MRSA drug pioneer Destiny Pharma leaps 39% on its first day of trading after raising £15.3 million at placing: Stock exchange newcomer Destiny Pharma soared 38.5% in its first day of trading. The firm raised £15.3million at a placing price of 157p per share but jumped as high as 227p afternoon before finishing at 217.5p.

Loss-making NatWest owner RBS could be hit with a £4 billion fine: Loss-making NatWest owner Royal Bank of Scotland could be hit with a £4billion fine from the Department of Justice, RBC Capital analysts have warned.

Shamed HSBC shut accounts of small firms for seven weeks after being fined for laundering drug cartel cash: Small firms have been left unable to pay suppliers, forced to stop new products, and seen reputations destroyed after HSBC locked them out of bank accounts for up to seven weeks.

Lloyds set for fresh consumer credit push as it promotes Boss of MBNA to take charge of all its cards business: The Boss of credit card firm MBNA has been promoted by Lloyds to oversee a push of consumer lending. Elyn Corfield joined the bank when it bought MBNA for £1.9billion earlier this year and is now being put in charge of its overall cards business.

Tyremaker Pirelli set for £8 billion stock market return: The Italian firm, bought by state-owned ChemChina two years ago, will sell up to 40% of its equity in an initial public offering as it plans to return to the Milan market in October.

Neil Woodford turns to crowd funding after Provident disaster: Fund Boss invests another £4 million in Seedrs: Star fund manager Neil Woodford has poured another £4million into crowd-funding firm Seedrs. The move comes after Woodford lost £326million on doorstep lender Provident Financial following a share slump.

Exodus of Bosses at scandal-hit Durex firm Reckitt Benckiser as it struggles with weak sales in wake of crippling cyber attack: Consumer goods giant Reckitt Benckiser is facing a management exodus as it grapples with weak sales and the fallout of a crippling cyber attack. The owner of Dettol disinfectant and Durex condoms has confirmed its heads of human resources, information technology, developing markets and category development are to leave.

Daily Express

Slowdown for builders as new business slumps for second month in a row: Activity in Britain’s construction industry unexpectedly slowed in August as new business slumped for the second month in a row.

U.K. construction activity slows but GBP floats on North Korea tensions: Geopolitical tensions and a weak outlook for U.S. monetary policy are allowing the pound to hold its ground versus the U.S. dollar.

Boom in online travel sites contributing to high street decline: The boom in online travel sites is contributing to a decline in high street firms offering flights only, the head of the U.K.’s largest network of independent travel agents has said.

Developers set to confirm build on property market success: The state of Britain’s property market will return to the fore this week when a clutch of housebuilding giants report.

The Scottish Herald

Growth outlook bleak amid political turmoil: Nearly seven in ten finance Chiefs expect the U.K. economy to decline, stagnate or achieve negligible growth over the coming 12 months, with domestic political factors and Brexit issues viewed as the biggest barriers to expansion, a survey reveals.

Family firm Laings reunited decade after split: Two strands of a Glasgow family jewellery business have been reunited after Michael Laing, the owner of Laing The Jeweller and Parkhouse The Jeweller, sold the businesses to Laings of Glasgow, which is co-managed by his niece Wendy Walsh.

Scots fibre optic technology pioneer buys German rival: A Borders firm that makes cable systems which sit at the heart of high speed communications networks has bought a German rival under a €30 million (£28 million) push for growth in global markets.

Grant to run rail firm Porterbrook: Former ScotRail managing Director Mary Grant has been appointed Chief Executive of Porterbrook, the rail leasing company.

Tennent’s owner acquires £37 million stake in pub firm: C&C Group, the drinks firm behind Glasgow-based Tennent’s Lager, has secured a major route to market for its brands after investing £37 million to acquire a minority stake in Admiral Pub Company.

Stirling firm aims to help oil and gas companies increase output from wells: An oil and gas technology firm led by industry big hitters has secured around £1 million backing from investors amid challenging conditions in the sector. Stirling-based WaveLIFT raised the money in a funding round which was led by the Archangels syndicate of business angels.

The Scotsman

Developers say Queensferry Crossing could create 8,000 Fife jobs: Thousands of new jobs could be created as part of a ­masterplan to regenerate a Fife waterfront on the back of the new Queensferry Crossing.

Blackcircles Founder to help more firms on road to growth: Mike Welch, the Founder of online tyre fitter Blackcircles, has teamed up with a corporate lawyer and technology start-up adviser in a bid to help early-stage companies along the road to growth.

Fashion chain M&Co eyes 75 new stores as profits grow: Fashion retailer M&Co has earmarked the opening of as many as 75 new stores after posting increased annual sales and profits.

Glasgow’s Capella office snapped up in £43.5 million deal: A landmark office building at Glasgow’s Atlantic Quay has been sold to a Northern Irish property investor and developer in a £43.5 million deal.

CodeClan digital skills scheme hails milestone graduation: Digital skills academy CodeClan has placed its 150th “graduate” into work since its launch less than two years ago.

City A.M.

Royal Mail facing prospect of Christmas shutdown as CWU prepares to ballot on strikes: Royal Mail’s main union will meet to rubber stamp plans that could shut down Britain’s mail network over Christmas.

Government keeps 21st Century Fox waiting on Sky takeover decision: The government kept Rupert Murdoch’s 21st Century Fox waiting again, with no decision made on its takeover of Sky.

Challenger bank OakNorth lends £21 million to Strawberry Star for Wandsworth development: Property developer Strawberry Star has nabbed a tasty £21 million from challenger bank OakNorth, to buy a site in Wandsworth to convert into luxury apartments and office units.

Aim-listed BNN Technology suspends trading after “serious” allegations against top Execs: London-listed BNN Technology requested for trading in its shares on the Alternative Investment Market (Aim) to be suspended while it investigates “serious” allegations against two of its top Executives.

Wizz Air passenger numbers jump after new Romania and Poland routes added: Eastern Europe’s biggest budget airline Wizz Air reported another leap in passenger numbers this morning, rounding off a bumper summer for budget airlines.

Uniqlo’s summer sales hit by 21 days of rain in Tokyo: Uniqlo’s August sales on its home turf in Japan suffered the steepest decline in six years as the weather dampened demand for its products.

Burberry has bagged this four-storey shop on Sloane Street in Knightsbridge: British luxury fashion brand Burberry will open a new flagship store in London’s iconic shopping area of Knightsbridge.

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