The Times
Tesco failed to honour its promises on store merger: Nearly 15 years after Tesco bought One Stop it is still paying staff at the convenience chain less and charging customers more for products than in its Tesco Express outlets.
Cable urges May to clamp down on ‘lax’ takeover laws: Sir Vince Cable has become the latest grandee to call for the government to tighten the rules governing foreign takeovers of British businesses as pressure mounts for change in the wake of Kraft Heinz’s aborted bid for Unilever.
Historic pubs shielded from last orders: Southwark has become the second London borough to introduce formal protection for pubs from demolition or redevelopment as mini-supermarkets, estate agents, homes or shops.
Tesco overseas division reorganised as shake-up continues: Tesco has shaken up its international management team as Britain’s largest grocery group continues to reorganise its overseas business and turn round its operations.
Tobacco giants in talks with cash-and-carry: A couple of the world’s biggest tobacco manufacturers are understood to be in discussions with Palmer & Harvey over investing in the cash-and-carry group in return for a stake in the business.
Goldman Sachs and hedge funds break the ice on Iceland: Goldman Sachs and a group of hedge funds have become the first foreign investors in Iceland since the country’s announcement last week that it was ending capital controls put in place during the financial crisis.
Investors set to challenge companies on top pay: Companies face showdowns with shareholders at their forthcoming annual meetings over Executive pay deals that are too generous, complex or out of line with performance, according to a shareholder group.
The Independent
London living costs fall to lowest level in decades: Living in London is cheaper now than it has been in decades, at least by one measure.
Subway slammed for ‘sandwich apprenticeships’ paying £3.50 an hour: Fast food chain Subway has come under fire for seeking to pay young “apprentices” just £3.50 per hour.
Bank Bosses push for lower taxes and lighter regulation after Brexit: Senior figures in the world of finance have urged the Government to combat the negative impact of Brexit by lowering taxes and relaxing regulations.
Lord Myners urges crackdown on U.K. corporate takeovers: Lord Myners has predicted that “five or six” of Britain’s biggest publicly listed companies could be targeted by takeover bids this year, underscoring just how important it is that regulators enhance controls to protect the best interests of U.K. corporations.
Movie-tax lawyer Jolyon Maugham’s bid to stop Brexit in a Dublin court: Jolyon Maugham is hurrying through the streets of west London on his way to a meeting about Britain’s impending departure from the European Union. Even as he sidesteps dawdling tourists and dodges black cabs, Mr Maugham is arguing about Brexit.
Unilever ‘considering selling’ brands including Flora and Stork spread: Unilever could be preparing to sell some of its best-known brands, including Flora margarine and Stork butter, in a bid to enhance investor returns, according to media reports.
British Airways’ new sister airline is offering transatlantic fares dramatically lower than rivals: Level’s new transatlantic network was launched at the weekend and takes to the skies in June. The budget carrier is part of the IAG conglomerate, which includes Aer Lingus, Vueling and Iberia as well as BA.
Financial Times
Oil traders led by Vitol boost their ownership of petrol stations: Vitol, the privately owned company that has grown under Chief Executive Ian Taylor into a 6 million barrel a day oil trader, this month finalised its second largest acquisition by agreeing to pay €1.4 billion for Petrol Ofisi, a Turkish company that owns more than 1,700 filling stations.
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Veteran Morgan Stanley dealmaker poached by Bank of America: Eric Bischof, a top financial services banker who advised the U.S. government during the 2008 financial crisis, has been poached from Morgan Stanley and will join Bank of America Merrill Lynch.
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UBS faces tax evasion trial in France after settlement talks fail: UBS faces criminal trial in France after failing to agree a settlement with prosecutors over allegations it helped wealthy clients to evade tax authorities.
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U.K. bank Tandem loses licence after funding blow: New U.K. digital bank Tandem has lost its banking licence after failing to secure funding from a Chinese conglomerate following concerns that the country’s regulator would reject the deal due to capital controls.
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Wells Fargo credit card applications fall by half: Wells Fargo has disclosed the sharpest drop in credit card applications since its scandal over sham accounts erupted six months ago, dashing hopes the U.S. bank is drawing a line under the crisis.
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Specialist insurer Phoenix raises financial targets: Specialist insurer Phoenix has raised its financial targets after completing two big deals in a year.
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U.S. DoJ closes forex investigation into Deutsche Bank: Deutsche Bank said on Monday that the U.S. Department of Justice had closed its criminal investigation into whether the German bank’s foreign exchange activities had breached federal laws.
