The Times
LSE and Deutsche Borse fire gun on bidding war: The London Stock Exchange has fired the starting gun on a potential international bidding war after agreeing a £21 billion “merger of equals” with Deutsche Borse, its German rival.
French threaten to steal Scotland’s whisky crown: Scotland is facing a challenge to its title as the home of whisky from an unexpected rival: France.
Terry Smith hits Barclays with claim for £220,000: Barclays is being sued by the former Boss of Tullett Prebon over accusations that the bank failed to transfer hundreds of thousands pounds of the financier’s money into his investment fund so that he missed out on a more than doubling in its value.
Producers to discuss oil freeze: Members of Opec are to meet officials from Russia and other exporters in Qatar next month to discuss a co-ordinated production freeze.
Romans deal to make agencies market leaders: One of the country’s leading letting agents is to merge with a southeast estate agency in an attempt to capitalise on the growing private rental sector.
Saudi ambassador sues Irish ‘fraudster’ for £25 million: The developer behind plans for Europe’s tallest residential building has been dismissed as a fraudster by a Saudi ambassador who is suing for the return of a £25 million investment.
Big landlords to fund cheaper homes: The Chancellor is extending his stamp duty clampdown on landlords to larger investors in an attempt to increase homeownership among the young.
Houses will be built on right side of tracks: Public land around railway stations will be released by the government in an attempt to make more land available for housing.
Beijing still on target with growth: China’s slowing economy will not suffer a hard landing, and Beijing would meet its still high growth targets, thereby delivering a “warm breeze” to the world, the Chinese premier said.
The Independent
U.S. Federal Reserve looks at slower interest rate rises after global economy weakens: U.S. policymakers left interest rates unchanged but forecast slower hikes this year after highlighting the weakening global economy, pushing out investor expectations of a rate increase to September.
Budget 2016: HS3 train link from Manchester to Leeds gets green light: The HS3 high-speed line from Manchester to Leeds has been given the green light as part of a £300 million transport infrastructure package the Chancellor hopes will further his Northern Powerhouse plans.
Amazon Italy Chief says company under investigation for tax evasion: Amazon is under investigation in Italy for alleged tax evasion, its Italian Boss said in an interview on Tuesday.
Tesco asks Managers to be polite to staff to show it ‘really cares’: Tesco is asking its Managers to be more polite when dealing with staff as part of efforts to show the multi-national supermarket giant “really cares”.
Financial Times
Backing for greater private sector role in U.K. railways: A report into the financing of Britain’s railways has endorsed plans by Network Rail to seek greater private sector investment, which could include the sale of 18 key train stations and power lines.
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Sugar tax attacked by soft-drink makers after Budget: Makers of soft drinks have criticised the imposition of a sugar tax on them, saying their industry had been singled out and that the levy is more likely to cause job losses than make children less obese.
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Sir Martin Sorrell’s pay set for steep fall at WPP: New remuneration policies at WPP are set to dramatically reduce the pay of Sir Martin Sorrell from next year, but the Chief Executive of the world’s biggest advertising group will still be among the best paid Bosses in the FTSE 100.
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Commercial property groups stung by reform in Budget 2016: Stamp duty for buyers of commercial property is to be overhauled under reforms that cut the charges on most transactions but raise them for properties costing more than £1.05 million.
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WANdisco shares hit as group battles losses: Shares in software developer WANdisco were down more than 15% after it reported falling revenues and continuing losses.
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Peabody Energy warns of bankruptcy risk: Peabody Energy, America’s largest coalminer, has warned it may need to seek bankruptcy protection in the starkest sign so far of the strain on the U.S. coal sector after years of falling prices and intensifying competition.
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FedEx shares jump as it shrugs off Christmas season problems: FedEx shares gained 6.6% in after-hours trade after the express parcel service brushed aside delivery problems during the pre-Christmas peak season to record earnings that beat expectations.
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China’s Li Ning returns to profit: Li Ning, the Chinese sportswear brand reinvigorated by a new mainland passion for fitness and sports, made a small profit last year, ending three years of annual losses.
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Apple signs up to Google Cloud services: Apple has moved some of its iCloud services onto the Google Cloud, marking one of the most high-profile wins for Alphabet’s rival to Amazon Web Services since it came under new leadership last fall.
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Lex:
Deutsche Borse and LSE: exchanging vows: A 16-year courtship came to an end on Wednesday. Deutsche Borse, the German listed exchange group, officially popped the question with an all-share offer for London Stock Exchange Group.
