The Times
Reborn in the U.S.A, Ford posts record profits: Ford is on track to report record profits for last year and this, crowning its comeback nearly ten years after it mortgaged all its assets, including its famous blue oval badge, for $23.5 billion to stave off collapse.
Too posh to pay: now suppliers attack Waitrose: Waitrose is considering speeding up payments to its smallest suppliers after it emerged that it was taking three times longer than Tesco to pay some of its bills.
Boris and black cabs run into an Uber obstacle: Uber has hit back at accusations from Boris Johnson that the ride-hailing service is a significant cause of congestion in the capital, setting the stage for a potential showdown between the mayor of London and the San Francisco-based start-up.
Banks want government to check out of B&B: Leading lenders are pushing for the government to sell the rump of the old Bradford & Bingley, as it would save them hundreds of millions of pounds that they pay annually as a penalty for the bank’s failure in 2008.
Pay survives heavy cuts to earnings at Goldman Sachs: Goldman Sachs will reveal this week that staff earned about £250,000 on average last year, despite a tough time for Wall Street’s premier investment bank.
Big price cut looms for Clydesdale float: Clydesdale Bank is set to slash its value when it pushes ahead with its flotation in the face of turbulent market conditions today.
Frackers face severe cuts or collapse: American shale oil producers will need to slash their costs by up to 50% beyond existing cutbacks and reduce their workforces further if they are to avoid bankruptcy, according to a report.
Oil explorer hopes for late reprieve: Petroceltic is expected to say today that it has been granted a period of grace by its banks as it seeks to fend off collapse.
The Independent
Iran sanctions: Middle East stock markets crash as Tehran enters oil war: Saudi Arabia’s stock market crashed yesterday as nuclear sanctions on Iran were lifted, clearing the path for an all-out oil war between the Middle Eastern rivals.
Government accused of ‘contracting out’ emergency train franchises to private firms: The engineer Arup and big four accountancy firm EY have been asked to help the Government set up and operate emergency rail franchises in the event of a repeat of the East Coast mainline fiasco.
Britain’s renewable energy industry is about to ‘fall off a cliff’, says new research: Britain’s renewable energy industry is about to “fall off a cliff” just at the point it would come into its own, analysis for The Independent reveals.
‘Picky’ university graduates turn down record number of top jobs: High-flying “choosy” graduates from elite universities turned down a record number of top jobs last year and left more than 1,000 posts unfilled, a major new report has revealed.
‘Big Four’ audit firms never examined over illegal tax plans: Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal.
Financial Times
Antitrust watchdog gives notice of ‘substantial fines’: The country’s top antitrust regulator has warned U.K. companies – and especially big pharma – to expect “substantial fines” this year as his organization looks to improve its record on enforcement.
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Unite members threaten to quit if union turns against Trident: Thousands of Unite members could quit Britain’s biggest union if it fails to maintain its position on the Trident nuclear deterrent amid a bitter internal row, officials have disclosed.
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Sanctions confusion leaves European banks wary of Iran business: European banks will be wary about conducting new business in Iran even after many international sanctions are lifted, European Executives and officials have warned — potentially limiting the economic benefits Iran will receive from its landmark nuclear deal with world powers.
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Prudential to make first move on new capital rules: Prudential will this week set a benchmark for rivals by becoming the first of the U.K. insurers to reveal its capital ratio under the new Solvency II rules that came into force at the start of the year.
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London staff at Credit Suisse face grim news: London workers at Credit Suisse are set to become the latest casualties of the rout that has left analysts poised for another round of poor results from top investment banks in the U.S. and Europe.
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Renault to face French emissions test inquiry: Renault is set to be hauled in front of a French government commission on Monday afternoon to explain why tests carried out in the wake of the Volkswagen scandal showed its cars exceeded emission limits.
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Modi pledges $1.5 billion to buoy Indian start-ups: Narendra Modi, India’s prime Minister, has launched initiatives designed to support the country’s already buoyant start-up sector, including a $1.5 billion government-backed venture fund and a series of tax breaks.