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Nektar painkiller aims to avoid buzz that feeds addiction: Nektar Therapeutics, based in San Francisco, says the drug has a novel chemical structure which means it crosses the blood-brain barrier more slowly than traditional opioids such as Purdue Pharma’s OxyContin, also known as “hillbilly heroin” for its highly addictive properties.
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Bentley Motors loses legal challenge against Bentley Clothing: Bentley Motors, the luxury carmaker, has lost a legal battle to prevent a small Manchester clothing company using the famous name on its products.
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YouTube controversy shakes up digital advertising: Revelations from the Times newspaper that ads from the U.K. government and brands such as Sainsbury and L’Oréal were put alongside YouTube content from white nationalist David Duke and banned Muslim preacher Wagdy Ghoneim have prompted several brands to pull their ads from the video site. The controversy has also raised hopes among publishers that have lost ad spending to the digital duopoly of Google and Facebook.
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Mars braces for malt ball battle with Hershey: Mars is introducing Maltesers into the U.S., marking its first chocolate brand launch in its home market in 20 years, as the confectionery-to-pet food conglomerate battles to recover some of the market share it has lost to rival Hershey in America.
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China and EU suspend meat shipments from Brazil: China, the EU, South Korea and Chile on Monday announced full or partial suspensions of shipments of meat and chicken from Brazil amid a scandal over adulterated meat in the Latin American country.
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China’s fitness boom energises sportswear brands: China is in the grip of a government-backed exercise boom, boosting local sportswear brands and the likes of Adidas and Nike, which are gaining market share on the back of consumer upgrading and an embrace of the “athleisure” fashion trend.
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Hungary considers outlawing Heineken red star logo: Heineken’s red star logo could be outlawed in Hungary under draft legal changes to prohibit the use of “totalitarian symbols” for commercial purposes, 28 years after the central European country ended Communist rule.
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Samsung speaks of Bixby, its voice AI for Galaxy S8: Samsung on Monday joined the race to bring voice-controlled intelligence to smartphones and other digital devices, though its entrant, called Bixby, starts out with far more limited capabilities than those of its U.S. rivals Apple, Google and Microsoft.
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Lex:
Internet advertising: this time it’s personal: Advertising buyers have much in common with investors. The opportunities on which they deploy their budgets yield uncertain returns. Occasionally, they are forced to explain embarrassing mishaps to their Bosses. In the past week, some clients froze spending with YouTube and Google has apologised for placing customers’ content next to extremist videos.
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U.K. challenger banks: in the pink: The U.K.’s challenger banks are galloping full tilt towards Brexit. Having seen their share prices crash to earth after the referendum vote, they have recovered strongly on the back of the U.K.’s robust credit demand and resilient pricing. But the going will get tougher for all banks.
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Vodafone/Idea: options strategy: Vodafone, which has taken $6.6 billion of write-downs in India, is trying to cap its liabilities without giving up on a country where a price war has crushed margins. On Monday, the U.K. telecoms group said it would inject its Indian operations into Idea Cellular in a complex deal that will initially leave it with 45.1% of the combined group. Conglomerate Aditya Birla Group will own 26% and Idea’s minority investors some 28.9%.
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Lombard:
StanLife and Aberdeen CEOs speak as one — almost: Standard Life Chief Executive Keith Skeoch and Aberdeen Asset Management Co-Founder Martin Gilbert are drafting a press release about their co-Chief Executive roles once the two companies merge.
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FRC steals PwC’s scene: The Financial Reporting Council is currently looking at the audits of 17 companies by 12 auditors, with PwC topping the list for the way it crunched the numbers at social housing group Connaught, BHS, accountants RSM Tenon and Redcentric, the IT group.
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The Daily Telegraph
JKX Oil shrugs off troubled year to narrow losses: Troubled oil explorer JKX Oil has drawn a line under its most difficult year to date by halving its full year losses under the leadership of a new board.
Champagne producers blame Brexit for 2016 sales decline: Sales of champagne fell last year as a weaker pound weighed on British demand in the wake of the Brexit referendum vote, France’s main champagne industry body said on Monday.
Bad managers to blame for U.K.’s productivity crisis, says Bank of England’s Chief economist: Bad managers stand accused of holding back economic growth in the U.K. by undermining productivity, preventing pay and living standards rising.
Challenger bank Secure Trust enters mortgage market: Challenger bank Secure Trust is pushing into the mortgage market by offering loans to people who struggle to borrow from the big high street banks, such as the self-employed.
