In the papers: Bank builds 98 billion Brexit war chest to save pound
(MENAFN- ProactiveInvestors - UK) Proactive Investors 10:24
The Times
Bank builds $98 billion Brexit war chest to save pound: Britain's war chest for emergencies has risen by $25 billion over the past year to protect against market chaos if the country votes to leave the European Union.
Price rout pushes bulk of U.K. oil companies into red: The oil price rout collapsing valuations and a growing mountain of debt left 80% of Britain's oil companies floundering in the red by the end of last year according to research carried out for The Times.
SFO rejects claim that it ignored tip-offs: A row has erupted between the Serious Fraud Office and one of London's leading law firms over figures said to show that the agency ignored tip-offs because of budget cuts.
Defending yuan is costly for China: China's foreign currency reserves have fallen to their lowest level in four years after the country's central bank spent $100 billion last month defending the yuan.
New industry plan centres on expertise in oil and gas: An aim to make Scotland a global centre of excellence for key oil and gas services forms a key part of a new industry strategy being launched.
Stores face 'insolvency' as BHS tries to cut costs: BHS is threatening to put parts of its business into a form of insolvency as it tries to renegotiate the terms of leases on about 30 stores that it believes cost several times the market rate.
Feelgood shoppers boost high street: The dizzying rollercoaster ride that is the British retail industry has swung back up again with spending on the high street in January bouncing back significantly after a disastrous Christmas.
Indebted homeowners stuck on wrong side of North-South divide: Nearly a decade after the property crash many homeowners in the north of England are still mired in mortgage debt and could be at greater risk of default when interest rates rise a study has shown.
The Independent
Care Quality Commission begs for help from charities it has just replaced: The body responsible for ensuring care homes are run to an adequate standard is so short of qualified consultants to help with inspections that it has had to ask the charities it replaced with a private company to help out.
Lex:
Tech sector: curses: Technology investors are relying on other f-words. The 2015 outperformance of Facebook Amazon Netflix and Google is in the past. On Friday the tech-heavy Nasdaq Composite fell more than 3%; the tech-heavier Nasdaq Internet index had its worst day since 2011 falling 5% and neither of those indices contains the true horror stock: LinkedIn.
The Daily Telegraph
The EU's 110 billion problem: slow death of Schengen risks new crisis for Europe's battered economies: The collapse of the Schengen system of open borders risks plunging Europe into fresh economic turmoil Hungary's foreign Minister has warned.
Sir Philip Hampton to lead campaign for more female Executives: GlaxoSmithKline's Chairman Sir Philip Hampton has been picked as the government's new business equality tsar appointed to run the campaign for firms to put more women in Senior positions.
Tullow Oil to pin hopes on West Africa as profits slump: The debt-laden oil explorer is expected to report 2015 profits of $600 million well below the previous year's almost $1.1 billion as the ongoing oil rout continues to erode value across oil and gas firms.
HSBC 'to stay in London' as board meets for final decision on HQ: HSBC's board is expected to come to a decision on the location of its headquarters in the coming days after an unexpectedly long-running review of the future of the British-based bank as revealed by the Telegraph last month.
Equity fund BGF reports record January with 50 million invested in one month: Business Growth Fund the equity fund that will celebrate its fifth birthday this coming May has reported a record month for investments backing U.K. firms with 50 million-worth of capital in January alone.
The Guardian
EU proposals will force multinationals to disclose tax arrangements: U.S. multinationals such as Google Facebook and Amazon will be forced to publicly disclose their earnings and tax bills in Europe under legislation being drafted by the EU Executive.
Google Ireland staff paid much less than London colleagues: Workers at Google Ireland the search group's European sales hub earn less than half the 160000 average wage of colleagues in London despite the British sales team only providing a supporting role to their Irish counterparts.
Investors in Next critical over dividend disclosure: Next has been criticised by a group of heavyweight investors who say the company failed to act on a warning that could have prevented it from breaking company law forcing the retail group to hold an expensive shareholder meeting this week.
