UK's Venturer Driverless Car Project Publishes Results Of First 'handover

Newspaper Summary

The Times

David Ingram detained without charge in UAE: A senior Grant Thornton partner has been detained in the United Arab Emirates for more than two months without charge, having had his passport seized while travelling via Dubai.

GKN shares take off on speculation of break-up: Growing speculation that GKN, the aircraft and vehicle parts maker, could be split in two pushed its shares up by 2.5%.

Qatar jet deal uplifting for BAE’s future prospects: Britain’s biggest export deal for Typhoon fighter jets in a decade has boosted the shares of BAE Systems as analysts forecast improved fortunes for the defence contractor.

Defence giant adds rocket power to its arsenal: Northrop Grumman, the American defence giant, is to buy Orbital ATK for $9.2 billion in the second big deal announced in the aerospace sector this month.

Hurricane Harvey leaves Hiscox facing $150 million claims: Hiscox expects claims of about $150 million from Hurricane Harvey and is still working out its bill for Irma.

Carillion’s former finance Chief quits board at Firstgroup: The former finance Chief of Carillion is stepping down from the board of Firstgroup after less than a year in the post, several months after receiving a fat lip from shareholders.

Sportech takes a bet on new owners: Sportech is betting on a change in ownership to secure its future after the departure of its Chief Executive and Chief financial officer.

Interserve sources extra help for recovery: A new finance Boss has been parachuted in to help lead the turnaround of Interserve, days after the company issued a profit warning.

The Independent

Tory cuts to affordable homes worsening U.K. housing crisis says NHF: Government spending on social housing has more than halved under the Conservatives, exacerbating the U.K.’s housing crisis and putting considerable upward pressure on the state’s housing benefit bill, according to the National Housing Federation.

U.K. interest rates likely to rise ‘over coming months’ says Mark Carney: The Bank of England Governor, Mark Carney, has reiterated that U.K. interest rates are likely to rise from their historic lows “over the coming months”, setting the scene for the first rate hike from the central bank in 10 years.

Uber set to pay almost £3 million to continue operating in London: Uber will have to pay £2.9 million over the next five years to operate in London, under a new licensing fee structure due to be introduced by Transport for London this week.

10,000 finance jobs will leave U.K., new survey finds: Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the U.K. is denied access to Europe’s single market, according to a Reuters survey of firms employing the bulk of workers in international finance.

Pound sterling will not hit euro parity this year, says HSBC: Forecasters at HSBC have admitted to being “wrong” and have scrapped their prediction that the pound will hit parity against the euro later this year.

General Motors recalls 2.5 million cars over faulty Takata airbags: General Motors and its joint venture in China, Shanghai GM, will recall more than 2.5 million vehicles due to faulty airbag inflators, China’s top quality watchdog as said.

Rolling Stone for sale: Founder Jann Wenner is selling his magazine: From a loft in San Francisco in 1967, a 21-year-old named Jann S Wenner started a magazine that would become the counterculture bible for baby boomers. Rolling Stone defined cool, cultivated literary icons and produced star-making covers that were such coveted real estate they inspired a song.

Company develops way to make robots safer for humans: Two years ago, a robot crushed a 22-year-old man to death at a Volkswagen factory in Germany after the maintenance worker became trapped in an area usually off-bound to humans. While this type of tragedy is still relatively rare, efforts to improve safety are intensifying as factories around the world become increasingly automated.

U.K. economy will perform better than we thought in 2018, says CEBR: Bank of England officials aren’t the only ones feeling a bit more bullish about the U.K. economy.

World central banks cannot ignore cryptocurrencies, says BIS: The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements (BIS).

The Daily Telegraph

German trade Boss dismisses Brexit as empty talk: Germany’s powerful trade Chief has dismissed Brexit as pipe-dream that will never happen, insisting that markets remain calm only because investors are entirely discounting the political noise from Westminster.

Trial of British forex banker starts in New York: A former high-ranking HSBC banker became the first person to go to trial on charges stemming from a U.S. investigation into foreign exchange rate manipulation on Monday.

RBS avoids forced sale of Williams & Glyn: The Royal Bank of Scotland will not be forced to sell 300 branches that it had planned to spin off under its Williams and Glyn brand, the European Commission has said, marking a significant win for Boss Ross McEwan after more than eight years of uncertainty.

U.K. startup raises millions for driverless parking system: A British tech start-up aims to raise tens of millions of pounds to build a complete map of parking spaces to allow driverless cars to find a spot and put wardens out of business.

