The natural resources sector receives some attention in this morning’s City pages.
The Financial Times leads with more pain for down at heel Anglo American after the miner’s credit rating was downgraded to junk status on Monday by Moody’s. The agency said the digger faced higher risks from a sweeping commodities downturn.
The Times, meanwhile, put its spin on Shell’s £35bn takeover of BG, with the Anglo-Dutch oil major saying the North Sea oil industry still has a future – even in this era of US$30 oil. The unsaid is BG owns vast tracts of hydrocarbons-rich acreage off the coast of Brazil.
Sticking with the Times and this line on HSBC, where, now the headquarters issue has finally been put to bed, the talk has turned to regime change. According to the paper the world’s largest bank may replace its top two Bosses within a year after ending speculation over the location of its headquarters by deciding to stay in Britain. The Indy and the Mail reckon 1,000 HSBC jobs could go to Paris if Britain quits the EU.
Elsewhere in the Times, the Bank of England has reportedly hit back late at criticism from Sir John Vickers, the chief architect of the UK’s banking reforms, and denied that it had watered down his recommended minimum capital levels for Britain’s biggest lenders.
The Independent says Aldi will hire 5,000 new members of staff in the UK as the discount supermarket chain plans to open 80 new stores in 2016, boosting its total number to 700.
The Guardian and the Mail have the line on UK living standards, which have finally made up the ground lost as a result of the financial crash following the boost to incomes provided by rising employment and falling inflation.
The Guardian says the tescue deal for shoe retailer Brantano has saved almost 1,400 jobs.
Finally, the Mail reckons Hong Kong’s richest man joins race to buy London City Airport and is expected to make a £2bn bid this week.