The Times
Oil price smashes $40 mark: Oil prices rose to their highest this year, breaking through the $40 barrier, as investors bet that markets were starting to rebalance after a production freeze led by Russia and Saudi Arabia.
Huge rise in online and phone bank fraud: Losses due to technology-based fraud jumped by a quarter last year in the U.K. to more than £755 million, leading a top detective to call for computers to be sold with in-built security software.
Computers to make Libor rigging ‘impossible’: The scandal-hit Libor borrowing rate could be taken entirely out of human hands within a year, according to administrators brought in to ensure that traders are stopped from rigging the key financial benchmark.
Radley bags new in-store experience: Radley, the fashion brand known for its handbags and its scotch terrier logo, is to open a series of “customer experience” stores in city locations around the country.
£350,000 salaries for Britain’s worst social housing Chiefs: Some of the highest-paid housing associations, with Bosses earning up to £350,000 a year, are among the worst performers for building new homes.
Stamp duty rise fuels more mortgage lending: Mortgage lending has surged to its highest level since 2008 as buy-to-let investors rushed to beat a looming stamp duty rise.
Guardian to cut 250 jobs after £80 million cash spree: The Guardian is to cut 250 staff as Kath Viner, the editor, looks to cut costs after the newspaper group burnt through £80 million of cash in one year.
Figures back Fed’s view on strengthening employment: American joblessness has stayed at historically low levels, bolstering the Federal Reserve’s view that the employment market is strengthening.
Ted Baker blossoms with profits growing fast: Profits have jumped by a fifth at Ted Baker after its quirky fashion, floral designs and an international store opening programme pulled in shoppers.
The Independent
Budget 2016: George Osborne’s tax on sugary drinks could lead to people consuming more sugar, IFS says: The tax on sugary drinks announced by George Osborne in Wednesday’s Budget could lead to people consuming more sugar as they turn to foods instead, according to the Institute for Fiscal Studies.
Ashley Almanza: G4S Chief pays for slide in profits as handcuffs placed on bonus: The world’s biggest security company G4S slashed the cash bonus paid to Chief Executive Ashley Almanza by a quarter last year, after the struggling group revealed a slump in profits.
City sees mining deals on agenda as copper Chief takes helm at Rio Tinto: Rio Tinto has named its copper and coal division head Jean-Sebastien Jacques as its next Chief Executive, replacing veteran Sam Walsh and marking a shift for the Anglo-Australian mining major that has long focused on iron ore.
Coca-Cola says sugar tax will not reduce childhood obesity: Coca-Cola has said the Government’s plan to introduce a tax on sugar will not reduce obesity.
Financial Times
U.K. tax on sugary drinks is ‘nannying’ and ‘impractical’: Britain’s surprise decision to follow Mexico, France, Finland and Hungary and impose a tax on sugary soft drinks immediately came under fire on Thursday as both nannying and impractical.
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Exterion wins £2 billion advertising contract for London Underground: Exterion Media has beaten JCDecaux to win a £2 billion, eight-year contract to handle advertising space on the London Underground — the most valuable outdoor media deal in the world.
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Imagination Technologies to axe 200 more jobs: Imagination Technologies, the U.K. chip design group that has struggled to adapt to the changing smartphone market, has announced 200 job losses as it tries to speed up a restructuring and cost-cutting programme.
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ICE shakes up scandal-hit Libor: U.S. markets operator Intercontinental Exchange took over administration of the London Interbank Offered Rate in 2014 after a global investigation found traders were influencing the daily rate calculations to benefit their own books.
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WPP-owned J. Walter Thompson replaces its Chief Executive: Advertising agency J. Walter Thompson has replaced its Chief Executive following allegations of racist and sexist behaviour by the head of the company owned by WPP, the world’s largest marketing services group.
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Lufthansa shares suffer as airline reveals impact of rising costs: Lufthansa shares fell more 6% after the German airline reported higher than expected costs in the wake of battles with unions, pilot strikes and a programme to modernise its cabins.
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Lex:
Peabody Energy: in the pits: In 2011 Peabody Energy had a market value over $10 billion. Its shares have since fallen 99% — and it remains the largest U.S. coal miner. With $5.9 billion of debt near maturity, and burning cash, the last 1% may be a matter of time.
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Heidelberg/LafargeHolcim: feet of clay: For most companies, generating returns above the cost of capital is the norm. In the cement business, it is the exception; the achievement merited its very own bullet-point in HeidelbergCement’s annual results statement. There was no such line in the LafargeHolcim’s report, also released on Thursday.
