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In the Papers: Barclays, Goldman Sachs & Nobel Upstream

Published: 08:51 11 Feb 2016 GMT

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The Times
Barclays ‘cashed in on Tucker’s Libor hint’: The Bank of England and Paul Tucker have been drawn back into the Libor scandal amid claims that Barclays used what it believed was a confidential instruction from a former deputy Governor to lower rates to buy billions of pounds of debt in rival British lenders at the height of the financial crisis.
Goldman turns to sackcloth and ashes after top tips crash: Less than two months into the new year, Goldman Sachs has had to tell its clients around the world that nearly all its “top trades” for 2016 have been costly duds.
Peer-to-peer lenders reject Turner’s criticism: The peer-to-peer lending industry reacted angrily after the former head of the City regulator warned that the fast-growing sector was an accident waiting to happen.
Frackers will stage a fightback, says BP: Saudi Arabia’s bid to smash America’s shale industry is doomed, according to BP, which has forecast a rapid revival in U.S. fortunes despite the collapse in oil prices.
Tullow in the red for second year running: Tullow Oil sank into the red for a second consecutive year as a plunge in the price of crude ate into earnings at the indebted, Africa-focused oil producer and threatened to further hamper its investment plans.
Nobel Upstream dips toe in the North Sea: Nobel Upstream has made its first move into the North Sea by purchasing a stake in the Maclure field from Shell.
Wiggle deal may leave less room for rivals: Wiggle is in the final stages of buying its closest rival in the cycle equipment retail market.
Playtime is over as poor sales leave Hornby in a fix: Fears are growing for Hornby after the troubled maker of Airfix and model railway locomotives issued a profit warning, saying that it was in danger of breaching its debt terms.

The Independent
VW and Daimler recall 1.5 million U.S. cars over faulty airbag fears: Volkswagen and Daimler are recalling 1.5 million vehicles in the U.S. due to potentially faulty air bags made by the Japanese company Takata Group.
Gap pays almost no tax in U.K. since 2011 despite sales of £1 billion: The fashion giant Gap is the latest U.S. household name to face major questions over its use of complex financial engineering that minimises its tax bill in Britain.
Ikea recalls glass ceiling lampshade over ‘laceration fears’: Ikea is recalling two types of ceiling lamps after 224 reports of incidents of clips breaking and glass shades falling from the lamp.
Mark Sebba joins Flowerbx: Former Net-a-Porter Chief Executive goes from fashion to blooms: Mark Sebba, the former Chief Executive of luxury retailer Net-a-Porter, has joined the board of the flower delivery company Flowerbx.

Lex:
Hikma: hik-ups: Renegotiating an acquisition was probably not the way it would have chosen to raise its profile. In July last year, it agreed to pay $2.65 billion in cash and shares for Roxane, a generics business owned by Germany’s Boehringer Ingelheim.

Maersk: freight night: Danish shipping conglomerate Maersk has described its 2015 results as acceptable, despite headline earnings falling 82%, underlying profit down almost a third (stripping out a $2.6 billion charge to impair various oil assets) and each of its divisions reporting falling revenue.

Lombard:
Staff memos like Deutsche’s are meant for everyone except staff: A staff memo from Chief Executive John Cryan has been the German bank’s main weapon against stock market bears this week, though plans for a debt buyback have done more to salvage the shares.

Moore is less: Moore’s Law, which states that the processor density on a chip doubles every two years, is ceasing to apply. Chris Kennedy, finance Director of chip designer Arm, has a zingy replacement: the computing power of a new car will rise 100 times in five years.

The Daily Telegraph
Twitter’s growth screeches to a halt: Twitter’s growth stalled at the end of last year as the number of people using the service flatlined, raising yet more questions about the troubled service.
Outgoing Waitrose Boss Mark Price named new trade Minister: Mark Price, the outgoing managing Director of Waitrose, has been named the new trade and investment Minister.
Markets rule out U.K. interest rate rise until end of decade: U.K. interest rates will remain on hold until the end of the decade, according to investors, who believe there is now even a one-in-two chance that the Bank of England will instead cut rates this year.
No relief for embattled steel industry on trade tariffs: Trade duties on Chinese steel flooding into the U.K. are unlikely to be raised to a level where they stem the flood of imports that has brought Britain’s steel industry to its knees, the U.K.’s business secretary has said.
Lloyd’s of London says Brexit would hamper its global business: Lloyd’s of London has said its £60 billion insurance market would be worse off if the U.K. were to leave the European Union, with prospects for global sales harmed by severing ties with the rest of the continent.

