The Times
Hard Brexit talk leads to ‘bloodbath’ for sterling: The pound slipped close to its lowest level against the U.S. dollar in 32 years yesterday amid fears that today the Prime Minister will set out a course for hard Brexit and a full break from the European Union’s single market.
New nest for Angry Birds: Rovio, the Finnish mobile games company, is opening a studio in London that will focus on developing “massive multiplayer online” games as it seeks to reduce its dependence on its fading Angry Birds franchise.
Rolls-Royce pays £671 million to settle bribery claims: Four years of bribery and corruption investigations across five continents have ended with Rolls-Royce making a £671 million out-of-court settlement with fraud-busters and international government agencies.
Bonus helps give New Look Chief bumper new year: The Boss of New Look has picked up a £2.2 million bonus after the sale of the high street fashion retailer nearly two years ago.
Two executives are in vogue at the head of Condé Nast: The magazine publisher behind Vogue and GQ has announced a management reshuffle after Nicholas Coleridge decided to step down after 26 years as Managing Director.
We don’t need to extend oil cuts, says Minister: Saudi Arabia has suggested there will no extension of Opec’s cuts in oil production beyond June, with the cartel’s members largely sticking to a deal to reduce supplies.
Palamon’s foothold in Happy Socks: Palamon Capital Partners has taken a majority stake in Happy Socks, a fashion brand launched in Sweden by two entrepreneurs in 2008. The deal values the Swedish company at SKr725 million (£67.4 million).
Burberry Boss will go into the trenches before starting top job: The incoming Boss of Burberry will start work next Friday, but will not take charge of the British luxury fashion chain until July.
WANdisco bookings are music to investors’ ears: A fraught game of musical chairs at WANdisco was left firmly in the past yesterday when the technology company reported record bookings and massively reduced costs.
Cutting cloth is paying off already, says Hugo Boss: Eager to please the market after issuing two profit warnings in the past 18 months, Hugo Boss said yesterday that it had enjoyed a better final quarter than expected and that the decline in its full year profits would be less than previously feared.
Buy-to-let investors are persuaded to go shopping: Britain is about to become a nation of shopkeepers again, or at least shop owners, as buy-to-let investors increasingly turn from the residential market to commercial properties in search of a higher return and greater stability.
The Independent
Brexit latest: IMF upgrades 2017 U.K. growth but downgrades 2018: The International Monetary Fund has revised up its growth forecast for the U.K. this year, but pencilled in a downgrade for 2018 as the fund expects the economic pain of Brexit to be delayed rather than avoided.
Marmite owner to make all plastic packaging fully reusable or recyclable by 2025: Unilever, the consumer goods giant behind brands such as Dove, Ben & Jerry’s and Marmite, has pledged to ensure that all of the plastic packaging from its product “is fully reusable, recyclable or compostable by 2025”.
Ikea won’t invest any of its £524 million green energy fund in U.K. until Government backs renewables: Ikea won’t spend any of its £524 million green energy fund in the U.K. because government policies on renewables have made it “difficult” to invest, the company said.
Brexit latest: Bank saved 250,000 jobs by cutting rates after referendum, says Mark Carney: The Bank of England’s decision to cut interest rates by 0.25% last August in the wake of the Brexit vote may have saved 250,000 British jobs, Mark Carney has suggested.
Financial Times
Noble Energy buys Clayton Williams in $3.2 billion shale deal: Noble Energy is to buy Clayton Williams Energy, a Texas oil and gas explorer, for $3.2 billion including debt – in the latest sign of consolidation in the shale oil industry following the collapse of crude prices two-and-a-half years ago.
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Billionaire Sawiris behind planned Endeavour-Acacia merger: Naguib Sawiris, the Egyptian billionaire who made his fortune building a telecoms empire extending from Algeria to Pakistan, is behind a deal to create a £3 billion London-listed gold producer.
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Saudi Arabia seeks $30 billion-$50 billion solar and wind energy investment: Saudi Arabia will “within weeks” start issuing tenders for a big solar and wind power programme that envisages investment worth $30 billion-$50 billion by 2030, the country’s oil Minister said on Monday.
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Oil price recovery boosts Reliance Industries: Reliance Industries, the Indian oil products giant chaired by billionaire tycoon Mukesh Ambani, enjoyed the impact of stronger crude prices in the last three months of 2016.
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LSE fines independent broker Cornhill Capital: The London Stock Exchange has fined and publicly censured Cornhill Capital, an independent brokerage firm, for breaking its rules and mis-selling placing shares on London’s junior market, Aim.
