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In the news – BP set to slash billions off capital spending

Published: 06:53 02 Feb 2015 GMT

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The Times                      

Southeast to foot bill for Crossrail 2: Businesses and property Owners in Hertfordshire, Cambridgeshire, Surrey and Hampshire could be forced into helping to fund London’s proposed Crossrail 2 line, the cost of which is expected to escalate to £27 billion.

The towns playing catch-up with London house prices: Towns and cities across Britain are suffering from an identity crisis, with their housing markets behaving as if they were in London or one of the other affluent parts of the country.

Investors seek bank payouts to reflect recovery from recession: Banks are under pressure to make significant returns to shareholders as they report annual results in the next few weeks to back their claims to be through the financial crisis and on the path to normality.

Charging for current accounts ‘would boost market’: Customers must start paying for current accounts to end hidden charges and to break the big banks’ grip on the market, an expert has warned.

IoD: don’t give Labour ‘open goal on pay’: Directors should refrain from lavishing expensive pay packages on Bosses to prevent a frenzy of business bashing during the election, the Institute of Directors has warned.

Oil price storm casts dark shadow over future of North Sea industry: As Aberdeen prepares to host a summit on the oil business’s future, Alex Ralph asks if the latest crisis spells its imminent collapse

Eden’s eco-friendly power plant is threatened by fracking curbs: A scheme to heat the Eden Project’s vast greenhouses by tapping hot rocks under Cornwall is being threatened by proposals to restrict fracking.

New terminal will bring cruise ships to heart of London: Huge cruise ships will become a familiar sight on the Thames under plans to open the first passenger terminal in London for at least 35 years.

UK companies fail to exploit social media: British companies are lagging far behind their American rivals in their use of social media for corporate communications.

Investors take a punt on science start-ups: Britain’s scientific start-ups have enjoyed their biggest fundraising binge since the credit crunch as investors prove willing to take a bet on drug development, diagnostics and medical technology.

The Independent

Bailed-out banks set for windfalls as distressed debt markets recover: Britain’s state-backed banks could offload billions of pounds of bad loans, amid huge growth in demand for distressed debt.

Engine fault that stranded Thomson tourists found in eight other planes: A technical failure on a Thomson Airways Boeing 787 that left British holidaymakers stranded in Mexico has been found in eight other engines manufactured by the U.S. conglomerate General Electric.

Lafarge Tarmac sale set to pave way for $40 billion cement merger: Ireland’s CRH and the private equity giant KKR are expected to buy Lafarge Tarmac, the U.K. building materials giant, as part of a €6.5 billion (£5 billion) deal that will be announced.

Steve Melton faces PAC: Circle Holdings Boss in Hinchingbrooke Hospital row is next in line for Margaret Hodge treatment: The first private company to run an NHS hospital, nuclear Chiefs, the BBC and officials overseeing defence procurement reforms will come under fire from corporate Britain’s most feared committee of MPs before the election.

The Daily Telegraph

Debt-addicted Greece must go cold turkey, says Finance Minister: Greece will negotiate a new debt deal with international creditors, the country’s Finance Minister said on Sunday, as reports emerged that the European Union was open to an agreement that would banish debt inspectors from the country.

Britain nets £30 billion as borrowing costs fall that could fund pre-election giveaways: Plummeting borrowing costs will cut the U.K. debt interest bill by more than £30 billion by 2019, giving George Osborne more scope to fund pre-election giveaways or to relax a massive squeeze on the state.

City damaged by UK's 'diminishing influence' in EU: Britain's financial sector is suffering from the U.K.’s “diminishing influence” in the EU, meaning that political interference from Brussels is driving an ill-thought-out and inconsistent system of red tape, a group of peers has warned.

Croatia writes off debts for poorest citizens: Thousands of Croats will see their debts written-off on Monday as part of an attempt to boost the economy by helping households to regain access to basic facilities including bank accounts.

Cheaper oil and food aid UK recovery: The UK. economy has started the year on solid ground, as falling oil prices and benign inflation helped to end a period of slowing momentum, according to a respected business survey.

Capitalism holds the key to success in the ‘Kimdom’: Bold entrepreneurs seeking the world’s last business frontier need look no further than North Korea – a nation which, defying its pariah-state reputation, is increasingly capitalistic and seeking foreign investment.

The Guardian 

Greek Minister to meet George Osborne about proposed debt deal: Greece’s Finance Minister will meet George Osborne on Monday on his whistlestop tour of Europe, as he attempts to win support for a renegotiated debt deal, amid fears that protracted talks will sap confidence and liquidity from the Greek economy.

Labour launches stinging attack on Boots Boss Stefano Pessina: Labour has launched a stinging attack on the billionaire Boss of high street chemist Boots after he accused the opposition party of promoting policies that would lead the country to catastrophe.