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Rio Tinto: metal to peddle: Physicists and philosophers speculate about alternative universes, where the improbable is reality. In one of them, Glencore has surely bought Rio Tinto. Luckily for Rio’s shareholders, Sam Walsh, the Chief Executive, put his faith in stuff not theory.
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Lombard:
Lessons in succession from GSK and Rio: Problem: Sir Andrew Witty and Sam Walsh are Chief Executives. Sir Andrew is 51. He started eight years ago. Shares in his company, GSK, are higher but have lagged behind the pharma industry by 64%. Sam is 66. He started three years ago. Shares in his company, Rio Tinto, are lower but by less than the mining sector.
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Crumbling Keystone: Iraqi Kurds and independent oil companies are mutually dependent. The Kurds need the likes of Gulf Keystone Petroleum to pump the black stuff as a currency to finance their fight against Isis. The companies need the Kurds’ autonomous government to pay them. If the relationship fails, both have a problem.
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The Daily Telegraph
Household debt binge has no end in sight, says OBR: Britain’s credit binge has no end in sight as weak pay growth and low interest rates encourage households to load up on debt, official forecasts show.
Gulf Keystone stock tanks as insolvency risk looms: Gulf Keystone shares plummeted to seven-year lows on Thursday after the struggling oil explorer warned that it might not meet significant debt repayments due next month.
Government’s £520 million sugar tax target ‘highly dubious’, analysts warn: The £520 million the Government hopes to raise from taxing sugary drinks manufacturers is a “highly dubious” target, industry analysts have warned, strengthening the likelihood that Ministers will be forced to extend the new levy into the food industry.
Upstart banks cash in on mortgage boom: Mortgage lending has shot up by another 30% over the past year, and small banks are making the most of the boom as they rake in new customers and higher profits on the back of a resurgent housing market.
Three stake up for grabs as Hutchison unveils alternative plans to secure O2 deal: Hutchison has revealed a “plan B” for its £10.25 billion takeover of O2 as it battles to win regulatory approval, involving selling a stake in Three and creating a new structure that would keep the two mobile operators separate.
Terry Smith sues Barclays over ‘atrocious’ delays to bank transfer: Terry Smith, the investing tycoon, is suing Barclays for “atrocious” customer service after it failed to transfer money that he wanted to use for an investment, losing him £220,000 in forgone profit.
The Guardian
Demand for homes fuels 30% rise in mortgage lending: Mortgage lending leapt by 30% in the 12 months to February to hit £17.6 billion, according to the latest figures from banks and building societies.
One in three U.K. workers are in the wrong job, ONS figures claim: Almost one in three workers are either overqualified or underqualified for their jobs, according to new figures that deal a fresh blow to hopes that the U.K. can lift its productivity growth out of the doldrums.
Archant boosts profits and pays first dividend since 2012: Local newspaper publisher Archant is to pay its first dividend since 2012 after recording a 20% increase in profits to £9.6 million in 2015.
Sainsbury’s set to raise bid as Argos takeover deadline approaches: Investors expect Sainsbury’s to offer as much as £1.5 billion for Argos on Friday, as the supermarket considers trumping a rival South African bid for the catalogue shop ahead of a 5pm deadline.
Daily Mail
Samsonite enjoys £136 million profit boost thanks to strong sales in China: Samsonite, the world’s largest luggage maker, credited strong sales in China for boosting full-year profits.
Stelios demands detailed figures from Fastjet amid fears the Africa-focused airline is on the brink of going bust: Billionaire investor Stelios Haji-Ioannou made an extraordinary list of demands from Fastjet amid fears the Africa-focused airline could be about to go bust, writes Rupert Steiner.
French Government agrees funding for controversial Hinkley Point nuclear power plant: Controversial nuclear power plant Hinkley Point looks set to go ahead after the French Government agreed to give EDF the funding it needs for the £18billion project.
Admiral Boss Henry Engelhardt to give £1,000 to every worker as a thankyou gift before he retires: The colourful entrepreneur behind Admiral Insurance is giving £1,000 to every worker as a thank you gift before he retires.
Britain’s first potash mine in 40 years sparks a £2.5 billion investment drive amid concerns about demand for the fertilizer: A £2.5billion investment drive has begun after the firm behind Britain’s first potash mine in 40 years unveiled its plans.
