The Times
North Sea oilfields ‘face closure without tax cuts’: Key North Sea oilfields could be abandoned and lost forever if George Osborne does not cut the taxation of U.K. oil producers in the forthcoming budget, the Chief Executive of Centrica has warned.
Bogof? Tesco drops offers to keep it simple for shoppers: Tesco is cutting back its promotions in an attempt to win back shoppers with simpler pricing.
John Lewis seeks new riches in Dubai: John Lewis is to sell its wares in the Middle East as the department store’s ambitions to expand across the globe grow.
Collapsed bond trader ditched by French bank: One of France’s largest banks dumped the trading firm whose collapse cost some of the world’s leading investment banks nearly £100 million months before the business went bust.
Board of EDF delays vote to proceed with Hinkley Point nuclear facility: The board of EDF remains deeply split over whether to proceed with the nuclear plant at Hinkley Point in Somerset, with nearly half its members expected to vote against the giant project, according to French nuclear experts.
Ministers set to strip councils of the power to ban fracking: Councils will be stripped of the ability to reject applications to frack shale gas under a government plan.
China demand for London property grows after market jitters: Chinese investors are poised to start pumping record amounts into the U.K. property sector after a summer lull that saw them turn cautious.
The Independent
More woe for George Osborne as MPs attack ‘useless’ productivity plan: George Osborne has come under yet more fire after his plans for improving the U.K.’s lagging productivity were attacked by MPs in a damning report.
Syrian children found working for U.K. clothing suppliers including Next and H&M: Two of Britain’s high street giants have found Syrian refugee children working in their clothing factories in Turkey, leading to calls for other retailers to investigate their own supply chains.
Government and green energy in court showdown over solar subsidies: The Government will clash with green energy companies at the Court of Appeal about claims it acted unlawfully over the sudden, “cynical” ending of solar subsidies in 2014.
U.S. and Europe race to agree data-sharing deal: European and U.S. negotiators are scrambling to meet today’s deadline to reach a new data-sharing agreement that could save business millions in extra fees for privacy protection.
Financial Times
Tidal Lagoon eyes expansion as political will ebbs: The company building the U.K.’s first tidal lagoon project in Swansea has secured investment for further projects in the country through a stake sale to the commodity group Liberty House.
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Global steel industry expected to return to growth: The global steel industry is expected to edge back into growth this year in spite of waning Chinese demand, at a time when low prices for the metal are casting a shadow over producers.
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London develops as global healthcare hub: A wave of private healthcare openings in London is underscoring the capital’s growing attraction as a global hub for medical treatment and specialist cancer expertise.
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Nigeria asks for $3.5 billion emergency loans: Nigeria has asked the World Bank and African Development Bank for $3.5 billion in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices.
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Alstom’s new Chief has eye on deals: The new Chief Executive of French trainmaker Alstom says the sector in Europe is ripe for consolidation and it would “make sense” for his company to look at transformational deals.
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The Daily Telegraph
Hitachi to remain in U.K. regardless of Brexit vote: Boss of Japanese industrial giant describes Britain as an “open” country and says Hitachi will continue to do business in U.K. regardless of whether it is a member of the European Union.
McDonald’s reaps the benefit of all day breakfasts and table service: American fast food institution, revived by Watford supporting British Chief Executive, posts best results in four years.
Sky backs £10.25 billion Three-O2 merger as EU prepares objections: Sky has backed Hutchison’s £10.25 billion bid to merge three with rival mobile operator O2 as Brussels competition watchdogs prepare to lay out their problems with the takeover.
Flash Crash trader to fight extradition this week: The Hounslow man accused of making spoof trades that helped destabilise the financial markets during the Flash Crash in 2010 will appear in court this week to fight extradition to the United States.
QuickQuid lender wins watchdog’s stamp of approval: The company behind QuickQuid and Pounds to Pocket has become one of the first short-term loan providers to win a full licence to lend to British consumers, nearly two years after applying for permission.
The Questor Column:
Are mining shares the steal of the century?: Shares in mining companies are at their lowest levels for almost 12-years. Bargain hunters are right to be attracted to what looks like the opportunity of a lifetime, but industry experts are issuing a stark warning to those thinking of diving back in. The amount of value destruction has been staggering. The FTSE 350 Mining Index peaked at more than 28,000 following the 2008 financial crisis, and it has fallen more than 76% to end last week hovering around 6,800. The shares are also offering a mouth-watering prospective dividend yield of 7.1%. On the face of it, this is exactly what Warren Buffet was talking about when he said: “Be fearful when others are greedy and greedy when others are fearful”. Investec have developed a handy “Mining Clock” which clearly illustrates how we are still in the wee small hours of the commodity downturn. Until there is a clear idea of the value in the underlying assets on the balance sheet, investors could be walking into a value trap. Fears about how the miners will repay much of that debt are sending shockwaves through the mining industry. An old rule of thumb is that when CDS spread goes above 400bps, the company is in big trouble, with a one-in-four chance of default within five years. The process has already begun with Glencore cutting its dividend and pushing through a $2.5 billion share placing to shore up the balance sheet last year. Anglo American has also taken the axe to dividends. The process of writing down assets its steadily feeding through, and it looks like death by a thousand cuts for an industry on its knees. Like all investment cycles there will be a time when mining shares are worth tucking away for the long-term. Mining Sector Questor says “Avoid”.