Sports Direct muscles out of trademark battle over gyms: Sports Direct has lost a trademark battle against a small online business despite claiming that the company, run by a husband and wife team, would confuse consumers about its burgeoning gym business.
It’s kitchens only as the restaurant industry seeks to shake off property-driven expansions: Innovative young restaurant brands are shunning the conventional and costly growth strategy of multiple bricks-and-mortar sites in favour delivery-only kitchens and pop-up stands.
The Guardian
British banks handled vast sums of laundered Russian money: Britain’s high street banks processed nearly $740 million from a vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB, the Guardian can reveal.
Hard Brexit ‘could increase cost of making a car in U.K. by £2,400’: The cost of assembling a car in Britain could increase by £2,370 in the event of a “hard Brexit”, forcing some manufacturers to look at moving production out of the country, a report has found.
London high streets ‘under threat from business rates hike’: Independent and family-run businesses could be forced off London’s high streets by the sharp rise in business rates that will come into force from April, spoiling the character of local communities, Sadiq Khan has warned.
NHS trust triples injury payout to £9.3 million under controversial new rules: The first case settled under controversial new compensation rules for serious injuries has seen an NHS trust forced to nearly triple its payout to a 10-year-old girl left with cerebral palsy from £3.8 million to £9.3 million.
Head of Google Europe apologises over ads on extremist content: Google’s European Chief has publicly apologised after online adverts for major brands appeared next to extremist material, but declined to say whether the company would begin actively seeking out such content and taking action against it.
Forbes billionaire list: Trump loses $1 billion as elite club gets 233 new members: U.S. President Donald Trump’s fortune has fallen by about $1 billion to $3.5 billion over the past year, as measured by Forbes magazine in its annual list of the world’s billionaires.
Daily Mail
Vodafone strikes £18 billion deal to merge its Indian operations with local rival to become country’s largest mobile operator: Vodafone has struck an £18 billion deal to merge its Indian operations with a local rival to become the country’s largest mobile operator. The U.K.-listed telecoms firm is joining forces with Idea Cellular in a tie-up that will create a giant responsible for more than 400 million customers.
Lloyds appoints business expert to investigate whether it should compensate customers who were victims of fraud committed by HBOS staff: Lloyds Bank has appointed an academic to spearhead an investigation into whether it should compensate customers who were victims of fraud committed by former HBOS staff. Business expert Professor Russel Griggs was chosen for the role because of his knowledge of small and medium-sized firms.
Delegates from Paris back in London to woo City’s leading digital firms to France after Brexit: Delegates from Paris are back in London to woo the City’s leading digital firms to France after Brexit.
As fund houses defend their £11 billion tie-up, investors say…You can’t run one firm with two Chiefs: Standard Life and Aberdeen Asset Management have sought to allay investor fears over their plans to have two Chief Executives following their £11 billion merger.
Bosses of engineering turnaround group in line for bonuses of around £35 million each in shares under incentive scheme coming to fruition: Bosses of an engineering turnaround group are in line for bonuses of around £35 million each in shares under a five-year incentive scheme coming to fruition. Top brass at Melrose Industries will share around 70% of a roughly £200 million bonus pot likely to be confirmed at the end of May.
Former Great British Bake Off judge Mary Berry brought in by baker Finsbury Food Group to release range of cakes: Mary Berry has been brought in by baker Finsbury Food Group to release a range of cakes. The 81-year-old former Great British Bake Off judge is launching nine cakes designed in collaboration with the baking giant, which supplies grocers across the U.K. They will cost from about £3 to £6, and will include round cakes, loaf cakes and celebration treats.
Daily Express
Greece debt crisis: ‘Groundhog Day’ talks fail to break deadlock over bailout: Greece debt crisis talks were labelled a “Groundhog Day” by a Minister, as Athens and its lenders remain in a bitter deadlock over the terms of the bailout programme.
Eurogroup Boss calls for new banking force in desperate bid to handle Eurozone crisis: Europe should have its own version of the International Monetary Fund (IMF) to help manage financial crises within the bloc, according to the Dutch finance Minister and Eurogroup President.
Car insurance prices set to jump by up to £1,000: Insurance costs for innocent drivers and businesses are set to surge following a change to personal injury compensation claims that comes into force.
Pound dips against dollar ahead of Article 50 trigger next week: The pound has dipped amid confirmation Article 50 will be triggered on March 29, after hitting a three-week high against the dollar in earlier trading.
