Daily News Headlines: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 020316

The Times

Snap’s $20 billion flotation sparks investor stampede: The parent company of the popular messaging app Snapchat is to be valued at almost $20 billion after setting a price for its initial public offering at $17 a share.

Yacht show group sails into new waters: The international exhibitions and events group that hosts the Monaco Yacht Show has acquired a rival that runs the world’s biggest boat sale.

British workers’ pay price as U.S. firms cut 2,000 jobs: In a dark day for jobs, nearly 2,000 workers employed by Ford, Boots and Walkers Crisps are facing redundancy after decisions made in the headquarters of big American multinationals.

Banks to lose grip on float research: The City watchdog wants to give independent analysts the chance to produce research on flotations so that investors can have access to information free of professional conflicts of interest.

Foreign investors dump £7.6 billion of U.K. gilts: Foreign investors dumped gilts in January, raising fears for the economy during and after negotiations over Britain’s exit from the European Union.

Surge in German growth comes with strings attached: German industry is growing at its strongest rate since 2011 in a sign of a return to health for Europe’s biggest economy.

Falling orders put the brakes on factories: Growth in the manufacturing sector slowed unexpectedly last month as companies suffered from a drop in new business orders at home, a report suggests.

Investor takes seat at Premier Foods table: A member of an activist investor’s team that has been building a stake in Premier Foods has been appointed a Director of the company.

Subsidy cut puts generators on standby: Dozens of proposed gas and diesel-fired generators could be scrapped after Ofgem confirmed that it would almost wipe out the payments they receive for producing electricity at peak times.

Few cheers for Brexit from brewer’s Boss: Nigel Farage may be a fan of Shepherd Neame’s ales but the Kent brewer’s Boss said that the feeling was “not necessarily reciprocated”. He conceded that Shepherd Neame’s pubs and hotels could benefit from any increase in tourism, while the weak pound had helped exports to Scandinavia, Italy and Australia.

Holland & Barrett takes vegan nail bars to the world: Holland & Barrett is launching another phase of expansion in Britain and Asia as demand for its products, from vitamins and minerals to vegan-friendly nail treatments, continues to surge.

Wolseley hopes aviation Chief will provide lift-off: The new Chief financial officer of Wolseley will be hoping that he lasts longer than his predecessor.

The Independent

Welfare cuts to drive another one million children into poverty: Theresa May’s welfare cuts will help push almost one million more children into relative poverty by 2022 and two thirds of those affected will live in working households, according to the latest projections from the Institute for Fiscal Studies.

London based start-up to launch device to tackle air pollution: A London-based tech start-up is developing a secretive tool designed to limit the impact of air pollution in major cities.

CBI warns Government against ‘flash-in-the-pan industrial strategies’: The head of the U.K.’s preeminent business lobby group is demanding that the Government sharpens its industrial strategy focus and provides more clarity on what kind of support it intends to offer firms as Britain braces to navigate economic headwinds and political uncertainty.

Subway chicken only contains about 50% chicken DNA, new report finds: The chicken in your Subway sandwich might not actually be chicken, especially if you’re eating it in Canada.

Manufacturing continues to grow in February: U.K. manufacturing grew by less than expected in February but still put the sector on course for one of its strongest quarterly performances in three years, according to the latest survey snapshot.

Donald Trump has cost the U.S. travel industry an estimated $185 million: President Donald Trump’s travel ban appears to have even deterred those people not affected directly by the Executive order from travelling to the U.S., costing the country’s tourism industry millions.

A delivery man just became one of the richest people in China: Imagine your net worth increasing by $2 billion a day. That’s what happened when China’s largest parcel delivery company, S.F. Express, made its stock exchange debut and turned Founder Wang Wei into the country’s third-richest man.

Toy giant Hasbro is trying to trademark the smell of Play-Doh: Last month, the group submitted an application to trademark the distinctive scent of Play-Doh in the U.S. The application to the U.S.’s Patent and Trademark Office (U.S.PTO), covers all toy modelling compounds.

Financial Times

Areva reactor business helps close gap on losses: Struggling French nuclear reactor maker Areva on Wednesday reported a €665 million net loss for 2016, which was an improvement on the previous year but still highlighted the scale of the problems facing the group.

To Read More Click Here

Exxon’s new Chief forecasts higher production growth: ExxonMobil is expecting stronger production growth over the next few years as the world’s largest listed oil company steps up investment in its U.S. shale reserves.