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JPMorgan reverses view on Indonesian equities: JPMorgan has upgraded its view on Indonesian stocks just weeks after a negative stance prompted the government to sever all official ties with the bank.
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Santander to be granted exemption in U.S. stress test: Spain’s Banco Santander is set to pass the U.S. stress test at the fourth attempt as the Federal Reserve prepares to make the lender’s struggling American offshoot one of several groups granted an exemption from the most demanding part of the process.
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Annika Falkengren steps down as SEB Chief Executive: Annika Falkengren is stepping down as Chief Executive of Swedish lender SEB to join Swiss private bank Lombard Odier as managing partner.
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Donald Trump threatens 35% tariff on BMW imports: Donald Trump has threatened German carmaker BMW with a 35% tariff on imports to the U.S. from a new facility in Mexico as he escalated tensions with Europe ahead of his inauguration as U.S. President on Friday.
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Sinochem denies ChemChina merger plans: The head of Chinese state-owned conglomerate Sinochem has firmly denied plans to merge with rival chemicals firm ChemChina, after reports of discussions unnerved investors betting that ChemChina will buy Swiss seeds and chemicals maker Syngenta.
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Atlas Copco announces split as Chief resigns: Atlas Copco is to split in two and appoint a new Chief Executive as Sweden’s largest industrial group tries to boost shareholder value.
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Daily Mail deals blow to newspaper collaboration efforts: The parent company of the Daily Mail has pulled out of talks to create a new joint advertising sales operation for the struggling U.K. national newspaper industry, dealing a major blow to Fleet Street’s efforts to combat structural decline.
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SAP raises fears over EU data privacy rules: German software group SAP has criticised a landmark EU law on data protection, saying the penalties it imposes are so high it could hobble the development of Europe’s start-up culture.
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Jio hints free offer will continue in Indian mobile war: Reliance Industries has raised the stakes in the multibillion-dollar battle for India’s mobile market, hinting that it will not halt a controversial free service until it believes it is no longer being unfairly targeted by rivals.
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China tightens app store regulations: App stores will have to register in China from today, as Beijing continues its crusade against “illegal information” and tightens its grip on mobile apps in the country.
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Lex:
Atlas Copco: strong logic: Ditching the Chief Executive and breaking up the company are not usually signs that all is going well. But shareholders in Atlas Copco should cheer news on Monday that the Swedish industrial company will spin off its mining equipment division into a separately listed company.
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India mobile: here we Jio again: Jio, part of Reliance Industries, launched its 4G network last September with the promise of free calls. Since then, it has added more than 70 million subscribers faster than one could say namaste. This is bad for investors in its rivals, and reflects badly on regulators.
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Tech jobs: supersize that sector: The competitive hysteria about job creation in the U.S. means companies now have to go large to stand out. Amazon is the first to hit six figures in the Donald Trump pledge drive, last week promising to create 100,000 new full-time positions in the U.S. SoftBank in December had promised to create 50,000.
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Sunac Holdings China: charity begins at home: When a company is financially stretched, it should not make things worse by bailing out an overextended peer. At the weekend Sunac China Holdings, the Hong Kong-listed property developer, said it will pour $2.2 billion into the coffers of compatriot LeEco, maker of TVs, smartphones and entertainment content.
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Lombard:
Alliance Trust has the confidence of other people’s convictions: And now, it seems that Alliance Trust, the £3.3 billion Dundee-based investment company, has decided it favours the approach of the former MP for Kirkcaldy, a few miles down the coast. On Monday, Alliance’s board named eight new external equity managers, none from Scotland, who, under the supervision of Willis Towers Watson, will each select 20 stocks, rather than the 100 or so often held by generalist fund managers.
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The Daily Telegraph
British bosses are more upbeat about business prospects this year than almost every other major advanced economy: British bosses are more upbeat about their business prospects this year than almost every other major advanced economy, as companies “keep calm and carry on”, despite domestic and global uncertainty.
Oil price volatility ‘is the name of the game’ in 2017, says IEA: The oil market’s path to recovery will be volatile, even with a global deal to drive oversupply lower, according to the head of the International Energy Agency (IEA).
New radar system for Royal Navy guarantees hundreds of British jobs: A contract to build the radar systems that monitor the skies, land and sea around the Navy’s new aircraft carriers will support more than 200 highly skilled engineering jobs in the U.K.
BP’s Norwegian spin-off raises concerns in first outing: BP’s Norwegian spin-off has raised investor concerns over its billion-dollar spending plans and shrinking reserves in its first outing since its $6 billion (£4.98 billion) tie-up with Scandinavian explorer Det Norske last year.