The Questor Column:
Discount U.K. banking shares come with plenty of risk: Shares in U.K. banks have tumbled more than 20% this year as fears grow over the industry’s ability to cope with another downturn. When fear grips any sector then opportunities will arise, as markets tend to be hit by panic-selling. There is good reason to believe an element of nervousness in influencing the price bank stocks. Shares in Deutsche Bank, one of Europe’s biggest lenders, are behaving like a penny share, dropping 14% in two days after fears were raised over the lender’s capital reserves. London-listed lenders have not escaped the sell-off, as problems in the European banking system spark fresh concerns of another crisis in the sector. There are very real reasons why investors have become concerned about the value of the assets on banks’ balance sheets. To understand why we need to take a quick trip down the rabbit hole of bank accounting. In theory, then, the more assets a bank has, the greater the returns it can generate. But, the bigger the balance sheet, the bigger the risks to shareholders when the economy turns and losses start mounting. Lloyds and RBS have less international exposure, but could still feel the chill of a global slowdown. The U.K. economy is already showing signs of strain with industrial production in December down 1.1%, the biggest monthly drop since September 2012. The U.K. banks appear to be ill-prepared for another downturn having not fully taken the opportunity to repair their balance sheets over the past six years. Equity investors should think twice about buying shares in a sector that is still paying for its past sins. Many investors are still nursing painful losses from the last crisis. U.K. banking sector. Questor says “Avoid”.

The Guardian
Janet Yellen hints further rate rises on hold amid plunging markets: The chair of the Federal Reserve has dropped the broadest of hints that it has put future U.S. interest rate increases on hold following the plunge in global stock markets since the start of the year.
Bank of England’s recovery policies have increased inequality, finds S&P: Bank of England policies to help Britain’s economic recovery have made inequality worse and increased the wealth gap between young and old, according to a leading credit ratings agency.
CBI downgrades forecast for U.K. economic growth: Britain’s leading employers’ organisation, the Confederation of British Industry, has warned that the growth prospects for the U.K. economy have dimmed since George Osborne’s autumn statement three months ago.
Pinewood studios considers £350 million sale: Pinewood, home to the Star Wars and James Bond films, has launched a strategic review to look at options including a sale at over £250 million.

Daily Mail
Global turmoil will hurt the U.S. economic recovery, says Fed Chairman Janet Yellen: Turmoil in the global economy could knock the recovery in the U.S. off course, according to the Chairman of the Federal Reserve.
John Lewis customers hunting for cheaper products boost Dunelm as sales rise: ‘John Lewis refugees’ hunting for cheaper bedding and curtains are giving a boost to Dunelm, according to its Boss John Browett.
Luxury fashion label sees sales rise but warns of weaker demand to come: French luxury handbagmaker Hermes reported solid growth last year but warned that luxury shoppers may be about to tighten their belts.
HSBC sued by Mexico drug cartel victims for allowing cartels to launder billions of dollars: Britain’s biggest bank is being sued by the families of several U.S. citizens who were murdered by Mexico’s most notorious drugs cartels.
BP predicts oil will peak again at $100 as it expects energy consumption to rise: The oil sector may be in the doldrums – but BP can see light at the end of the tunnel and has predicted that the oil price could even return to $100 a barrel again.
Gatwick puts more pressure on Heathrow as it unveils £2.5 billion expansion plans: Gatwick has heaped further pressure on Heathrow by unveiling aggressive expansion plans worth £2.5 billion.