Scotland faces junk credit rating if Sturgeon leads nation out of U.K., warns Moody’s: Scotland’s credit rating could be classed as ‘junk’ if it were to split from Britain amid a huge hole in its finances thanks to falling oil prices, top rating firm Moody’s has warned.
GBP holding gains as Le Pen level with Macron in latest French election poll: The French election is now only weeks away and concerns about the outcome are helping the pound hold last week’s gains against the euro.
The Scottish Herald
Brexit hit fear as 29% of large firms look abroad: Nearly three in 10 large U.K. businesses are considering moving activities to other European Union countries because of Brexit, or are doing so already, while small firms are signalling continued easy access to EU markets is crucial.
Bowleven faces fresh criticism after shake up: Bowleven has continued to keep its powder dry amid signs of unhappiness in some quarters that Chief Executive Kevin Hart remains in post in spite of being voted off the board last week.
Social enterprise firm aiming high after netting Celtic snood contract: An Aberdeen social enterprise that makes bespoke snoods under licence agreements has landed a contract with Celtic Football Club.
Overseas investors shrug off political concerns: The appetite of foreign investors for targeting commercial property in Edinburgh has not been diminished by constitutional uncertainty brought by Brexit and the growing prospect of a second referendum on Scottish independence.
Hydro specialist secures funding: The owner of Perth-based Green Highland Renewables has secured £51 million debt funding to support the growth of the hydro-electricity specialist. The Ancala Partners investment business said the new debt facilities will be used to support construction of six hydroelectric schemes by GHR, which will leave the firm with 10 hydro generators.
Surveyor offers drone service: Shepherd Chartered Surveyors has launched a drone service that can be used to take aerial pictures and videos of properties for clients. John Reid at the firm’s Dumbarton office is a licensed drone operator.
Tech firms in £2.5 million boost for wave device: Two Edinburgh tech firms have secured a £2.5 million grant to trial a prototype designed to turn wave power into cost-effective electricity.
Women Bosses face cash barrier: Access to funding remains a “persistent barrier” to female entrepreneurs, according to new research offering a range of recommendations to help more women set up their own firms.
The Scotsman
Edinburgh breaks into global top five for property: Edinburgh has entered the world’s top five cities on a prestigious global property investment index due to its growing attraction for international investors, boosted by its increasing role in the tech sector, according to a report published.
Standard Life and AAM Chiefs set out responsibilities: The Chief Executives of Standard Life and Aberdeen Asset Management (AAM) have set out the roles they will focus on when the firms complete their £11 billion merger.
Less in reserve for North Sea as debate rages on: The value of Scotland’s oil and gas was a key debating point during the 2014 referendum but new estimates suggest much has changed since then.
Openreach recruiting 195 trainee engineers in Scotland: Broadband infrastructure business Openreach has announced plans to recruit more than 195 trainees from across Scotland.
Archangels adds Shaolei McKie as investment Executive: Business angel syndicate Archangels has appointed chartered accountant Shaolei McKie as an investment Executive.
Edinburgh Gin toasts Tesco supply deal for liqueurs: Edinburgh Gin has secured its first U.K.-wide supermarket listing for both its raspberry and rhubarb and ginger liqueurs.
Property firm CKD Galbraith bulks up commercial arm: An independent property consultancy with offices across Scotland unveiled “significant” growth at its commercial property operations.
Apps start-up Beezer heads to Berlin after pitch triumph: Beezer, an Edinburgh-based firm that lets users develop their own mobile apps, has secured a place at a European technology showcase after winning the top pitch award at an event in London.
City A.M.
Bovis Homes approaches Wates Boss to take over at the top: Bovis Homes has held talks with the Boss of construction firm Wates Group in an attempt to snap him up as the firm’s next Chief Executive, according to reports.
Former Cobham Boss Bob Murphy’s £1 million payoff reflects “unsatisfactory performance”: The former head of Cobham will be given a golden goodbye of nearly £1 million after quitting the firm last year in the wake of a raft of profit warnings.
Neil Woodford’s flagship equity income fund breezes past £10 billion marker: Investment guru Neil Woodford has proved he can rival his former employer, after his flagship fund broke through the £10 billion mark for the first time.
Classic cars, booze and planes: FCA gives investors in HNW Lending tax-free status: A peer-to-peer lender offering a high-net-worth pawnbroking service has been given the green light by regulators to market a specialist type of Isa to investors.
Record growth across the board for Moneycorp, the foreign exchange firm, in 2016: Moneycorp, the foreign exchange currency provider has reported record income of £137 million for the year ending 31 December, an increase of nine% year-on-year.
