Newspaper Summary
The Times
1,000 jobs at risk in £11 billion fund merger: As many as 1,000 jobs could be at risk as Standard Life and Aberdeen Asset Management pursue their £11 billion all-share mega-merger, prompting the Scottish government and local MPs to demand urgent clarity from both sides.
Regulator under fire for ‘failing to act on Mitie accounting issues’: A former top City fund manager with a reputation for unearthing accounting problems at listed companies has criticised the regulator for failing to intervene in the bookkeeping practices at Mitie.
Deutsche Bank taps market again to raise €8 billion: Germany’s largest lender has announced plans to raise €8 billion through a share sale and selling part of its asset management business.
Legal challenge to ‘unfair’ PPI deadline: Two financial watchdogs face the threat of a legal challenge over their handling of payment protection insurance amid claims that thousands of people are missing out on redress after the scandal.
Atlantis has tilt at underwater windmills: Developers of the world’s largest tidal stream energy plant have set out ambitious plans to slash its power generation costs by more than half in an attempt to secure subsidies for the project to continue.
Sterling supports export boost for manufacturers: Manufacturing has made a much stronger than expected start to the year as a falling pound has led to a “sharp rebound” in exports.
Yoga raves and pole dancing prove a perfect fit for Gymbox: A fast-growing gym chain known for its unusual fitness classes enjoyed a near-fivefold increase in its profits last year.
Britain ‘leads way throughout Europe for life sciences’: The pharmaceuticals manufacturing industry is more productive than its counterparts in any other leading European economy, according a report.
Crime-spotting software specialist set to expand: A supplier of police investigation and anti-fraud software is increasing staff numbers as it steps up its export efforts. Altia Solutions is also rebranding a few months after completing the acquisition of ABM Intelligence, which specialises in secure software for highly sensitive matters such as confidential informants, undercover personnel and witness protection.
The Independent
Hundreds of flights cancelled as week of aviation discontent begins: The travel plans of tens of thousands of airline passengers at the start of the working week have been wrecked as industrial action intensifies across Europe.
Ending free movement will not reduce immigration, peers warn: Ending the free movement of people from EU countries after Brexit may not result in lower overall migration, a committee of peers has warned.
Hammond: Britain will ‘fight back’ if no deal with the EU is reached: Britain will “fight back” and not “slink off like a wounded animal” if finishes its negotiations with the EU without striking the deal it wants; the Chancellor Philip Hammond has said.
The Daily Telegraph
Permian shale boom in Texas is devastating for OPEC: The OPEC oil cartel is waking up to an unpleasant surprise. Shale output from the Permian Basin in Texas is expanding faster than the world thought humanly possible.
ITV’s court victory over online broadcasts sets up showdown with Virgin Media: ITV has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global, the owner of Virgin Media.
Bank backed by Cambridge University tops £500 million of small business loans: A bank backed by a Cambridge college loaned out more than half a billion pounds to small firms, less than five years after it launched.
Market awaits Restaurant Group recipe for return to previous profits after share slump: The new Boss of former stock market darling the Restaurant Group will this week be pushed to outline how he plans to restore the company to previous levels of profitability.
Sales and currency movements help lessen G4S’s debt pile: Security firm G4S is expected to show further signs of tentatively returning to health this week, as the sale of parts of the business and foreign exchange rates improve its debt position.
Post-Brexit special treatment for select industries will fail, warns IoD Boss: The new head of the Institute of Directors (IoD) has warned the Government that policies giving special treatment to industries such as car manufacturing as part of its Brexit negotiations are doomed to fail.
The Guardian
Ending free movement from EU is no ‘quick fix’ for low wages, Lords say: Ending free movement from Europe post-Brexit may not deliver a meaningful cut in net migration or provide a “quick fix” for low wages, a House of Lords report has warned.
Chancellor’s budget to build up Brexit reserves, not tackle NHS crisis: Philip Hammond is expected to use Wednesday’s budget to announce that tax revenues will be used to build up a reserve to deal with uncertainties arising from Brexit, rather than increase spending on the health service.
John Lewis and Waitrose owner set to reduce staff bonus: The owner of John Lewis and Waitrose is poised to cut the annual bonus it pays staff to the lowest level since the 1950s due to the pressure on retailers.
The oil deal, the disgraced former Minister, and $800 million paid via a U.K. bank: Britain’s commitment to tackling high-end money laundering through the City of London is under serious scrutiny after it emerged that regulators appear to have waved through an $800 million bank transfer to a convicted criminal as the proceeds from one of the most corrupt deals in the history of the oil industry.
