The main headline in most of the City pages this morning – and in fact the story of the weekend – is HSBC’s decision to stay put in London. The Financial Times reckons the world’s largest bank has decided to stay put after attempts by the government to end banker bashing. It also points out that China isn’t quite the hub of growth it was when discussions over a new corporate base began several years ago.
Sticking with banking and the FT, which said American giant Citi has found a novel way of sparing its top London executives from tough new accountability rules. The US bank believes it has convinced regulators that a handful of their most senior London-based executives should not be captured by new rules as they run global business operations from the UK.
Elsewhere in the Pink’un, we hear from Anglo American. It was too late in starting selling underperforming mines during the commodities downturn, its chief executive admitted as the company prepares plans to offload or shut at least 65% of its assets in response to the sector’s escalating problems.
Over at Glencore allegations have emerged that South African authorities put pressure on Glencore before it agreed to the sale of a coal mine to a local company whose owners are at the centre of the controversy because of their links to the country’s political leadership.
Forget the doom and gloom, companies have reported their fastest growth for two years, but supermarkets and the oil and gas industries weighed heavily on an otherwise encouraging performance, according to Times, citing analysis by the Share Centre.
The Daily Telegraph reckons oil firm dividends will hold through 2017 despite delayed price recovery. In other words no huge cuts.
The paper also says the family founders of discount chain 99p Stores will make less money than was expected from last year’s £55mln takeover by Poundland after losses swelled to £11mln in the last year of the retailer’s independence.
The Tel also carries an interest line on the former Boss of Volkswagen, who, it is alleged was aware the company was rigging emissions tests on its cars more than a year before the scandal emerged but did nothing to stop the practice.
The Independent says giant French energy company EDF is under pressure to abandon or delay building the nuclear power station in Somerset which is at the heart of David Cameron’s strategy to “keep the lights on” in Britain in the next decade.