Monday newspaper round-up: Opec, profit warnings, British Gas, banks
Ministers from some of the world’s leading oil-producing nations are due to meet in St Petersburg today, amid mounting concern that an international deal to bolster crude prices may be at risk of unravelling. The meeting in the Russian city comes amid growing evidence that some members of the Opec club of 14 exporters have ceased complying fully with a deal brokered eight months ago aimed at reducing world oil supplies by 1.2 million barrels per day. - The Times
The number of UK companies issuing profit warnings fell sharply in the second quarter, but experts warned there could be worse to come. According to advisory group EY, quoted companies issued 45 warnings in the three months to June, a 40% fall on the previous quarter and a third lower than this time last year. - Guardian
British Gas customers face price rises as early as next month, the boss of the company that owns the energy business has hinted. Iain Conn, the group chief executive of Centrica, said that his businesses were “not immune” to the 15 per cent increase in wholesale costs for energy suppliers over the past year and suggested that consumers may have to share some of the pain. - The Times
America’s biggest aviation trade body has called for the airline industry to be dealt with separately in Brexit negotiations, saying it is “absolutely essential” that new deals are struck with Europe and the US. Airlines for America, whose members include American Airlines, Southwest and United, said there was a particular pressure to get an aviation deal agreed because the sector did not have historic rules to fall back on in the event the UK and EU cannot strike a Brexit deal. - Telegraph
Banks could be preparing to take a further hit of £500 million to compensate victims of mis-sold payment protection insurance because claims have spiked since customers were given a deadline to complain. Lloyds could add about £200 million to its PPI bill when it reports its half-year results this week, taking its total cost from it to nearly £18 billion, according to analysts at UBS. Lloyds added an extra £350 million to its bill in March. -The Times
Onshore windfarms could be built in the UK for the same cost as new gas power stations and would be nearly half as expensive as the Hinkley Point C nuclear plant, according to a leading engineering consultant. Arup found that the technology has become so cheap that developers could deliver turbines for a guaranteed price of power so low that it would be effectively subsidy-free in terms of the impact on household energy bills. - Guardian
Under-pressure mining group Acacia is facing a lawsuit in the UK from relatives of people who died at one of its mine sites. The FTSE 250 gold miner, which is currently in a dispute with the government of Tanzania over back taxes, could be hit with compensation claims from a group being represented by law firm Deighton Pierce Glynn. - Telegraph
Car insurance premiums have risen nearly 20 per cent in the past year and now stand at a 23-year high, according to the AA. The burden has fallen hardest on young drivers, with 17 to 22-year-olds now paying an average of £1,770.92. - The Times
A £246m investment in developing battery technology in Britain is to be launched by the government as part of its drive towards what it says is a modern industrial strategy. The business and energy secretary, Greg Clark, will announce the funding, including a £45m competition to make batteries more accessible and affordable, in a speech on Monday that should spell out further the government’s plans to increase productivity and growth. - Guardian
Chinese investors are eyeing a full or partial takeover of a troubled British chip maker that was recently dropped by Apple as a supplier. Canyon Bridge Capital Partners, a Chinese-backed buyout fund based in Silicon Valley, is understood to be at the early stages of discussing a possible bid for Imagination Technologies, which put itself up for sale in June, two months after Apple said that it would shortly cease using its graphics technology in the iPhone. - The Times
The future of the sprawling Mini plant in Oxford is looking increasingly assured with parent BMW leaning towards building the first electric version of the iconic car there. A decision from the German car giant on where the Mini E will be built is due by the end of September but sources close to the company say the UK plant is almost guaranteed to land the work. - Telegraph
One of the biggest suppliers of ready meals to Marks & Spencer and Waitrose is exploring plans for a stock market float that could value it at up to £1.5 billion. Bakkavor, founded and run by two Icelandic brothers, is working with its long-term adviser Rothschild on a London flotation this year or early in 2018, according to people familiar with the matter. - The Times
Lone Star, the Texan private equity firm best known for seizing control of distressed Irish property loans during the financial crisis, is gearing up for a sale of its British golf club business. It is understood that the Dallas-based firm has hired advisers at Houlihan Lokey to steer a sale of The Club Company, which now owns 13 UK golf clubs in the UK. - Telegraph
An investment firm that specialises in funding commercial disputes could be in for a big payday after a tribunal ruling left it entitled to compensation of as much as $140 million. Burford Capital, which provides funding for commercial legal actions and takes a share of the payout in successful claims, said that it had won a case involving the alleged appropriation of two airlines by Argentina dating back to 2008. - The Times