The Times
Advisers set for bumper payday after merger fails: Bankers and lawyers behind the London Stock Exchange’s failed merger with Deutsche Börse will walk away with tens of millions in fees despite bungling the handling of a deal that would have combined Europe’s two leading exchanges.
Housebuilders are accused of putting quantity over quality: Housebuilders have been accused of showing a “worrying” focus on quantity over quality after a survey showed a growing number of complaints from customers.
Workers in gig economy ‘misled by employers over job protection’: Gig economy companies such as Uber are deliberately misleading their workers in an attempt to strengthen the case against reform of employment rights, according to the head of a government review.
Banks must act on contactless fraud, MPs say: MPs are demanding that banks and regulators do more to crack down on security failings that mean contactless cardholders can be defrauded months after their cards are stolen or lost.
Get smarter about new meters, urges EDF Boss: EDF Energy has urged the government to rethink its £11 billion smart meter programme, warning that it faces “many challenges” and could end in failure.
Clegg brother chips in with Hull factory: As one brother, Nick Clegg, the arch-Remainer, took to the airwaves to wonder how much of a success Brexit will be, another, the former Lib Dem leader’s older sibling Paul announced plans to open a high-tech factory in the U.K.
Saga has an affinity for club of high-spending customers: Saga, which sells insurance and travel services for the over-fifties, is to create a special club of high-spending customers who will be offered discounts at shops, restaurants and other attractions.
BT most complained about: BT broadband customers made more complaints about service than those of any other provider at the end of last year, according to Ofcom.
Fashion Chief latest to leave Sir Philip: One of the most important members of Topshop’s board is leaving to become managing Director of The White Company. The departure of Mary Homer, 58, is likely to be regarded as a blow to Sir Philip Green after a string of departures within the Arcadia empire.
The Independent
Sanders says oil company knows more about climate change than Trump: Bernie Sanders has claimed that an oil company “understands more about climate change” than Donald Trump, after ExxonMobil urged the government not to withdraw the U.S. from the Paris climate accord.
Globalisation linked to premature deaths of more than 750,000 people: Globalisation has become, in the eyes of some, the epitome of everything that’s wrong with the world – allowing multinational corporations to drive down wages, run roughshod over workers’ rights and even challenge democracy itself.
London terror attack a ‘wake-up call’ for tech firms says police Chief: The London terrorist attack was a “wake up call” for technology companies, the head of the Metropolitan Police said on Wednesday.
Capitalism will always create an unfair world, physicist ‘proves’: Capitalism is inherently unfair and will produce a world full of ‘sad’ and disgusting inequalities, but Communism is also “doomed to fail”, a leading scientist claims to have proved using the laws of physics.
World’s largest beer maker commits to 100% green energy by 2025: Anheuser-Busch InBev, the world’s biggest beer maker, plans to get all of its electricity from renewable sources by 2025.
Consumer borrowing holds up in February: U.K. consumer borrowing is still holding up, according to the latest data from the Bank of England.
Ryanair warns that U.K. flights to Europe could be grounded after Brexit: Low-cost airline Ryanair has issued yet another grave warning on the possible effects of Brexit on the travel industry, saying that if the U.K. doesn’t come up with a coherent post-split plan, flights to the rest of Europe could be grounded.
German foreign Minister Sigmar Gabriel tells U.K. ‘let’s stay friends’ despite EU divorce: German Foreign Minister Sigmar Gabriel said the EU and the U.K. need each other and should maintain friendly relations, though it’s “hard to understand” why Britons should think they’re better off alone.
Financial Times
ConocoPhillips sells oil sands assets for $13.3 billion: ConocoPhillips of the U.S. has become the third company this month to announce a large sale of assets in the oil sands of western Canada, agreeing a $13.3 billion deal with Calgary-based Cenovus Energy for heavy crude and gas operations.
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Westinghouse faces tough negotiation over troubled U.S. projects: Underlying Toshiba’s decision to seek Chapter 11 bankruptcy protection for Westinghouse, its U.S. nuclear engineering division, is the idea that a line can be drawn under the financial damage that can be done to the parent company.
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Toshiba-led U.K. nuclear project shrouded in uncertainty: Toshiba’s decision to place its Westinghouse nuclear unit into bankruptcy protection has deepened the uncertainty hanging over a proposed new power station in north-west England which forms an important pillar of U.K. energy policy.
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China Energy to buy 20% stake in Cowen Group: China Energy Company is to buy almost 20% of U.S. financial services company Cowen Group for $100 million and provide a loan for $175 million in what the two groups called a “long-term strategic investment”.