Volkswagen claims Chief expects most car Owners to accept redress: Volkswagen will offer generous compensation packages for the roughly 600000 U.S. Owners of diesel vehicles that emit an illegal amount of emissions the head of its claims fund told a German paper.
Daily Mail
Chinese tourists expected to flood to U.K. to shop during Chinese New Year: Chinese tourists are expected to flood to the U.K. to shop during Chinese New Year.
Company behind online bidding process featured at auctions on daytime TV programmes hits 1 million monthly unique users: The company behind the online bidding process featured at auctions on popular daytime TV programmes has hit a record 1 million monthly unique users.
Daily Express
Great start to year for businesses says Lloyds report: Business output growth in the U.K. showed a lift at the start of the year with the manufacturing and service sectors jointly seeing the strongest expansion for six months according to a report.
Travel giant TUI set to take another hit in results after losing 37.6 million on Tunisia attack: Thomson and First Choice Owner TUI is expected to nurse further blows to its finances in the wake of terror attacks across the globe when it reports to the market.
The Scottish Herald
Scottish economy sheds jobs at fastest pace since last July as manufacturing output falls: The Scottish private sector economy shed jobs in January at the fastest pace since July last year as manufacturing continued to contract and services output grew only marginally a survey has shown.
Grant Thornton Chief warns FTSE 100 audits are still not 'attractive' for firms outside Big Four: The Chief Executive of Grant Thornton in the U.K. has warned the FTSE 100 audit market is not yet 'attractive' to accountancy firms outside the Big Four in spite of wide ranging moves to make it more competitive.
After Google sweetheart deal Scotland calls for tax changes: The Scottish Government has urged Westminster to simplify the U.K. tax system and abandon what it claims is 'the unnecessary complexity which creates opportunities for tax avoidance through countless exemptions reliefs deductions and allowances.'
The Scotsman
Shared work places 'best for start-ups to thrive': Most Scottish business owners and Senior managers believe sharing a working environment with other firms is the best way for start-ups to thrive according to research by workspace provider Regus.
Safe deposit box provider locks down Glasgow deal: What is being billed as 'Scotland's first independent safe deposit box service' has been launched following an investment of more than 1 million.
North Sea crisis: 150 oil rigs could be scrapped in 10 years: Almost 150 oil rigs in U.K. waters could be scrapped within the next 10 years according to industry analysts
Surveys present contrasting picture for Scotland plc: Scotland's private sector economy remained just inside growth territory last month but conflicting signals have emerged on the outlook for the rest of the year.
City A.M.
Chancellor George Osborne's stamp duty reforms cost the Treasury 662 million in 2015: George Osborne's overhaul of the stamp duty tax regime has cost the taxpayer well over half a billion pounds in lost revenue last year new research reveals as sales of high-end homes slowed and investors switched tactics to avoid paying huge premiums on purchases.
Manufacturing trade body EEF warns Britain risks falling behind on internet capability: Britain's digital infrastructure will hold the country back during the fourth industrial revolution a manufacturing trade body has warned.
Infrastructure to lift construction sector but risks are intensifying: The U.K.'s construction sector is forecast to have a strong year but experts are warning of risks to the rosy outlook. The Construction Products Association (CPA) said it expects construction output to climb 3.6% this year and 4.1% next year.
Exasperated business Bosses want second runway at Gatwick if Heathrow expansion faces further delays: Senior business figures are demanding that the government grants Gatwick the right to build another runway if expansion at Heathrow continues to be thwarted by political and legal obstacles.
Credit Suisse Chief Executive Tidjane Thiam to waive part of his bonus after Swiss lender reports first set of annual losses since 2008: Credit Suisse Chief Executive Tidjane Thiam has told a Swiss weekly newspaper that he will be forfeiting part of his bonus after the bank recently reported its first annual loss since 2008.
BT finance Chief Tony Chanmugam to announce retirement: BT's Finance Director is expected to announce his retirement within weeks and will step down later this year.