Hotel giant IHG launches new brand in U.S. for ‘underserved’ $20 billion market: Hotel giant InterContinental has launched a new brand called Avid Hotels in the U.S. as it seeks to extend its reach in what it considers an underserved market in between budget and premium.

Cisco Boss John Chambers to stand down after 27 years at the top: Cisco Systems Executive Chairman John Chambers will not stand for re-election in December, leaving the world’s biggest internet equipment manufacturer after more than 25 years.

Mary Berry cakes boost under-pressure Finsbury Food: A range of Mary Berry cakes has helped boost sales at London-listed baker Finsbury Food, which posted solid full-year numbers despite the weak pound driving up the price of ingredients like butter and cocoa.

The Guardian

Britain’s debt timebomb: FCA urges action over £200 billion crisis: The government needs to step in to help tackle the mountain of debt being racked up by the most vulnerable consumers in Britain, the Chief financial regulator has warned, as new data shows that personal debt burdens are continuing to rise.

Fall in migration after Brexit could push up inflation, says Carney: A sharp fall in migrant workers coming to Britain as a consequence of Brexit could push up wages and cause a spike in inflation in the short term, according to the Governor of the Bank of England.

Ryanair to tell 400,000 passengers of cancelled flights after ‘mess-up’: Ryanair has written to 400,000 passengers to tell them that their flight has been cancelled after it admitted to a “mess-up” on pilot rostering that left 18 million ticket holders wondering if their holiday plans would be ruined.

Ministers launch group to help boost green business investment: A new group led by investors and leading figures from the City of London has been brought together by the government to draw up measures to encourage “green finance” in the U.K.

Mystery over shredded €500 notes in Swiss sewers: Tens of thousands of euros have been flushed down the toilet in Geneva, leaving Swiss prosecutors scratching their heads over whether the money is dirty. Wads of €500 notes were discovered cut to shreds in the sewer system of a branch of Swiss bank UBS, while three more large deposits turned up in the toilets of nearby bistros.

Daily Mail

U.K. insurers soar as rumours of wave of consolidation in sector circled following reports that Sir Peter Wood is planning to sell Esure: U.K. insurers soared as rumours of a wave of consolidation in the sector circled following reports that Sir Peter Wood is planning to sell Esure, the £1.2 billion insurance empire he founded.

Household rubbish to be turned into jet fuel for British Airways under ground-breaking plans to cut carbon emissions: The airline has struck a deal with renewable fuels company Velocys after the Government decided to support renewable jet fuels. Velocys plans to build a plant in the U.K. capable of turning hundreds of thousands of tons per year of landfill waste, such as nappies and sweet wrappers, into jet diesel and naphtha, another type of fuel.

Bell Pottinger scandal claims scalp of Chris Geoghegan, Chairman of Rentokil: Geoghegan, 63, quit the pest control company after he became embroiled in the scandal. Geoghegan was paid £100,000 for work which involved introducing the PR multinational to the Gupta family.

Tainted Equifax has still not contacted up to 400,000 British victims of massive hack - 50 days after crime was discovered: Tainted Equifax has still not contacted up to 400,000 British victims of a massive hack – 50 days after the crime was discovered. Bosses at the credit reference giant found out about the breach in July but kept it secret until last month, triggering accusations of a cover-up.

Jimmy Choo becomes latest British company to fall to foreign buyers as shareholders nod through takeover deal: The FTSE 250 luxury shoes group has been sold to American rival Michael Kors for nearly £900 million, with investors giving their approval in a meeting.

Cathedral City fans help churn out a sales boost for owner Dairy Crest amid growing cream crisis: Cathedral City cheddar helped owner Dairy Crest boost its financial results, it announced. The surge in demand for the ‘nation’s favourite cheese’ is expected to result in ‘double-digit volume growth’ in the next six months, Dairy Crest said.

Daily Express

Peperami-maker Jack Link tempted by multimillion-pound manufacturing plant in the Midlands: Peperami-maker Jack Link’s is considering opening a multimillion-pound manufacturing plant in the Midlands, creating upwards of 200 jobs.

Bill trouble after nursing home move: The anguish of moving elderly parents into a nursing home was compounded for a family when it came to settling up one of the bills.

GBP slips from one-year high against the U.S.D: The pound is falling from its one-year high versus the U.S. dollar as Brexit again becomes the focus of the markets.

Smeg opens first U.K. outlet in Regent Street in hope the weak pound will attract investors: High-end Italian appliance firm Smeg is hoping that the weak pound will continue to attract property-hungry investors to London, where the company has opened its first U.K. outlet.

