Newspaper Briefing: January sales spurt provides relief for retailers
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The Times
January sales spurt provides relief for retailers: The souring economic mood failed to dampen the spirits of consumers who flocked to the shops in January and also splurged on the biggest-ticket item for most households new cars.
Growth and pound 'put at risk in Brexit vote': Financial institutions have begun insuring themselves against the pound collapsing if Britain votes to leave the EU the Bank of England said as it warned that growth could suffer in the coming months from uncertainty about the referendum's outcome.
Barclays to hand Qatar deal papers to the SFO: Barclays has abandoned its protracted fight with the Serious Fraud Office over sensitive documents about its 2008 Middle East fundraising and handed them over for scrutiny.
Credit Suisse posts its first loss since the financial crisis: Credit Suisse will cut 4000 jobs and slash other costs after reporting its first full-year loss since 2008.
South32 cuts 600 jobs as it faces $1.7 billion write-down: South32 which was spun out of BHP Billiton is cutting more than 600 jobs and preparing for a $1.7 billion write-down.
Superdrug takes razor to sexist pricing: Superdrug has agreed to review its 'sexist pricing' after an investigation by The Times revealed that women were being charged more than men for similar products.
Rangers give notice on their Sports Direct deal: The dispute between Rangers and the businessman Mike Ashley took another turn when the club gave his Sports Direct company formal notice that they wished to end their merchandise deal.
Chung joins M&S after skirting with success: Alexa Chung the model and TV presenter has been signed up to breathe new life into the struggling Marks & Spencer fashion label after a skirt she wore became an instant hit for the chain.
The Independent
Top City law firms accused of restricting access to justice by charging up to 1100 an hour: Top City law firms are billing up to 1100 an hourthe highest rates ever recordedproducing 'astronomical' and 'unjustifiable' fees that are restricting access to justice it has been claimed.
U.K. pubs closing at a rate of 27 a week Camra says: The number of pubs fell by 1444 in the U.K. in 2015 despite an overall decline in pub closures according to the Campaign for Real Ale (Camra).
Border controls and passport checks would cost Europe up to 100 billion report claims: The European economy could lose as much as 100 billion (76 billion $109 billion) within 10 years if border checks and passport controls are reintroduced according to research by the French Government.
House prices rise nearly 10% in a year to 212430 on average says Halifax: House prices in the U.K. are nearly 10% higher than they were a year ago according to Halifax.
Navinder Singh Sarao: 'Flash crash' trader made hundreds of thousands of pounds 'on day of U.S. stock market crash': A 'dishonest' British financial trader made hundreds of thousands of pounds on the day of a multi-billion dollar U.S. stock market crash a court heard.
Lex:
Activist investors: hard drugs: Investors in Johnson & Johnson have tried to gin up interest among activists in harassing the U.S. healthcare conglomerate into a break-up. They are quite right that J&J could use a good shaking. For now unfortunately it is unshakeable.
Credit Suisse: cheesed off: Consider Credit Suisse. On Thursday it reported a worse than expected SFr5.8 billion net loss for the fourth quarter. Shares dropped to their lowest level since 1992.
Bank break-ups: here we go again: John Thain's ride into the sunset may be lucrative. It will not be smooth. Last autumn the Chief Executive CIT Group announced plans to depart one in a series of strategic changes at the formerly troubled finance firm.
Lombard:
Outnumbered: A monstrous regiment of non-Executive Directors has taken over British boardrooms. The number of Executive Directors has fallen by one-fifth in five years according to research by recruiter Norman Broadbent and the Quoted Companies Alliance. The figure has settled at around 2.3 Executives for each FTSE 100 board. There are now three NEDs per exec. So they could easily win if it came to a punch-up.
Tail wags dog: David Bowie's son Zowie thus goes by the name Duncan Jones. Theravance Biotherapeutics cannot hide its heritage so easily. The giveaway is a stake in a potentially valuable drug that securities laws require the San Franciscan company to disclose.