Ashmore reports drop in assets as U.S. election spooks investors: The value of emerging markets fund manager Ashmore’s assets dropped $2.4 billion (£2.0 billion) at the end of last year, after the U.S. election result spooked investors.
Shop Direct toasts record Christmas as more shoppers move online via smartphones: Shop Direct, the owner of Littlewoods.com and Very.co.uk, has toasted a record Christmas as the trend for consumers shopping on mobile phones rather than in stores continued.
London Stock Exchange hits back at claims Frankfurt will seize jobs from the City after merger: The London Stock Exchange has hit back at claims that its £21 billion merger with Germany’s Deutsche Börse will result Frankfurt seizing jobs from the City.
H&M misses December sales forecasts despite bumper Christmas for most of high street: Hennes & Mauritz, the Swedish fashion giant, has missed analyst expectations for December sales after Black Friday bargain-hunters warped the typical festive trading season.
The Guardian
Top bosses question benefits of globalisation, PwC survey finds: Executives running the world’s leading companies share public scepticism about the benefits of globalisation and doubt whether breaking down barriers to trade has helped tackle climate change or inequality.
New BT service could end nuisance phone calls: Nuisance calls could largely be eradicated under a new BT service that allows phone users to block firms making the calls, which other telecom firms are expected to follow.
Samsung Boss faces arrest as South Korea corruption scandal grows: Prosecutors investigating a corruption scandal that has plunged South Korea into its biggest political crisis in decades are seeking a warrant for the arrest of the acting head of Samsung, the country’s most powerful conglomerate, on bribery charges.
Bank of England ‘keeping close eye on U.K. consumer spending’: The Bank of England is keeping a close watch on consumer spending amid signs households are dipping into their savings and amassing debts to keep spending in the face of rising inflation.
BA to operate all Heathrow long-haul services during strike: British Airways will operate all its long-haul services to and from Heathrow during a three-day cabin crew strike this week and cancel a small number of short-haul flights, the airline has announced.
Trump and Scottish golf resort profit from falling pound after Brexit vote: Donald Trump’s Ayrshire golf course is expecting its most profitable year thanks to the fall in the pound after the Brexit vote and an increase in hotel guests at the resort.
Daily Mail
Poundland to sell £1.50 vests and £7 jeans as it expands clothing range in bid to copy success of George at Asda: Poundland is expanding its clothing range in a bid to copy the success of George at Asda. The discounter is introducing clothes from Pep&Co in 50 of its larger stores in the next few months.
£40 billion merger for Ray-Ban: Sunglasses firm owner Luxottica in tie-up with French lens maker Essilor: The company behind Ray-Ban sunglasses is to merge with French lens maker Essilor in a tie-up worth £40billion. Italian group Luxottica, which also owns Oakley and Sunglasses Hut, and Essilor are expected to rake in revenues of £13billion as a combined entity.
Best sales in 20 years at Caterham as French and Japanese drivers snap up the lightweight sports cars: Caterham has toasted its best sales in 20 years after customers snapped up its Seven range. The British sports car specialist sold more than 600 of the Caterham Seven model last year – its best result since 1996.
Founder of Goals five-a-side football centres gets the boot after more than 30 years: The Founder of Goals five-a-side football centres is being given the boot after more than 30 years with the firm. Keith Rogers is stepping down from the board through ‘mutual agreement’ following a company-wide reshuffling.
Daily Express
City bosses finally accept Brexit access to single market not an option: London bankers and city bosses have finally accepted Britain is likely to leave the single market and are preparing for a ‘hard Brexit’ when the U.K. splits from the European Union (EU).
Interest rates could go up or down after Brexit, admits Bank of England Chief Carney: Interest rates could go up or down in the months ahead, Bank of England Governor Mark Carney has warned. Ballooning household debt and rising consumer credit will be a key issue for the Bank’s Monetary Policy Committee (MPC) as it decides whether or not to hike interest rates.
Brexit looking good: Job vacancies increasing despite bitter claims from fearmongers: Job vacancies are increasing despite fearmonger claims over what will happen to the economy when the U.K. leaves the European Union, according to a report.
The Scottish Herald
Aggreko wins power deals in Argentina: Scottish temporary power company Aggreko has announced the government of Argentina has extended 174 megawatts of fixed-site contracts until December 31. It added that standby contracts in Argentina, now amounting to 214MW, had now all been extended until the end of February or March.
West is heading east with £1 million Waverley investment: Petra Wetzel, the entrepreneur behind the West bar and brewery on Glasgow Green, has revealed plans to open her first outlet in Edinburgh.
