Below are the key morning headlines from today’s papers, featuring the Financial Times, The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
- MPs ‘misled’ by RBS boss over police bribe inquiry. Ross McEwan, the Royal Bank of Scotland Group (RBS) chief executive, has been accused of deliberately misleading MPs in order to avoid disclosing a police investigation into an alleged bribery scandal at the bank’s restructuring unit. Nicky Morgan, chairwoman of the Treasury select committee, said that Mr McEwan had purposefully “withheld information of relevance and interest” when he was questioned by the committee in January about the bank’s disgraced Global Restructuring Group.
- International Consolidated Airlines Group SA (CDI) (IAG) – BA fights to lose ‘deficit with wings’ tag after sealing £4.4bn Legal & General pension deal. The deal, codenamed ‘Project Elias’ internally and the largest of its kind to take place in the UK, will see Legal & General Group (LGEN) take responsibility for the Airways Pension Scheme (APS) covering nearly 22,000 of the airline’s former workers. APS has a deficit of £469m, according to BA’s 2017 annual report, and liabilities of £7.7bn, of which L&G will take on £4.4bn.
- Morrison (Wm) Supermarkets (MRW) heralded its best sales growth in almost a decade as customers flocked to snap up British produce. Defying retail gloom and threats posed by budget German rivals Lidl and Aldi, the supermarket smashed expectations in the six months to August 5 in a transformation led by chief executive David Potts. Former shop assistant Potts, 61, put the strong figures down to demand for its British products, which make up two-thirds of Morrisons’ sales
- GVC backs America to cover fixed-odds loss. The owner of Ladbrokes declared that it would become the biggest gambling operator in America after unveiling a slide at its domestic bookmakers chain. GVC Holdings (GVC) hopes to counter the impact of the crackdown on fixed-odds betting terminals (FOBT) in its home market through its tie-up with MGM Resorts, the $14 billion US casino owner.
- Sanjeev Gupta’s tidal power firm unveils world’s largest turbine. Bristol-based turbine maker SIMEC Atlantis Energy Limited (SAE) said its design for a 2MW turbine would be able to accommodate rotors with a diameter of between 65 to 78 feet (19m-23m), making the turbine the most powerful in the world. The company said it was already in discussions with various governments and developers to identify locations for manufacture and testing of the technology, which could herald “the next phase of large-scale array deployment”.
- Ophir Energy (OPHR) board is planning to abandon its UK headquarters in favour of a base in South East Asia as it battles to stem spiralling losses. The oil and gas company’s interim chief executive Alan Booth addressed its 50-strong staff at a meeting yesterday morning to confirm that the London office would be “significantly reduced”. He said the number of employees who will keep their UK-based job would depend on the statutory requirements to maintain its status as a UK company.
See our roundup of today's AIM risers, featuring a new contract win by Filtronic and Xeros, and continued positive reception of Global Petroleum's exploration license
Investors demand change as Ryanair survives revolt, Sky battle lines drawn as Fox, Disney and Comcast prepare for £27bn auction, Investors check out as Burberry's new collection disappoints - read our morning press roundup.
Five financial stories, trending today in a 70 second podcast, including: Cabinet minister Chris Grayling has said there will be no deal on Brexit if the EU does not soften its position on the Irish border.
The FCA regulated UK brokerage Trading 212 has become the first to offer unlimited commission-free share trading in the UK and Germany. Over in the US, Robinhood, the highly successful fintech offers zero commission trading to millions of US customers, has been long rumored of expanding into the U.K. It has enabled millions of investors to buy shares in popular US companies such as Amazon, Tesla and Apple without paying commission to traditional brokers.
Following its notice of interim results yesterday, shares in Deltex Medical Group (DEMG), have risen over 27% yesterday afternoon in anticipation of the results, which will be announced on Monday 24 September 2018. Deltex is the global leader in its proprietary Oesophageal Doppler Monitoring (ODM) - the only technology to measure blood flow in central circulation in real time.
SP Angel morning note on commodities featuring BlueRock Diamonds, Caledonia Mining, Mkango Resources and more.
On today's podcast: Hummingbird Resources: Initial Exploration Results and Second Ball Mill approved for Yanfolila. Reabold Resources: Successful Test at VG-3 Well, California. Anglo-Asian Mining: Interim Results and Maiden dividend.
Oil & gas investment company Reabold Resources (RBD) today said it was “delighted” to announce that its contract operator had completed a successful test at its well in West Brentwood. Integrity Management Solutions, the contract operator of Reabold’s California investments, undertook the successful test at the Venturini-Ginochio #3 well. In the first first 36 hours of testing, Integrity accumulated over 400 barrels of oil (gross) ready for sales.
Malcy's daily blog on oil and mining companies, covering Jersey Oil & Gas, Range Resources and Hurricane Energy.
See our roundup of today's AIM risers, featuring Adept4 settling a legal dispute, Crimson Tide's contract wins, and a new drilling programme with Lansdowne & Providence.