Newspapers today: The Times, Independent, FT, Telegraph, Guardian, Mail, Express, Herald 200216

The Times

Spurned Kraft calls off its £115 billion pursuit of Unilever: An opportunistic attempt by Kraft Heinz to snap up one of Britain’s biggest companies passed its sell-by date last night after little more than 50 hours on the table.

Jaguar set to lift the veil on mid-size Range Rover: Jaguar Land Rover is to launch a fourth Range Rover model, with expectation building that the vehicle will be assembled at the group’s Solihull plant in the Midlands.

Williams & Glyn deal is ‘hammer blow’: A leading employers’ group has attacked a plan to allow Royal Bank of Scotland to abandon the sale of Williams & Glyn, calling it a “hammer blow” to hopes of improving competition in business banking.

Beware barring stock exchange merger, Tyrie warns MPs: The government has been warned that it must “tread carefully” before a debate in which MPs could call for the blocking of the £21 billion merger of the London Stock Exchange and Deutsche Börse.

May urged to sell Britain as base for electric cars at Peugeot talks: The Prime Minister will meet the head of PSA Peugeot Citroën today amid hopes that she will secure the future of the Ellesmere Port and Luton factories that PSA aims to take over, and fulfil a promise to promote Britain as a world leader in electric vehicles.

Investors must agree broker’s £85 million pay deal: TP Icap is asking investors to back a contentious incentive scheme that could earn its Bosses tens of millions of pounds.

U.S. slowdown reduces global dividend payouts: Last year was a disappointing one for dividend payments, with a total global increase of only 0.1% against 2015.

Fed fights Trump for control of bank rules: The White House and Congress have engaged the U.S. Federal Reserve in a fight for control of the central bank’s powers.

Pressure eases off before budget: Philip Hammond’s first budget will be smoothed by lower borrowing requirements and strong growth, allowing him more room to cut taxes or increase spending, according to a leading economic forecaster.

Brexit ‘will leave funding gap’ for enterprise support schemes: Leaving the European Union could result in the demise of business support services unless the government is willing to plug funding gaps, a regional growth expert has warned.

New Greek crisis fears over stalled bailout deal: Eurozone finance Ministers look likely to miss a self-imposed deadline today to agree added budget cuts for Greece, rekindling fears of a new financial crisis.

The Independent

Brexit a decision for whole U.K., not just hardliners in Tory party, says Mandelson: Peter Mandelson has demanded that Britain be given the right to “pass judgement” on Theresa May’s Brexit deal, raising the prospect of a second referendum or even a general election to make the decision.

Oxford University considering French campus amid research funding concerns after Brexit: Oxford University is considering opening its first foreign campus in direct response to the U.K. leaving the European Union.

U.K. economy would take a £328 million hit if all migrant workers stayed at home for a day, new research says: The U.K. economy would take a £328 million hit if all migrant workers stayed at home for a day, new research says today.

Top orchestra forced to move due to Brexit immigration restrictions: The European Union Baroque Orchestra would be counted among the U.K.’s finest classical institutions. No longer, however, as fears over post-Brexit immigration restrictions have forced the orchestra to look elsewhere, The Guardian reports; with it now relocating to Belgium, having been based in Oxfordshire since 1985.

Financial Times

Treasury to push on with business rate changes: The Treasury is set to push ahead with changes to the business rate system despite several last-ditch warnings from U.K. Executives that investment will fall as a result.

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Kraft case showed limits to U.K.’s power to intervene: The abrupt withdrawal of the $143 billion bid for Unilever by Kraft Heinz has sent a wave of relief through the U.K. government — but the episode will serve as a warning to Theresa May after the Prime Minister’s pledge last year to do more to block predatory takeovers when British jobs are at stake.

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Unilever Chief off the hook as Kraft Heinz abandons takeover: Kraft Heinz abandoning its $143 billion takeover proposal is a big let-off for Unilever Chief Executive Paul Polman, the defender of the unique culture at the Anglo-Dutch soaps-to-spreads group.

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Insurers warned of risks to not completing Brexit plans: One of London’s most senior insurance Executives has warned that the industry may struggle to complete its Brexit preparations before the U.K. leaves the EU.

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RBS Chief Ross McEwan signals 2018 return to profit: The Chief Executive of Royal Bank of Scotland has signalled a return to profit in 2018, finally drawing an end to a decade of losses that have exceeded £50billion since the financial crisis.

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Pearson in online degree deal with Manchester Met University: Pearson has signed a 10-year deal to provide online degree courses for Manchester Metropolitan University as it seeks to shift attention from its faltering U.S. higher education division.