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Southern Europe’s banks feel cost of Portuguese actions at Novo Banco: The price of bank debt in Europe’s peripheral countries has fallen sharply since Portugal imposed heavy losses on some Novo Banco bondholders late last month, raising fears that other investors may suffer a similar fate.
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Lex:
Intuit: Tax doesn’t have to be taxing: When Ted Cruz moves into the White House in 12 months, it could be bad news for Intuit, the software company. Mr Cruz, who admittedly has some ground to cover but is currently the closest rival to Donald Trump for the Republican Presidential nomination, has promised that working Americans will be able to file their tax returns on a postcard.
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The Daily Telegraph
Russian oligarchs lose $11 billion in just 10 days during oil price crash: The gilded generation of Russia’s richest men have suffered drastic losses during the market turmoil this year, hastening the end of an era of world dominance.
Nisa Boss calls for more consolidation of convenience chains: The Boss of Nisa has predicted further consolidation in the “crowded” convenience sector after the retail chain swung back into the black over Christmas.
Aviation giants fly high even as airliner orders go into freefall: Year after year, Airbus and Boeing seem to have been able to declare record orders, flying high on the back of an apparently never-ending boom.
Thousands of TalkTalk fraud victims denied compensation: Telecoms giant Talk Talk has apologised to over a hundred thousand customers who had money stolen a major data hack last year by allowing them to leave their contracts without penalty.
The Questor Column:
Shell investors: all they need to know, the crucial documents, and how to vote: Royal Dutch Shell shareholders have less than two weeks to cast their vote on the proposed takeover of BG Group. We provide all the crucial dates, how to vote, and where the additional information can be found. The most important thing is for retail investors to use their shareholder rights and vote. Importantly only “Members” of the company who appear on the shareholder register, and personal CREST account holders, have an automatic right to vote. The majority of investors with shares in SIPPs and ISAs will be held through nominee accounts, and as such have no automatic right to vote. U.K. investors that hold Shell shares in their own name can complete the proxy voting form and mail it to the registrar Equiniti. The shareholder advice number is 0800 169 1679, and all necessary forms are online. Shell announced that BG Group had accepted a takeover offer on April 8 last year. The key numbers are that Shell is buying BG with about 40% in cash and 60% in Shell shares, or 0.4454 Shell B shares and 383p in cash for every BG share. At current prices that values BG at around £36 billion. Shell needs to replenish its oil and gas reserves so it can continue to pay dividends. Management have said that if the oil price rises to more than $50 per barrel the new combined group will generate more cash, and if the oil price rises above $65 by 2017 it will improve the earnings per share. Royal Dutch Shell ‘B’ at £13.50. Questor says “Hold”.
The Guardian
Richest 62 billionaires as wealthy as half the world population combined: The vast and growing gap between rich and poor has been laid bare in a new Oxfam report showing that the 62 richest billionaires own as much wealth as the poorer half of the world’s population.
Global economic turmoil to dominate Davos discussions: The fragility of the global economy will take centre-stage this week with the International Monetary Fund poised to warn of growing economic risks as business leaders and policymakers gather for the annual World Economic Forum in Davos.
Oil price woes deepen as Iran vows to add 500,000 barrels a day: Global oil prices will remain under pressure this week after Iran said it was ready to add half a million barrels a day to crude exports just hours after international sanctions were lifted this weekend.
Jump in two-bed flats for sale after buy-to-let clampdown: More properties have become available for first-time buyers and prices have stopped rising, in what the property website Rightmove says is the first evidence that the Chancellor’s clampdown on buy-to-let is working.
Australian shares suffer more pain with Chinese growth expected to dip: Stock markets around the world are braced for another turbulent week with key Chinese economic data, tumbling oil prices and a U.S. public holiday all adding to the uncertainty.
Scottish workers have more disposable income than London earners: Disposable incomes are now higher in Scotland than in London, according to a report which reveals workers north of the border are typically earning more than their English counterparts for the first time since records began.