WPP Executive forced to resign after being accused of making sexist, racist and anti-Semitic comments: Martin Sorrell’s WPP agency has been rocked by a sexism and racism row that has seen one of its leading Bosses quit.
Daily Express
Interest rates remain frozen as Bank of England warns of referendum risks: The Bank of England has kept interest rates on hold as it warns of a rising uncertainty in the economy ahead of June’s in or out referendum.
The Scottish Herald
Scottish small businesses see profits fall and cut employment as confidence drops, FSB survey reveals: Small businesses in Scotland have suffered an overall fall in profits and cut employment, and their confidence has turned negative for the first time in three years, a survey has revealed.
Building giant grows in Scotland despite challenges in Aberdeen: Building giant Kier has highlighted the challenges firms face in the Aberdeen area amid the fallout from the North Sea oil and gas downturn but said it is achieving good growth in Scotland.
Enquest welcomes Budget tax move as it targets North Sea cost cuts: North Sea focused-EnQuest has said tax changes in The Budget will encourage deals in the area as the company revealed losses doubled to $1.3 billion last year following the crude price plunge.
Black & Lizars unveils new Boss: Optical chain Black & Lizars has named Michelle Le Prevost as its managing Director. The former dental care professional replaces Geraldine Meade, who left the company in December after just nine months in the position.
Alliance Trust backs sugary drinks tax: Alliance Trust Investments has said the Chancellor’s levy on sugary soft drinks is a “positive sign for the healthy eating movement”.
Glaxo Chief to leave in March 2017: Drug maker GlaxoSmithKline said its Chief Executive Andrew Witty would retire in 12 months’ time, after leading the group through a series of changes since 2008 that have failed to ignite the share price.
The Scotsman
Buyers circle as shortbread firm Chiefs step down: One of Scotland’s best-known food brands is up for sale after its Owners decided to retire.
Highlands hydro power schemes get £4.8 million boost: Two “run of river” hydro power schemes are being developed in the Highlands as part of a £4.8 million investment.
Buyer found for historic Borders knitwear firm: A buyer has been found for Hawick Knitwear, which went into administration earlier this year with the loss of more than 120 jobs.
£17 million plan to attract new investment in Falkirk area: A £17 million project to create a new “urban quarter” on the eastern side of Falkirk has been unveiled.
Rescued Bladnoch distillery to target sales in Australia: A Scotch whisky distillery bought out from administrators last year after being in disuse since 2009 aims to double production as its new Owner sets about re-establishing the brand in the U.K. and taking it to Australia.
Tourism leaders warn of Scotland missing key £1 billion target: Scottish tourism leaders have warned the industry faces falling short of a key target of bringing in an extra £1 billion from visitors within the next few years.
City A.M.
Libor scandal: Former UBS and Citigroup trader Tom Hayes lost the best part of £1 million on trading as he tried to raise funds to pay for his legal fees: Tom Hayes lost the best part of £1 million trading to try to raise money to pay his legal fees, a court was told.
Budget 2016: Small business confidence plummets in London as Federation of Small Businesses (FSB) bank on Budget boost: Confidence among small businesses in Britain is at its lowest level since 2013, with sentiment deteriorating the most in London, according to a new survey out.
Average pay slashed by 15% at Goldman Sachs International, the banking giant’s European branch, for the year ended December 2015: Pay has not been so golden for Goldman Sachs’ European employees this last year, as the latest set of accounts for Goldman Sachs International shows that pay fell by an average of 15%.
Adobe Systems share price up in after-hours trading as software company reveals rises in revenues and profits for three-months to 4 March 2016: Share price in Adobe Systems rose in after-hours trading as the software company revealed that its profits had trebled for its first quarter of its 2016 fiscal year.
Insurance group Phoenix prepares bid for Deutsche Bank’s Abbey Life: Insurance group Phoenix is preparing to launch a bid for Abbey Life, which is owned by Deutsche Bank.
Wealth Manager Brooks Macdonald’s share price up after delivering 12% funds under management growth in “uncertain markets”: The share price of Brooks Macdonald rose nearly two% after the investment Manager reported a 12% growth in discretionary funds under management (FUM).
OneSavings Bank share price jumps 20% after challenger bank reports 52% rise in pretax profits: Shares in the challenger OneSavings Bank closed up more than 20% after the bank reported a 52% rise in full-year pretax profit, far exceeding analyst expectations.