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U.K. car insurance: premium economy: On first glance, U.K. car insurance is a case study in these conflicting impulses. Each car Owner must buy it, £646 a household a year, according to the Association of British Insurers.
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Geberit: flush with success: Geberit, the Swiss sanitary systems maker that reported results on Tuesday. Its speciality was “behind the wall” systems such as concealed cisterns and water-saving flushes, and its returns have been far from bog-standard.
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Lombard:
LSE-Deutsche Borse merger is ICE’s to disrupt: Deutsche Borse and the London Stock Exchange are sticking to their script: the combination will be a nil-premium merger of equals. That means the deal is now Intercontinental Exchange’s to disrupt, if it chooses.
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Smiths’ heavy industry: One can’t accuse Smiths, the engineering conglomerate, of using Wednesday’s Budget to bury bad news: it habitually puts out half-year numbers on the day the Chancellor brings out his red box. But the bad news was there.
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The Daily Telegraph
PwC signs up as first tenant for £500 million Birmingham regeneration: Professional services firm PwC has become the first business to take up space in a vast new redevelopment of Birmingham city centre, three years before the first building is finished.
Vectura and Skyepharma to merge in £441 million deal: Drug maker Vectura is buying peer Skyepharma in a £441 million deal that will create an industry-leading specialist in inhalation devices for people with respiratory diseases such as asthma.
JP Morgan leads U.S. banks’ record dividend splurge: JP Morgan is to pay its biggest ever dividend, leading a wave of mega-payouts from the big U.S. investment banks.
Moneysupermarket Founder Simon Nixon sells out with £124 million windfall: The Founder of Moneysupermarket has sold off the last of his stake in the price comparison site, resulting in a £124 million windfall and ending his 17-year dotcom rollercoaster ride with the firm.
Centrica Boss earns £3 million in first year on the job: Centrica Boss Iain Conn has earned a total pay package of more than £3 million for 2015, after only his first year at the helm of the British Gas parent company.
AEP: World coal giant Peabody faces bankruptcy as industry implodes: The world’s largest private coal company is on the verge of bankruptcy as the commodity crash claims its biggest victim, crippled by fierce competition from cheap gas and a radical policy shift by China.
World’s first sharing economy tax breaks unveiled in Budget: Digital businesses that allow people to make money from spare assets, from unwanted objects to unused bedrooms, received a boon in the Budget as part of the Government’s bid to make the U.K. a global leader of technology.
Minions prove to be a sweet spot for Finsbury Foods: An insatiable appetite for Minions has driven sales and pretax profits higher at Finsbury Foods, one of Britain’s largest bakers.
The Guardian
Budget 2016: George Osborne’s giveaways ‘mask £56 billion black hole’: George Osborne’s attempt to woo voters ahead of Britain’s EU referendum has come under immediate and intense scrutiny after he used a range of accounting devices to disguise a looming £56 billion “black hole” in the government’s finances and deliver a promised surplus by the end of the decade.
Airbnb hosts and eBay traders to benefit from £2,000 ‘sharing economy’ tax allowance: Online merchants and short-term landlords were given a gift in the budget, with two new £1,000 tax-free allowances offered on income from those sources.
Asda to cut up to 750 jobs: Asda has confirmed plans to cut up to 500 jobs in stores and 250 at its head office in Leeds as the retailer battles to protect profits while sales slide.
Daily Mail
Taxpayers will never get their money back for bailing out the banks, says watchdog as interest on the rescue loan hits £24 billion: Households are facing a huge loss from rescuing the banks, the independent Treasury watchdog has warned.
Heathrow pre-empts third runway decision to award construction contracts for proposed £16 billion project: Heathrow has pre-empted the Government’s decision to build a third runway by awarding contracts to construction firms.
Business rate reforms provide a huge boost for High Street firms but leave the steel industry reeling: High Street shops and pubs received a huge boost by plans to transform business rates – but the changes left the steel industry reeling.
Forecasters predict interest rates will fall below record low of 0.5% for some of the next two years: The Government has based its economic forecasts on a cut in interest rates from the record low of 0.5% Budget documents show.
The £7.8 billion small firm giveaway paid for by big names but entrepreneurs are warned not to take it at face value: Small businesses were showered with £7.8billion of benefits but large firms suffered a £9billion tax grab in what experts dubbed a ‘David and Goliath’ budget.