BP to follow Shell in cutting spending: BP will on Tuesday unveil plans to slash billions of pounds off its capital spending programme in a bid to counter the impact of plunging oil prices and a 40% fall in its fourth quarter profits.

Property developers allowed to reduce affordable housing commitments: Housing developers in the U.K. could gain hundreds of millions of pounds in windfall profits under a new policy that lets them reduce contributions to building affordable housing or even avoid paying altogether, a council has claimed.

Free accounts ‘make mis-selling more likely’, PwC claims: The notion of free current accounts is unsustainable and may increase the risk of future mis-selling scandals, according to a report published on Monday.

Swiss central bank now has ‘unofficial euro target’: The Swiss National Bank, which last month scrapped the cap it had imposed on the value of the franc, is unofficially targeting an exchange rate of 1.05 to 1.10 Swiss francs per euro, a Swiss newspaper reported on Sunday.

Business leaders’ confidence falls again: Business confidence has fallen for another quarter as companies become more cautious about their prospects in the year ahead, according to a survey by a leading accountancy body.

Daily Mail

Inmarsat successfully launches latest satellite that aims to deliver mobile broadband speeds 100 times faster than current service: Inmarsat has successfully launched its latest satellite, which it claims will deliver mobile broadband speeds more than 100 times faster than its current service.

BP to reveal the extent oil price slide has had on balance sheet: Oil giant BP will reveal the extent the oil price slide has had on its balance sheet.

Private equity firm that made £475 million flipping Formula 1 weeks after buying it in 2000 eyeing £2 billion bid for Auto Trader Group: The U.S. private equity firm that made £475 million flipping Formula 1 weeks after buying it in 2000 is eyeing a £2 billion bid for Auto Trader Group, the used car marketplace.

Competition watchdog set to attack Ofgem's 'four-tariff' policy for propping up energy prices: Competition watchdogs investigating Britain’s energy market are to turn their sights on the industry’s regulator this month, warning that Ofgem may itself have failed to protect consumers.

BHS up for grabs as billionaire Christo Wiese rules himself out of bid: African billionaire Christo Wiese is understood to have ruled himself out of an approach for Sir Philip Green’s BHS department store chain after kick-starting a sale of his main business.

Work experience charity Access triples its placements for youngsters at leading companies: Work experience charity Access placed 540 sixth-formers with leading companies last year – more than tripling the number of placements it arranged in the previous year.

Daily Express 

Powa Technologies puts float on hold as PowaTag is priority: Mobile payments group Powa Technologies has put plans to hold a £1.6 billion flotation on the London Stock Exchange back until 2016.

HC-One to receive £100 million investment: Britain's third largest care home operator HC-One is to receive an investment of £100 million from its private equity Owners.

End of fixed energy deals to spark Big Six bills rise: Consumers coming to the end of their fixed price tariff deals with "Big Six" energy providers could see their bills rise by up to £117, uSwitch warns.

Big Six get rich if you don't switch: 'Price cuts' won't save you money: Energy customers are being urged not to sit back and assume they are on a good deal as providers cut their prices, as only those who take action and make the switch will actually save money.

City A.M.

Race to the bottom as mortgage rates dip closer to 1%: HSBC is set to introduce the cheapest fixed-rate mortgage on the market as intense competition continues to push down interest rates.

Super Bowl’s $4.5 million ads retain the crown as most expensive on earth: The super Bowl retained the title as having the most expensive television advertising slots in the world as advertisers lined up to spend an average of $4.5 million (£2.98 million) for a 30-second slot during the show.

HSS aims to defy nervous markets with a healthy retail investor base: Tool hire firm HSS will endeavour to cover the book in its stock market flotation, with sources close to the deal staying confident despite nervous markets.

Dixons Carphone signs deal with Hutchison Whampoa’s Three to offer mobile services: Dixons Carphone has struck an agreement with network provider Three to offer mobile services that will also seek to help customers link up their devices and appliances.

Ingenious hits back at criticism of celebrity film investment scheme: Ingenious has hit back at critics of its film investment scheme after more celebrities were named as having received tax breaks from investing in the plan, through rules brought in by Labour.

Retail veteran John Allan in the running for Tesco Chairman role: Dixons Carphone deputy Chairman John Allan is tipped to be named as the next Chairman of Tesco as the supermarket attempts to revive its fortunes and draw a line under last year’s accounting scandal.

Heathrow plans for new runway blasted by rival: Heathrow Airport has underestimated the cost of a new runway by up to £5.6 billion and will take at least four years longer than planned to complete the project, according to research from EC Harris that was commissioned by Gatwick Airport.

Jamie Ritblat’s Delancey in talks to sell the City’s Walbrook building for £600 million: The Owners of the Walbrook in the City are understood to be in talks to sell the trophy office building for as much as £600 million.

FinnCap top of the Aim listings again for 2014: Finncap topped London’s Alternative Investment Market (Aim) rankings for another year, it was revealed, as the most in-demand stockbroker and nominated adviser on the market.

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