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Friday Papers: Lloyds share sale postponed

And Brexit vote could turn UK into a 'safe haven' triggering EU disintegration, Barclays has warned.

 
Friday Papers: Lloyds share sale postponed

Top stories

  • Financial Times: George Osborne has postponed plans to sell £2 billion of shares in Lloyds Banking Group to the public as the chancellor blamed market volatility for delaying a clean taxpayer exit from the UK’s biggest high street lender.
  • The Daily Telegraph: A British exit from the European Union could see the UK becoming a "safe haven" amid a disintegrating Europe, Barclays has said.
  • The Guardian: Britain’s economy picked up pace at the end of 2015 but GDP growth for the year as a whole was down markedly, as both the manufacturing and construction sectors struggled with an uncertain outlook.
  • Financial Times: Iran Air on Thursday agreed to buy 118 aircraft from Airbus, including 12 A380s, marking the country’s return to the global aviation market and breathing new life into the European group’s troubled superjumbo jet programme.
  • Financial Times: Germany is to bar many refugees in the country from bringing in their families for at least a year, in a tough policy package approved on Thursday by Angela Merkel’s ruling coalition as it seeks to reduce inflows to the country.
  • Financial Times: Barclays has been hit with a lawsuit for nearly £1 billion from Amanda Staveley, the dealmaker known for her Middle Eastern connections, over the lender’s emergency £5.8 billion fundraising in 2008.
  • Financial Times: Deutsche Bank’s top management will receive no bonuses for 2015, after the bank fell to a €6.8 billion loss for the year and admitted that it could not rule out more red numbers in 2016.
  • The Daily Telegraph: Energy giant SSE is considering shutting its Fiddler's Ferry coal-fired power plant early, threatening to blow a hole in the Government’s plans to keep the lights on.
  • Financial Times: UK watchdogs are to investigate senior managers who led HBOS into a £25.4 billion collapse in 2008 at the height of the financial crisis.

Business and economics

  • Financial Times: Blackstone, the world’s biggest manager of alternative assets from private equity to real estate, has revealed that its profits were hit hard by turmoil in the equity and credit markets at the end of last year.
  • The Guardian: Google’s 2,300 staff in the UK earned an average wage of £160,000 each last year, despite the group’s insistence that its British operation is a modest outpost of the company’s global empire.
  • Financial Times: The battle for control of JKX, a London-listed oil company that drills in Russia and Ukraine, culminated with a Russian businessman ousting the company’s board of directors.
  • Financial Times: Warren East, Rolls-Royce chief executive, will on Friday announce a cull of senior managers, just weeks before he unveils details of a cost-cutting programme aimed at restoring the fortunes of the UK engineering company after five profit warnings in two years.
  • Financial Times: Grainger, the UK’s largest listed residential landlord, has unveiled plans to commit £850 million to private rented accommodation over the next four years in a strategic overhaul by its new management.
  • Daily Mail: The average UK house price has hit nearly £200,000 and the UK property market shows no signs of slowing in the year ahead, according to a new report.
  • Financial Times: Chinese ecommerce group Alibaba beat expectations, reporting that revenues had increased 32% for the last quarter despite the slowdown hitting the country’s economy.
  • Financial Times: Jimmy Choo, the UK-listed shoemaker, shrugged off the slowdown in the Chinese economy, as new store openings boosted total sales by 7% in 2015.
  • Financial Times: Ford reported its best ever earnings on Thursday, marking a significant comeback for the US carmaker after it narrowly avoided bankruptcy during the financial crisis.
  • The Guardian: The six brokers found not guilty of helping Tom Hayes rig Libor interest rates have said their trial was a sham and they were made scapegoats, in heavy criticisism of the Serious Fraud Office’s handling of the investigation.
  • The Independent: Italy has claimed €227 million in unpaid tax from Google from between 2009 and 2013.
  • Financial Times: Baker Hughes, the US oil services group that has agreed a $26 billion takeover bid from its rival Halliburton, reported a $1.97 billion loss for 2015 and forecast a continued decline in the industry throughout this year.
  • The Daily Telegraph: Britain’s troubled dairy farmers are facing another year of crisis, as official statistics project the income of dairy farms will have almost halved in this tax year to an average of £46,500.
  • The Daily Telegraph: TSB’s profits dived in 2015 as it offered customers attractive deals to switch banks in its campaign to grow into a serious challenger to the biggest lenders in the country.
  • The Daily Telegraph: Hennes & Mauritz, the Swedish retail giant, warned that it sees no imminent relief from the strong dollar and discounting as it reported disappointing fourth quarter profits.
  • Financial Times: Noble Group, the indebted commodities trader struggling with allegations of aggressive accounting, has won investor approval to sell its stake in an agricultural joint venture to China’s state controlled grains trader.
  • Financial Times: Anglo American has started the restructuring that the miner says it needs to see it through the commodities rout, outlining plans for almost 4,000 job cuts in its South African iron ore unit.
  • Financial Times: Daily Mail and General Trust, publisher of the Daily Mail, has reported a further slowdown in advertising, but analysts cheered the lack of a profit downgrade and a potential rejigging of its business-to-business assets.
  • Financial Times: Samsung Electronics has warned that profits are likely to fall this year, as its components business faces waning demand from global manufacturers.
  • The Guardian: European Union authorities in Brussels have reiterated their readiness to investigate the British government’s tax deal with Google, following the launch of a wider crackdown on so-called sweetheart arrangements.
  • The Independent: Major airlines are refunding tickets to travellers who have booked flights to countries affected by the Zika virus.
  • The Daily Telegraph: TransferWise, the financial technology darling of the UK start-up scene , slumped to a loss of £11.4 million as the company ploughed cash into a prominent advertising campaign, expanding its international operations and hiring staff.

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