The Daily Telegraph
Dollar tumbles as Fed rescues China in the nick of time: The U.S. dollar has suffered one of the sharpest drops in 20 years as the Federal Reserve signals a retreat from monetary tightening igniting a powerful rally for commodities and easing a ferocious squeeze on dollar debtors in China and emerging markets.
Carney downgrades U.K. growth prospects as rate rise kicked into long grass: The Bank of England has signalled that weaker U.K. growth and an 'unforgiving' global environment will keep interest rates on hold for at least another year as its most hawkish member abandoned a call for higher rates.
Pound could crash by 20% if U.K. votes for Brexit warns Goldman Sachs: The pound could lose a fifth of its value if the U.K. votes to leave the European Union Goldman Sachs has warned.
Electra makes 12 million on sale of art supplier Daler-Rowney: Electra has sold its stake in Daler-Rowney the centuries-old British fine art materials supplier for 32 million months after it was deemed the listed company's worst-performing asset.
Moody's downgrades Clydesdale Bank's deposit rating: Clydesdale Bank's deposit rating has been cut by ratings agency Moody's over fears the bank could represent a bigger risk now that it has been sold off by its parent National Australia Bank (NAB).
Vodafone slams Hutchinson's price-freeze pledge: Vodafone has hit out at Hutchison's promise to freeze mobile phone bills for millions of customers if Brussels approves the proposed merger between Three and O2.
Index Ventures raises record $1.25 billion to invest in start-ups: Index Ventures the early-stage investment firm behind Facebook Skype and Net-A-Porter has raised $1.25 billion (870 million) to fund start-ups it believes will redefine the tech landscape.
Rolls-Royce can avoid 'death by a thousand cuts' with 1 billion fundraising: Rolls-Royce Chief Warren East should ditch the embattled engineer's dividend abandon profit guidance and launch a 1 billion fundraising in a bold move to head off constant questions about the company's future.
The Guardian
Bank of England votes 9-0 to keep interest rates on hold: The prospect of a U.K. interest rate rise has receded further after the Bank of England cut its forecasts for growth wages and inflation. However the Governor Mark Carney warned borrowers against getting too comfortable with rock-bottom rates.
Sumner Redstone resigns as Executive Chairman of Viacom: Media mogul Sumner Redstone relinquished control of his media empire on Thursday amid continuing rumours of his ill health.
Drug company Boss Martin Shkreli refuses to testify to Congress: Pharmaceutical entrepreneur Martin Shkreli threw insults at the U.S. Congress on Thursday less than an hour after refusing to testify at a hearing investigating accusations of profiteering on life-saving drugs sold by his and other drug companies.
Tata Steel reports 68 million quarterly loss in face of cheap Chinese imports: Tata Steel has reported a quarterly loss of 68 million more than double the figure in the previous three-month period at its European business.
Daily Mail
Mining shares soar 25% thanks to stronger metals prices and a fall in the value of the U.S. dollar: Mining stocks charged ahead led by Anglo American which posted its biggest ever one-day percentage gain during trading.
Can former Bank of England Governor save Aston Villa? Lifelong fan Lord Mervyn King joins board of struggling Premiership side: Lord Mervyn King has joined the board of his beloved Aston Villa Football Club which is languishing at the bottom of the Premier League.
Government preparing to sell its last stake in Royal Mail bringing to an end 500 years of state Ownership: The wheels were set in motion for the last government stake in Royal Mail to be disposed of bringing to an end 500 years of state Ownership.
Daily Express
EU on brink of 'terrifying crisis' Five of Europe's big banks are in danger warns expert: Some of Europe's biggest banks are on the brink for a crisis that echoes the 2008 meltdown a finance expert warned as fears over the global economy escalate.
Shell sees 80% drop in profits due to weak oil prices: Shell warned that continued weak oil prices would lead to more cutbacks as the company's annual profit plunged 80% to a 13-year low.
Man behind 170 million smartphone app sold his share for a bike: One of the Founders of 170 million smartphone technology firm SwiftKey sold off his stake just two weeks into the business' birth in return for a bicycle it has been claimed.