Channel 4 takes stake in Govan TV producer: Broadcaster Channel 4 has acquired a minority stake in the Scottish TV company behind the Supershoppers series. Firecrest Films, the award-winning Govan-based company, was set up by Nicole Kleeman in 2008 with a focus on current affairs.
Cluff hires oil and gas veteran: Cluff Natural Resources has appointed oil and gas veteran Mark Lappin to its board. Mr Lappin, whose most recent role in a 35-year oil and gas career was with Centrica, arrives as Cluff said it was focused on attracting industry partners to fund drilling on one or more wells on its two production licences in the southern North Sea.
University has role in €30 million ‘smart farming’ project: From tracking the movement of cattle to remotely assessing milk quality, a new era of farming in Scotland is one step closer after Strathclyde University was named as a partner in a €30 million Internet of Food and Farm (IoF2020) project.
Hurricane signals hopes Lancaster field west of Shetland could be extended: Hurricane Energy has started drilling work on the Halifax Well West of Shetland, after work on the Lancaster pilot well signalled that oil may be accumulated beyond the licence boundary.
The Scotsman
Edinburgh hotel changes hands in £18 million deal: One of Edinburgh’s biggest and busiest city centre hotels has changed hands for almost £18 million as buyers are sought for two further Scottish establishments.
RBS aims to help small firms build more connections: Royal Bank of Scotland will this week kick off a new initiative aimed at boosting growth among small businesses.
Alliance Trust reveals list of new investment managers: Wealth manager Alliance Trust has revealed the eight equity managers chosen to oversee its new investment strategy.
Overseas buyers ‘dominate’ Edinburgh office market: The Edinburgh office market is dominated by overseas investors, with U.K. political uncertainty failing to deter interest, a new report out today reveals.
City A.M.
Technology and construction specialists are among London’s worst firms for recruiting apprentices: London’s technology and construction firms are the among the capital’s worst employers for recruiting apprentices, according to a new report.
City financier Edi Truell puts forward new rescue plan for Tata Steel U.K. pension scheme: A leading City financier is looking to join Tata Steel U.K.’s £15 billion British pension scheme as a trustee and has set out an ambitious plan to revamp the pensions rescue plan.
Metro Bank gets down to business, planning to increase its number of in-store managers by around a third: Business banking is booming for Metro Bank, so much so that the challenger plans to increase the number of business bankers in its branches by around a third, or 30%, in 2017.
Tube talks between RMT, TSSA and London Underground adjourn as threat of further strikes looms over capital: Negotiations aimed at averting more Tube strikes were adjourned today, leaving the threat of industrial action looming over the capital.
Hard Brexit will need longer transition for businesses, City policy Chief warns: The Square Mile will need a longer transition if Theresa May pursues a so-called Hard Brexit, City policy Chairman Mark Boleat has warned.
Welsh water bidding war heats up after activist locals attempt to block Severn Trent takeover: An investment company is still hopeful of buying a Welsh water company, with angry locals seeking to block the rival bid in an unprecedented case of shareholder activism.
U.K. tech urges Theresa May to clarify skilled immigration in hard Brexit speech: The U.K. tech industry is calling on Theresa May to consider the need for skilled migrants in her plans for Brexit, which are due to be revealed in a highly-anticipated speech on Tuesday.
Italian banking crisis: Monte dei Paschi Boss to produce new business plan by February: The Boss of Monte dei Paschi di Siena is drawing up a new business plan for the troubled lender, with the aim to get it polished off by February.
CBI Boss Carolyn Fairbairn sounds the alarm on Brexit “crash-landing”: CBI Boss Carolyn Fairbairn has issued a warning against “crash-landing” into Brexit without planning or sufficient preparation.
Wonga’s hire hopes: Lender nabs Worldpay Finance Boss as new Chief Financial Officer: Wonga has appointed Joanna Baker as its new Chief Financial Officer in the hopes that she’ll put the payday lender back into the black.
Popcorn group Propercorn snaffles up £7 million investment to help with U.K. and overseas expansion: Gourmet popcorn company Propercorn has snaffled a £7 million investment from JamJar Investments and Piper Private Equity.
Shareholder group hits outs at Sports Direct’s “disappointing” failure to conduct an independent governance review: Sports Direct is under fire for its failure to find an independent organisation to conduct a review of its corporate governance.
U.K.’s export credit agency pumps in $400 million of funding to help GE Oil & Gas secure Ghana gas contract: The U.K.’s export credit agency has agreed its first direct loan to a British exporter in Africa, pumping up an oil and gas firm’s contract to the tune of $400 million (£328 million).
