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Monday Papers: Aberdeen Standard Life merger will lead to job cuts

And Deutsche Bank chief reveals €2 billion worth of asset sales and reverses decision to sell Postbank unit.

Monday Papers: Aberdeen Standard Life merger will lead to job cuts

Top stories

  • The Daily Telegraph: Scotland’s financial services sector was last night braced for upheaval, as Standard Life and Aberdeen Asset Management put the final touches to a £11 billion merger that is expected to lead to hundreds if not thousands of job cuts.
  • Financial Times: Deutsche Bank on Sunday unveiled an €8 billion capital increase and its latest sweeping strategic overhaul, as chief executive John Cryan seeks to put Germany’s biggest bank “back on the front foot” after a year of turmoil.
  • The Times: China has cut its annual growth target for this year to “around 6.5%” in a move that could reverberate across international markets today.
  • Financial Times: PSA will on Monday announce an agreement to buy General Motors’ lossmaking Opel division for cash and shares, to make the Peugeot and Citroën owner the second-largest carmaker in Europe.
  • The Daily Telegraph: The Opec oil cartel is waking up to an unpleasant surprise; shale output from the Permian Basin in Texas is expanding faster than the world thought humanly possible.
  • Financial Times: Philip Hammond will announce tax rises in his Budget on Wednesday as he battens down the Brexit hatches with a tight fiscal package intended to protect the country from “unexpected challenges” ahead.

Business and economics

  • The Guardian: The owner of John Lewis and Waitrose is poised to cut the annual bonus it pays staff to the lowest level since the 1950s due to the pressure on retailers.
  • Daily Mail: The world’s banks have paid more than £260 billion in fines since the financial crisis for a host of wrongdoing, a report has revealed.
  • Daily Mail: Sales handled by Foxtons fell by a quarter in 2016 because of higher stamp duty on top homes and a Brexit slowdown, the estate agent will report this week.
  • The Times: Tim Steer, a former top City fund manager with a reputation for unearthing accounting problems at listed companies, has criticised the regulator for failing to intervene in the bookkeeping practices at Mitie.
  • The Times: The world’s biggest fund manager Balckrock has complained to BAE Systems about the size of its new boss’s pay package.
  • The Times: Gymbox made a pre-tax profit of £2.4 million in the year to the end of October 2016, up from £500,000 in the previous 12 months, as an expansion programme began to pay off.
  • The Daily Telegraph: ITV has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global, the owner of Virgin Media.
  • The Times: Sir Philip Green has agreed to pump tens of millions of pounds into Arcadia’s pension fund to help to address a near-£200 million deficit at the parent group of Topshop.
  • The Daily Telegraph: A bank backed by a Cambridge college loaned out more than half a billion pounds to small firms, less than five years after it launched.
  • Financial Times: Premier Oil is approaching oilfield services companies about helping to fund its next major projects, including a $1.5 billion development off the Falkland Islands, as the heavily indebted UK oil and gas producer seeks alternatives to bank finance.
  • The Times: Altia Solutions, a supplier of police investigation and anti-fraud software, is increasing staff numbers as it steps up its export efforts.
  • The Times: Manufacturing has made a much stronger than expected start to the year as a falling pound has led to a “sharp rebound” in exports, the quarterly outlook survey from the EEF manufacturers’ organisation showed.
  • Financial Times: Repsol has agreed a deal with Amazon that will allow people to pick up parcels at its filling stations in the latest signs of oil companies widening the range of services available through their retail networks.
  • The Times: Atlantis Resources, developers of the world’s largest tidal stream energy plant, have set out ambitious plans to slash its power generation costs by more than half in an attempt to secure subsidies for the project to continue.
  • Financial Times: China’s banking system has surpassed that of the eurozone to become the world’s largest by assets; Chinese bank assets hit $33 trillion at the end of 2016, versus $31 trillion for the eurozone, $16 trillion for the US and $7 trillion for Japan.

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