Daily Mail
Supermarket chain Morrisons to reveal an increase in annual profit growth: Supermarket Morrisons is expected to reveal its first profit growth in six years when it publishes results this week. Investors are expecting the group to report pre-tax profit ahead of expectations between £330 million and £340 million.
Green doubles pension payout to £50 million: New move to plug deficit at Arcadia follows billionaire’s BHS settlement: Sir Philip Green’s Arcadia Group has struck a deal to pay tens of millions of pounds into its pension fund to help plug a near £200 million deficit.
Crackdown on world banks sees global fines reach £260 billion since financial crisis: The world’s banks have paid more than £260 billion in fines since the financial crisis for a host of wrongdoing, a report has revealed.
Keeping track... John Lewis launch £4 million smartphone app to assist customers: John Lewis is to equip 8,000 sales staff with smartphones so customers no longer have to wait while stock rooms are checked.
Daily Express
British taxpayers could be forced to continue EU payments post-Brexit, Hammond admits: British taxpayers could be forced to continue to pay into Brussels coffers after Brexit, the Chancellor has sensationally claimed.
U.K. to ‘improve trade links with African Commonwealth nations’ after Brexit: Britain will try to boost trade relations with African Commonwealth nations in a move dubbed “empire 2.0” by Whitehall officials.
Stamp duty and pension changes predicted in Philip Hammond’s speech: Chancellor Philip Hammond will present his first Spring Budget on March 8 and lay out his financial plans for the country, as the U.K. gears up for Brexit.
Buy-to-let landlords face huge tax increase from new law: A time bomb has been placed under the once thriving buy-to-let market and is primed to explode in exactly one month.
The Scottish Herald
Industry calls for bond to raise project finance: The Scottish Government has been urged to use its new fiscal powers to issue a bond to boost the pot available for much-needed investment in infrastructure.
Glasgow law firm hails its latest sports contract: Harper Macleod has strengthened its association with the world of sport after being named legal adviser to the Glasgow 2018 European Championships.
Fife rally car firm hails breakthrough deal: The Fife firm behind an electric rally car for junior drivers is looking forward to scaling up its output after being backed by a major motor finance specialist.
Lost Distillery whiskies head east: The Lost Distillery Company has signed a distribution deal that will see its range of revived whisky brands reach Hong Kong and Macau.
EY’s Tricia Nelson on the gender pay gap challenges facing Scottish businesses: Tricia Nelson isn’t someone who falters in the face of a challenge. On the day, we’re due to meet bad weather has seen her flight from London back to Glasgow cancelled. Lesser mortals would have happily holed up in an airport bar, but only a few hours later we’re sitting in her offices overlooking George Square, Nelson having pulled out the stops to avoid standing me up.
The Scotsman
Wind turbines ‘provided two thirds of Scots energy needs’: Wind turbines generated enough energy to cover two-thirds of Scotland’s total electricity consumption last month, according to figures.
‘Bank of mum and dad’ pay out a third more to children: Parents lent almost a third more money to their children in 2016 compared with the previous year, according to a survey.
ScotRail’s vintage services run out of steam: ScotRail’s attempt to run steam trains is in danger of fizzling out because of heavy losses, just two years after they were triumphantly launched by new operator Abellio.
City A.M.
BAE says Executive pay plans “in line with best practice” as it faces shareholder revolt: BAE Systems has defended its Executive pay proposals as “in line with best practice” as it faces off against less-than-impressed investors.
Volvo reverses away from Lotus car brand deal: The Chinese parent company of Volvo, Geely, has reportedly done a swift three-point turn out of a deal to buy Malaysian auto maker, Proton, which owns British iconic car brand, Lotus.
Gym group David Lloyd is for sale: David Lloyd owners are preparing to sell the gym chain for £1.3 billion, according to The Telegraph.
China sets lowest growth target in more than 20 years: China has reduced its growth target for 2017 to its lowest level for more than 20 years, as the country seeks to manage the decline in its potential for catch-up growth and a new relationship with the U.S.
The BCC is demanding action over mounting business rate concerns: Almost 40% of U.K. firms are more concerned about business rates than three months ago, according to new research.
JP Morgan Cazenove holds off challenge of Numis Securities as most popular City stockbroker: Stockbroker Numis has closed the gap between it and JP Morgan Cazenove as the most popular broker for FTSE-listed companies.