The Times
Suez-style crisis ‘could hit Britain over deficit’: It was the crisis that dealt a “final blow to Britain’s self-image as a world power to be reckoned with”. Now a Bank of England policymaker has warned that Britain could face another Suez-style crisis in the run-up to the European Union referendum.
Apple hopes new iPhone will put sales slide on hold: Apple launched a new iPhone with a smaller touchscreen in a desperate attempt to reboot its flagship product, after its own forecast that sales of the phone were set for their first ever decline this quarter.
Market data giants to merge in $13 billion tax inversion deal: London’s place as one of the most attractive places to do business was given a boost when two of the world’s largest data companies agreed a multibillion-dollar merger that represents one of the largest tax inversion deals yet announced.
North Sea oil companies pool resources to cut costs: Five oil and gas companies are hoping to reduce costs in the North Sea by sharing access through an online trading platform.
Pets at Home Boss quits but he wasn’t in the doghouse: Pets at Home announced a surprise top-level reshuffle after Nick Wood revealed that he was stepping down as Chief Executive to spend more time with his family.
Valeant searches for new Boss as power passes to Ackman: The Canadian drugs company under pressure from an activist shareholder is looking for a new Chief Executive and has claimed that two further Executives were involved in what it called improper conduct.
The Independent
Bank Bosses could lose their bonuses if they don’t hire more women: Bank Bosses will have their bonuses on the line if they don’t hire more women in senior roles in a radical move to address gender inequality in the industry.
ASX Boss Elmer Funke Kupper quits as payment to Cambodian PM investigated: The Boss of Australia’s stock exchange has quit just days after police began investigating allegations of bribery involving the Cambodian Prime Minister’s family at a company he used to run. Elmer Funke Kupper’s resignation was effective immediately, the ASX said.
‘Outstanding’ oil flow produced by Gatwick Gusher: The Gatwick Gusher has produced the highest flow rates of any onshore wildcat well in the U.K., matching the kind of levels normally seen in the North Sea, its majority Owner U.K. Oil & Gas said.
Carmignac fund Manager quits after deals with Mandelson-linked firm: Carmignac equities fund Boss departs after investing in scheme run by Lars Windhorst, who is advised by the former Business Secretary.
Dyson sucks up the profits in China thanks to demand for air purifiers: Sir James Dyson’s eponymous manufacturing company has benefited from a surge in demand for the firm’s air purifiers in China. Dyson’s turnover rose more than a quarter to £1.7 billion in 2015, with profits up nearly a fifth at £488 million.
Financial Times
YouGov sees revenues rise 15% on back of new data products: YouGov’s revenues rose 15% in the six months to January as the market research company’s data products attracted clients including JCDecaux and Auto Trader.
To Read More Click Here
Lloyds Bank to launch mortgage video interview service: Customers of Lloyds Banking Group will soon have mortgage interviews in their own home via video, as fewer customers visit branches and instead opt for mobile. The state-backed bank is launching its mortgage advice service across a video link that is accessible through a laptop, desktop or tablet computer.
To Read More Click Here
Petrobras posts record loss amid oil rout: Petrobras, the state oil company at the centre of Brazil’s largest corruption scandal, recorded its biggest loss on record in the fourth quarter as oil prices slid.
To Read More Click Here
Bondholders suffer $150 billion oil price hit: Investors have suffered losses of at least $150 billion in the value of oil and gas company bonds, as the slump in crude prices since the summer of 2014 has fuelled fears of a wave of defaults in the U.S. and emerging markets.
To Read More Click Here
Santander to spread the word about mobile banking via app: Thousands of Santander customers will soon be able to task their mobile phones with monitoring and recounting their spending habits before telling the same handset to make payments, as the bank rolls out voice-recognition technology.
To Read More Click Here
Gawker Founder ordered to pay $10 million to Hulk Hogan: Nick Denton, the Founder of Gawker Media, has been ordered to pay $10 million in punitive damages to Hulk Hogan, the wrestler who appeared in a sex tape published online by one of Mr Denton’s websites.
To Read More Click Here
Telecom Italia Chief Executive Patuano resigns: Telecom Italia Chief Executive Marco Patuano has resigned following a boardroom fallout with its largest investor Vivendi that has left the Italian telecoms group searching for a replacement to oversee the next stage of its restructuring.
To Read More Click Here
Lex:
Valeant: Goose and gander: On Monday Valeant announced that its Chief Executive, Michael Pearson, will leave as soon as a successor can be found. More ominously, the company said that “improper conduct” by finance Executives, notably long-serving finance head Howard Schiller, contributed to profit misstatement.
To Read More Click Here
Telecom Italia/Vivendi: bad connection: Marco Patuano has had enough of Vincent Bollore. Mr Patuano is, or was, the Chief Executive of Telecom Italia. His resignation was announced on Monday. The reason — reportedly — was conflict with Mr Bolloré, the Chairman of Vivendi. The French conglomerate has built a 25% stake in Telecom Italia’s equity and has placed four members on to the telecom’s 18-member board.
