Newspaper Summary
The Times
Tesla’s electrifying sprint past Ford: Tesla’s valuation was on course to eclipse Ford’s for the first-time last night as investors bet that Elon Musk would deliver on his promise to bring electric cars to the masses.
Apple poached Imagination staff before pulling plug on chips deal: Apple launched a hiring raid on Imagination Technologies in the months before it shocked the City by announcing that it planned to cut ties with the chip designer.
Slowing factories feel the effects of British consumers ‘under the cosh’: A loss in momentum in manufacturing growth has prompted suggestions that Britons may be tightening their belts.
French sale cuts the mustard at Reckitt: Reckitt Benckiser is reviewing its food business, which could lead to a sale of a division best known for making French’s mustard.
Lower crude price fails to blow oil trader off course: Vitol declined to disclose its profits last month when it published its annual results. However, it is understood that the Swiss-based business produced net income of $2 billion in 2016, against just over $1.6 billion in 2015. Last year’s figure is believed to include $500 million of gains from asset sales and a $100 million tax bill.
Banks opt for sterling over euro: Central banks are more worried about holding euros than sterling, despite the collapse in the pound after last June’s European Union referendum.
Taxpayer set to get money back in Lloyds: The latest sale of Lloyds shares took the total proceeds from the sale of the government’s holding to more than £20 billion, putting the Treasury in line to at least break even on the £20.3 billion injected into the bank in 2008. The taxpayers’ stake in the lender dropped below 2%.
The Independent
U.K. travel industry sets out its demands for Brexit negotiations: The British travel industry has presented its demands for the U.K.’s departure from the European Union – with a warning that a failure to negotiate swiftly could prove “hugely damaging” for airline passengers.
Chemicals giant Ineos ‘exploiting Brexit to relax climate change laws’, documents suggest: Chemicals giant Ineos has been accused of exploiting Brexit to pressure Ministers to get rid of environmental legislation.
Donald Trump changes trust rules to allow him take money from business without telling U.S. public: Donald Trump has apparently changed the rules of the trust overseeing his business empire so that he can withdraw money at any time without telling the public.
Fish and chips fall out of favour with millennials: Fish and chip shops are missing out on Britain’s growing food service market by failing to adapt to the consumer habits of millennials, according to new research.
British pizza chain Franco Manca to open restaurant in Italy: British sourdough pizza chain Franco Manca has announced an ambitious plan to open a restaurant in Italy.
Company fires its lawyers for handing Trump ‘invitation to corruption’: A U.S. fund manager has terminated its contract with a law firm, saying that the company enabled Donald Trump to continue with massive conflicts between his business empire and his public role.
Tesla delivers new record of 25,000 electric cars in three months: Tesla, the U.S. luxury electric car maker, said on Sunday first-quarter vehicle deliveries jumped 69 percent from a year ago to a quarterly record of 25,000 vehicles, bouncing back from delays in the previous quarter.
Toshiba shares plunge 9.4% as problems mount: Toshiba shares fell as much as 9.4% on Monday after the struggling electronics conglomerate signalled that it may miss another deadline to release results for the last quarter of 2016.
The Daily Telegraph
Potential bidding war in the offing for WS Atkins on back of £2.1 billion takeover approach from Canadian rival: A potential bidding war could be in prospect after British engineering giant WS Atkins received a £2.1 billion bid from Canadian rival SNC-Lavalin just two months after it rebuffed overtures from with U.S. rival CH2 million Hill.
Amazon to focus on wooing business customers in U.K. as it expands beyond consumers: Amazon has launched a new service to help it enter the business-to-business (B2B) supply market in the U.K.
Experian offloads email marketing business for £320 million: Experian has sold a 75% in its email marketing arm as it aims to get the company back on track by consolidating its activities.
Genus bulldozes semen monopoly with court case win: Animal genetics company Genus has won a long-awaited intellectual property court case that will allow it to break a monopoly on selling bull semen.
Liberty Living snaps up student halls worth £460 million: Canadian-owned firm Liberty Living has become the second largest provider of student accommodation in the U.K. after acquiring a giant £460 million portfolio of properties from Blackstone.
Crossrail 2 is vital to ‘fix housing crisis’ say property experts: Giving the green light to Crossrail 2 has been backed by more than 60 property industry leaders, who said it would help ease London’s housing crisis by unlocking more than 200,000 homes.
Imagination Technologies considers legal action after Apple ditches iPhone chip firm: Imagination Technologies has raised the prospect of a bitter legal battle with Apple after the U.S. tech giant said it would ditch the company’s microchip designs.