To Read More Click Here

SEC freezes accounts in SoftBank-Fortress insider trading probe: The U.S. Securities and Exchange Commission secured an emergency court order freezing the brokerage accounts of investors who engaged in “highly suspicious” trading ahead of Fortress Investment Group’s acquisition by SoftBank of Japan.

To Read More Click Here

Wells Fargo knocks $32 million off Executive bonuses: Wells Fargo is cutting an average $4 million each from eight top Executives’ pay, the U.S. bank’s latest effort to restore investor and customer confidence after it was hit by a scandal over bogus accounts.

To Read More Click Here

Bridgewater shake-up sees Rubinstein leave after less than a year: Jon Rubinstein, the former Apple Executive brought in as co-Chief Executive of Bridgewater Associates, is leaving the hedge fund after less than a year, in another burst of management turnover at the company.

To Read More Click Here

PAG Capital enters battle for Yingde Gases: Shares in Yingde Gases jumped as much as 20% as PAG Capital waded into the $1.5 billion battle for the Chinese industrial gases supplier, pitting the Asia private equity group against an existing offer from Air Products of the U.S.

To Read More Click Here

Asia corporate elite in $2.4 billion tussle for Q-Park: Cheung Kong Infrastructure and Fosun International are among several Asian groups that have submitted bids for Q-Park, one of Europe’s largest parking lot operators, in a deal that could fetch more than $2.4 billion.

To Read More Click Here

PwC partners out of the picture after Oscar mix-up: The two PwC partners at the heart of the Oscar fiasco that led to the wrong film briefly being named best picture have been told by the Academy of Motion Picture Arts & Sciences that they will not be allowed to attend future ceremonies.

To Read More Click Here

Yahoo says Executives knew about hack in 2014: Yahoo admitted on Wednesday that senior Executives knew in 2014 about a hack by a state-sponsored attacker, before it entered a $4.8 billion deal with Verizon last summer.

To Read More Click Here

F1’s owners gear up to leave ‘the Bernie model’ behind: Chase Carey was walking the halls of London’s Savoy hotel, killing time. Next door, at the offices of private equity firm CVC Capital Partners, final negotiations were taking place on an $8 billion deal that would present the handlebar-moustachioed media Executive with perhaps the biggest challenge of his long career.

To Read More Click Here

Sky takeover by Fox to be lodged for European approval: Rupert Murdoch’s 21st Century Fox will ask Brussels to approve its £11.7 billion bid to take full control of Sky as early as this week, marking the next step in the politically contentious battle for the U.K.-based pay-television broadcaster.

To Read More Click Here

ITV posts first fall in advertising revenue for 7 years: ITV has blamed economic and political uncertainty for the first annual fall in advertising revenue since 2009 when the U.K. economy was hit by the global banking crisis.

To Read More Click Here

McDonald’s to take a bite at $100 billion global delivery market: McDonald’s plans to roll out its own delivery services, starting in the U.S. this year, the world’s largest fast-food chain said on Wednesday as it unveiled a digital push to win back customers.

To Read More Click Here

Fnac Darty shares soar on upbeat outlook: Fnac Darty, the newly merged French retail group, said on Wednesday it would hit its cost savings target a year earlier than expected while profits had surged, prompting its shares to jump.

To Read More Click Here

Zalando lifts revenues but signals margin pressure: Shares in Zalando fell as much as 5.7% on Wednesday morning, after the German fashion retailer said its margins would come under pressure this year as it continues to invest heavily in expanding its business.

To Read More Click Here

Nintendo plays the launch-hype game with Switch console: There will be sleeping-bag queues, “sold out” signs, and disappointed fans from Sapporo to San Diego. On the face of it, very little about Friday’s launch of the Switch console seems unpredictable, because Nintendo has been playing the same launch-hype game for more than 30 years.

To Read More Click Here

Cyber security CEO quits a week after profit warning: The Chief Executive of British cyber security group NCC has stepped down with immediate effect a week after a profit warning that caused the company’s share price to fall by almost a third.

To Read More Click Here

Line plans Asian artificial intelligence rival to Amazon’s Alexa: Line, the New York-listed Japanese messaging app, is working with Sony and South Korea’s LG Electronics to launch an Asian version of an intelligent voice assistant to rival Amazon’s Alexa.

