The Times
Crowdcube ‘uses neat trick to fool investors’: Britain’s leading equity crowdfunder has denied claims that it misled ordinary investors by “drip-feeding” money from other sources on to the platform to create the artificial impression that there was “demand for investment”.
Stamp duty delivers a sharp capital reduction for Osborne: Revenues generated from stamp duty in London fell by £105 million in the first nine months of last year, as George Osborne’s reform of the tax led to a slowdown in transactions for the most expensive homes in the capital.
Thiam shares pain of Credit Suisse cuts in ‘act of solidarity’: The Boss of Credit Suisse has offered to take a cut in his bonus as the lender prepares to trim thousands of jobs in an attempt to cut costs and improve performance.
City watchdog failed to properly monitor share deals by its staff: The City watchdog has admitted that it must tighten its rules over trading by staff in shares of the banks and brokers it regulates after an internal inquiry found that sensitive information was being stored in places where any employee could find it.
Bondholders appeal to Supreme Court over Lloyds asset buyback: The Supreme Court is to hear an urgent appeal on behalf of thousands of Lloyds bank retail bondholders against its attempts to buy back their assets at a reduced price, in a scheme that was due to start .
Giant field off Shetland starts pumping gas: The largest new British deep water oil and gas project for many years has gone into production after gas began flowing through an underwater pipeline to the mainland from a new plant on the Shetland Islands.
Cycling kit manufacturer reflects on record profits: The company, based in Livingston, West Lothian, which also provides kit to the Movistar cycling team, has set a record of its own: profits have risen by nearly 50% to £1.5 million.
The Independent
General Sir Richard Shirreff and Peter Hain join forces as consultants: General Sir Richard Shirreff and Peter Hain have joined forces to form a management consultancy, which will be launched.
David Cameron urged to follow French example and ban U.K. supermarkets from wasting food: Pressure is mounting on the U.K. Government to introduce legislation to ban supermarkets from sending unsold food to landfill.
Shoreditch property development worth £750 million launches on the site of Shakespeare’s theatre: A new multi-million-pound development has launched of the site of former William Shakespeare’s Curtain Theatre in Shoreditch.
NHS: Rules preventing tax-avoiding companies from securing health care contracts scrapped: Health service rules that prevent tax-avoiding private companies from securing NHS contracts are being scrapped – for fear they “discriminate” against firms with Google-style arrangements.
Financial Times
HSBC swings back to London in HQ debate: HSBC is leaning towards keeping its headquarters in London after 10 months of agonising debate reflecting a reversal of the previous stance of Chief Executive Stuart Gulliver.
To Read More Click Here
Anglo American Chief warns mining groups set for more pain: Mark Cutifani, Chief Executive of Anglo American, warned on Monday that the mining industry was set to deteriorate further this year amid the worst commodity slump since the financial crisis.
To Read More Click Here
Hedge funds short London luxury homes: Hedge fund Managers are taking short positions against the biggest listed provider of luxury London homes in a bet that weakening emerging markets will put the once buoyant sector into reverse.
To Read More Click Here
Randgold Resources plays down prospect of big acquisitions: Randgold Resources, the U.K.-listed gold miner, is tempering expectations that it is poised to make a big acquisition, with the brighter outlook for the precious metal this year making it less likely that the company can snap up cheap assets.
To Read More Click Here
Royal Mail rivals DPD and Hermes step up parcel delivery competition: Some of Royal Mail’s biggest competitors are building huge warehouses equipped with state of the art technology in a bid to grab a bigger slice of the growing online delivery market.
To Read More Click Here
Star Wars film lifts toy sales at Hasbro: The success of the latest Star Wars film boosted fourth-quarter earnings at toymaker Hasbro, with strong sales of figurines and other products associated with the movie franchise.
To Read More Click Here
LafargeHolcim Chairman to step down: LafargeHolcim on Monday announced that its Chairman was stepping down in May, less than a year after the Swiss-French cement group was formed through a contentious €41 billion merger.
To Read More Click Here
Mexican President replaces Pemex Chief as calls to cut costs grow: Mexican President Enrique Peña Nieto has replaced the Chief Executive at Pemex, the state oil company that is bleeding cash because of the oil price slump, with instructions that all its units must become more profitable.
To Read More Click Here
Lex:
Credit Suisse: solidarity: In what the bank called an “act of solidarity,” Credit Suisse’s new Boss, Tidjane Thiam, has asked for a big cut to his 2015 bonus. Whether the solidarity was for his colleagues (who could use a little) or his shareholders (who could use a lot more) is unclear.
To Read More Click Here
Lombard:
Sir Philip should beef up governance code to get women into top jobs: To whit, the government’s appointment of Sir Philip Hampton, GlaxoSmithKline Chairman and general corporate grandee, to address the paucity of managing females in U.K. companies.
To Read More Click Here
Hedgies short of luxury: If it’s a tech start-up — in which every 1% stake, under an east London bylaw, must cost at least £10 million — you can only spout about millennials and pray for an IPO. If it’s a pack of artisanal sausages — in which each 100% organic offal tube, under a west London bylaw, must cost £2 — you can only serve them up and pray no one spouts at all.
