Below are the key morning press headlines, featuring the The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
Several banks have warned of additional financial hits after a sudden surge in payment protection insurance claims ahead of last month’s deadline. said PPI claims had spiked before the Aug 29 cut-off date and were “significantly higher than expected”. It warned this sudden increase in volume could result in an unexpected charge of between £600m and £900m in its third quarter results, on top of the £5.3bn already set aside. , which owns Clydesdale Bank, Yorkshire Bank and Virgin Money, also said it had seen a rush in claims ahead of the August deadline with a final bill of between £300m and £450m. “The group is seeking to establish an initial cost estimate, which is expected to be material, and the group will update the market as soon as possible,” it said.
Britain’s biggest housebuilder has posted record annual profits as improved margins offset a fall in average selling prices. delivered pre-tax profits of £909.8 million for the year to the end of June, an increase of 8.9% on the previous 12 months. The profit rise came despite a 2.3% decrease in revenue to £4.76 billion as the company’s average selling price fell to £274,400 from £288,900 a year earlier. Barratt said that the fall in selling prices reflected changes in its product mix and its strategy to stop developing in central London.
A leading member of the family that founded has stepped up her attempts to block the £4 billion sale of the defence and aerospace company by contacting leading shareholders. Lady Cobham has reportedly written to the 15 largest investors in Cobham in a bid to derail a takeover by the US private equity firm Advent International, which is to be put to a shareholder vote later this month. The letter follows her demands that Ben Wallace, the defence secretary, and Andrea Leadsom, the business secretary, intervene on the grounds of national security and the loss of high-tech jobs to the UK.
shares took a hit after the life insurer said first-half profits fell by more than a quarter to £114m as it seeks to comply with new rules forcing it to hold more capital behind its lifetime mortgage products. New regulations introduced by the Prudential Regulation Authority (PRA) could increase the amount of capital the company needs to hold by another £130m by the end of 2021. Just Group was forced to tap investors for another £375m earlier this year to offset the changes, although interim chief executive David Richardson said there were no plans for further fundraisings in 2019. The company completed a new £118m reinsurance transaction during the first half of the year which Mr Richardson said had showed “demonstrable action” to improve its capital position that is “not reliant on borrowing from the market”
A social media star famed by Hannah Uttley for cleaning tips and housekeeping advice has boosted sales at the homeware retailer Customers flocked to its stores and website after ‘cleaning influencer’ Sophie Hinchliffe, known as Mrs Hinch, posted a photograph of a £10 bamboo bath tray from the retailer on Instagram. Dunelm chief executive Nick Wilkinson said subsequent demand was so strong the tray sold out. He said: ‘The background of many people’s selfies is their home. Some people are choosing to show photographs of how well they’re managing their home, including some influencers. ‘You’ve got the likes of Mrs Hinch who are painting a picture of perfection and a beautiful home.’
Pub group will dish out £69million to shareholders after completing the £250million sale of its brewery arm to Japan’s Asahi in January. The London-based company saw shares rise as its pubs and hotels arm thrived. It hailed a ‘good start’ to the financial year in an update ahead of its annual general meeting in NovemberSales in the managed pubs and hotels division rose 2.5% for the 22 weeks to August 31, while like-for-like profits in its tenanted arm fell 2%.
pilots in the UK are to strike for a further seven days in September, the union has announced. The British Airline Pilots Association (Balpa) said its members would walk out for a series of 24-hour stoppages between 18 and 29 September, adding that Ryanair had refused to seek conciliation talks at Acas to resolve the dispute over pay and working conditions. The carrier has managed to operate all of its scheduled UK flights this week despite a three-day strike by domestic pilots, partly by bringing in more contractors and moving its pilots from around Europe. The union admitted that the strikes to date, including a two-day stoppage in late August, had a “limited impact” on the travelling public but caused considerable internal disruption at the airline.
has issued another profit warning, blaming poor summer weather and flagging consumer confidence for a slump in sales. The UK’s biggest bike retailer said total revenues slumped 3.9% in the 20 weeks to 16 August as the business struggled amid a “challenging retail backdrop” on the high street. Halfords said in light of the tough conditions it expected underlying profits before tax this year to be in the range of £50m to £55m. In May, Halfords told investors to expect profits “broadly in line” with its 2018 earnings of £58.8m. The company’s share price fell more than 3% in early trading on Wednesday hitting a new 52-week low.“After the hottest summer in 100 years last year we weren’t expecting to see massive growth in cycling sales this year,” said Graham Stapleton, the chief executive. “We don’t think there is a structural issue here, we think there is a consumer confidence issue affecting the timing of some spending, with some weather.”
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Next is ‘weathering the retail storm’ as it enjoyed a rise in half-year profits, the store’s boss revealed, The competition watchdog said JD Sports £90m takeover of Footasylum could lead to “higher prices” and “worse choice” for shoppers, but fell short of explaining its reasons in more detail
Travel firm Thomas Cook has been hit with a last-minute demand, from its banks, to find £200m in extra funding in order to secure its future. The troubled operator hoped to seal a rescue deal this week but without this, the firm is likely to collapse.
Salt Lake Potash explain the significance of producing premium grade water soluble sulphate Of potash from its Lake Way Project. Iconic Labs discuss their strategy and recent deals. Chris Bailey on Next, Diageo & Johnson Matthey. John Meyer on Kodal Minerals, Arc Minerals & BlueJay Mining.
SP Angel research note on commodities and miners, featuring: Asiamet Resources (ARS LN) - Logistics enhancements Bushveld Minerals* (BMN LN) BUY – Valuation 92p – Conference presentation in South Africa highlights forecast growth of vanadium electrolyte demand Kodal Minerals* (KOD LN) - ESIA Progress Report IronRidge Resources* (IRR LN) - Aircore results from Cote d'Ivoire Ironveld (IRON LN) – NED director resignation Solgold* (SOLG LN) - Constitutional Court ruling in Ecuador
The main trade union at Royal Mail has served notice for a strike ballot among 110,000 workers, Hong Kong is under growing pressure to sweeten the terms of its £32bn offer for the London Stock Exchange Group as a takeover battle for the British bourse intensifies
The US central bank has cut interest rates for only the second time since 2008, amid concerns about slowing global growth and trade wars. As expected the Federal Reserve lowered the target range for its key interest rate by 25 basis points to between 1.75% and 2%.