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Tuesday Papers: ‘Boris Island’ airport plan sunk

Tuesday Papers: ‘Boris Island’ airport plan sunk

Top stories

  • Financial Times: Boris Johnson’s ambitious proposal for a major new British airport in the Thames estuary to replace Heathrow will be buried on Tuesday by the government’s independent commission on aviation.
  • The Guardian: Britain's manufacturers suffered a sharp slowdown last month as the Ukraine crisis showed the first signs of hitting the UK economy; a key monthly measure of business at Britain's factories hit a 14-month low, fanning fears that overall economic growth is tailing off after a strong first half to 2014.
  • Financial Times: Banks are sounding the alarm about a proposed global rule aimed at forcing them to fund themselves more safely, warning that it could have “severe” knock-on effects on short selling and other important equities market transactions.
  • Financial Times: Rosneft is proposing that China take a stake in one of its largest oilfields, in a deal that would further deepen energy ties between Moscow and Beijing at a time when the future of western companies in Russia is uncertain.
  • Financial Times: Phones 4U, the British phone retailer which is controlled by BC Partners, the private equity group, stands to lose a major part of its sales after UK mobile phone operator Vodafone revealed it would withdraw its products from the chain next year.
  • The Daily Telegraph: Quindell, the insurance claims processor, is to buy RAC out of its joint venture, according to reports; the London-listed firm will announce on Tuesday that it is taking control of Connected Car Solutions, a business set up in April to install “black box” tracking devices in cars.
  • The Daily Telegraph: EU banks will get stress tests 'a month early' to "allow them to prepare market response".
  • The Guardian: Tesco's new boss has said that it needs a "fresh perspective" and that his lack of shopkeeping experience does not mean he is the wrong person to turn the ailing supermarket around.
  • The Guardian: Neil Woodford, widely regarded as one of the UK's most successful fund managers, revealed he sold all his fund's HSBC stock last month because he was concerned about the increasing size of fines for past misconduct.

Business and economics

  • Financial Times: The British government has no contingency plans for a vote in favour of Scottish independence just three weeks from the historic referendum on whether Scotland should break away from the United Kingdom.
  • Financial Times: The UK has fired back at growing domestic criticism of a planned EU trade deal with the US, accusing unions and other sceptics of spreading myths and misinformation.
  • Financial Times: Even before the frenzied footballing ritual that is transfer deadline day had begun, summer spending by clubs in the Premier League had set a record, breaking through the £700 million barrier for the first time.
  • Financial Times: Abdel Fattah al-Sisi, Egypt’s president, has made the Suez Canal the centrepiece of a vast new public works programme designed to restart the country’s ailing economy and rally political support; the new $8 billion scheme seems at least partly aimed at burnishing the nationalist credentials of the new regime.
  • Financial Times: Vijay Mallya, the Indian liquor baron once known as the King of Good Times, was on Monday declared a “wilful defaulter” by state-owned United Bank of India, throwing doubts over his ability to remain as chairman of United Spirits, now owned by Diageo, and United Breweries, part owned by Heineken.
  • Financial Times: Goldman Sachs made a $835 million loan to Banco Espírito Santo a month before Portugal’s largest listed lender by value was bailed out in a complicated deal that could inflict losses on the Wall Street investment bank.
  • Financial Times: One of London’s most prominent property developers has warned that the housing market in southeast England has “reverted” to normal levels of activity.
  • Financial Times: Samsung Group is to merge its shipbuilding and engineering units in its latest restructuring as the South Korean conglomerate prepares to transfer power to the next generation of its founding family.
  • Financial Times: The oil companies’ attempts to realise the Russian Arctic’s potential are now being severely threatened by the western sanctions imposed on Russia over the conflict in Ukraine.
  • Financial Times: The sale of the Spanish retail, wealth management and commercial banking business allows CEO Antony Jenkins to hit his year-end target for the rundown of Barclays’ so-called bad bank, which was created earlier this year in an attempt to improve returns and shore up capital.
  • Financial Times: Chinese regulators on Monday issued a public ultimatum to Microsoft after questioning a senior executive of the company, signalling authorities are resorting to increasingly tough tactics to win a spate of antitrust cases they have launched against foreign companies.
  • Financial Times: Shares in Perform, the sports media group, surged 26% on Monday after Access Industries made an offer to take the FTSE 250 company private at a valuation of about £702 million.
  • Financial Times: The new chief executive of Tullett Prebon, John Phizackerley, has indicated he will push the UK-based interdealer broker further into electronic trading, and invest as the industry struggles with significant structural change.
  • Daily Mail: As ebola sweeps across West Africa, the economic repercussions of the deadly virus are being felt further afield; the economies of Liberia, Sierra Leone and Guinea have been left reeling from quarantines, cancelled flights, and limited trade in and out of the region, which has had a knock-on effect on British businesses.
  • Daily Mail: The number of homebuyers who secured a mortgage in July was down slightly compared to the previous month, but still nearly eight per cent higher than in May, Bank of England statistics show.
  • Daily Mail: Liberty Global, the owner of Virgin Media, is thought to have sounded out ITV investors ahead of a possible £10 billion takeover offer.
  • Daily Express: The latest salvo in the battle between the supermarkets was fired yesterday when Co-operative Food unveiled another round of reductions in its £100 million price cuts campaign.
  • The Guardian: America’s fast food workers are planning their biggest strike to date this Thursday, with a nationwide walkout in protest at low wages and poor healthcare.
  • The Guardian: The government has rebutted accusations that a vast free trade deal being negotiated between the EU and the US will act as a cover to privatise the NHS while also watering down food standards and banking regulations.
  • The Independent: One of Italy’s richest and most famous businessmen, Leonardo Del Vecchio, is set to take control of the sunglasses maker he founded more than fifty years ago.
  • The Independent: The number of people struggling with payday loan debts is still soaring; new figures published today have revealed a climb of almost 50% in those forced to seek help after falling into debt problems because of payday loans in the first six months of the year.
  • The Daily Telegraph: Defence and aerospace companies such as BAE got boost from growing fears of conflict as analysts upgrade rating on the business.
  • The Daily Telegraph: Rolls-Royce prepared for flight tests on engine components that will help cut fuel burn by a quarter.
  • The Daily Telegraph: Skilled foreign workers provide an estimated £210 billion boost to the UK economy each year and drive 15% of all output, according to report by Lloyds Bank.

Share tips, comment and bids

  • Financial Times: Bidvest, one of South Africa’s largest conglomerates, is considering listing its food services business in London to help fund acquisitions and growth, in the latest sign of African companies tapping the UK capital markets.
  • Financial Times: Iliad, the French low-cost telecoms operator, is in talks with several potential partners about making a fresh offer for a stake in T-Mobile US, the US mobile operator.
  • Financial Times (Lex): Bidvest: make it simple.
  • Financial Times (Lex): Spanish banks: home alone.
  • Financial Times (Lex): Turkey: is confidence enough?
  • Financial Times (Lex): Hong Kong: painful reality.
  • Financial Times (Lex): REC Solar: reflected glory.

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