Britain now eighth largest industrial nation as it climbs world rankings in Brexit boost: Britain is now the eighth largest industrial nation, after manufacturing returned to growth last year, a new report says.

Higher interest rates to trigger world economic meltdown as spenders ‘fall into debt trap’: The global economy could go into meltdown triggered by the impending rise in interest rates around the world, a top banking watchdog has warned.

Retail company Next back on the right track but still struggling: Conditions have been tough across the retail sector this year, so it was no surprise to see the group had a pretty torrid six months. The Directory business continues to make progress, but this was more than offset by another slide in high street sales.

B&Q profits crash blamed on wet summer and property slow-down: Profits at B&Q owner Kingfisher are expected to tumble when the DIY firm reports half-year results this week, after it was hit by wetter than usual summer weather and amid a slowing property market.

The Scottish Herald

Macfarlane makes its biggest ever acqusition: Macfarlane Group has made its largest ever acquisition with the capture of Nottingham-based Greenwood Stock Boxes for £16.75 million.

Revenues increase at Scottish fund manager: Colin McLean’s SVM Asset Management achieved a rise in revenues and narrowed its operating loss in its last financial year.

Entrepreneur takes Scots beauty chain to London: Pure Spa & Beauty is to expand beyond its native Scotland for the first time with the launch of an outlet in the heart of London’s financial services district.

Entrepreneur sets National Tyres on ambitious expansion drive: The National Tyres and Autocare chain owned by Scots entrepreneur Alan Revie, has underlined its appetite for expansion following another profitable year for the business.

Aberdeen oil firm advances in Nigeria: Aberdeen-based Eland Oil & Gas has highlighted an increase in production in Nigeria where the company has suffered disruptions amid security problems.

Shares in North Sea minnow surge after Statoil shows faith in prospect: Shares in North Sea-focused Jersey Oil & Gas surged around 30% after the firm said it would resume drilling on a licence 60 miles north east of Aberdeen with Statoil after suffering a setback.

The Scotsman

Edinburgh tech accelerator looks to put the spark into the next billion-dollar business: Calum Forsyth is a man on a mission. One that some cynics might place in the impossible category. That endeavour is to create Scotland’s next billion-dollar business – or “unicorn”. However, the co-Founder of Scotland’s first dedicated pre-seed tech accelerator has no time for the doubters.

STV vows to ‘turbo charge’ new era of drama production: STV is to roll out a string of drama series set in Scotland for the first time since the demise of Taggart seven years ago.

Slump in lending to businesses dents economic recovery: Bank lending to the private sector has slumped by a fifth since the financial crisis, hampering the return to economic growth, a new study warns.

Green travel schemes win £22.5 million backing from Transport Scotland: A dedicated cycle path running through the historic centre of the Scottish capital is among a handful of projects that will share the multi-million-pound prize in a major design competition.

Toys ‘R’ Us could file for bankruptcy in just weeks: Global toy giant Toys ‘R’ Us - which has ten stores in Scotland - is considering filing for bankruptcy before Christmas, according to reports.

City A.M.

Gates Foundation invests $40 million into U.K. biotech firm Immunocore: The Bill & Melinda Gates Foundation will invest up to $40 million (£29.5 million) in U.K. biotech firm Immunocore to support the development of therapies for infectious diseases.

Petra Diamonds shares lose their sparkle on Tanzania troubles: Petra Diamonds’ shares lost their shine after the miner warned it could breach its debt covenants if it fails to resolve its dispute with the government of Tanzania.

Filipino fast food group Jollibee eyes up Pret A Manger: Filipino food group Jollibee Foods is considering a bid for British sandwich chain Pret A Manger, according to reports.

Online retail growth hits its strongest level of 2017 so far in August: Online retail sales jumped 16.4% in August, the best month for growth in internet sales so far this year.

Stuart Rose to take up Chairmanship of fleet services firm Zenith: Former Boss of Marks & Spencer, Lord Stuart Rose, has been appointed Chairman of Zenith, a car leasing firm.

Monarch mulls short-haul restructuring and take-off for long-haul ambitions: Budget airline Monarch is contemplating restructuring its short-haul business, with a view to focusing instead on long-haul flights.

PwC releases ethnic minority pay gap figures in a bid to broaden diversity beyond the ‘narrow lens of gender’: Accountancy firm PwC has revealed its pay and bonus gaps for black, Asian and minority ethnic (BAME) employees as it aims to improve diversity within the firm.

Google and Facebook forecast to increase share of U.K. digital ad market to 55% next year: Google and Facebook are forecast to take their share of the U.K. digital advertising market to more than 55% next year.


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