Low interest rates cost savers 160 billion and spark yet another debt binge: Seven years of rock bottom interest rates have cost savers 160 billion while encouraging people to take on ever higher debts suggests analysis.
The Scottish Herald
Glasgow hotel management specialists plan move into mainland Europe: Glasgow-based Redefine|BDL Hotels plans to expand into mainland Europe after achieving strong growth in the U.K. in 2015.
Funeral firm invests 2 million in new fleet: Anderson Maguire the Glasgow-based funeral Director has invested 2 million in a new fleet of hearses limousines vans and ambulances.
Hardware jobs go as video firm strengthens focus on software: CCTV specialist IndigoVision has laid off a small number of hardware engineers as it builds capacity in its software team.
Alliance Trust shake-up takes effect: Alliance Trust Investments has this week taken over as management company for the 3 billion Alliance Trust the Dundee-based group has said.
Scottish rail giants to battle it out in south-west: Scottish rail giants Stagecoach and FirstGroup will battle it out as the only two companies invited to tender for a new South Western franchise.
Grant sees profits fall as costs bite: Grant Asset Management the Edinburgh-based residential property company saw profits fall sharply last year. The business achieved a profit turnround of more than 730000 in 2014 posting a pretax profit of 479641.
Regional airports enjoy record year: Scotland's regional airport group HIAL recorded its busiest ever year in 2015 gaining more than 45000 additional passengers.
The Scotsman
EnQuest to shed 45 oil and gas jobs in Aberdeen: North Sea explorer EnQuest is to cut up to 45 jobs in Aberdeen as the oil downturn continues to bite.
Aberdeen property investment plunges by 80%: Investment in Aberdeen's commercial property market slumped by 80% last year according to new research.
Digital agency Equator takes control of 999 Design: Glasgow digital design and marketing agency Equator has bought a controlling stake in rival 999 Design Group.
Age U.K. to be probed over 6 million energy firm payoffs: The Charity Commission is looking at 'any action that might be necessary' following claims Age U.K. has been promoting expensive energy tariffs to the elderly in exchange for cash.
North Sea oil production could end within years says Unite: North Sea oil production could end within years with the loss of thousands of jobs unless emergency measures are taken to boost the industry it is being warned.
City A.M.
Dunedin private equity backs asset management adviser to fund expansion: Private equity company Dunedin has invested 80 million in specialist asset management adviser Alpha Financial Markets Consulting City A.M. has learned.
Jobs market starts the new year with a bang: The jobs market found new energy at the start of the year according to survey figures released this morning.
Lionsgate Entertainment share price falls in after-hours trading as its third quarter earnings miss expectations: Shares in Lionsgate Entertainment the production company behind The Hunger Games fell in post-market trading after its revenue disappointed in the third quarter.
News Corp relies on digital real estate business to bolster revenues as news division faces challenges over print advertising: Media group News Corp has reported revenue of $2.16 billion (1.48 billion) for the three months to 31 December down from $2.26 billion in the same period of 2014.
LinkedIn share price tanks as it misses earnings forecasts: LinkedIn shares plummeted in after-hours trading after its outlook and earnings guidance left investors sorely disappointed despite its membership growing to a whopping 414 million users in the fourth quarter.
Private equity firms Blackstone and Catalyst win consent for Stratford Island scheme: Plans for a major regeneration scheme at the centre of Stratford have been given the go-ahead by Newham council paving the way for 600 new homes.
Christine Lagarde: IMF to mull strengthening the global safety net: The International Monetary Fund will begin looking into ways to make the global financial system safer as the U.S. Federal Reserve looks to raise interest rates and emerging markets continue to suffer.
Ralph Lauren shares plunge as luxury fashion group slashes forecasts blaming mild weather: Ralph Lauren shares have plummeted by nearly 18% after the U.S. fashion brand reported a worse-than-expected decline in third quarter sales blaming the mild winter weather and fewer tourists visiting its stores.
Swiss commodity trader Trafigura's Chief released on bail amid fraud probe: The head of one of the world's largest oil and metals traders Trafigura was released on bail after eight months in prison this week as a probe into alleged fraudulent trading activity continues.