To Read More Click Here
The Daily Telegraph
Fears over new financial crisis come back to haunt global markets as trading turmoil hits: Global stocks were gripped by a fresh bout of panic selling on Monday, raising fears over the health of the world’s banking system for the first time since the financial crisis.
Goldman Sachs sees near-zero risk of U.K. recession despite market tantrum: Britain is extremely unlikely to face an economic recession over the next two years and is on safer ground than any other major country in the developed world, according to a new crisis-study by Goldman Sachs.
Google Boss Sundar Pichai handed shares worth $199 million: Google’s Chief Executive has been handed shares worth $199 million (£138 million), making him the highest paid Boss in the U.S.
Growth star India overtakes China as world’s fastest growing major economy: India has overtaken China as the fastest growing major economy in the world, expanding by 7.3% and cementing its position as one of the sole bright spots in a flailing global economy.
BAE gets £201 million for fresh design work on new nuclear submarines: A replacement for Britain’s ageing Vanguard-class nuclear missile submarines has come a step closer after the Ministry of Defence awarded £201 million to BAE Systems to develop the so-called “Successor” vessels.
Energy supply crunch looms as Staffordshire coal plant to close: The U.K. is to lose another coal-fired plant from its dwindling power capacity after French firm Engie said it will shut the 1GW Rugeley power station in Staffordshire.
Franco-German central bankers call for creation of Eurozone treasury: Two of Europe’s most powerful central bankers have called on the Eurozone to form its own treasury and push forward with a quantum leap in integration to secure the single currency’s future.
Mortgage rates hit nine-year low: Interest rates on mortgages have hit record lows, but borrowers are being slapped with higher fees as banks look to protect their profit margins, data from Moneyfacts.co.uk suggests.
Oil trader Vitol says market may never see $100 a barrel again: Global commodities trader Vitol has said the oil market will struggle to break above the $50 per barrel mark and may never reach the $100 price last seen in 2014.
The Questor Column:
Sell G4S as turnaround falters: G4S the security services provider is proving just how difficult it is to turn around the fortunes of a company that has embarked on a multi-year global expansion plan fuelled by debt. The business is built on a fairly simple model. The company provides security staff for a range of sites such as sports events, corporate and public sector buildings, and industrial facilities. The near 620,000 strong army of staff is paid fairly low wages, at or around the minimum wage. The problem at G4S is that the company decided to use steady cash generation to expand far too quickly by using ever-increasing amounts of debt. G4S is now attempting to deal with the legacy of that expansion. The most recently reported net debt (the total amount of debts less cash) was £1.68 billion at the end of June, while net assets were £765 million. Emerging markets such as Brazil, India and South Africa contribute about a third of total revenue. Revenue growth from these countries in the first-half was 5.7%, but this was not adjusted for currency devaluation. The Brazilian real and South African rand have dropped by 25% against the pound since the start of 2015, while the Indian rupee is flat. G4S does have some factors in its favour. Revenue outlook is helped by a £5 billion contract pipeline and expected organic revenue growth of between 5% and 8% a year. The company could also raise cash by exiting some of the youth offender contracts in the U.K. that have brought the most recent wave of problems. However, Questor believes the dividend will remain at risk until debt levels are meaningfully reduced. G4S at 197.5p -11.9p. Questor says “Sell”.
The Guardian
Fears over weak growth prompt global stock markets to fall: Stock markets around the globe have plunged into the red, amid fears that weaker growth will leave banks exposed to a fresh economic slowdown.
Apple under pressure as lawyers pledge action over ‘Error 53’ codes: Apple has come under pressure to scrap its controversial policy of permanently disabling repaired iPhone 6s when software is upgraded, following a global consumer backlash and claims the company could be acting illegally.
IFS warns market turmoil could leave black hole in George Osborne’s plans: Britain’s leading experts on the public finances are warning that the turmoil on global stock markets threatens to leave a £2 billion black hole in George Osborne’s deficit-reduction plans that could force the Chancellor to raise taxes or make fresh cuts in spending to hit his budget targets.
New runway will be built at Heathrow or Gatwick by 2030, MPs told: A new runway will be built at Heathrow or Gatwick by 2030 and the work being done now is vital to make sure the decision is legally watertight, the transport secretary has told sceptical MPs.
Scrap high-denomination banknotes, urges ex-bank Boss: Governments should consider scrapping high denomination banknotes to combat financial crime and tax evasion, including paying tradespeople in cash, a former bank Boss has said.
Daily Mail
Barclays and Standard Chartered bank shares suspended as regulators check for suspicious behaviour during FTSE rout: Shares in Barclays and Standard Chartered were suspended during a day of carnage on the financial markets.
Boss of troubled smartphone parts maker Imagination Technologies quits after 18 years: The Boss of troubled smartphone parts maker Imagination Technologies has quit after nearly two decades in the job, as the firm struggles to keep pace with the changing market.
Norway fund raps VW for giving too much power to the Porsche family and putting minority shareholders at a disadvantage: Volkswagen has come under fire from the world’s biggest sovereign wealth fund as it struggles to deal with the diesel-emissions scandal.
