In the papers: Royal Dutch Shell AccorHotels Aldi and Lidl
(MENAFN- ProactiveInvestors - UK) Proactive Investors Wed
The Times
Consumers at risk of pensions mis-selling watching warns: The Financial Conduct Authority has opened a review into pension freedom reforms amid concerns that retiring savers are vulnerable to mis-selling.
Cerberus to sell 6 billion of ex-Northern Rock loans: One of the world's largest buyout firms has confirmed that it is on course to sell more than 6 billion of loans once owned by Northern Rock.
New U.S. rules knock takeover target's shares: Tough new U.S. Treasury rules on corporate tax inversions that could scupper Pfizer's record $150 billion takeover of Allergan wiped 15% off the Botox maker's shares yesterday.
Look out not in to lift economy advises Lagarde: Christine Lagarde has called for a renewed spirit of global co-operation to prevent the world getting stuck in a low-growth trap and turning inwards in response to the threat of financial shocks as well as terrorism and conflict.
Shell heading for $1.6 billion battle over BG's Kazakhstan gasfield: Royal Dutch Shell's newly acquired BG assets have drawn it into an impending $1.6 billion bust-up with the government of Kazakhstan.
They're off! Bookmaker cuts 650 jobs: Paddy Power Betfair is to cut about 650 jobs in the U.K. and Ireland as part of the 50 million of savings announced before the bookmakers merged.
Tomb Raider lifts earnings at Keywords: An Irish company that provides services to some of the world's biggest games companies has reported that annual revenues leapt by 55% to 58 million.
Cash-and-carry tycoon looks to shake up vodka maker: A Portuguese cash-and-carry tycoon with a 10% stake in Stock Spirits Group is seeking to oust the vodka maker's Chief Executive after saying management had 'run out of ideas'.
Accor buys Onefinestay to take battle to Airbillionb: AccorHotels has launched a fightback against the threat of Airbillionb by acquiring Onefinestay an upmarket home rental website based in London for 148 million.
Bank divided on lenders' loss buffers: Splits have emerged in the Bank of England's top financial policy committee over how quickly the biggest lenders should build up new loss buffers to cope with an economic crash.
AA pays dividend three times higher than pretax profits: The Executives who took the debt- saddled AA out of private equity ownership and on to the stock market have jumped to their own defence after paying investors a dividend three times greater than the group's pretax profits.
The Independent
EU referendum: aircraft manufacturer Airbus warns British employees over Brexit: European aircraft manufacturer Airbus has sent a letter to its British employees outlining the company's fears about the prospect of the U.K. leaving the European Union.
Aldi and Lidl are now beating their competitors on non-budget items: Aldi and Lidl known for their bargain prices are beating their competititors on premium products sales new research finds.
Sainsbury's shake up puts hundreds of jobs at risk: Nearly 600 jobs could be at risk as Sainsbury's announces a shake-up of roles across its major stores.
Panama Papers: Credit Suisse and HSBC dismiss claims: Credit Suisse and HSBC have both dismissed suggestions they were actively using offshore structures to help clients avoid tax.
Iceland Prime Minister quits over Panama Papers tax haven scandal: The Prime Minister of Iceland has resigned after the Panama Papers revealed that he has been using an offshore firm to allegedly hide investments worth millions of pounds.
The Daily Telegraph
Prince Andrew steps into Tata Steel crisis: The Royal family has stepped into the crisis engulfing Britain's steel industry which has thrown into doubt the future of 40000 U.K. jobs. On a trip to China to build Anglo-Sino links Prince Andrew is understood to have talked with President Xi Jinping about Britain's beleaguered steel sector.
Sajid Javid meets with steel tycoon as future of Tata U.K. hangs in balance: Commodities tycoon Sanjeev Gupta has raised hopes that thousands of U.K. steel jobs can be saved as he vies to buy Tata's struggling U.K. plants.
Libor trial: Former Barclays traders 'driven by money': Five former Barclays bankers rigged key interest rate benchmark Libor "for their own advantage" in a conspiracy "driven by money" a court has heard.
Rule change raises stakes in LSE-Deutsche Boerse merger: A tweak to new market rules has raised the stakes in the London Stock Exchange's bid to merge with its German rival Deutsche Boerse.
