In The Papers Microsoft, Jaguar Land Rover, Lyft

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Newspaper Summary

The Times

Bounce in Mitie shares delivers windfall for new boss Phil Bentley: Mitie shares have risen to their highest levels since a catastrophic profit warning last autumn — and in a single day earned the new Chief Executive more than £600,000.

Creditors to challenge Moulton over collapse of Jaeger: The boss of one of Portugal’s top textile manufacturers is leading a group of angry creditors that plan to publicly challenge Better Capital’s Jon Moulton over the collapse of Jaeger.

Xbox ultra-HD console will be the most powerful, says Microsoft: Microsoft has unveiled a new Xbox video game console built for use with ultra-high definition televisions.

Ineos to spend €2 billion on boosting chemical processing in Europe: Ineos has set out a plan to spend about €2 billion bumping up its chemical processing capacity across Europe.

Worst of the U.K. downturn is over, say oil and gas firms: Oil and gas companies are ploughing on with job cuts but many now feel more confident that the worst of the downturn in the U.K. is over, according to an industry survey published.

Motorpoint Founder takes a back seat as profits fall: The co-Founder of a used car dealer that issued a profit warning shortly after its flotation is stepping back from the business.

Weak pound draws Brits to staycation: More than half of Britons will holiday at home this year, giving the U.K. economy a £17 billion shot in the arm, according to a survey.

The Independent

H&M, Zara, M&S and others found buying from highly polluting factories in Asia: Global fashion brands including H&M, Zara and Marks & Spencer are buying material produced in factories that devastate peoples’ health in Indonesia, China and India, a new investigation has found.

Election result threatens U.K.’s credit rating and will delay Brexit talks, says Moody’s agency: The U.K.’s hung parliament is likely to delay the Brexit negotiations and is “credit negative” for the country, ratings agency Moody’s has warned.

Energy bills set to soar by £200 as fixed-rate gas and electric deals come to an end: Thousands of U.K. households face energy bill hikes of almost £200 on average as gas and electricity providers roll customers onto standard variable tariffs.

Donald Trump mocked by vodka giant Smirnoff over Russia ties in new advert: Smirnoff has mocked U.S. President Donald Trump’s alleged ties to Russia with a new advertising campaign.

House prices rise to new record despite election uncertainty and London slowdown: U.K. house prices climbed to a record last month as a slowdown in London sales was offset by a stronger market in the north of the country, according to a report by Acadata and LSL Property Services.The Daily Telegraph

Bears circle as world ‘credit impulse’ plunges: The global ‘credit impulse’ has fallen as dramatically over recent months as it did during the onset of the Lehman crisis, signalling serious headwinds for the world economy and asset prices just as the U.S. Federal Reserve tightens monetary policy.

Glencore stokes the fire with Rio Tinto coal bid: Glasenberg has tabled a $2.55 billion (£2 billion) bid for Rio’s Hunter Valley mines, $100 million higher than an offer by China’s Yancoal in January. It has also offered to buy out Mitsubishi, Rio’s partner, for $920 million. Glencore will balance this with a plan to sell $1.5 billion of assets – potentially including a 50pc stake in the business it is buying.

Jaguar Land Rover invests £20 million in Uber rival Lyft: Jaguar Land Rover has invested $25 million (£20 million) in Lyft, making it the latest car giant to pick a side in the increasingly bitter war between the American taxi-hailing app and its arch-rival, Uber.

Deutsche Bank agrees $170 million settlement in Euribor lawsuit: Deutsche Bank AG will pay $170 million (£134 million) to settle an investor lawsuit claiming it conspired with other banks to manipulate the benchmark European Interbank Offered Rate and related derivatives.

EDF Energy boss to be replaced after fifteen years: Vincent De Rivaz, the veteran boss of EDF Energy, will step down from the French energy group at the end of October this year.

Drone Racing League secures $20 million funding from corporate giants: Corporate giants including insurer Allianz and broadcaster Sky have backed the burgeoning sport of drone racing by contributing towards a $20 million fundraising.

British business demands concessions from May as economic confidence slumps: British business must be at the heart of the government’s decision-making after Theresa May’s disastrous snap election dented economic confidence, business leaders have said.

Fears for Mini production as BMW pensions deal rejected by striking staff: Hopes that a run of strikes over pensions at BMW’s British plants could be over have been dashed with staff rejecting an improved deal from the German car giant.

Bank of England names economic forecasting Chief Gareth Ramsay as head of communications: The Bank of England has appointed the Director in charge of the central bank’s economic forecasting unit as its new head of communications.

Pump-maker Weir splashes out on peer KOP ready for industry recovery: Industrial pump maker Weir Group has made its first acquisition in almost two years with the $114 million purchase of Singapore-based KOP Surface Products.

The Guardian

Travis Kalanick’s future as Uber CEO under threat: The future of Uber CEO Travis Kalanick is hanging in the balance after the embattled cab company’s board voted to adopt a portfolio of recommendations to fight sexual harassment in the firm.

Bad EU trade deal ‘disastrous’ for U.K. jobs, investment and growth: British businesses have rejected claims by leading Brexiters that trade with the rest of the world can replace free access to European markets, arguing that quitting the single market and customs union without a trade deal with the EU will harm their growth prospects.

Oil giants need to invest heavily in renewables by 2035, says analysis: More than a fifth of investment by the largest oil and gas companies could be in wind and solar power in just over a decade, according to analysis of how global changes in energy will reshape the sector.

