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Saturday Papers: 45,000 jobs to go in North Sea

And affordable housing crisis has engulfed all cities in southern England, says Lloyds.

 
Saturday Papers: 45,000 jobs to go in North Sea

Top stories

  • The Times: Britain’s oil industry is set to lose a further 45,000 jobs this year as it grapples with a downturn that threatens to destroy its long-term ability to recover, one of its most senior figures Sir Ian Wood has said.
  • The Guardian: There is no longer a city in the south of England where house prices are less than seven and a half times average local incomes, according to analysis by Lloyds Bank that reveals how the home affordability crisis now stretches far beyond London.
  • The Guardian: The state-backed Pension Protection Fund (PPF) is poised to take a stake of at least 33% in BHS as the struggling department store chain faces a complex battle to restructure its retirement scheme and secure its survival.
  • The Daily Telegraph: SSE could be forced to slash its dividend as the UK’s energy markets continue to struggle this year, experts warned.
  • Financial Times: After another series of terrorist attacks hit Brussels, Ankara and Istanbul this month, UK travel companies are facing a tough holiday season as the share prices of groups such as Thomas Cook, Tui and easyJet have fallen sharply since the start of this year, increasing the pressure on them to secure critical spring and summer bookings.

Business and economics

  • The Times: A total of 250 business leaders have signed up to the Vote Leave campaign to pull Britain out of the EU.
  • Daily Mail: Yahoo's entire board should be sacked for dismal financial performance, according to activist investor Starboard Value.
  • The Times: Hedge funds are preparing to use exit polls to make hugely profitable trades before the official result of the European Union referendum is declared.
  • The Independent: Britain’s nuclear industry is under threat from cyber-attacks, terrorism and state-sponsored espionage, regulators have warned.
  • The Independent: The remit of the supermarket ombudsman is set to be reviewed by the Government, following criticisms that it does not have the power to protect farmers from unfair trading practices.
  • The Times: Johnston Press, the new owner of the i newspaper, faces an “unsustainable” debt burden if its revenues continue to fall, a leading credit ratings agency has warned, dealing a blow to the media company just days after its results.
  • The Daily Telegraph: Britain’s biggest bond manager, responsible for over £20 billion of investors’ money, has said a Donald Trump victory in the US presidential election is a bigger concern for the stock market than a potential “Brexit”.

Share tips, comment and bids

  • The Times: Microsoft is willing to consider financing any potential bidders that want to buy all or part of Yahoo, according to reports.
  • Financial Times: Telecoms groups worldwide are eyeing up the potential sale of Network Rail’s fibre optic and telecoms infrastructure as they look to use the national network to extend broadband services around the UK.
  • The Times: Playboy Enterprises is exploring the sale of its businesses, only weeks after dropping full frontal nudity from its magazine as it strives to regain its cultural relevance in an age where internet pornography is but a click away.
  • Financial Times (Comment): Credit Suisse spooked by what lurks within.
  • The Independent (Comment): Yahoo, the internet dinosaur, is finally running out of its borrowed time.
  • Financial Times (Lex): Profit metrics: Ebitda is not toxic, if it is part of a varied diet.
  • Financial Times (Lex): Securitisation: Europe’s securitised debt markets are safer than many realise.

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Why I bought Foreign & Colonial for a 'Brexit' bounce

by Gavin Lumsden on Jun 28, 2016 at 13:41

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