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Iberdrola Chairman denounces EU energy rules as ‘Kafkaesque’: The Chairman of Iberdrola has denounced Europe’s energy regulations as “Kafkaesque”, and warned the current regime encourages utilities to keep polluting coal plants running rather than invest in green power generation for the long term.

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China to slash drug distribution groups in price drive: A state initiative to reduce intermediaries in China’s pharmaceutical market is expected to more than halve the number of companies in the sector, but experts say the government will struggle to achieve its aim of cutting drug prices and tackling bribery in distribution chains.

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NZ court upholds Kim Dotcom U.S. extradition ruling: New Zealand’s High Court has ruled that Kim Dotcom, the internet entrepreneur accused of masterminding one of the largest copyright infringements in history, and three accomplices can be extradited to face trial in the U.S.

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Amazon to hire 5,000 in latest U.K. tech expansion: Amazon will hire 5,000 people across the U.K. this year, boosting its headcount by a quarter when it moves into new offices in London’s Shoreditch, in a clear sign of the ecommerce giant’s long-term commitment to Britain.

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SoftBank shares rise amid T-Mobile U.S. and Sprint merger rumours: Shares in SoftBank are higher on Monday in the wake of reports the Japanese telco, which owns U.S. mobile carrier Sprint, is expected to approach T-Mobile U.S. about a possible merger in coming months.

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EU sets collision course with China over ‘Silk Road’ rail project: Brussels is investigating a showcase Chinese rail project that aims to extend Beijing’s “One Belt One Road” initiative into the heart of Europe, potentially putting the European Commission at loggerheads with China.

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Lex:

Wealth management: lending credibility: Wealthy individuals can be cash-strapped, too. While some investors might be tempted to use stock market gains to buy themselves an expensive treat, there are other means of raising funds. Wealth managers at banks such as Morgan Stanley and Bank of America oblige by lending cash against their clients’ securities portfolio. This obviates any need to sell shares and pay capital gains taxes, and is good business for the managers.

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The Daily Telegraph

Kraft Heinz abandons £115 billion Unilever mega-deal: Kraft Heinz has dramatically abandoned its £115 billion swoop on Unilever as its billionaire Owners retreated from political opposition to what would have been the biggest ever takeover of a British company.

Centrica profits rising as energy retailers feel the heat over tariffs: Mounting anger over energy pricing threatens to overshadow an expected rise in profits at Centrica, as jittery investors fear new restrictions on the company.

London at top of global league for luxury shop openings: London has topped a global ranking of new luxury shop openings in 2016, cementing the capital’s status as a high-end shopping destination.

U.K. in line for American gas imports – but not from U.S. shale: The race to bring natural gas from America to Britain will not be won by U.S. shale producers but by shipments from the Dominican Republic and Peru.

ITV investors urge company to link Bosses’ pay to production arm: ITV is under pressure from shareholders to more tightly link management pay to profits in its production business, which has been rapidly assembled by takeovers in recent years.

Embattled Bovis Homes to report flat profits as outlier to booming house building sector: Embattled house builder Bovis Homes will report flat profits after a series of stumbling blocks in the last two months.

Google and Microsoft agree to anti-piracy code in crackdown on illegal downloads: Google and Microsoft have signed up to a crackdown on internet piracy that will see the U.K.’s copyright watchdog monitor the web giants’ search results for illegal websites.

Strong growth eases pressure on Hammond to slash deficit: Sustained economic growth is putting extra money into the public coffers and easing the pressure on Philip Hammond to cut spending or hike taxes in his first budget, according to economists at the EY Item Club.

The Guardian

Results will reveal the good, the bad and the ugly of U.K. banks: Britain’s major banks will be in the spotlight this week as they unveil their full year figures, with Royal Bank of Scotland forecast to make losses of more than £6 billion and HSBC expected to face questions about a boardroom overhaul.

Organic food sales soar as shoppers put quality before price: Demand for organic food is at its highest for more than a decade, according to major retailers.

Global arms trade reaches highest point since cold war era: The global transfer of major weapons systems rose over the past five years to the highest volume since the end of the cold war as the Middle East nearly doubled its imports, according to an annual report on arms sales.

Daily Mail

FTSE boost expected as banking giants unveil full year profits: RBS bottom of barrel in bumper bank results week: Britain’s biggest banks will be firmly in the spotlight this week, with five of the major lenders reporting annual results.

Petrochemical firm Ineos reports record profitability with earnings of £3.7 billion in 2016, up from £3.4 billion: Petrochemical firm Ineos has reported record profitability with earnings of £3.7 billion in 2016, up from £3.4 billion the previous year.