John Lewis teams up with fashion retailer Finery with concessions planned for six flagship stores: John Lewis is to add a new name to its wardrobe, with online fashion retailer Finery setting up shop in its stores.
World’s largest concrete maker Aggregate fights back over claims it ‘takes 93 days to pay its bills’: The world’s largest concrete maker is at the centre of a row over claims it took more than 90 days to settle some of its bills.
Daily Express
France and Germany in new desperate plot to save Eurozone amid German stocks meltdown: Desperate policymakers in Europe are devising plans to stop the union from crumbling, amid rising fears over Germany’s economy and the backbone of the single currency.
Retail leader urges new business rates in response to the living wage: Retail Chiefs have urged the Government to introduce radical business rates reform to help protect shops and communities from the “unintended consequences” of the living wage.
China sends markets into spiral: FTSE 100 loses £40 billion as markets dive into the red: Britain’s top stock market dived into the red on Monday as panic over China and the world economy again tore through trading floors.
npower reveals bill cut: Now only one energy giant has failed to drop prices: Energy giant npower is finally cutting customers’ standard energy bills, but has sparked outrage by delaying the reduction until after Easter.
The Scottish Herald
Glasgow-based Clydesdale Bank in good shape for independent future after listing on stock exchange says Boss: The Chief Executive of Clydesdale Bank, David Duffy, has celebrated the lender regaining its independence after almost 100 years and said it is in good shape to deal with the challenges it may face.
Hotel sector veteran Maurice Taylor upbeat as profits surge at Chardon Trading: Scottish hotel investment company Chardon Trading, built up by sector veteran Maurice Taylor, achieved strong rises in turnover and operating profits in its last financial year.
Welch warns of technology valuation “bulge”: Entrepreneur Mike Welch has warned the current “bulge” in technology company valuations may be unsustainable as it is being fuelled by too much private equity money.
Expert warns: many SMEs fighting for survival in North Sea services market: Many of the small and medium sized enterprises that help oil and gas companies run their North Sea operations will face a struggle for survival this year as the crude price plunge takes a heavy toll on the area EY has warned.
Property firm posts sharp decline in profits: Rettie & Co, the property sales and lettings business, saw pretax profits decline 60% to £275,000 in 2015 amid poor confidence in the property market.
Angels invest almost £4 million in growing Scottish firms: Four Scottish growth companies have secured £3.9 million of investment from Scottish business angel syndicate Archangels and Scottish Enterprise’s investment arm, the Scottish Investment Bank.
The Scotsman
High Street sees January bounce as retail sales climb: The high street rebounded strongly at the start of 2016 after an uneven festive period for many retailers, a new report out revealed.
Gilson Gray swoops on Warners’ conveyancing team: Law firm Gilson Gray has hit the expansion trail again by swooping on an Edinburgh rival’s residential property team.
3D displays firm Holoxica secures €1.3 million cash injection: Holoxica, the University of Edinburgh spin-out company that is pioneering 3D display technology, has secured €1.28 million (£988 million) of European funding.
Tool rental firm Speedy Hire nails down takeover: Speedy Hire has agreed to buy rival OHP as the tool rental firm seeks to expand its presence in the rail market.
Telephone fraudsters steal £18 million from Scottish business: A Scottish blue-chip company was scammed out of £18 million after fraudsters posed as its Boss on the phone.
City A.M.
Nearly 5% of Britain’s shops have been empty for more than three years: Nearly 5% of Britain’s town and city centre shops have remained empty for more than three years, new research shows, in a stark reminder of the challenges still facing the high street.
Firms must state Brexit risk audit regulator warns, as earnings season approaches: Companies are being warned to include the cost of the U.K. quitting the European Union in their financial statements by the accounting regulator the Financial Reporting Council (FRC).
Deutsche Bank seeks to quell investor fears as it assures it can make debt repayments due in April: Deutsche Bank moved to calm investors this evening, after it said it will have no problem making bond payments due in April.
Gold price breaks $1200 as markets fall and investors fret over the health of the global economy: Stock market woes and fears over an ailing global economy have given a boost the price of gold, pushing it over the $1,200 line for the first time since June 2015.
Elegant Hotels buys its sixth Barbados resort for £12.5 million: Elegant Hotels has added another luxury Barbados resort to its portfolio after agreeing to buy Waves Hotel and Spa on the island’s west coast for $18 million (£12.5 million).
Yelp shares suspended in the U.S. as results released early and the CFO quits: Shares of review site Yelp have been suspended in the U.S. following the firms fourth quarter earnings being leaked.
Emerging Payments Association says small non-bank payment providers should have access to the same systems as the big banks: Payments companies are urging regulators to overhaul the way payments are delivered by enabling alternative payments providers to better compete with larger lenders.
Chesapeake Energy: Share price of world’s second-largest natural gas producer halted as it says there are no plans to pursue bankruptcy: Shares in Chesapeake Energy, the world’s second-largest natural gas producer, were halted in early trading in New York, after more than half their value was wiped off – but the company said it had no plans to pursue bankruptcy proceedings.
