The Times
Britain on the brink of blackouts for four winters: The former Boss of one of Britain’s biggest energy suppliers has warned that the safety buffer separating Britain from power cuts will be uncomfortably slim for up to four years.
Monitor has concerns about ‘crime’ at HSBC: The failure of HSBC to clean up its act after an anti-money-laundering deal with America’s justice department has raised the possibility that U.S. authorities may continue to monitor Britain’s biggest bank.
Camra fears it’s drinking in the last-chance saloon: The Campaign for Real Ale is threatening to call last orders on itself with the launch of a consultation of its loyal band of 177,000 members.
Inquiry into oilfield sale hits home for Shell: The Dutch headquarters of Royal Dutch Shell have been raided as part of a corruption investigation into its acquisition of a vast oilfield in Nigeria.
Industrial data add to tsunami of bad news for Abenomics: Japan’s factories have suffered their biggest slump in output since the devastating earthquake and tsunami of 2011, adding to growing scepticism about the government’s Abenomics programme and to anxiety that the economy is again teetering on the edge of recession.
Private sector is on a roll as Americans snap up new jobs: America is continuing to add jobs at a robust pace, with private sector employers creating 200,000 new positions last month.
Sharper picture clears way for Foxconn’s $3.5 billion deal: The Taiwanese company that assembles the iPhone has agreed to buy Sharp, the former consumer electronics powerhouse, for $3.5 billion after substantially lowering its offer.
Clouds over Boeing as it sheds jobs: Boeing is to cut more than 4,500 jobs in its dogfight with Airbus to maintain market share.
The Independent
Tata Steel: David Cameron urged to intervene amid threat of 40,000 job losses in British steel industry: David Cameron was under mounting pressure to intervene in the crisis threatening the future of the steel industry amid warnings that 40,000 jobs could be lost if Tata pulls the plug on its British operations.
Aldi biscuits made in ‘dirty’ factories recalled by manufacturer Baketime because of ‘pest contamination’: Aldi biscuits including cheese thins, ginger nuts and Oddbites are being recalled by the manufacturer after they were found to have been made in dirty factories.
Financial Times
Tata writes down value of U.K. steel operations to ‘almost zero’: Tata said the value of its steel operations in the U.K., which formed the bulk of a £6.2 billion deal in 2007, is now “almost zero” as British politicians scrambled to find a buyer for its mills and save 15,000 jobs.
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China looks to export surplus energy to Germany: China’s proposed investments in long-distance, ultra-high voltage (UHV) power transmission lines will pave the way for power exports as far as Germany, the head of the national power grid said on Tuesday as he launched an initiative for cross-border power connections.
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Citadel Securities in push to bolster electronic trading: Citadel Securities, the market making arm of the hedge fund, has hired a senior banker to bolster its bid to use electronic trading to break open traditionally dealer-dominated markets.
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Indonesia threatens to ban ride-hailing apps: Jakarta has threatened to ban ride-hailing apps including Uber and GrabTaxi unless the companies register their businesses in Indonesia by the end of May.
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Fidelity Investments cuts valuations on numerous start-ups: Fidelity Investments has cut the valuations on many of the start-ups in which it owns shares, underscoring the adjustment under way in Silicon Valley as investors become more sceptical of unprofitable start-ups.
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Lex:
Metro: make friends, split up: Metro, the German retail conglomerate, on Wednesday revealed plans to split in two. The cash and carry business and the hypermarkets — accounting for two-thirds of profits — will be spun off to existing shareholders, leaving Metro as a holding company for the consumer electronics division, Media-Saturn.
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U.S. television: Trump card: Donald Trump’s vision for the U.S. may be grotesque for many but its citizens cannot get enough of the gory details. First-quarter ratings data released by Nielsen on Tuesday showed spectacular increases for cable television news. Fox News became the most watched cable network, passing the mighty ESPN.
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Swedbank: on autopilot: Losing one Boss may be regarded as unfortunate. To lose your entire “C-suite” in less than two months looks worse than careless. But shareholders in Swedbank appear unconcerned. Its shares have outperformed rivals since the Chief Executive and finance Director were ousted in the wake of a property-related scandal.
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Lombard:
Tories should learn lessons from Labour over steel aid pleas: Tata is pulling out of U.K. steel making. This has triggered reflexive union demands for state support for this failing industry. The government should study how New Labour dealt with pleas like these. It is instructive.
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Do the deal, Premier: McCormick makes exceedingly good takeover offers. The U.S. group has upped its approach for Premier Foods, Owner of Mr Kipling, the “exceedingly good” cake maker, to 65p a share in cash. That represents an 86% premium to the simple three-month average before bid interest surfaced. It has brought Premier’s board to the negotiating table.