To Read More Click Here

Netflix increases investment in European TV content: Netflix will co-produce three new series with the BBC and Canal Plus as part of an expansion of its European content business to drive customer growth in local markets in the region.

To Read More Click Here

Eurotunnel doubles profits as more cars and trucks use shuttle: Groupe Eurotunnel, owner of the Channel tunnel, bucked falls in passenger traffic and rail freight to double consolidated net profits to €200 million in 2016 in what the company’s Executive Chairman called the best year in the project’s history.

To Read More Click Here

Lex:

U.S. retailers: change the channel: Are physical retailers anything more than a property punt? The electronics retailer Best Buy would have you believe so. The company was once on the ropes due to “showrooming” — where customers walk into stores, take some snaps and then make their television or laptop purchase on Amazon. But in the past five years, as Amazon has become an even more ferocious competitor, Best Buy shares have rallied 70%. On Tuesday, it reported earnings that were up a healthy 28% for the year.

To Read More Click Here

Lombard:

Admiral has to budge it: Admiral was meant to report 2016 results on Wednesday, writes Kate Burgess. It will now do so next Wednesday, before the Chancellor’s Budget speech. This is ominous: Budget day is rarely a good day for insurers to bury bad news. Three years ago, Just Retirement — the specialist annuity provider — unveiled higher profits in the morning, only for the then Chancellor to scrap compulsory annuity purchases.

To Read More Click Here

ITV’s balance of power: As former head of the Football Association, ITV Boss Adam Crozier only has himself to blame. Had he spent more time extending, rather than extolling, the England team’s “golden generation”, its later leaden line-up might not have crashed out of Euro 2016, contributing to a 3% fall in ITV advertising sales. His success has been in rebalancing the business, such that non-advertising revenues are 53% of the total, up from 31% before he started, and production work is growing at 4% organically. His successor — headhunters are appointed — will need what England’s Raheem Sterling so lacked in shambolic defeat to Iceland: balance, at higher speed.

To Read More Click Here

The Daily Telegraph

ITV declares special dividend but warns ad revenue will fall on ‘economic uncertainty’: ITV has reported a rise in sales and announced a special dividend, but warned that “economic uncertainty” would continue to drag on advertising revenue.

House price rises confound expectations by speeding up in February: U.K. house price rose more quickly than expected in February, recovering from the weakest month for more than a year in January but concerns about Brexit are likely to weigh on the market in 2017, mortgage lender Nationwide said on Wednesday.

5G isn’t coming any time soon because there’s no money to pay for it, warns mobile Boss: The Chief Executive of Europe’s biggest broadband provider has poured scorn on attempts by governments and regulators to clear the way for upgrades to 5G internet technology, arguing mobile operators are too weak to invest the necessary billions.

Airbus targets ‘car nut’ Lord Drayson for board role: Airbus hopes to appoint former defence procurement and science and innovation Minister Lord Paul Drayson to its board as the company best known for its airliners broadens it horizons.

Pressure on Stagecoach to defend East Midlands rail franchise amid ‘renewal bulge’: Stagecoach will be under pressure to retain control of the East Midlands rail franchise after recent drops in profit as it faces off against two rival bidders.

Mitie sells healthcare business for just £2: Mitie has sold its troubled healthcare arm for just £2 – having bought it for £111 million five years ago.

Two year pay freeze ahead for the average family, IFS predicts – but pensioners are doing better: Britons should brace for two years of stagnant real pay as inflation surges while cautious employers hold back wage hikes, according to the Institute for Fiscal Studies.

The Questor Column:

Investors could clean up with this hi-tech maker of ‘dirty bomb’ detectors: When Kromek, the hi-tech imaging firm, raised £21 million from investors earlier this month it was not motivated by a shortage of funds – instead, it strengthened its balance sheet to reassure its most important customers, including the American government, that its finances were rock solid and that it would be able to fulfil long-term supply contracts. The U.S. government has placed a trial order for pocket-sized radiation detectors that could be used to pinpoint the location of a “dirty bomb” – a type of terrorist device that would use conventional explosives to spread radioactivity within densely populated areas. Kromek was born out of research at Durham University and originally called Durham Scientific Crystals. It listed on Aim in 2013 at about 60p and the shares rose to about 80p within months before falling to 27p. Arnab Basu, Kromek’s Chief Executive, owns a stake worth about £800,000; other Directors have smaller holdings. Questor says ‘Buy’.