Banks facing £2 billion bill in clampdown on corporation tax dodge where lenders use past losses to offset all their profits: Banks face an extra £2billion bill because of restrictions on using losses made since the financial crisis to cut their future tax bills.
Employment hits record high, but painfully slow wage growth means an interest rate rise is all but out of the question: The number of people in work in Britain has hit a record high.
Private equity fund Managers the ‘Budget bogeymen’ as they are excluded from big reduction in capital gains tax rates: Private equity fund Managers have been treated like ‘bogeymen’ in the Budget, a leading tax accountant said.
Terror threats hurt U.K. travel giants Thomas Cook and Tui as they try to reduce bookings in trouble-spots like Egypt and Turkey: Shares in Thomas Cook and Tui slumped over fears the two firms are heavily exposed to terrorism-hit destinations.
Daily Express
Budget 2016: Osborne plans £16billion Bradford & Bingley sale: George Osborne has set out plans to sell nearly £16 billion of bank assets rescued from the collapsed Bradford & Bingley during the financial crisis.
The Scottish Herald
Maven hails record year for investment, and flags strength of Glasgow hospitality sector: Glasgow-based Maven Capital Partners has notched up a record year for equity investment and hailed strong growth in its property business as it continues its expansion drive.
Engineering entrepreneur calls Budget tax cuts step in right direction: One of Scotland’s most successful engineering entrepreneurs, Dan Wright, gave George Osborne a “not bad” verdict on a Budget he thought could encourage investment in firms but may not provide them with much practical help.
Building to fleet group worried about squeeze on recruitment perks: Ogilvie Group, the Stirling-based construction, fleet, IT and surveying business, welcomed the Chancellor’s cut to corporation tax – but is concerned that other changes mentioned in the Budget small print could dent its ability to recruit and retain staff.
North Lanarkshire social enterprise plans to open construction skills learning centre in Bellshill: Active4All, a social enterprise that provides employment opportunities for people from disadvantaged communities in North Lanarkshire, expects to create 12 jobs after securing £1.1 million expansion funding.
Cairn Energy Executives in line for £6 million share awards: The Chief Executive of Cairn Energy, Simon Thomson, has been awarded around £1.7 million shares in the oil and gas firm subject to conditions under a programme that put Directors and Executives in line for shares worth £6.2 million in total.
Engineering group buoyed by medical devices and detection arms: Engineering conglomerate Smiths Group reported a 28% rise in half-year pretax profits to £168 million but said its energy services business had been hit by challenging oil and gas markets.
Menzies appoints City veteran as non-exec Director: Distribution and aviation firm John Menzies has appointed Paul Baines as a non-Executive Director, effective from June 1.
The Scotsman
Scots seaplane operator to launch English route: Passenger seaplane services are set to return to England for the first time in several decades after Loch Lomond Seaplanes extended its services.
Fury as Moray Council plans to limit drams on distillery tours: Furious whisky Chiefs have hit out against plans to limit the amount of alcohol sampled on distillery tours.
Bumper cruise ship season to provide £11 million boost to Highlands: A highland port is expected to welcome a record-breaking number of cruise passengers this season – bringing an £11 million boost to the region’s economy.
Architects draw up plans for ‘exciting’ alliance: Three architectural practices, including Scots firm Keppie Design, have unveiled plans to form an alliance aimed at winning “significant” new business.
City A.M.
Share price in FedEx up in after-hours trading after courier company announces revenue rise in third-quarter results: Share price in FedEx rose in after-hours trading after the courier company reported its third-quarter results for the period ended February 2016.
China Merchants Group makes informal bid for London’s Baltic Exchange, according to sources: China Merchants Group has made an informal bid for London’s Baltic Exchange, according to sources.
The British Infrastructure Club: The U.K. now has its own infrastructure investment fund: The U.K. now has its own infrastructure investment fund which can compete with the likes of China and Kuwait.
M&G backs £200 million Snowhill scheme in Birmingham, as part of a 20 year master plan to turn the area into a business hub: Fund Manager M&G real estate has swooped in to back the £200 million construction of Birmingham’s Three Snowhill, in what will be one of the largest city office schemes to be built outside London.
Share price in Guess? down in after-hours trading as clothing company reports a fall in both revenues and earnings for year ended January 2016: Share price in Guess? dropped sharply in after-hours trading after the fashion company reported a decline in revenues for its results for the full year ended January 2016.
