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Papers: Brexit uncertainty hits housing market hard

Apple buys Turi machine-learning startup for a reported US$200mln; Royal Mail axes its gold-plated final salary pension scheme; some bond yields turn negative
Estate agent
The number of homes on the market hit a record low in July

The Daily Telegraph

Number of homes on the market at record low as Brexit uncertainty hits house prices: The number of homes on the market hit a record low in July as house price growth slumped on the uncertainty in the wake of the Brexit referendum.

Lookers to sell parts business for £120 million as it focuses on car sales: Motoring group Lookers is to dispose of its car parts division as the business focuses on selling cars in a deal that has been welcomed by the City.

‘Biggest rail investment in UK since Victorian age’ safeguards 1,000 engineering jobs in Derby: A huge contract for hundreds of new trains - described as the “biggest investment in the railways since the Victorian era” - has secured 1,000 British engineering jobs.

Gold miner Centamin rides high after raising forecasts for the year: Shares in gold miner Centamin enjoyed another bounce this morning after the company beat expectations for the first half of the year.

The Guardian

Lloyds says António Horta-Osório has ‘no case to answer’: Lloyds Banking Group has told its 75,000 staff that the chief executive has “no case to answer” over questions he may have breached the bank’s expenses policy.

City turbulence drives some bond yields into negative territory: Turbulence in City markets have driven yields on some bonds into negative territory as the Bank of England pressed on with its post-Brexit economic recovery plan.

Scottish government to spend £100 million to cushion post-Brexit vote effects: The Scottish government is to redirect £100 million from a budget underspend last year into a new initiative to help cushion the economy from the impacts of a post-EU referendum downturn.

Prudential may relocate M&G funds following Brexit vote: The new head of Prudential’s M&G fund management arm, Anne Richards, has said it is considering shifting more funds to Dublin and Luxembourg after the Brexit vote.

Crunch time for cashew nut lovers as wholesale costs soar: Cashew nut consumers may face hefty price rises next year, because adverse weather conditions have caused wholesale costs to soar.

Southern rail dispute: Thursday and Friday strikes called off: Strikes by Southern railway workers on Thursday and Friday have been called off to allow fresh talks in the row over the role of conductors, Acas said.

The Times

Bill to clean up nuclear reactors rises by £1.6 billion: Taxpayers face a big rise in the bill for cleaning up the first generation of nuclear power stations in Britain after the company that was wrongly awarded the contract raised its estimate by £1.6 billion.

Bank buys £1.2 billion gilts after yields go negative: Investors flocked to sell government bonds to the Bank of England, restoring confidence in its new £60 billion stimulus plan, which had taken a knock on Tuesday when it failed to attract enough sellers.

Facebook will force users to view adverts: Facebook is to force users to look at adverts on the social network even if they have installed software to block them. The company said that its advertising platform had been redesigned to circumvent ad-blocking software on desktop computers.

Apprentices may be shunned if reforms are costly: Government reforms to apprenticeship funding could result in smaller companies rejecting vocational training, an employers’ group has warned.

Interserve’s waste of time and energy: Shares in Interserve shook off a dive into the red as the office cleaning group and former star of the outsourcing industry counted the cost of a move into building incinerator-based power stations.

E.ON hit by Merkel’s nuclear power shutdown: E.on recorded a loss of €3 billion for the first half of the year as it continued to suffer from Angela Merkel’s nuclear power shutdown and the switch to renewable energy sources.

Michael Kors sees a wobble: A decline in visitors to shopping malls and lower tourism in cities has prompted Michael Kors to warn that its “September quarter results are on track to disappoint”.

The Independent

Apple buys Turi machine-learning startup for a reported US$200 million: Apple has reportedly bought a Seattle-based machine-learning startup as part of its continued investment in artificial intelligence.

Scotland just produced enough wind energy to power it for an entire day: For the first time on record, wind turbines have generated more electricity than was used in the whole of Scotland on a single day.

US sells Saudi Arabia £880 million of tanks and weapons: The US State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armoured recovery vehicles and other equipment, worth about £880 million ($1.15 billion), to Saudi Arabia, the Pentagon has said.

Daily Mail

Royal Mail axes its gold-plated final salary pension scheme claiming it’s too expensive to run: Royal Mail has become the next big name to close its gold-plated pension scheme, saying it is too expensive to run.

Stock Spirits revolt ends as Britain’s first Polish boss of a big UK company is appointed: The revolt at vodka maker Stock Spirits seemed to draw to a close with its new boss becoming the first Polish chief executive of a big British company.

Resign now! ‘Rottweiler’ Hedge fund boss rages at Speedy Hire Chairman over falling share price: A bitter row has erupted over the leadership of rental firm Speedy Hire with a millionaire hedge fund boss demanding the Chairman quits.

William Hill rejects joint £3.6 billion bid from Mecca bingo owner Rank and online gambling firm 888: Troubled bookie William Hill has rejected an ‘opportunistic’ joint £3.6billion bid from Mecca bingo owner Rank and online gambling firm 888.

Daily Express

Single market membership worth two years of economy growth to UK, says think tank: British membership of the European Union’s (EU) single market could boost the economy by around four% after leaving the political bloc, according to a report by a top think tank.

The Scottish Herald

Tom Cross eyes more North Sea deals as sellers ‘get realistic’ amid downturn: Tom Cross is set to ramp up expansion at the Parkmead Group he runs by cutting more deals against a grim oil and gas industry backdrop after unveiling what looks likely to have been a cut price acquisition.

ScottishPower caps cost of pensioners living longer: Manweb, the ScottishPower subsidiary, has done a £1billion deal to control the costs of its pension scheme.

The Scotsman

Visitor numbers at Scotch distilleries hit record 1.6 m: Scotland’s whisky distilleries attracted a record number of visitors last year, according to a study published.

Younger Scots priced out of buying their own home: A lack of supply and unaffordable mortgage deposits have been blamed for the historic decline in younger Scots owning their own home.

City A.M.

Government urged to implement new tax credit scheme for UK exporters for economy boost after Brexit vote: The government is being urged to implement a tax credit scheme for UK exporters to boost British business and the economy after the Brexit vote.

Deutsche Boerse turns attention to regulation after cementing shareholder support for London Stock Exchange merger: Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange.

Coal industry urges UK government to reconsider carbon capture storage: The coal industry is urging the new government to change its stance on support for the development of carbon capture storage (CSS).


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