Monday newspaper round-up: BCC downgrade, Yellen, BP, RBS, Lloyds

The weaker pound will boost exports, however, meaning the country should avoid a recession. Strong demand from consumers will keep the economy growing, while employment growth will slow but not reverse, the BCC believes. - Telegraph

Chancellor Philip Hammond could go on a major spending spree in his Autumn Statement without fear of spooking the bond markets, economists believe, because the Bank of England’s policy of easy money has given him more wiggle room. As well as slashing borrowing costs, the Monetary Policy Committee’s decision to fire up the printing presses and snap up more government bonds means the Chancellor has space to splurge, according to Magdalena Polan at Legal & General Investment Management. - Telegraph

Every privately owned home in London built before 2006 has risen in value by more than 50 per cent, while two million homes across the country have fallen in value, a study suggests. As Philip Hammond prepares a fiscal policy that promises to focus on housebuilding, research by Savills has highlighted the difficulty in implementing a nationwide housing policy. - The Times

Janet Yellen will deliver the biggest shock to markets since taking over as chair of the Federal Reserve should the central bank raise interest rates this month, according to a survey of Wall Street economists that shows more than 85 per cent expect it to hold fire. The scepticism among economists may concern the Fed’s top officials, who have spent the past month trying to persuade financial markets that an increase at their meeting on September 21 is a possibility given that the US unemployment rate is below 5 per cent and the global fallout from the Brexit vote has been muted. - Financial Times

Oil rigs poised to begin drilling in the Great Australian Bight could use faulty equipment that US regulators say is very likely to cause a “catastrophic incident” like the 2010 Deepwater Horizon spill in the Gulf of Mexico. With no assurances the faulty equipment can be avoided in the Bight drilling, and safety plans that probably rely on faulty equipment already approved, parliamentarians and conservationists are calling for any approvals of BP’s pending environmental plans to be halted, and its exploration licences to be suspended, until the problem has been solved. - Guardian

Hundreds of businesses are threatening the City regulator with legal action because of delays to a long-awaited report into the activities of Royal Bank of Scotland’s restructuring unit. Lawyers acting for more than 400 companies, which claim they were mistreated by RBS’s Global Restructuring Group have written to the Financial Conduct Authority saying that they plan to launch a judicial review into the handling of the issue. - The Times

Large shareholders in Lloyds Banking Group are calling on the high street lender to strengthen its internal succession plan and address a perceived overreliance on chief executive António Horta-Osório. Richard Buxton, chief executive of Old Mutual Global Investors and a fund manager who has long invested in Lloyds, said: “I suspect there is limited internal choice for a successor and planning should be a priority.” - Financial Times

The chairman of Tesco has blamed the supermarket industry’s near obsession with opening more and more shops for its past errors. John Allan, who took over as chairman in March last year in the wake of the accounting scandal which contributed to the retailer’s record £6.4bn loss, said the so-called “space race” “wasn’t a very good idea.” - Telegraph

Small companies are losing billions of pounds in hidden bank fees for exchanging currencies, according to a study by Capital Economics. Exchange rate mark-ups on international payments charged to small and medium-sized businesses add up to £4.1 billion, equivalent to £755 for every small company, the research found. - The Times

The share price of Samsung Electronics is taking a beating this morning after the South Korean company urged customers worldwide to stop using Galaxy Note 7 smartphones and exchange them as soon as possible. The Note 7 was already the subject of a global recall following a number of incidents involving faulty batteries that have caused the phone to catch fire. - Financial Times

Libya’s internationally backed government has urged its forces to act after two oil terminals fell to rival troops, raising fears of further violence in a country already gripped by turmoil. The call came after forces loyal to the unrecognised eastern authority seized two key export facilities on Sunday. - Guardian

A nuclear power station being built in France using the same design earmarked for Hinkley Point in Somerset may have to restrict its output or could be abandoned because of the costs of correcting safety flaws, experts have warned. France’s nuclear safety regulator, the ASN, is testing the strength of steel used in the reactor pressure vessel at the plant in Flamanville in Normandy. - The Times

Coal might be all but dead in the UK – but worldwide prices are enjoying a surprise resurgence. Britain’s last deep mine – Kellingley colliery in north Yorkshire – closed last December with the loss of around 450 jobs. It followed a slump in prices to near-decade lows because of falling demand. - Mail

Luxury greetings card seller Paperchase is gearing up for a £150m float on the stock market, sources claim. The chain’s private equity backer Primary Capital is understood to be looking for an exit after six years of ownership. - Mail

JD Wetherspoon, the pub chain, has become the latest British company to offer staff on zero-hours contracts the opportunity to move to permanent hours. Tim Martin, the founder and chairman of the company, told BuzzFeed on Sunday that a trial of offering staff guaranteed hours earlier in the year had proved so successful that it would be rolled out across the country. - Guardian

Accountancy giant PwC has revealed that more than a quarter of its new recruits this year went to private school, in an experiment with transparency to help open up access to professional jobs. The firm said 73pc of its 1,600 newcomers recruited straight from education went through state school and 9pc were eligible for school meals. - Telegraph

The £13bn British Steel pension scheme could be thrust into a protective lifeboat amid reports that the Government has ruled out controversial changes to its rules. When he was business secretary, Sajid Javid had considered allowing the scheme to use a cheaper measure of inflation when calculating by how much it had to boost payouts for pensioners each year. - Mail

Burberry is the most viewed FTSE 100 company on Twitter for the fourth year running with 6.8 million followers of its checked raincoats and handbags, according to the media agency Battenhall. Its closest rivals are Sky with 4.2 million and ITV with 1.9 million. However, Paddy Power Betfair, with just under 600,000 followers, is considered the FTSE 100’s most influential brand on the site. - The Times

Scotland’s tidal energy sector needs more clarity from the UK government if it is to maintain its world leading status, according the director of energy and low carbon at Highland and Islands Enterprise. Calum Davidson said that the French and Canadian governments were among those backing the expected growth in electricity from the seas. - The Times