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The Daily Telegraph
Tata’s U.K. steel plants worth ‘almost zero’ as bidders weigh up rescue deals: The race to save Tata Steel’s British operations could leave the Government temporarily owning the troubled firm’s factories, Ministers suggested as potential bidders start to weigh up their chances of rescuing the ailing industry.
Third Heathrow runway risks legal challenge over noise, rival claims: The backers of an independent proposal to lengthen one of Heathrow’s existing runways have become the latest group to warn that the Government risks a legal challenge if it backs rival plans to build a third landing strip.
Government backs Ofcom for ‘radical’ BT Openreach reform: The Government has backed watchdogs to take “radical” action to reform the broadband industry and curb the power of BT’s network division, Openreach, raising hopes fundamental changes will be imposed.
Taxi alliance abandons legal challenge to Uber’s London licence: An alliance of taxi drivers has abandoned a bid to have Uber’s licence in London declared illegal, in a blow for the black cab industry’s attempts to stamp out the ride-hailing app.
Average house price could be much lower than currently believed, say statisticians: The average price of buying a house in the U.K. might be much lower than is currently believed, according to the nation’s statisticians.
Consumer confidence at zero as Brexit fears ‘hit home’: Concerns about Britain’s referendum on EU membership dampened consumer confidence in March as Brexit fears “hit home”, according to a survey.
EU bonus caps do not threaten financial stability, says watchdog: The clash between Britain and Brussels over EU bank bonus caps intensified on Wednesday after the bloc’s banking watchdog claimed they did not pose a risk to financial stability.
PPI complaints rise 6% as consumers continue to win compensation: Complaints about Payment Protection Insurance (PPI) rose 6% in the second half of last year compared to the first six months, and accounted for almost half of all complaints about banks, suggesting the product continues to confuse and frustrate customers.
The Questor Column:
Segro: Segro, the warehouse and logistics property development company, has spent the last few years changing its business direction. From its beginnings in 1920 as the Slough Trading Company, when a syndicate of businessmen acquired a 243 hectare site on the Bath Road at Slough to develop an industrial estate, Segro has grown to a multi-million-pound business operating across Europe. Segro’s share price has been on a generally upwards trajectory for some time, and it is currently way above its five-year average price of 321.59p, although falling short of the 466.7p high reached last August. The rise in popularity of internet retailing continues to provide huge amounts of business for developers of warehousing and logistics properties. Segro has an estimated pipeline across 768.5 hectares worth around £592 million, and since the beginning of 2012 has invested around £1.7 billion in the acquisition or development of new assets. Segro is likely to be boosted by government plans to speed up the planning process and reduce the number of stages for planning permission, meaning it can develop buildings more quickly and easily. Although yields for industrial space remain below the last cycle, increasing demand and a good landbank mean Segro is well placed to make decent returns. Segro at 411.9p +5.6p. Questor says “Buy.”
Tritax Big Box: Although smaller than Segro in terms of market capitalisation, Tritax Big Box REIT is considered a leader in logistics property. Its £1.3 billion portfolio comprises modern distribution space built since 2000, all of which is fully rented to high quality tenants. It is also in a good position to expand its portfolio, having completed a £200 million equity raise in February which was highly oversubscribed, showing investor appetite in this sector. It too is likely to benefit from rent rises, as demand increases too quickly for supply to keep pace. In 2015 Tritax’s shares delivered a total return of 19.4%, almost twice that of the U.K. REIT Index which stands at 10.5%. The company seems to be going from strength to strength. Tritax Big Box at 134½p -0.3p. Questor says “Buy.”
The Guardian
Government’s plan for secure power generation ‘unfit for purpose’: report: A £2.8 billion government scheme funded by energy bill payers which aims to keep the lights on in Britain has been condemned as wasteful, expensive and “unfit for purpose” in a damning report.
Number of City bankers earning above €1 million rises to nearly 3,000: The number of City financiers who took home more than €1 million (£800,000) per year jumped to nearly 3,000 in 2014, with one earning up to €25 million.
Vodafone heads list of mobile provider complaints: Vodafone has become the most complained-about mobile phone provider after the introduction of a new billing system sent customer grievances soaring.
Property prices skyrocket in towns near London: The commuter towns of Slough, Luton and Reading are Britain’s latest property hotspots, with annual price growth running at up to 19%, according to new official data.
Daily Mail
Fresh fears for Hinkley Point power station plan as EDF board member reveals he will vote against the project: Plans to build a new nuclear power station to solve Britain’s growing energy crisis have plunged into further disarray.
Lord Ashcroft set for £11 million payday after sports agency TLA Worldwide agrees takeover: Controversial peer Lord Ashcroft is set to get an £11 million payout after a sports agency he backs agreed to a takeover.
Scalextric to toy train maker Hornby thrown lifeline by lender Barclays as ever-growing losses put it on brink of loan terms’ breach: Scalextric to toy train maker Hornby has been given a reprieve by a lender after ever-growing losses put it on the brink of breaching its loan terms, with current trading showing a slight improvement.