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Syngenta and ChemChina deal to complete by summer, says Chief: Syngenta Chief Executive Erik Fyrwald is confident the $43 billion sale of the Swiss seed and chemical company to ChemChina will be completed by the summer, as he looks to “aggressively grow” the company in China.
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Fosun rejigs management and vows to continue overseas push: China’s Fosun International has reshuffled its top management and affirmed its intention to continue investing in Europe and the U.S.
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Lex:
BuzzFeed: four reasons it won’t go public: The site missed revenue targets in 2015 and halved its projections for 2016 from $500 million to $250 million, the Financial Times reported a year ago. Even in an indulgent environment for initial public offerings, the top line trajectory has to be solid, especially if there are little or no profits.
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Brexit: Empire state of denial: Theresa May, U.K. prime Minister, hopes for a “bold and ambitious” new trade plan that involves leaving the EU customs union but somehow retaining frictionless trade. What happens if she fails and default World Trade Organisation rules apply instead? Think-tank Civitas foresees £5.2 billion in tariff costs. The Institute for Fiscal Studies says trade could fall 17-29%.
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Neinor: reigns in Spain: On Wednesday, shares in Neinor Homes began trading on the Madrid bourse, rising up to 8%, after an oversubscribed initial public offering. Lone Star, the private equity group, is the selling shareholder. It was among the brave few who picked through the rubble of Spain’s housing market in the aftermath of the crash. It bought Neinor — then a collection of property assets assembled from various lenders — from Kutxabank in 2014.
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Lombard:
Merger veto leaves LSE free to move in its own clear direction: For a demographic, so in favour of the free movement of people, and capital, the French and German individuals running the London Stock Exchange and Deutsche Börse have seemed increasingly divided over their merger. So, when — with arch timing — Brussels vetoed the deal just hours before Britain triggered Article 50 to leave the EU, it was hardly surprising that neither Xavier Rolet nor Carsten Kengeter was singing Ode to Joy — or even from the same hymn sheet.
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Foresight Saga: For a demographic so opposed to the free movement of people, let alone capital, Britain’s over-50s get about a bit. In last year’s EU referendum, some 56% of this age group voted for Brexit, according YouGov, and that majority rose to 61% among over 65s. But Saga, the insurance and travel group catering specifically for them, reports an 8% increase in bookings for the continent. This may seem surprising, until you discover the fastest growing type of holiday. Despite marketing photos of kayaking pensioners, customer numbers are up 15% for cruises — i.e. going somewhere foreign without having to go there.
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The Daily Telegraph
Heathrow backers plough £650 million into airport as PM triggers Article 50: Heathrow’s overseas backers have flown in the face of any fears surrounding Britain’s triggering of its two-year divorce from the EU by pledging £650 million in investments for major projects.
HS2 bidder drops out of £170 million design deal over cronyism allegations: A controversial design contract for the £55 billion High Speed 2 rail project has been abandoned by the U.S. engineer which won the work following cronyism allegations.
Car makers warn Brexit is ‘biggest threat in a generation’ to U.K. car industry: Britain’s flourishing car makers have warned that the U.K.’s departure from the European Union poses the “biggest threat in a generation” to the £72 billion-a-year industry.
David Lloyd swings back into action with activity centres for all the family: Leisure entrepreneur David Lloyd is set to stage a comeback in the industry with the launch of a series of multi-activity centres.
Howard Shore steps down after three decades in charge: Howard Shore, the man who set up City Stockbroker Shore Capital at the age of 24, has stepped down as the group’s Chief Executive after over three decades in charge.
Top Johnston Press shareholder seeks debt-for-equity swap with hedge funds as losses hit £300 million: The dominant shareholder in Johnston Press has opened talks with the struggling newspaper publisher’s lenders about a debt-for-equity swap in a bid to stave off a potential financial crunch.
The Questor Column:
Captive customers and big returns on capital make Craneware worth buying: The stock market is full of businesses that have carved out unexpected and profitable niches and this week’s tip, Craneware, is a perfect example: based in Scotland and listed on Aim, it focuses exclusively on selling software to American hospitals that helps them monitor and control their costs. One benefit of this business model is that once a hospital has signed up it is very likely to stay. Ms. Banyard, who joined Sanford DeLand last year after a long career at Schroders, said Craneware had a very strong balance sheet and made excellent returns on capital: net assets at June last year were $52.8 million but cash accounted for about $48 million of this, leaving operating assets of about $4 million, which generated $15 million in pre-tax profits. Another reassuring point is that Keith Neilson, the firm’s 47-year-old Chief Executive, owns 13% of the shares. Craneware is also the largest holding in the well regarded Liontrust U.K. Smaller Companies fund. Questor says ‘Buy’.