Barclays warns investment bank performance will be worse than expected: Barclays has warned that its investment bank is weaker than it was a year ago blaming tough market conditions as it continues to grapple with a major restructuring.
BAE Systems gains major boost with Typhoon jet order from Kuwait: BAE Systems has received a major boost with Kuwait finally signing a deal to buy 28 Eurofighter Typhoon jets.
CityFibre signs 4.9 million deal to roll out ultrafast broadband in Bradford and Leeds: CityFibre which builds and owns high-speed internet networks in urban areas has struck a 4.9 million deal for two companies to use its infrastructure in the North of England.
DIY start-up ManoMano raises 10 million to take on B&Q in the U.K.: French DIY start-up ManoMano has set its sights on the U.K. market with a 10 million fundraising.
FCA hones in on pensions dangers but advice funding is slashed: The dangers facing unprepared pensioners in the wake of the recent retirement rule changes will be reviewed by the financial watchdog this year although the amount of money collected to fund state-provided advice for such savers has been slashed.
Profits lose their fizz at Brewdog as brewery bets big on future growth: Brewdog the maker of Punk IPA has spent almost 18 million launching new bars across the globe ramping up production and building its new factories as its founders attempt to maintain the Scottish brewery's steep growth trajectory.
The Questor Column:
AA shares struggle under debt burden: The AA the roadside recovery group has a steady business at its core as its annual results yesterday proved. But the company remains a high risk option while it struggles to emerge from a mountain of debts built up under its previous private equity owners. Management are confident that a successful business will emerge when the debts are brought under control. The company generates plenty of cash and some big institutional investors have backed the restructuring. The AA said it completed 3.4 million recoveries during the year to the end of January which would have come as a relief to any of the 3.67 million personal members or 10.2 million business customers who paid for the service. Revenue from the roadside assistance business edged up 1.8% to 724 million and trading profits were largely flat at 361 million for the year. The other parts of the business ticked along as well. Motor insurance is a tough market right now but AA delivered trading profits of 78 million down 7% on a year earlier. The driving school achieved trading profits of 19 million down 1 million on a year earlier. On an underlying basis the AA generated revenues of almost 1billion and operating profits before tax and interest charges of 305 million in the year to the end of January. However nearly all that was swallowed up paying interest on the 2.8billion net debt mountain. The pretax profits slumped to 17 million from 69 million a year earlier. Management repaid some of the most expensive debts during the year and interest charges should be more than 45 million lower in the year ahead. We advised avoiding the shares at 413p this time last year and now almost 40% lower we still wouldn't be keen to back this indebted restructuring. Avoid. AA at 249.1p -13.8p. Questor says 'Avoid'.
Bowleven: Shares in the Aim-listed oil explorer Bowleven have fallen more than 10% during the past week after it was forced to slash the value of its oilfields and Questor is concerned there is worse to come. Edinburgh-based Bowleven has operations in Cameroon and Kenya searching for oil and gas. The company said last week that losses widened to $132 million (92 million) during the six months to the end of December from $81 million a year earlier. The company took the hit to the value of its assets after lowering its long term outlook for the oil price to $65 per barrel. The net book value of assets has fallen to $205 million at the end of December 2015 from $493 million a year earlier. However this could still prove optimistic with the oil price currently at around $38. The well timed sale of interests in the shallow waters of Etinde off the coast of Cameroon to Russia's Lukoil and Cameroon's New Age in June 2014 left the company with $100 million in cash. The cash won't last forever and Bowleven had $145 million at the end of June 2015 and this had fallen to $107 million by the end of December. The shares trading at 20p might look like a value option given the net asset value of about 80p of which about 23p is cash. However this is an extremely high risk situation and depends to a large extent on a sustained recovery in the oil price. Bowleven shares have fallen more than 30% over the past year and given the current oil price and project delays Questor would advise cutting any losses and selling. Bowleven at 20.25p -0.25p. Questor says 'Sell'.
The Guardian
European markets fall as fears grow for global economy: Stock markets across Europe have fallen following weaker than expected economic indicators falling oil prices and a warning from the International Monetary Fund stoked fears of a slowing global recovery.