The Guardian
China manufacturing sector shrinks at fastest rate for more than three years: Activity in China’s manufacturing sector contracted at its fastest pace in almost three-and-a-half years in January, missing market expectations, an official survey showed on Monday.
Google tax deal ‘not a glorious moment’, says Minister: A senior government Minister has admitted the tax settlement between Google and the U.K. government “was not a glorious moment”.
Industry Chiefs weigh up Network Rail privatisation, new minutes show: Labour has warned against returning to the “dark days of Railtrack” as it emerged that senior rail industry leaders have been exploring the breakup and privatisation of Network Rail.
U.K.’s productivity plan is ‘vague collection of existing policies’: A committee of MPs has attacked the government’s productivity plan for lacking clear goals and original ideas on how the U.K. can catch up with other advanced economies.
Barclays and Credit Suisse to pay biggest ever fines for dark pool trading: Barclays and Credit Suisse are paying more than $150 million (£105 million) to settle charges that they misled investors who used their dark pool trading platforms, according to reports.
Daily Mail
Drinks giant Diageo to open its latest private club for whisky connoisseurs in France: Diageo is to open its latest private club for whisky connoisseurs in France.
Daily Express
BT’s results in spotlight after EE deal completed: The City will want to hear more of BT’s plans now that it has completed its £12.5 billion merger with telecoms rival EE when it reports third-quarter results.
The Scottish Herald
McKechnie Jess eyes expansion in Greenock after winning Tesco supply deal: Greenock food manufacturer McKechnie Jess is eyeing expansion after winning a contract to supply a new range of Indian foods to Tesco that could be worth around £500,000 a year.
Intern placement pioneer crosses the Border: Adopt an Intern, Scotland’s unique service for businesses and graduates, plans to double its paid internships to 500 this year with a push into England.
Time is running out for Scottish offshore wind farms, developer warns: Hundreds of millions of pounds of investment poured into the development of three proposed Scottish offshore wind farms over the last decade is at risk because of continuing delays in securing vital government subsidies.
The Scotsman
Border Biscuits sinks teeth into £4.3 million investment: The food firm behind the nation’s best-selling chocolate-coated ginger biscuit is investing £4.3 million over the next year as it increases production capacity, writes Scott Reid.
Scottish commercial property investment market runs out of steam: Scotland was left in the slow lane last year when it comes to investment in commercial property, suffering a double-digit drop compared with a rise across the U.K., new research out reveals.
Trio to collaborate on pipeline technology: A tie-up between the University of Strathclyde, the Oil & Gas Innovation Centre (OGIC) and U.S. company Blueshift has helped accelerate the development of a new product that aims to reduce the cost of pipeline installation.
European IPO activity set for subdued 2016: The proceeds from European stock market flotations hit new highs in 2015, but choppy conditions are likely to hinder activity in the first half of this year, a report out indicates.
City A.M.
Greek bailout talks to continue amid clashes over pension reforms: Greece is set to review its bailout progress on Monday, with pension reforms high on the agenda. The talks – which were initially scheduled to take place in December – are likely to last at least a couple of weeks.
JP Morgan trials Bitcoin technology blockchain with former Executive Blythe Masters: JP Morgan has become the latest firm to invest in Bitcoin technology blockchain, through a collaboration with start-up Digital Asset Holdings (DAH).
Morrisons adds fuel to the supermarket price war with another round of price cuts: Morrisons has added fuel to the price war after announcing a further round of cuts in an effort to win back customers and revive sales.
HSBC freezes hiring and pay across the entire business to cut costs: HSBC is imposing a global hiring and pay freeze for 2016 in an effort to cut costs.
Law firm Slater and Gordon in talks over debt restructuring, calling in FTI Consulting to help boost the firm’s financial health: One of the most prominent personal injury law firms has brought in management consultants in a bid to fix its financial health. Slater and Gordon, which is listed on the stock exchange in Australia, is in discussions with consultants from FTI Consulting over debt restructuring.
Saudi market rallies despite threat of austerity as oil price ticks up: A rise in oil prices has seen Saudi Arabia’s stock market rally impressively despite warnings that the country faces growing fiscal difficulties.