IG Design: Mr. Williams is also one of the largest shareholders in IG Design, which makes wrapping paper, greetings cards and the like. He admitted that the business was seasonal but pointed out that the firm was building its international sales (it operates in Europe, the U.S. and Australia) and had invested in new machinery that gave it greater flexibility and better response times. “Sales were not growing much but are now accelerating thanks to these new machines and some recent acquisitions,” he said. “It is a very efficient company: gross profit margins are 18%-20% and net margins are 7%.” Given the growth prospects, Mr. Williams said he was happy to hold the shares at a multiple of 16.6 times earnings in the year to March. They also yield about 1.5%. Questor says ‘Buy’.

The Guardian

Viagogo ticket rip-off concerns prompt May to promise crackdown: Ticket resale sites such as Viagogo and StubHub are facing a crackdown, after the Prime Minister said they cause problems for genuine fans and vowed to fix markets that do not work for consumers.

London to remain a ‘magnet for global superrich despite Brexit’: The global super-rich will continue to flock to London despite the U.K.’s decision to leave the EU, according to a report by property consultants Knight Frank.

Green Investment Bank: rival bidder launches legal challenge to sale: Sustainable Development Capital (SDCL), a rival bidder for the bank, said it was launching a legal challenge to the government’s decision to select Macquarie as its preferred bidder for the £2 billion deal.

Yahoo Boss Marissa Mayer loses millions in bonuses over security lapses: Yahoo Chief Executive Marissa Mayer will lose her annual bonus and the company’s top lawyer has been removed over their mishandling of security breaches that exposed the personal information of more than 1 billion users.

Murdoch’s 21st Century Fox bid for Sky should be rejected, Minister told: Rupert Murdoch’s bid to take control of the whole of Sky through his entertainment business 21st Century Fox should be rejected on competition grounds alone, according to research to be published on Wednesday.

Daily Mail

FTSE hits a new high as Trump lifts builders… but pound tumbles to six-week low against the dollar: The FTSE 100 hit a new record high. After moving largely sideways throughout February the market rose 1.64%, or 119.46 points, to finish at a new record of 7382.90. It came as the pound tumbled to a six-week low against the dollar and the U.S. stock market surged past 21,000 for the first time ever.

No Brexit blues for Eurostar as tourists gradually return to Paris: Eurostar says it is not being affected by Brexit and that travellers are slowly returning to Paris.

Much moping at Societe Generale as bonuses shrivel by as much 40% from last year: Bankers in Societe Generale’s fixed income division in London are moping. Their bonus pool was down by 5% this year, despite the department enjoying healthy revenues.

Hedge fund giant Man Group in the red after wine loving Boss quits for U.S.: Hedge fund giant Man Group has swung to a loss after its wine-loving Chief Executive left for New York. The firm lost £220million in 2016 – down from a £149million profit in 2015.

End to secret deals on stock market floats: Rules will allow small investors to cash in just like City dealmakers: The veil of secrecy that covers stock market floats is set to be lifted for thousands of ordinary savers – allowing them to snap up shares alongside investment bankers.

Jaguar Land Rover Boss reveals replacement for iconic Defender could have to be built abroad: The 21st century replacement for Britain’s iconic Land Rover Defender could be built abroad, the Boss of Jaguar Land Rover said after meeting Ministers.

Daily Express

Business group calls for change to schemes giving tax breaks to ‘select few’: Hundreds of millions of pounds in tax breaks going to Executives should be switched to ordinary workers, a business group has urged.

U.K. shares soar to a record high following Trump’s $1 trillion infrastructure pledge: Leading U.K. shares hit a record high as Donald Trump’s pledge to invest $1trillion to rebuild America’s creaking infrastructure turbocharged stock markets.

Bank of England makes obscure tweak to mortgage rules… now you can get a bigger mortgage: More borrowers are now able to take on larger debts to buy a home after the Bank of England altered mortgage rules.

Bring back the Lira! Italy should reclaim currency; former PM Silvio Berlusconi says: Italy must reclaim monetary sovereignty by bringing back the lira to exist alongside the euro, according to the country’s ex-Prime Minister Silvio Berlusconi.

Trump boosts stock markets with massive $1 trilllion infrastructure plan: Global stock markets surged to record highs after Donald Trump revealed a gigantic infrastructure spending plan set to boost the U.S. economy.

The Scottish Herald

North Sea veteran to lead nuclear clean up: North Sea-focused Independent Oil and Gas has said its Chairman David Peattie is leaving to focus on his new job as Chief Executive of the Nuclear Decommissioning Authority.