To Read More Click Here
IHS/Markit: defensive deal: At first glance Markit and IHS make an odd couple. One is focused solely on the financial services sector, best known for exotic niches such as credit-default swaps and the bespoke derivatives market. The other centres on industrials, including transport, energy and resources companies, the latter two accounting for around half of total revenues historically.
To Read More Click Here
Lombard:
Lance’s point will be to tip balance of IHS Markit: Lance Uggla admires Malcolm Gladwell, the sage with the mushroom cloud updo who believes that when ideas reach a “tipping point” they gain unstoppable force. The Founder of City prices group Markit, whose hairstyle is of the easycare variety, is talking up its $13 billion combination with IHS of the U.S. in similar terms.
To Read More Click Here
Unsteady Edi: King Tantalus was tortured by being immersed up to his chin unable to drink. Edi Truell must have felt similar frustration as a director of Tungsten, the Aim-quoted electronic invoicing group he founded. The City wheeler dealer suggested all kinds of deals to the board, but was rebuffed.
To Read More Click Here
The Daily Telegraph
Drugs company raises $24 million to tackle inflammatory bowel conditions: A Cambridge-based drugs company has raised $24 million as it reaches the final stages of developing a drug that could relieve the suffering of people with severe inflammatory bowel conditions.
Nando’s beaten by Five Guys as favourite fast-food chain: Five Guys, the U.S. burger chain which counts President Barack Obama among its fans, has overtaken Nandos as the U.K.’s most popular fast-food chain just two years since arriving in this country.
U.S. shale already setting U.K. gas prices, say analysts: The U.S. shale revolution may already be capping the price of gas in the U.K., months before the first gas exports are set to arrive at European terminals.
U.K. solar sector handed stay of execution over VAT threat: The U.K.’s struggling solar power industry has avoided a 400% VAT hike that threatened to weaken a sector already hammered by a cut in Government subsidies.
Tungsten rejects Founder’s plan to restructure: Tungsten, the invoicing firm that is battling mounting losses, has rejected a plan from its Founder Edmund Truell to take control of most of its assets as “universally without merit”.
Hospital group Mediclinic checks in to FTSE 100: Mediclinic, the global private hospital group that runs 39 clinics in Britain, checked into the FTSE 100 in the latest quarterly review of the index, five months after snapping up London-listed medical provider, Al Noor.
Gold miner Centamin hikes dividend despite profit fall: The falling price of gold, write-downs on scrapped exploration projects, and legal wrangles took a bite out of profits at Centamin last year.
Lloyds blasts competition regulator’s research as ‘wholly unreliable’ and ‘profoundly unsuitable’: Lloyds Banking Group has launched a strongly worded attack on the Competition and Markets Authority’s investigation into the banking sector, warning that some key parts of evidence used in the probe are “wholly unreliable” and “profoundly unsuitable.”
The Guardian
IFS analysis chimes with Duncan Smith’s budget warning: Iain Duncan Smith’s warning that George Osborne’s budget will hit poorer families hardest while preserving the incomes of the better off and pensioners has been backed up by an influential Thinktank.
Brexit could trigger credit downgrade for U.K.’s biggest firms: Britain’s biggest companies could face a credit downgrade – potentially forcing up their borrowing costs – should the U.K. vote to leave the EU in June, according to a report by a leading ratings agency.
Millions of older workers forced to delay retirement: Millions of workers in their 50s have been forced to postpone their retirement by eight years due to a lack of pension savings and high levels of debt, according to a report from Aviva.
Gender pay gap has barely shrunk in four years, say MPs: The government should make all jobs flexible and introduce an industrial strategy for low-paid women’s jobs to act on its pledge to close the gender pay gap, MPs will say.
TVR to create 150 jobs with new car factory in south Wales: A second British sports car brand has announced that it is to open a factory in south Wales, creating much-needed jobs and giving a boost to the Labour-led devolved government.
Sports Direct Founder Mike Ashley snubs call to face MPs: Sports Direct’s Founder Mike Ashley has challenged the authority of a parliamentary select committee by refusing to appear before MPs investigating pay and working conditions at the retailer, despite being formally summoned.
Daily Mail
Star Manager Neil Woodford waives fee on Patient Capital Trust fund after it loses value: Star Manager Neil Woodford will not charge a fee for one of his funds after it lost value, he revealed.
Scandal-hit credit card firm CPP locked in power struggle between its Founder and new leadership team: The future of scandal-weary credit card company CPP has been thrown into doubt by a bitter power struggle between its Founder and the new leadership team.