Princess Beatrice understood to have teamed up with U.S. firm Afiniti in her latest business venture: Princess Beatrice is understood to have teamed up with U.S. firm Afiniti in her latest business venture.

Treasury to probe Co-op Bank four years after MoS exposed disgraced drug-taking Methodist Minister Paul Flowers: The Treasury is poised to launch an independent inquiry into the Co-operative Bank nearly four years after it almost collapsed.

Daily Express

The Share Hunter: Rolls-Royce hoping to ride out turbulence: Much of this is a result of the fall in the pound, which impacted the value of the group’s currency agreements. A £671 million fine for historic bribery and corruption was also a factor. However, even after stripping these out, underlying revenue dropped 2% to £13.8 billion, with the group’s profits before tax coming in at £813 million.

£3.9 billion loss but Royal Bank of Scotland near to ‘normal’: Royal Bank of Scotland is close to becoming a “normal” bank, Chief Executive Ross McEwan is expected to say at its results on Friday, despite its ninth consecutive annual loss.

Philip Hammond set to receive pre-Budget boost as economic growth will soar: Chancellor Philip Hammond is in line for a Budget boost as Britain’s fiscal watchdog unveils a brighter outlook on economic growth and the public finances, according to a report.

Waste expert to deal with contamination threats in Qatar ahead of the 2022 World Cup: Waste water treatment expert Siltbuster, whose technology prevented pollution in the Mediterranean after the Costa Concordia cruise ship disaster, has been drafted in to deal with contamination threats to World Cup construction sites in Qatar.

Pension warning: Retirees set for shock tax bill after new rules are introduced this April: Unsuspecting savers drawing retirement income through pensions freedoms could be hit by stinging tax bills under new rules set to be introduced in April.

Gold prices rocket as markets lose faith in Donald Trump despite FTSE and Dow soaring: Gold prices are rising amid fears that record high stock markets spurred by the so-called Trump trade could be heading for a crash.

The Scottish Herald

RBS expected to announce more job cuts as banks set to reveal annual results: The U.K.’s biggest banks will reveal annual results next week amid fears of more job losses and as the sector continues to pay for past scandals.

Family welding business ready for expansion: A family business in Lanarkshire is set for expansion into new premises after securing a six-figure finance deal with Clydesdale Bank.

Rig stability experts help oil and gas firms keep on even keel crude price plunge: WITH oil and gas industry leaders hoping technology can speed the recovery from the crude price slump in the North Sea we hear from a firm that has developed a revolutionary way of helping ensure rigs remain stable.

Renewables firm set to fly with move to Glasgow: Kite Power Systems, the renewable energy company, has opened a head office in Glasgow, following plans to establish a research and test facility in Dumfries & Galloway.

Start-up body declares job boost: Businesses which have passed through start-up accelerator Entrepreneurial Spark have now created more than 3,100 jobs, with 85% of enterprises still trading.

The Scotsman

Animation outfit DI4D secures £900,000 funding boost: A Glasgow animation studio is set to ramp up its presence in Hollywood after securing a £900,000 funding boost.

Supermarket recalls beef product over listeria fears: Supermarket Morrisons has recalled one of its meat-based products over concerns it may cause flu-like symptoms among vulnerable people.

Current £1 coins won’t be worthless in October, Treasury reassures public: The current £1 coin will not become worthless after it is replaced and ceases to be legal tender in October, the Treasury clarified today.

William Hill first bookies to back Yes vote for Indyref2: William Hill has become the first bookmakers to back Yes as the likely outcome of a second Scottish independence referendum.

City A.M.

TV advertising guru TVSquared secures £5.2 million in latest fundraising round: TV advertising analysis company TVSquared has raised an additional $6.5 million (£5.2 million) in its latest round of fundraising.

1,800 hotel firms could go bust in the next three years: Nearly 2,000 U.K. hotel companies could go bust over the next three years as a result of the Brexit vote, according to new research from accountancy firm Moore Stephens.

TfL awards Barclaycard 10-year contract that’ll include the roll out of contactless on the Elizabeth Line: Barclaycard has retained its contract providing payment solutions to Transport for London (TfL), securing a new 10-year contract that includes the roll-out of contactless for the Elizabeth Line.

Improved fiscal outlook for the Chancellor as he prepares the Spring Budget: The Office for Budget Responsibility (OBR) is expected to provide some “fiscal cheer” for the Chancellor, with a forecast showing greater growth for the economy and lower borrowing costs.

Look away, investors: Global dividend levels barely budged in 2016: Global dividends inched up just 0.1% in 2016, dragged down by lack of growth in shareholder payouts from U.S. companies and sharp downturns from the U.K. and Australia.

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