The Guardian
Global productivity slowdown risks creating instability, warns IMF: The head of the International Monetary Fund has issued a stark warning that living standards will fall around the world unless governments take urgent action to increase productivity by investing in education, cutting red tape and incentivising research and development.
Lloyds to shrink hundreds of U.K. branches to two staff: Lloyds Banking Group is to shrink the size of hundreds of its branches so they have only two staff with tablet computers helping customers.
EU financial centres vie to poach tens of thousands of City jobs: London’s rival financial centres are lobbying their governments to support bids to steal tens of thousands of jobs from the City, according to a report on the impact of Brexit on the U.K. capital.
Co-operative Group to write off the value of its stake in Co-op bank: The Co-operative Group will reveal this week it has fallen back into the red for the first time since its tumultuous 2013 year, after writing off the value of its investment in the Co-operative Bank.
U.K. merry on organic wine as sales soar: It is made from grapes grown without pesticides and chemicals, is kind to the environment and rarely triggers hangovers. Sales of organic wine are booming in the U.K. as part of the growing trend for “conscious consumerism”.
Daily Mail
U.K. tech giant Micro Focus sees shares leap as it reveals £7 billion takeover of Hewlett Packard is imminent: Micro Focus International stormed ahead after publishing the financial details of Hewlett Packard Enterprise, which it is about to buy. The tech duo announced an acquisition deal back in September, whereby HPE would become a wholly owned subsidiary of Micro Focus in a £7 billion reverse takeover (where a smaller company buys a larger one).
Loss-making RBS hit by prospect of £125 million bill over courtroom battle with furious shareholders: Loss-making Royal Bank of Scotland could spend £125 million in a courtroom battle with furious shareholders over a doomed fundraising drive, legal documents reveal.
Tesco’s £3.5m-a-year Boss Dave Lewis fails to show at awards ceremony as he puts in ‘late shifts’ to sort accounting mess: Tesco’s £3.5 million-a-year Boss Dave Lewis failed to show at the recent U.K. Stock Market Awards on London’s Piccadilly, where he was named Chief Executive of the year. Organisers explained ‘Drastic Dave’ was busy burning the midnight oil dealing with the accounting mess which saw Tesco slapped with a £129 million fine from the Serious Fraud Office.
Card shop Clintons branches out into confectionery with its own chocolate brand: Card shop Clintons is launching its own premium chocolate, called Cocoa Paradise.
Sunseeker sees sales jump 25% as it tailors superyachts to be more child-friendly: Its superyachts used to be the preserve of playboy bachelors – but Sunseeker is having to tailor its multi-million pound vessels for families. The Dorset boat builder, Britain’s biggest, has changed its range of yachts to be more child-friendly and has seen turnover rocket as a result.
British factories hire at the fastest rate for 18 months amid rising confidence in U.K. industry: Factories are hiring staff at the fastest rate for nearly a year-and-a-half amid rising confidence in British industry.
Daily Express
‘Be prepared’ ECB fires grave warning to Europe’s most debt-ridden countries: Europe’s debt-laden countries have been warned to prepare for higher borrowing costs and an end to ultra-accommodative monetary policies that have helped prop up economies in the aftermath of the financial crisis.
Pound dips on manufacturing data but experts forecast it may rally amid Brexit negotiation: The pound edged off one-month highs on Monday after Britain’s manufacturing data for March disappointed markets, but experts have forecast the currency could rally as the U.K.’s negotiations to leave the European Union (EU) get underway, according to experts.
Imagination Tech shares plummet after Apple end deal with British company: Shares in Imagination Tech have crashed more than 70% after the British company said its biggest customer, Apple, would stop using its graphics technology in iPhones, iPads and Apple Watches.
Burberry to transfer its beauty business to U.S. group Coty in new partnership deal: British luxury brand Burberry is to transfer its beauty business to U.S. group Coty in a deal that will bring in around £180 million plus ongoing royalty payments.
One in five working Brits have no savings at all for retirement: One in five workers has not saved for a pension and faces retirement poverty, a study warns.
The Scottish Herald
Edinburgh law firm Shepherd and Wedderburn adds further heft in Granite City: Edinburgh-headquartered law firm Shepherd and Wedderburn has continued to rebuild its Aberdeen office with the addition of a partner from local practice Stronachs.
Corporate specialist takes over top job at Bowleven: A Director from turnaround specialist AlixPartners has been named interim Chief Executive of oil exploration company Bowleven, marking the next stage in an ongoing coup orchestrated by rebel investor Crown Ocean Capital.