Daily Express
U.K. firms can ride out storm, says CBI’s Director General: Business leaders backed Britain’s economy to ride out “growing overseas risks” despite further weakness in factory output denting hopes for a more balanced recovery.
Japanese beer giant Asahi to take over Peroni, Grolsch and London Meantime: Japanese brewer Asahi is ready for a £2billion takeover of lager brands Peroni and Grolsch, as well as London’s Meantime brewery.
Deutsche Bank Boss insists firm is ‘rock solid’ as fears grow of banking bailout: The head of Germany’s flagship bank has been forced to speak out over fears the firm is heading for collapse after its share price sank to record lows.
Financial crisis looms amid global meltdown as banks accused of fumbling in the dark: Frenzied selling continues to grip markets in Asia, as hysteria over a global financial meltdown grows.
The Scottish Herald
Maven targets private rental sector: Maven Capital Partners has revealed it is closing in on deals to acquire three sites to develop properties in the private rental sector (PRS), a new investment focus for its well-heeled investors.
Approval for Raasay’s first legal distillery: Approval has been given for work to begin on the conversion of Victorian house on the island of Raasay, into the island’s first legal distillery, visitor centre and luxury accommodation.
Greene King enjoys happy Christmas amid surge in beer sales in China: Greene King has said it achieved a strong performance in the last ten months helped by buoyant sales in the festive period and a surge in demand for its beer in China.
Subsea businesses urged to explore Australian opportunities: Subsea U.K., the industry body for the subsea sector, hopes to strengthen links between Australian and British businesses at this year’s Australasian Oil & Gas Exhibition and Conference.
East and west coast tech firms join forces: Two Scottish tech companies based in Glasgow and Edinburgh have joined forces, creating a new £2 million turnover business.
Heineken warns over volatility in emerging markets despite profit boost: Dutch brewer Heineken has predicted a rough ride ahead in emerging markets despite bolstering profits by a quarter.

The Scotsman
Ex-Marks & Spencer Director to head food safety firm: An industry heavyweight who spent more than two decades with Marks & Spencer has been appointed Chairman of an Edinburgh-based food safety and compliance firm as it targets significant growth.
Mazars cheers Scots practice as fee income jumps by 24%: International accountancy firm Mazars has posted a 14% rise in turnover for the year to the end of August, including a 24% jump in fee income from its Scottish operations.
Royal London gives warning over new ISA pension plans: Life and pensions group Royal London unveiled a record year for new business , as its outspoken Boss Phil Loney slated George Osborne’s move towards pension ISAs, warning they risked putting people off long-term savings.
Menzies unveils latest parcels sector takeover: Logistics group John Menzies has bought its third parcel delivery firm within 12 months.
London calling for recruitment firm Be-IT: Be-IT Resourcing, the Edinburgh-based IT and digital recruitment firm, is eyeing a move into London and Frankfurt after bolstering its boardroom.
Record year for M&A at law firm Shepherd & Wedderburn: Edinburgh legal firm Shepherd & Wedderburn has hailed 2015 as a record year for corporate activity as it closed nearly 100 deals with a total end value of £5.4 billion.

City A.M.
City workers kick off 2016 in the mood to move as confidence climbs: City workers began 2016 with itchy feet, according to new figures published by a recruiter. Morgan McKinley said the number of job seekers reached 16,924 in January, up 67% compared with the same month last year.
Property prices are rising at twice the pace of wages as housing activity picks up: House prices are now rising at twice the pace of earnings after a resurgence in demand at the start of the year, new research shows.
U.K. house prices: Buy-to-let rush sparks surge in mortgage lending: Buy-to-let landlords rushing to secure a property before April’s stamp duty hike has driven mortgage lending to its highest level in nine years, according to U.K. chartered surveyor e.surv.
Amazon shares rise in after-hours trading as it unveils $5 billion stock buyback: Shares in U.S. online retail giant Amazon spiked, before settling 1.4% higher in after-hours trading, after it unveiled plans to buy back $5 billion (£3.4 billion) of shares.
Whole Foods share price rises as premium grocer announces record sales and beats expectations for first quarter of 2016: Whole Foods, the healthy U.S. grocery chain with several outposts in London, posted record sales figures for the first quarter of 2016, up to $4.83 billion (£3.3 billion) from $4.67 billion, beating analysts’ expectations of $4.81 billion.
Shares in Farmville creator Zynga drop almost eight% after company posts declining revenue and customer numbers: Zynga, the online games company behind Farmville, recorded revenue of $186 million (£128 million) in the three months to the end of 2015, down from $193 million in the last quarter of 2014.
Tesla shares jump on increased revenue as losses widen: Tesla Motors reported revenue of $1.2 billion (£825 million) for the three months to 31 December 2015, up from $956 million in the same period of 2014.
Cisco share price leaps as it smashes expectations and hikes share buyback by $15 billion: Computer networking giant Cisco has smashed analyst expectations, with earnings per share of $0.57 in the quarter to the end of January, against expectations of $0.54.
Great Portland Estates hails strong lettings demand despite fears over Brexit: Great Portland Estates said strong demand for its offices helped it to strike another 15 lettings in the third quarter despite increasing uncertainty ahead of the EU referendum.

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