IMF director urges governments to 'pick up the growth baton': Governments must urgently pursue more growth-friendly policies to shore up a weakening global economy beset with risks the head of the International Monetary Fund has said.
Steel crisis: Sajid Javid flies to India for talks with Tata chairman: Sajid Javid flew to Mumbai on Tuesday night for talks with the Indian owner of Tata Steel in an attempt to win more time to secure the future of thousands of British jobs.
Steel crisis: Sajid Javid calls on Tata Chief to back sale process: The business secretary said he wants Tata to agree a process for selling its U.K. steel business when they meet in Mumbai on Wednesday.
Obama calls for international tax reform amid Panama Papers revelations: Barack Obama has called for international tax reform in the wake of the revelations contained in the Panama Papers.
Daily Mail
BP set to finally draw a line under U.S. legal action over Deepwater Horoizon as judge approves 15 billion pay-off: The long-running court case between BP and U.S. authorities has finally come to a close with a judge approving a 15 billion pay-off. The legal claims following the fatal 2010 Gulf of Mexico oil spill have forced the oil supermajor to set aside nearly 40 billion for costs fines and damages associated with disaster.
BP and Centrica bosses in the spotlight as firms face fury over fat-cat pay: Fat-cat pay is back on the agenda with energy firms BP Centrica and consumer goods giant Reckitt Benckiser in the spotlight. Corporate governance body Pirc yesterday warned that pay and perks for BP's Chief Executive Bob Dudley at 13.9 million is excessive and warned it has 'lingering concerns' over the recruitment pay awarded to Centrica Chief Executive Iain Conn.
Barclays shares hit a four-year low as lender warns its 'casino bank' investment arm has suffered a grim start to the year: Barclays shares hit a four-year low as the High Street lender warned its so-called casino bank has suffered a grim start to the year. In a surprise trading update tacked onto the end of a regulatory announcement the bank said it 'does not expect as strong a performance from its investment banking operations' in the first quarter of this year as last year.
Sausage maker Cranswick's sales sizzle as bosses target China as an emerging market: Lower pork prices have given Cranswick a sizzling sales surge. The Hull-based sausage maker said total sales volumes were up 12% for the year to March 31.
Tesco's turnaround gathers pace but shares slip nearly 2% as investors remain unimpressed: Tesco's turnaround showed signs of taking shape as its sales decline slowed for the fourth month in a row. However investors remained to be convinced and its shares slipped nearly 2%.
U.S. giant Intercontinental Exchange set to launch rival bid for the LSE: American finance giant Intercontinental Exchange is poised to join the fight for control of the London Stock Exchange disrupting plans for a German takeover. The U.S. firm which runs the New York Stock Exchange is understood to be building a war chest with the aim of making a 10 billion offer for the LSE.
Daily Express
Tesco targets soaring sales despite fierce competition from Lidl and Aldi: Tesco is poised to return to sales growth after a year in decline despite fierce competition from German rivals Lidl and Aldi and a resurgent Co-op.
Lifeline for flood-risk homeowners: New scheme to stem rising costs of insurance: The Government is throwing a lifeline to homeowners in flood-risk areas by helping them to find affordable insurance.
IMF issues warning to Eurozone: Lagarde says tackle financial crisis now or face ruin: Europe's economy is in a worse state than previously thought shock figures revealed today as the International Monetary Fund (IMF) urged the bloc to do more to tackle problems amid an increased risk of a global financial crisis.
The Scottish Herald
Weir Chief's pay falls as annual bonus tumbles: WEIR Group Chief Executive Keith Cochrane's remuneration tumbled from 1.46 million to 1.07 million in 2015 with his annual bonus falling sharply as the engineering company's profits tumbled.
Changes at Prestwick as airport grows its offer for local businesses: PRESTWICK airport has underlined its credentials as a business hub by securing three new lettings through its on-site property operation.
Sale of prime Atria development will deliver vital funds for City of Edinburgh Council: CITY of Edinburgh Council has sold one of its landmark office developments to a German real estate investor for 105 million generating much-needed cash amidst an 85 million cost-cutting programme.
