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Saturday Papers: Uber vows to challenge loss of London licence

Saturday Papers: Uber vows to challenge loss of London licence

Top stories

  • Financial Times: Uber’s licence in London will not be renewed after the city’s transport authority ruled the ride-hailing group was not a “fit and proper” operator, a major setback that could force the company to shut down in one of its three largest cities.
  • The Daily Telegraph: Chinese-backed fund Canyon Bridge has swooped on Imagination Technologies in £550 million deal which looks set to test Theresa May's pledge to intervene in foreign takeovers.
  • Financial Times: Theresa May has been applauded by Brussels for her “constructive spirit” after she set out plans to keep Britain in the EU in all but name until 2021, five years after the country voted to leave the bloc.
  • The Times: Royal Bank of Scotland will go ahead with its plan to move staff to Amsterdam by next March if there is no clear Brexit deal with the European Union.
  • Financial Times: Some of the world’s biggest carmakers, such as Volkswagen, BMW and Fiat Chrysler, are heading for fines in excess of €1 billion as they fail to hit legally mandated CO2 targets in 2021.
  • Financial Times: The death of Liliane Bettencourt sparked speculation on Friday about the future of L'Oréal, the French cosmetics group in which her family holds a large stake.
  • Financial Times: South Africa’s finance minister has told all government departments to review their relationship with KPMG in response to the accounting firm’s role in a political scandal over links between the Gupta family and President Jacob Zuma.
  • The Guardian: Overseas visitors flocked to Britain in record numbers in July and spent more than ever in response to the improved spending power offered by the low pound.

Business and economics

  • The Daily Telegraph: Inflation is becoming harder to understand and more difficult to control, a top central banking official has warned.
  • The Times: Officials from the oil producers’ cartel Opec and other non-member states led by Russia said that they were gradually eliminating a yawning supply glut that has kept crude prices depressed for more than three years.
  • The Times: Manufacturing growth has faltered after an encouraging increase over the summer, the CBI has warned.
  • The Daily Telegraph: Marks & Spencer has started trials for an online grocery service to find out "what works for [its] customers", amid mounting concern among supermarkets about how Amazon may shake up the market.
  • The Daily Telegraph: Holidaymakers over the age of 50 have been ignoring the post-Brexit drop in the value of the pound by continuing to book trips abroad, sending profits in Saga's travel division flying.
  • The Times: Apple shares have fallen sharply since it unveiled its latest iPhone and are on track for their worst post- announcement performance since 2013.
  • The Daily Telegraph: Engineering conglomerate Smiths Group is looking to attract programmers to help it develop life-changing equipment and beef up its digital skills.
  • The Daily Telegraph: Oil rig builder Lamprell has warned investors that the two-year oil market downturn will have a bigger than expected impact on its revenues this year and next.
  • The Times: The executive chairman of Micro Focus could receive a payout of more than £26 million in two years’ time after the British company’s acquisition of Hewlett Packard’s software business.

Share tips, comment and bids

  • The Times (Tempus share tips): Leaving Pearson on the shelf.
  • The Guardian: Time Inc, the publisher of magazines including Marie Claire, NME, Wallpaper and TV Times, is being put up for sale by its American owner.
  • The Daily Telegraph: Unilever has kicked off the long-awaited sale of its margarine division, which includes household brands Flora, Stork and Bertolli, by striking a deal in South Africa.
  • Financial Times: A Chinese online insurance group ZhongAn Online Property & Casualty Insurance has raised $1.5 billion in a Hong Kong flotation, the first public offering of its kind for an internet-only insurer.
  • The Daily Telegraph: The privately owned City Pub Company has hired Liberum and Berenberg as its joint brokers as it prepares a listing on London’s junior market.
  • The Daily Telegraph: Under-pressure courier DX has secured a loan from an activist shareholder Gatemore Capital Management and sold five properties in a bid to shore up its finances.
  • The Times: Managers at Revolution Bars Group have expressed their anger at the board’s decision to recommend a takeover bid from Stonegate Pub Company at a “bargain basement” £101.5 million.
  • The Daily Telegraph (Comment): Sadiq Khan's decision to ban Uber is bad for London - and bad for Londoners.
  • The Daily Telegraph (Comment): Google's HTC deal sets it up for a clash with the iPhone.
  • Financial Times (Lex): JLR/Ineos: plenty of obstacles lie in the way of producing and selling a new 4x4.
  • Financial Times (Lex): L’Oréal/Nestlé: neither company has a pressing need to restructure its balance sheet.
  • Financial Times (Lex): Ryanair: operating costs likely to increase as airline hires more crew in wake of cancelled flights.
  • Financial Times (Lex): Goldman Sachs: big fees can cloud underwriting judgment.

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