Update: Gamma Communications: The Liontrust U.K. Smaller Companies fund also holds Gamma Communications, which was tipped by Questor in November and announced full-year results last week. Victoria Stevens, who co-manages the Liontrust fund alongside Anthony Cross, Julian Fosh and Matt Tonge, said: “By focusing on newer, internet-enabled technologies as well as providing a high level of service to its customers, Gamma continues to deliver double-digit organic growth. “With strengthening margins, robust cashflows and a history of repeatedly under-promising and over-delivering on market forecasts, we believe Gamma remains a compelling long-term holding in the fund.” Questor says ‘Buy’.
The Guardian
Lloyd’s of London will move jobs to new Brussels office: Lloyd’s of London will announce on Thursday that it has picked Brussels as the base for its new EU subsidiary to secure a European foothold after the U.K.’s departure from the EU.
U.K. businesses welcome May’s free trade call but warn of no-deal Brexit disaster: British businesses have cautiously welcomed the prime Minister’s pledge to work for a “bold and ambitious free trade agreement” with the EU as part of the Brexit negotiations, but reiterated warnings that it would be disastrous for the U.K. to leave without a deal.
London Stock Exchange and Deutsche Börse merger blocked by EU: The £21 billion merger between the London Stock Exchange and its German rival Deutsche Börse has fallen apart after it was blocked by the European commission on the day that Britain served notice on its EU membership.
Price of imported fruit and vegetables ‘will rise by up to 8% after Brexit’: Fruit and vegetables, flowers and olive oil will all become more expensive once the U.K. leaves the EU, no matter what trade deal is struck, City analysts have calculated.
Mortgage approvals fall as U.K. consumers rely on credit to keep spending: Mortgage approvals fell for the first time in six months in February and consumers became more reliant on their credit cards to keep spending, according to the Bank of England.
Pep&Co clothing range to be in 100 Poundland stores by year’s end: Poundland is to put value fashion into more than 100 stores by the end of the year as it tries to step into the gap on the high street once filled by Woolworths.
Daily Mail
Hospital group’s shares rise 23% after £75 million bid – cash offer for healthcare provider Circle Holdings sends stock soaring: A cash offer for healthcare provider Circle Holdings sent shares soaring. The deal is being financed by the notorious activist investor group Toscafund, which already holds a 28% stake in the business.
Luxury fashion retailer founded by a husband and wife in a small Wimbledon boutique reaches sales of £204 million: A luxury fashion retailer founded by a husband and wife in a small Wimbledon boutique has reached sales of £204 million. Matches Fashion, set up 30 years ago by Ruth and Tom Chapman, has grown into a global brand reaching 170 countries. It has five boutiques across London, and a townhouse in Marylebone where VIP clients can spend in private.
Bovis Homes reveals former Boss was paid more than £1 million last year – as it was labelled worst housebuilder in Britain: Disgraced developer Bovis Homes last night revealed its former Boss was paid more than £1 million last year – as it was labelled the worst housebuilder in Britain in a major industry report.
Flagging retailer Game Digital receives welcome boost from launch of long-awaited Nintendo Switch console: Flagging retailer Game Digital has received a welcome boost from the launch of the long-awaited Nintendo Switch console, with U.K. sales up 7% since the end of January.
Indian billionaire Anil Agarwal has no plans to push for seat on Anglo American board despite plans to buy £2 billion stake: Indian billionaire Anil Agarwal says he has no plans to push for a seat on Anglo American’s board despite plans to buy a £2 billion stake.
Daily Express
London Stock Exchange confident going it alone: The London Stock Exchange insisted its future as a standalone business is bright despite seeing its plans to create a European champion through a £21billion merger with Deutsche Boerse killed off by EU regulators.
Beauty experts Flint+Flint to transform skincare with concept clinics and franchising: Skincare experts Adam and Maxine Flint are plotting a beauty revolution to rejuvenate Britain’s high streets.
Businesses call on Theresa May to stay in single market as Article 50 triggered: Big businesses have issued warnings about leaving the single market as they try to convince Theresa May not to go for a hard Brexit after Article 50 was officially triggered.
European regulators kill off London Stock Exchange’s £21 billion merger with Deutsche Borse: European regulators have killed off the London Stock Exchange Group’s £21 billion merger with Deutsche Borse, saying the deal would have forged a “de facto monopoly”.