Big six under fire over ‘energy bills rip-off’: A coalition of poverty groups, industry experts and politicians have piled new pressure on the big six energy suppliers to cut their bills, accusing them of ripping off customers at a time of steep falls in company wholesale costs.
Daily Mail
Turnover at British luxury watch-maker Bremont rises by 30% to £11.7 million: Turnover at British luxury watch-maker Bremont has risen by 30% to £11.7 million.
Pubs group JD Wetherspoon expected to show boost in sales this week when it reports its latest results: Pubs group JD Wetherspoon is expected to show a boost in sales this week when it reports its latest results.
Daily Express
Financial services firms remain pessimistic despite healthier profits: Financial services firms’ profitability improved at a healthy pace in the final three months of last year, with business volumes also picking up, a survey has revealed.
Stock market crash could burst property bubble: Global stock markets may be crashing around our ears but the U.K. housing market continues to soar upwards.
The Scottish Herald
Aberdeen oil services heavyweight warns: no let up in downturn until late 2017: Oil services firm Enernmech has cut 260 North Sea jobs in recent months and predicted there will be no let up in the industry downturn until late next year as the Brent crude price hit new lows.
£60 million completion of motorway link road in Glasgow’s east end given green light: The completion of major carriage way cutting through Glasgow’s east end and linking two of the country’s busiest stretches of motorway is to be given the go-ahead.
Rural pubs continue to struggle to tempt customers: Almost half of Scotland’s rural pubs, hotels and restaurants recorded a decline in trade over Christmas amid bleak forecasts for the hospitality sector in the year ahead.
Farmers worry about what EU exit might mean: Department for Environment, Food and Rural Affairs Secretary Liz Truss confirmed at the Oxford Farming Conference that the Government has no “Plan B” to support British agriculture in the event that the U.K. leaves the EU following the promised referendum.
The Scotsman
Confidence among small Scots businesses hits three-year low: Small business confidence levels north of the Border have sunk to a three-year low, according to a report out today which also raises wider concerns over a north-south economic divide.
EnerMech eyes growth beyond North Sea: EnerMech, the Aberdeen-based mechanical engineering group, is looking to tap into “growth potential” in markets such as Africa, the Middle East and the Americas after seeing revenues flatline last year.
Glasgow University gives £1.5 billion lift to Scottish economy: The University of Glasgow sustains more than £1.5 billion of output in Scotland while helping to underpin almost 15,000 jobs, a study commissioned by the institution has revealed.
City A.M.
Low inflation in 2015 battered businesses as consumers rejoiced: Businesses lost out to the tune of £16.8 billion last year due to low inflation, new research given to City A.M. shows.
U.K. Pensions: All open defined benefit pension schemes in the FTSE 250 could be gone by next year as employers struggle to turn their pension deficit into a surplus: All open FTSE 250 defined benefit (DB) pension schemes could disappear within the next year, as employers struggle to keep pace with increasing liabilities.
Lack of finance keeps smaller housebuilders trailing behind their bigger rivals: Profits at the top U.K. housebuilders may have hit a pre-crisis high but their smaller rivals are still struggling to recover as funding for larger projects remains scarce, new research suggests.
Equistone takes £100 million prime cut of Argentinian steak house Gaucho: The Gaucho chain of Argentinian steak restaurants has been snapped up by a hungry buyout firm in a deal thought to be worth around £100 million.
Wall Street braced for a drop in earnings from investment banks: Two of the world’s biggest banks, Goldman Sachs and Morgan Stanley, are releasing their annual results this week, and are expected to report a fall in annual earnings after a tough year.
European Commission could force sell-offs in the £10 billion Three merger with O2: The European Commission (EC) may be about to throw a spanner in the works of Three’s planned £10.25 billion takeover of O2.
Terry Smith’s investment Manager Fundsmith pays out nearly £14 million to partners after revenues soar to £26.3 million: Partners in Terry Smith’s investment vehicle Fundsmith were paid £13.7 million last year after revenues at the fund Manager rose 73%, to £26.3 million.