Sentinel wins deals worth £17 million: Sentinel Marine, the Aberdeen-based provider of offshore support vessels, has secured new and extended contracts worth £17 million so far this year.

Blow for dissident Bowleven investors: The attempt by a rebel investor in Bowleven to promote a boardroom cull at the oil and gas firm has been dealt a blow after corporate governance specialists recommended shareholders vote against all but one of its proposals.

FirstGroup and Stagecoach in key rail contest: Scottish transport companies FirstGroup and Stagecoach will battle it out for the new East Midlands rail franchise, along with Deutsche Bahn-owned Arriva, it was revealed.

Brexit brings Scots fintech fears over passporting: The growth of Scotland’s burgeoning financial technology sector risks being hampered by the loss of passporting rights following the U.K.’s exit from the European Union (EU).

Manufacturing growth slows as cost inflation fuels factory gate price surge: U.K. manufacturing growth eased to its slowest pace in three months in February, while factory gate prices continued to surge amid cost pressures fuelled by sterling’s weakness following the Brexit vote, a survey shows.

Scotland still vital to us, says new Boss of Flybe: The new Chief Executive of Flybe has signalled the airline’s commitment to continue serving communities around Scotland after its franchise deal with Loganair expires later this year.

Scottish Mortgage to enter FTSE 100 for the first time: The £5 billion Scottish Mortgage Investment Trust is poised to enter the FTSE 100 for the first time in its history, writes Scott Wright.

North Sea costs tipped to fall by a further 10%: North Sea oil and gas producers can look forward to a further cut in equipment costs in the year ahead.

Lyon & Turnbull reports a profit: Lyon & Turnbull, the auctioneer chaired by Sir Angus Grossart, has posted a retained profit of nearly £110,000 in its last financial year.

The Scotsman

Irn-Bru maker vows to cut sugar across soft drinks: The maker of Irn-Bru pledged to take further steps to reduce the sugar content across all of its soft drinks.

Boots to close 220 of 320 in-store photo processing labs: Boots has confirmed that it is planning to close 220 of its 320 in-store photo labs across the U.K. in a move that puts 400 jobs under threat.

Cyber-security outfit ZoneFox in £3.6 million fund boost: ZoneFox, the Edinburgh-based cyber-security specialist, is set to triple its headcount and open an office in London after securing a £3.6 million cash injection.

Entrepreneur Billy Allan launches £92 million investment fund: Well-known Scottish entrepreneur Billy Allan is spearheading an industrially focused support services fund with £92 million of equity capital for investment in small and mid-sized businesses across the U.K.

Wraps coming off Dundee’s £80 million V&A museum: The wraps have come off Dundee’s striking new waterfront museum – two years after work began on the £80 million project.

City A.M.

Real estate firm takes crucial step in bringing appeal against RBS for mis-selling: A real estate company has taken a key step in appealing its case against Royal Bank of Scotland, claiming the bank caused it losses through interest rates swaps mis-selling and Libor manipulation. Property Alliance Group (PAG) has filed for permission for leave to appeal to the Court of Appeal, City A.M. understands.

Ex-Lloyds Libor traders hauled in by fraud squad as part of its ongoing probe into manipulation of the benchmark rate: A number of former Lloyds Banking Group traders have been quizzed by the fraud squad as part of its ongoing investigation into Libor manipulation.

Immigrants add £83 billion of economic value to London: Migrant workers in London with full time jobs each contribute an additional £46,000 net in gross value added (GVA) per year to the economy, research by PwC and London First reveals.

Jean-Claude Juncker unveils five options for EU after divorce from U.K., including suggesting the bloc might scale back to just the Single Market: Jean-Claude Juncker has suggested the EU might have scale back until it is essentially just the Single Market by 2025, as member states increasingly fail to find common ground on important policy issues.

Bank of England Brexit rate cut had little effect on U.K.’s surprise growth says former deputy Governor: The Bank of England’s (BoE) actions to cut interest rates after the referendum had little effect on the U.K.’s powerful economic growth, according to its former deputy Governor.

New York wins big in global IPO boom – and that’s even before Snap’s flotation is counted: The New York Stock Exchange (NYSE), home to this week’s eagerly-awaited IPO from Snap, has been the most popular exchange for new listings globally so far this year.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Guardian Stockbrokers

    More articles like this