General Electric says CEO Jeff Immelt is stepping down: General Electric said Jeff Immelt is stepping down as CEO and John Flannery, President and CEO of the conglomerate’s healthcare unit, will take over the post in August.

Daily Mail

Ford picks the U.K. for its driverless cars tech hub with 40 specialists employed to drive new technology: Motoring giant Ford is building an innovation centre for driverless cars to take advantage of Britain’s ‘world-class digital talent’ and academic institutions.

The £2.2 billion takeover of Amec Foster Wheeler by oil giant Wood Group continues to be probed: The Competition and Markets Authority is continuing its probe into the takeover of Amec Foster Wheeler by rival Wood Group.

Export boom sets Eurotunnel record as more than 141k lorries cross the Channel in one month: Railway firm Eurotunnel boasted its best ever truck traffic last month. The channel tunnel operator said its Le Shuttle Freight transported 141,646 lorries in May, a 3% increase compared to the year before and the best results in its history.

Shock departure as Just Eat tech pioneer John Hughes, 65, loses battle with short illness: The former Chairman of Just Eat has died after a short illness.

Hedge fund boss Sir Chris Hohn loses £282 million spat with his ex-wife after three-year tussle: Billionaire hedge fund boss Sir Christopher Hohn has lost a spat with his ex-wife over whose charity will get £282 million.

Shares in services firm Mitie soar despite £88 million write-off thanks to new boss’ turnaround plan: Bosses at U.K. outsourcer Mitie declared that the firm is on the road to recovery after posting a one-off accounting loss of £88 million.

Daily Express

Apple, Amazon and Facebook shares skid sparking crash worries: Fears are growing that tech shares are in a bubble that is bursting in a worrying replay of the millennium dot-com boom.

Pound falls as Theresa May’s future hangs in the balance and Brexit talks loom: The pound has tumbled against the euro and the dollar as the political fallout of the 2017 election continues, just one week before Brexit talks are due to begin.

Election leaves retirees in the dark over pension tax rules: The election result has left savers with a raft of unanswered questions over pension tax rules that must be urgently addressed, experts have warned.

ECB to keep printing Millions of Euros to prop up Eurozone till 2019 - top bank forecasts: The Eurozone economy will still need to be supported by the central bank’s massive money-printing programme well into 2019, a top investment bank has predicted.

The Scottish Herald

North Sea confidence rises from record lows: Confidence has increased among oil services firms in the North Sea from a record low base but the majority have seen no improvement in their outlook amid still challenging conditions, Aberdeen and Grampian Chamber of Commerce has found.

Hiring picture in Scotland shows upturn: Scottish employers have signalled they expect a modest increase in staffing in the coming quarter, a survey shows, with electronics manufacturing opportunities in Silicon Glen among those highlighted.

Glasgow and Edinburgh set new highs: Glasgow and Edinburgh airports set further records for passenger numbers in May, while Aberdeen saw another year-on-year increase in traffic after a protracted decline.

Wood wins Statoil North Sea deals: Wood Group has won two new contracts from Statoil to deliver concept and feasibility studies to the oil and gas company’s Norwegian North Sea assets.

Five-a-side football group Powerleague lifts revenue to £33.8 million: Restructuring costs incurred by five-a-side football group Powerleague as part of a strategic business review saw annual operating profit before exceptional items almost halved to £1.682 million.

Buoyant housing market boosts builder Walker Holdings’ profits to £37 million: Housebuilder Walker Holdings credited growing buyer confidence and a buoyant housing market for boosting its annual profits to £37 million, from £28.3 million.

IMM targets £1 million turnover after securing industry-leading consultant and accreditation: Medical services company International Medical Management (IMM) is targeting turnover of £1 million after securing a “significant volume” of new business.

The Scotsman

Accountant Chiene + Tait expands with Glasgow office: Chiene + Tait (C+T) is expanding into Glasgow following a period of “significant growth” for the accountancy practice.

Stanley Gibbons mulls sale option after suitor walks: Stanley Gibbons, the stamp and coin specialist, may put itself up for sale after the suitor that last week approached it pulled out of any deal.

Iraqi helicopters deal for software group Ideagen: Al-Burhan Airways, Iraq’s only civilian helicopter service, is to work with U.K. software firm Ideagen ahead of launching a dedicated commercial airline service.

Summer outlook is far from sunny for retail sector: For retailers concerned about the impact of the election result on consumer confidence, a report out makes for worrying reading.

Charity-focused tech start-up Sustainably set to launch: An Edinburgh-based tech company founded by a mother-and-daughter team is to unveil an early-stage version of its product, which raises money for charity, at a key start-up event this week.

City A.M.

Tech firms could be fined for failing to remove “extremist” content under joint U.K.-France plan: Social media giants and technology firms could face new penalties for extremist content under new plans being considered by the British and French governments.

Lendy hails sponsorship as sign it is ready to take on City hotshots: Lendy is to take over as the headline sponsor of one the world’s oldest and best known sailing regattas.

Allied Irish Banks float values state-owned lender at up to €13.3 billion: Allied Irish Banks’ (AIB) float will raise up to €3.8 billion (£3.4 billion) for the Irish taxpayer and values the state-owned lender at €13.3 billion, according to a stock market circular released.

RBS closes in on £3.6 billion settlement over U.S. mortgage bond mis-selling: Royal Bank of Scotland (RBS) is close to agreeing a multi-billion pound fine with U.S. authorities over the mis-selling of mortgage bonds, according to reports.

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