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Friday Papers: World trade in worst slump since crisis

And Bank of England Governor Mark Carney issues stark warning on global growth as storm clouds gather.

Friday Papers: World trade in worst slump since crisis

Top stories

  • Financial Times: Weaker demand from emerging markets made 2015 the worst year for world trade since the aftermath of the global financial crisis, highlighting rising fears about the health of the global economy.
  • The Daily Telegraph: Mark Carney has warned that Britain and other countries risk becoming trapped in a world of low growth unless governments implement vital reforms.
  • Financial Times: The £2 billion race to own London City, an airport favoured by corporate executives, has been won by a Canadian-led consortium of pension funds, narrowly beating rival bids from two Chinese groups.
  • The Daily Telegraph: The US has exported its first shipment of natural gas in a historic move that shifts the balance of power in the global energy market and kicks off a struggle with Russia for market share.
  • Financial Times: City brokers and smaller banks are on course to win a reprieve from EU rules on bonuses that regulators and the industry have warned could saddle companies with unnecessary administrative costs.
  • Daily Express: Shares in Lloyds Banking Group soared by 13% as a “robust” financial performance enabled it to hand investors a £2 billion payout despite a rising bill for payment protection insurance claims.
  • Financial Times: Deutsche Börse deliberately launched its bid for the London Stock Exchange Group amid the political uncertainty surrounding Britain’s “Brexit” vote in order to steal a march on US rivals.

Business and economics

  • Financial Times: Germany’s financial watchdog has closed several investigations into Deutsche Bank, including one into alleged manipulation of benchmark rates, lifting a cloud that has been hanging over former co-chief executive Anshu Jain.
  • Financial Times: Shares in UK-based insurer RSA jumped on Thursday as chief executive Stephen Hester pushed up his targets and highlighted the company’s progress on costs, disposals and the pension deficit.
  • Financial Times: Portugal’s Socialist government has dismissed calls for the nationalisation of Novo Banco as the country’s financial authorities make a second attempt to sell off the so-called “good bank” salvaged from the ruins of Banco Espírito Santo.
  • The Independent: BT won a decisive victory over those calling for its wholesale Openreach business to be spun off, as the industry regulator Ofcom said the telecoms giant could keep it in return for making it more accessible to rivals.
  • Financial Times: Losses at Vale quadrupled in the fourth quarter of last year as the slowdown in China continued to put intense pressure on mining companies.
  • The Guardian: Woolworths has announced a $1 billion loss in the first half and appointed a new chief executive to revive the business.
  • Financial Times: Merlin Entertainments, the owner of Alton Towers theme park, is to be prosecuted over a rollercoaster crash last summer that left five people seriously injured.
  • Financial Times: St James’s Place, the FTSE 100 wealth management group, has reported a 41% fall in annual pre-tax profits, after making further investments in Asia, its back office and sales force, and having to paying £14 million more to the Financial Services Compensation Scheme.
  • Daily Mail: The boss of Premier Oil called for the Government to consider incentives to boost investment in the North Sea.
  • Financial Times: Repsol became the second European oil major to cut its dividend amid the crude price crash, after the Spanish group unveiled a €1.2 billion net loss for 2015.
  • Financial Times: Areva, the troubled French nuclear reactor maker, has delayed the publication of its 2015 results by a day as it seeks to finalise a €1.1 billion loan with six banks that should shore up its stressed balance sheet.
  • The Independent: Serco has fought to get back “in the good graces of the Government”, its chief executive Rupert Soames said as he unveiled better than expected annual results at the scandal-hit outsourcer.
  • The Guardian: A federal judge pressed Volkswagen to find a way to fix its dirty diesel cars that are still on the roadways.
  • Financial Times: Diageo, the world’s largest spirits company, has agreed to pay $75 million to Vijay Mallya to step down as chairman of United Spirits, the Indian drinks business he sold to Diageo in 2012.
  • Financial Times: Hugo Boss chief executive Claus-Dietrich Lahrs resigned after the company warned that falling Chinese spending would hit profits, in a sign of the difficulties facing high-end brands in one of their most lucrative markets.
  • Financial Times: RELX, the Anglo-Dutch group formerly known as Reed Elsevier, reported record revenues thanks largely to strong demand for its tools that detect risks such as financial fraud.
  • Financial Times: Apple is working on new ways to strengthen the encryption of customers’ iCloud backups in a way that would make it impossible for the company to comply with valid requests for data from law enforcement, according to people familiar with its plans.
  • Financial Times: Nissan has been forced to disable its smartphone app for drivers of its all-electric Leaf car after it was exposed as being vulnerable to hackers.
  • The Guardian: Uncertainty over the outcome of the EU referendum is likely to slow Britain’s housing market in the coming months, according to property firm Hometrack.

Share tips, comment and bids

  • Financial Times: Talks for Foxconn’s $6 billion takeover of Sharp have stalled after the Apple supplier postponed signing a deal only hours after the ailing Japanese electronics group agreed to the sale of a controlling stake.
  • Financial Times (Comment): Offshore rig companies which go under somehow stay afloat.
  • Financial Times (Lex): Lloyds Bank: a special dividend has been well received but clearer heads will be asking if it is sustainable.
  • Financial Times (Lex): IBM: a new reporting structure can help only so much.
  • Financial Times (Lex): Serco: it will take years before the outsourcer shakes free from its unperforming past contracts.
  • Financial Times (Lex): Sharp/Hon Hai: the latest deal for Sharp is better than the first, but still needs explaining.
  • Financial Times (Lex): Salesforce: the software company has defied fears of a slowdown in IT spending and may even soon show profits.

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