Bank appoints new risk Chief: CYBG the banking group comprising Clydesdale Bank and Yorkshire Bank has announced the appointment of Mark Thundercliffe as its new Chief Risk Officer.
Arran Brewery invests in bottling line: ARRAN Brewery has become the second Scottish craft brewer this week to announce plans for a bottling line. Arran Brewery is to invest more than 130000 in the line as part of a package to increase production capacity.
Highland Spring to distribute Glasgow firm's coconut water: Glasgow soft drinks business Freedom Brands has signed a distribution deal with Highland Spring Group (HSG) to increase listings of its Go Coco coconut water brand.
Packaging group ties up fourth acquisition in two years: Macfarlane Group the Glasgow-based packaging business has continued its buy and build strategy with the acquisition for up to 1.25 million of a Teesside-based packaging firm.
Barclays backs Manorview with 2.75 million loan: Manorview Hotels and Leisure Group is adding two wedding venues to its portfolio with Barclays providing a 2.75 million loan for acquisition and restoration.
The Scotsman
Edinburgh construction recruiter lays foundations for growth: Edinburgh's Peace Recruitment Trades and Labour which focuses on supplying temporary contractors to the construction trade said it is on track to build its revenue to 1.8 million marking year-on-year growth of 50% and generate more jobs.
Rosyth engineering firm Parsons Peebles in southern drive: Parsons Peebles Group the Rosyth-based engineering firm that forms part of Jim McColl's Clyde Blowers business empire has acquired a Reading-headquartered company that provides electromechanical services to the water industry.
Innis & Gunn forms venture to target French drinkers: Craft brewer Innis & Gunn has formed a joint venture as it looks to woo French drinkers with its distinctive oak-aged beers.
Muted services growth may dampen U.K. economic recovery: Lacklustre growth from Britain's powerhouse services sector has cast fresh doubt over the resilience of the economic recovery.
Wood Group acquires Australian engineering firm SVT: Energy services provider Wood Group has hit the acquisition trail again with the takeover of an Australian engineering business.
Tidal power firm Atlantis nets big investor: Tidal power firm Atlantis which expects to start producing electricity from its flagship project in the Pentland Firth has struck a partnership deal with an infrastructure investor to accelerate development in Scotland.
City A.M.
East London is propping up slowing central London housing market JLL report shows: East London residential property prices jumped by seven% in the year to March helping to shore up a slowdown in other parts of the capital hit by uncertainty in the market new research from JLL today shows.
Cummings leaves The CityU.K. for Investment Association top job: The Investment Association (IA) which represents managers who handle upwards of 5.5 trillion has recruited TheCityU.K. boss Chris Cummings as its new Chief Executive following a six month search.
Javid to fly to India to meet with Tata Chiefs after back-to-back talks with unions and a potential buyer: Business secretary Sajid Javid will meet with Executives of Port Talbot steelworks owner Tata at their Mumbai headquarters tomorrow.
U.S. investor Cain Hoy buys historic Mayfair block for 80 million: Cain Hoy U.S. investment firm backed by Guggenheim Partners has snapped up a historic building in one of Mayfair's luxury shopping streets for 80 million.
Card Factory share price climbs as profits lifted by online sales though the retailer is warning over living wage costs: Online shopping sales and personalised presents have pushed retailer Card Factory to a 25% increase in profits for the last year.
Abandoning Hinkley Point C and investing in renewables could save tens of billions: Abandoning plans for EDF to build the Hinkley Point C nuclear power plant and instead investing in renewables could leave Britain better off by tens of billions of pounds.
Moss Bros' share price jumps as suit-seller says it's scrubbing up well: Shares in suit hire specialist and retailer Moss Bros rose by as much as eight% in early trading after a revamp of its stores and a sharper range of products helped deliver a 23% increase in profits.
MartinCo plays down fears of buy-to-let slowdown as profits jump: Shares in MartinCo rose by nearly four% today after the franchised lettings agency group said demand from a growing nation of renters helped to boost full-year sales and profits.
Koovs' share prices leaps by a third after sales at Indian online retailer beat forecasts: Koovs' share price leapt this morning after the Indian-focused online retailer said sales almost tripled last year to hit 10 million for the first time.
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