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Wednesday Papers: Homebase to close 42 stores, putting 1,500 jobs at risk

Wednesday Papers: Homebase to close 42 stores, putting 1,500 jobs at risk

Top stories

  • The Guardian: Homebase is planning to close at least 42 DIY outlets by early next year, putting more than 1,500 jobs at risk.
  • The Guardian: The eurozone economy has shrugged off growing trade tensions to revise GDP growth higher from 0.3% to 0.4% between April and June, mainly due to strong consumer and government spending in Germany.
  • The Daily Telegraph: The jobless rate fell to 4% in the three months to June, its lowest level in more than 40 years as the rebounding economy created tens of thousands of new jobs.
  • Daily Mail: Royal Mail has been fined £50 million by the communications regulator for abusing its dominant position by discriminating against Whistl, its only major competitor.
  • The Independent: The pay of company chief executives has soared by 11% in the past year, as compared to 2% for full time workers, despite criticism from investors over excessive payments.

Business and economics

  • Daily Express: Poundland looks to tap into what is tipped to be a £26.7 billion beauty market by launching a £1 skincare range.
  • Financial Times: Facebook will allow hundreds of south Asian users to watch top-tier Spanish football matches for free after the social media giant won the rights to screen La Liga matches across Indian subcontinent.
  • The Guardian: Turkey will boycott electronic products from the US, said Turkish President Recep Tayyip Erdoğan, issuing another defiant response to sanctions imposed on the country.
  • The Times: Employees at a key warehouse supplying products to House of Fraser stores and online shoppers have stop accepting goods and processing deliveries in a wrangle over delivery payment terms with Mike Ashley’s Sports Direct.
  • The Daily Telegraph: Esure founder Sir Peter Wood said he will stay at the insurance company for some time, after it agreed to be sold to Bain Capital for £1.2 billion.
  • Daily Mail: Antofagasta revealed that earnings for the first half of the year were down 16.2% to £708.1 million, wiping £654.6 million off its market value yesterday.
  • The Times: The number of buy-to-let mortgages completed in June dropped by just under a fifth compared with a year earlier due to tax changes and tougher borrowing conditions.
  • Daily Mail: Debenhams shares jumped 13% yesterday in the morning before closing up 4% amid rumours Mike Ashley might merge it with rival House of Fraser.
  • The Daily Telegraph: As part of a plan to transform House of Fraser, discount retail tycoon Mike Ashley has said he will keep 80% of House of Fraser shops open and stock its shelves with luxury goods.
  • The Times: Royal Bank of Scotland said it would be paying an interim ordinary dividend of 2p a share on 12 October after agreeing last night to pay $4.9 billion to settle American claims that it misled investors on residential mortgage-backed securities between 2005 and 2008.
  • Daily Mail: Two in three pension schemes in the UK are in the red, opening up a black hole of nearly £190 billion in the retirement plans of millions of workers.
  • The Times: American scrap metal exports to China are slumping as the China Nonferrous Metals Industry Association said that steep tariffs imposed this year have made it “no longer feasible” to import scrap aluminium from the US.
  • The Daily Telegraph: India’s currency dramatically fell to an all time low, reaching 70 rupees against the US dollar on Tuesday in the wake of Turkey's currency crisis.
  • The Guardian: Venezuela will raise its heavily subsidised domestic fuel prices to international levels to avoid billions of dollars in annual losses as a result of smuggling, Venezuelan President Nicolás Maduro has said.
  • The Times: Capital & Regional, which fully owns or has stakes in eight shopping centres across the UK, has warned that it is likely to take a £1.2 million hit to its rental income this year.
  • The Guardian: Sam Walker, a former executive at the Co-operative Group, has accused the company of sacking her after she raised an equal pay claim.
  • The Times: Mears Group, the council housing and property maintenance contractor, has registered a decline in revenues and profits due to the Grenfell Tower disaster which killed 72 people and made hundreds homeless.
  • Daily Mail: A special committee set up by Tesla to examine Elon Musk’s plans to take the company private says it has yet to receive an offer.
  • Financial Times: Home Depot registered upbeat quarterly sales and pushed full-year forecasts higher due to strength in the US economy and the home-improvement sector.
  • The Daily Telegraph: Parent company of Tinder is being sued by a group of founders and former employees of the dating app, alleging that they were swindled out of $2 billion worth of share options.
  • The Times: Sensyne Health, a healthcare technology company founded by Lord Drayson, has raised £60 million through an initial public offering, valuing it at £225 million.
  • Daily Mail: Passengers should demand compensation from Ryanair for being stranded due to the airlines’ striking staff, experts have suggested.
  • Financial Times: Uber has hired Matt Olsen, the former general counsel of the National Security Agency, as chief trust and security officer.
  • The Times: Darren Topp, the former BHS boss, is to become chairman of the specialist fashion and retail recruitment company Retail Executives.
  • Financial Times: Struggling commodity trader Noble Group slumped to another quarterly loss in the second quarter as it paid out bumper fees to its advisers, banks and creditors.

Share tips, comment and bids

  • The Times (Tempus share tips): HOLD Antofagasta; HOLD JPJ Group.
  • The Times: Coca-Cola has taken a minority stake in Bodyarmor, a start-up that markets a healthier alternative to the leading brands, challenging Gatorade’s dominance of the sports drink market in the US.
  • The Times: The Competition and Markets Authority is investigating John Menzies faces over its £75 million purchase of a rival aviation services business.
  • Financial Times: Tencent-backed China Literature splashed out $2.3 billion to buy a film and television production company, which pulled the ebook company’s shares down by 17% to record low on Tuesday.
  • The Guardian (Comment): Pay rises for chief executives are up 11% – only shareholders can apply the brake.
  • Financial Times: Tancent-backed NIO, the lossmaking Chinese electric car maker, is seeking to raise up to $1.8 billion in an initial public offering in the US.
  • The Daily Telegraph (Comment): Royal Mail revelling in new role as the villain.
  • The Daily Telegraph (Comment): Turkey's problems are not a Western plot – they are entirely of its own making.

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