Axa ceo Henri de Castries tipped to replace Douglas Flint as Chairman at HSBC: AXA Boss Henri de Castries is resigning after three decades at the insurance giant as rumours swirl that he could be in line for the Chairman’s role at HSBC.
U.K. manufacturers suffer poor start to 2016 with 33% of factories seeing output fall in past three months: Britain’s struggling manufacturers have suffered a bleak start to the year with production falling at the fastest rate since the depths of the recession.
Germans try to sweeten LSE merger by copying the ‘easy access’ structure of U.K.’s Aim market: The German Bosses plotting to take over the London Stock Exchange want to sweeten the deal for investors by copying the U.K.’s Aim market.
Rolls-Royce creates 350 U.K. jobs as it bids to placate nervous MPs: Rolls-Royce will attempt to placate MPs concerned about its commitment to U.K. manufacturing by announcing hundreds of new British jobs.
Daily Express
Deception scams drive rise in financial fraud: Financial fraud rose sharply last year with losses increasing to £755 million, up 26% as crooks found rich pickings targeting people’s personal information.
The Scottish Herald
Firm behind Bentley oil development off Shetland faces ‘material uncertainty’: Xcite Energy has noted a material uncertainty about its ability to continue as a going concern but said efforts to secure the funding needed to develop the giant Bentley heavy oil field East of Shetland are making progress.
Scottish drone firm aims for the sky with £2 million funding package: Livingston-based drone company Cyberhawk is targeting expansion following a new £2 million funding package from Clydesdale Bank’s growth finance team.
New craft brewer aims to provide clean water to millions: The team behind ethical sandwich chain Social Bite has partnered with craft beer pioneer Brewdog to provide clean water to people in developing countries through a new craft beer brand.
Jobs protected and created by OneSubsea R&D project: Five new jobs will be created in Aberdeen and 35 more safeguarded after oil and gas firm OneSubsea announced it is investing £1.8 million in a new research and development project to help grow its global presence.
Scottish Enterprise announces five-year growth plan for aerospace, defence, marine and security sectors: Scotland’s aerospace, defence, marine and security sectors have set out a new five-year growth plan that could deliver an extra £500 million a year in revenues by 2020, Scottish Enterprise has announced.
Arria NLG signs with Inovx to give a voice to the Internet of Things: Oil and gas software company Inovx Solutions has partnered with natural language generation (NLG) technology firm Arria NLG.
The Scotsman
Standard Life’s 1825 buys west coast financial planner: The financial planning arm of Standard Life has made its second acquisition within the space of a week.
Meters firm SMS seals trio of deals as profits jump: Smart meters specialist SMS has splashed out almost £7 million on three acquisitions as it revealed a surge in annual profits.
Superglass finance Chief to join IndigoVision: Video security specialist IndigoVision named Chris Lea as its new Chief financial officer.
Edinburgh garage given new lease of life as coffee bar: Two entrepreneurs behind a speciality coffee bar concept are brewing up plans for expansion after a successful roll-out of their second outlet.
Anderson Strathern bolsters private client team: Legal firm Anderson Strathern has strengthened its senior private client team with the promotion of Catriona Miller to partner.
City A.M.
Energy industry warned over high supply and slowing demand in 2016: The global energy industry is going to face fresh challenges in 2016 due to slowing demand around the world, companies have been warned.
Chocolate giant Cadbury and Owner Mondelez hit back over Dispatches claims of recipe changes and job losses: Cadbury Owner Mondelez has hit back at claims the confectioner has changed the recipe for its iconic product, Dairy Milk, and accused Channel 4’s Dispatches programme of being one-sided and misleading.
Moody’s places Deutsche Bank on review ahead of possible downgrade and forecasts delay in improving profitability: Ratings agency Moody’s has placed Deutsche Bank on review and may downgrade the company and some of its affiliates.
Private equity firm Ardian is selling its majority stake in Novacap to two French buyout firms for around £500 million: Paris based private equity firm Ardian is set to offload its majority stake in chemicals and cosmetics company Novacap to French buyout firms, Eurazeo and Merieux Developpement for around £500 million.
EU referendum: Moody’s says Brexit costs outweigh the benefits and warns of negative effect on U.K. Plc credit ratings: A British exit from the European Union would result in prolonged uncertainty and put downward pressure on British companies’ credit ratings, Moody’s Investors Service has warned.
Housebuilder Inland Homes posts record half-year profits as average prices rise: Shares in Inland Homes edged higher after the housebuilder and regeneration specialist posted a jump in half-year profits.
Jack Wills secures extra £10 million funding as its embarks on a store opening spree: Jack Wills has secured an extra £10 million of funding from its lenders as it looks to add another 10 stores to its clothing empire this year.
Dixons Carphone snaps up broadband and TV price comparison site Simplifydigital: Dixons Carphone has agreed to buy broadband price comparison site Simplifydigital for an undisclosed sum as it looks to become a one-stop shop for digital services.