Shocking graph reveals FTSE 100 surges after Theresa May triggers Article 50 on Brexit day: This sensational graph reveals how the FTSE 100 soared on the morning that Theresa May triggered Article 50, officially starting the Brexit process.
The Scottish Herald
Brexit forces Pernod Ricard to increase price of drinks: The parent company of Scotch whisky giant Chivas Brothers is raising the price of its spirits to protect profit margins against the fall in the value of sterling since the Brexit vote.
Standard Life sells Asian arm to own JV in China: Insurance giant Standard Life is consolidating its business interests in Greater China by selling its Hong Kong arm to a PRC joint venture it has a 50% stake in.
Wemyss poised to make gin in Scotland for the first time: Wemyss Malts has revealed it is building a gin distillery in the East Neuk of Fife, paving the way for its Darnley’s gin to be made in Scotland for the first time.
Hair and beauty bonanza as men and women spend on treatments: The hair and beauty industry in Scotland is looking sharp for the year ahead with 40% of businesses in the sector reporting an increase in revenue in 2016, but confidence is lower than in the rest of the U.K.
Travelodge in plans to open 21 new hotels in Scotland: Budget hotel chain Travelodge has outlined plans to open 21 further venues in Scotland as part of a wider strategy that will double the number of hotels it operates in Glasgow to ten.
European market opens for diagnostic business: Omega Diagnostics has passed a “milestone”, having gained accreditation to sell its Malaria detection products through business to business channels in the European Economic Area.
56% increase in total pay for Petrofac Chief Executive: Petrofac Chief Executive Ayman Asfari saw the total value of his pay package increase by around 56% in dollar terms last year. The oil and gas engineering giant’s annual report shows Mr Asfari’s total remuneration increased to $1.82 million in 2016 from $1.16 million the preceding year.
Rope maker Montrose creates new firm to make the leap into consumer goods market: A North-east family business renowned for making ropes and hand-sewn sails and high-spec kit bags for the fishing and offshore oil and gas sectors has diversified into a new area.
The Scotsman
Wales, not Scotland, in main Brexit firing line: First Minister Nicola Sturgeon has claimed that the Brexit vote is a game-changer as far as a second Scottish indyref is concerned, changing a once-in-a-generation event to perhaps twice in under five years.
Nicola Sturgeon hails 300 jobs boost for Glasgow: More than 300 jobs are to be created over the next five years by a global professional services firm that is expanding its European operations in Scotland.
Flybe warns of profit hit from IT systems upgrade: Regional airline Flybe said plans to overhaul its IT systems will hit profits as it grapples with slowing demand and a spate of cancelled flights.
Hotels group Jurys Inn lifted by Edinburgh demand: Hotel operator Jurys Inn reported an 8.5% increase in bookings in Edinburgh as it welcomed a record five million visitors to its establishments across the U.K. during 2016.
Deal making in rude health despite fears over economy: Corporate deal activity in Scotland remains buoyant but the setting of a date for a second independence referendum is likely to lead to a lull, according to a new report published.
City A.M.
Aim-listed Alliance Pharma doubles sales after acquiring arch rival Sinclair’s healthcare products: Aim-listed Alliance Pharma has boosted its sales following its takeover of rival Sinclair’s healthcare products.
Ford warns no Brexit deal will put the competitiveness of the car industry at risk and stresses importance of tariff-free trade: The competitiveness of the U.K.’s car industry is at stake if Britain doesn’t secure a deal that provides tariff-free trade with the customs union, Ford’s Europe Boss warned.
Yoga retailer Lululemon sees shares slump 17% after noting a “slow start” to the year: Lululemon’s shares slumped nearly 18% in after-hours trading, as it provided a soft forecast for the current three-month period.
Brent crude and West Texas Intermediate oil prices are rising as an extension of Opec’s cuts looks promising: Crude prices are rallying due to lower than expected U.S. inventory growth, declining supplies from Libya and hopes the Organisation of the Petroleum Exporting Countries (Opec) will extend output cuts.
Argos caught out by advertising watchdog: Argos has come under criticism from the Advertising Standards Authority for failing to make sure enough customers could access its PS4 deals.
Heineken’s Star pubs will stock more craft beers thanks to the Society of Independent Brewers: In a bid to raise confidence that Heineken will keep the local spirit alive in its pubs, the drinks giant has announced its Star Pubs & Bars will now offer a wider choice of local cask ales.
Telford Homes secures £53.7 million build to rent deal in Stratford: Telford Homes has signed its fourth build to rent deal, announcing that it has exchanged contracts on 112 homes in its New Garden Quarter, Stratford, for £53.7 million.