Daily Express
House price surge: Boom as landlords rush to beat stamp duty deadline: Property prices have jumped again amid dwindling supply as landlords rushed to beat April’s stamp duty increase, official figures have revealed.
The worst ISA season ever: More misery for savers as pitiful rates offered: Savers are facing the worst ISA season on record in yet another blow for retirees and investors desperately trying to generate a risk-free income. Rates on tax-free saving products have hit the lowest level ever as providers slash returns – some as low as 0.1%.
Investing in property over pensions could leave you penniless, warns Bank of England Boss: Savers who are relying on property to fund their retirement could end up as broke pensioners, a top Bank of England Boss has warned.
The Scottish Herald
Retailers warn business rates supplement could fill shortfall in devolved tax revenue: The retail industry has voiced fears that large companies could be leaned on to shore up any future holes in the Scottish Government’s tax revenues ahead of a rise in business rates in Scotland.
Bumper pay day for Devro Boss after Scottish restructuring: Sausage skin maker Devro has increased Chief Executive Peter Page’s remuneration by more than 50% after profits rose on the back of cost-cutting measures that led to the loss of 130 Scottish jobs.
Scottish dementia app start-up secures NHS as first paying customer: A Scottish start-up that has developed an app to help people with dementia has secured the NHS as its first paying customer.
Farmiloe ups stake in IndigoVision: Investor Richard Farmiloe has increased his holding in video security system company IndigoVision. Mr Farmiloe, a partner at wealth management firm Sorbus Capital, acquired 89,000 shares, taking his private holding to 300,000 shares, giving him a 3.9% share of voting rights.
New Owners for Aberdeen payroll specialist: An Aberdeen-based payroll specialist has been acquired and rebranded by a group of human resources professionals.
Innis & Gunn opens The Beer Kitchen in Dundee with spreadable beer: Innis & Gunn, the Edinburgh-based craft brewer, has created the ‘world’s first beer marmalade’ to mark the opening a new bar-come-restaurant in Dundee.
Scottish construction costs could soar with closure of Longannet power station: The closure of Longannet power station in Fife could lead to a sharp rise in the cost of redeveloping brownfield sites in Scotland, construction experts are warning.
The Scotsman
Flotation fundraising slows in early 2016 but IPO interest rises: The U.K. flotations market has had a “subdued” start to 2016, with the £1.6 billion of fresh funds raised nearly 60% down on the previous three months – but amid rising Scottish interest in public listings.
Heritage Portfolio eyes English expansion with two new contracts: Heritage Portfolio, the Scottish hospitality arm of U.S. food services conglomerate Centerplate, is expanding into England with contracts for two high-profile visitor attractions.
Bumper Scottish orders for new Aston Martin: Aston Martin’s sleek new DB11 has broken pre-order records at Scotland’s only dedicated dealership.
Plunging oil prices takes massive toll on Aberdeen hotels: Plunging oil prices reaped a massive toll on Aberdeen’s hotels in 2015, dragging down average performance measures for the Scottish industry as a whole.
Office deal provides boost for Glasgow property market: AN accountancy body is to move its operations in Glasgow, providing the city with one of its biggest property deals in years.
City A.M.
Allianz looking to sell its €4.5 billion Italian life insurance portfolio due to interest rate pressures: Insurance major Allianz is looking to sell its €4.5 billion (£3.5 billion) asset portfolio for life insurance in Italy.
MetLife’s share price jumps as it’s found to be too small to count as too big to fail: Shares in U.S. insurance giant MetLife surged after a judge overturned the government’s decision that the company is a systemically important financial institution (SIFI).
BlackRock reportedly planning to cut 400 jobs within weeks: BlackRock is planning to cut 400 jobs within weeks in the firm’s biggest layoff to date, a source close to the company has confirmed.
Byron avoids a grilling, serves up healthy profits for its “proper hamburgers” in 2015: Still pursuing its goal to turn the U.K. into a nation of “proper hamburger” lovers, Byron saw healthy growth in sales and expanded into eight new venues (mostly outside of London) in 2015.
William Hill ads banned by Advertising Standards Authority for being “misleading” and “unclear”: The Advertising Standards Agency (ASA) has banned William Hill from repeating two “misleading” and “unclear” promotions it ran in December.
Government says nationalisation of Port Talbot “not the solution”: The business secretary has said the government will “look at all viable options” to save Port Talbot’s steel industry, but nationalisation is “not the solution”.
Independent Oil and Gas share price rises after company announces £13.6 million of financing to fund acquisitions spending spree: Independent Oil and Gas (IOG) shares rose sharply after the company announced it had secured £13.6 million for an acquisition spending spree.
Bitcoin undervalued by $200 according to new report from Needham & Company: The leading cryptocurrency bitcoin has been undervalued by around $200, according to a new report by investment bank and asset managing firm Needham & Company.