Food firm profits up but Brexit could bite: Strathmore Foods has seen pre-tax profits rocket by 74% to £2 million as the Forfar business improved cost management in a year of what it called “relatively stable commodity prices”, but Directors warned that Brexit would present a “significant challenge”.
Craft spirit boom fuels growth at Stirling distillery designer: A Stirling firm that designs distilleries has seen enquiries double in the last year as the craft distilling sector takes off.
Aberdeen oil services company strengthens Caspian market position: Aberdeen oil services company EnerMech has flagged its recent success in the Caspian region, after winning a raft of contracts with major operators worth more than £40 million.
Slowdown in manufacturing expansion as inflation bites: Growth of U.K. manufacturing output slowed in March to its weakest pace since the current run of expansion began in August last year, and inflationary pressures remained intense amid sterling’s post-Brexit vote weakness, a survey shows.
Alliance seals Liontrust deal: Management of Dundee-headquartered Alliance Trust has now passed to advisory firm Willis Towers Watson as part of the £2.5 billion trust’s transition to a multi-manager approach.
Cool deal for Ice Factor as it makes move into England: Ice Factor Group, the owner of Scotland’s only indoor snow sports facility, the Snow Factor at intu Braehead, has won a bid to operate a new £30 million indoor snow dome planned for Middlesbrough.
Expanded airport deal for whisky: A range of whiskies from Loch Lomond Group will be available at seven U.K. airports after the early success of the firm’s products at Glasgow Airport.
Spaceandpeople Bosses’ pay rises: Spaceandpeople Chiefs saw their pay packages increase by four% in the year to end of December, despite the firm making a loss for the period.
Macfarlane Boss sees pay go up: Macfarlane Group, the packaging specialist, paid its Chief Executive, Peter Atkinson, £516,000 in 2016, up from £508,000 in 2015. Mr Atkinson received a salary of £334,000 in addition to a £92,000 bonus and benefits totalling £90,000.
The Scotsman
BP to sell Forties pipeline to Ineos for £199 million: Energy giant Ineos has struck a deal to acquire the Forties Pipeline System in the North Sea from BP for £199 million ($250 million).
Masterclass in business to help Scottish students: Innovation is at the heart of award-winning Strathclyde Business School (SBS), and two new programmes have been devised to inspire the next generation of Scottish entrepreneurs.
Credit card charges to be eased for millions in debt: Millions of people languishing in credit card debt could see their charges eased or withdrawn under proposals outlined by the financial watchdog.
Historic Pollok House reopens following restoration project: It was once one of the most prestigious private residences in Scotland. But Pollok House, and its 361-acre estate, passed into public ownership in 1966 and became a favourite destination for generations of ordinary Glaswegians.
City A.M.
Protectionism and social media are creating a new M&A paradigm: There has been a flurry of M&A activity in the U.K. in the first few months of the year, including a number of “mega deals”. Combined with a healthy finish to 2016 that saw $245.8 billion worth of deals, this has confounded concerns that uncertainty over Brexit would stall activity in the market.
Chancellor Philip Hammond and Bank of England Governor Mark Carney joined by sector experts to talk fintech in India: The Chancellor and the Bank of England Governor are being joined on their trip to India by a crew of fintech experts, to discuss how the U.K. can strengthen its ties with Indian businesses in the sector.
The Start Up Loans Company delivers over £300 million to U.K. micro-businesses: Since its launch in 2012, the Start Up Loans Company (SULCo) has provided U.K. micro-businesses with over £300 million.
Eurozone unemployment at lowest since 2009 as manufacturing activity shows more signs of economy in growth mode: The Eurozone economy has shown further signs of heating up as unemployment hit seven-year lows and activity in the manufacturing sector expanded to six-year highs.
Lekoil’s share price rises after it inks provisional deal with subsidiary of U.S. utilities giant General Electric: Shares in West Africa-focused oil and gas explorer Lekoil closed up almost 6% after the firm signed a memorandum of understanding (MOU) with U.S. utilities giant General Electric.
Financial Times: Print now contributes less than half of newspaper group’s revenue: The Financial Times has reported that print now contributes less than half of its revenue. The newspaper group, which has a print circulation of 184,000, including 59,000 in the U.K., according to ABC, said it reached 650,000 digital subscribers at the end of 2016.
Babcock has been chosen as a preferred bidder in a Royal Navy support deal worth £360 million: Engineering outsourcing firm Babcock International has been selected as a preferred bidder in a deal with the Ministry of Defence (MoD) worth around £360 million.