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Monday Papers: One-third of retail jobs to go by 2025

And moderates close to President Hassan Rouhani have seized crucial seats in elections for Iran’s parliament and experts assembly.

 
Monday Papers: One-third of retail jobs to go by 2025

Top stories

  • Financial Times: Britain’s retailers predict that almost 1 million jobs in the sector - a third of today’s total - will disappear by 2025 as technology and the rising minimum wage reshape the industry.
  • Financial Times: Moderates close to President Hassan Rouhani have seized crucial seats in elections for Iran’s parliament and experts assembly.
  • The Guardian: FTSE 100 companies paid tax equal to 23% of their profits last year, almost a quarter less than in 2010, according to figures from accountants UHY Hacker Young.
  • Financial Times: Anglo American has cut a key performance target, making it easier for chief executive Mark Cutifani and other top staff at the miner to earn a share of their annual bonuses.

Business and economics

  • Daily Express: Broadcaster ITV will reveal whether it has secured a second year of “double-digit profits growth” when it announces its annual results this week.
  • Financial Times: JP Morgan Chase sacked the head of its government debt trading desk and another employee after they allegedly circumvented the bank’s compliance procedures following a disagreement in valuing certain trades.
  • Daily Express: HM Revenue and Customs has raised an extra £3.5 billion in the past year through inquiries into the under-payment of VAT by small businesses, a report shows.
  • Financial Times: Anshu Jain, the former co-chief executive of Deutsche Bank, is to join online lender SoFi as an adviser in his first venture since he left Germany’s biggest bank at the end of last year.
  • Financial Times: BlackRock has bet against the share price of struggling competitor Aberdeen Asset Management ahead of the Scottish investment group’s expected fall out of the FTSE 100.
  • The Guardian: American coffee giant Starbucks vows to enter new market as it prepares to open cafe in Milan.
  • The Guardian: BT accused of ‘shameless profiteering’ over universal credit helpline; Tim Farron estimates the telecoms company has made a minimum of £1.49 million from calls made by people struggling with the new benefits system.
  • Financial Times: Wall Street analysts have slashed expectations for US earnings in the first quarter as companies grapple with plummeting oil prices and slow economic growth.
  • The Guardian: The Australian Renewable Energy Agency (Arena) has backed a $5 million investment in Mojo Power, an electricity retailer that helps households consume less energy and is already taking customers in New South Wales.
  • Financial Times: A fintech start-up backed by hedge fund mogul Alan Howard is to target UK banks’ hold on mobile banking with an app that allows users to view all their accounts in one portal and apply for loans.
  • Daily Express: Consumer spending last year grew at its fastest rate since the financial crisis – and the trend is set to continue this year, thanks to low inflation and interest rates and the forthcoming minimum wage rise.
  • The Guardian: Sales of Fairtrade sugar collapsed by over a third in the UK last year as a result of changes in EU market regulations.
  • The Guardian: International business leaders have urged the UK to stay in the European Union, warning of the complications that could follow a Brexit vote.
  • Daily Mail: British families heading to the US face more expensive holidays as the pound tumbles against the dollar amid Brexit fears and worries over the global economy.
  • Financial Times: GlaxoSmithKline is gearing up to begin a formal search for its next chief executive as Sir Andrew Witty’s eight-year tenure enters its final stages.
  • Daily Mail: Tennis star Andy Murray is backing five British entrepreneurs through the crowdfunding platform Seedrs.
  • The Guardian: The mining company Glencore has launched a legal bid against the Australian government to lower port access fees.
  • Daily Mail: Former Bank of England governor Mervyn King has warned another financial crisis is 'certain' and will come 'sooner rather than later'; he believes the world economy will soon face another crash as regulators have failed to reform banking.
  • Financial Times: Senior figures at EDF are pushing to delay final approval for the £18 billion Hinkley Point nuclear reactor for up to a year as the company seeks new investors for the project.
  • Financial Times: Investors need to become more discriminating when investing in start-up technology start-ups, following recent “over-enthusiasm” in Silicon Valley, according to Bill Gates.
  • The Guardian: The government’s starter homes initiative could deliver a taxpayer-backed windfall of £141,000 each to 200,000 lucky first-time buyers.
  • The Guardian: The former chief executive of Barclays, Antony Jenkins, is in line to receive a bonus worth half a million pounds, despite being sacked by the bank last summer.

Share tips, comment and bids

  • Daily Mail (Share tips): Buy Laird and be patient; hold Direct Line; avoid wealth managers.
  • Financial Times: Sanofi is open to acquisitions in the market for rare disease treatments.
  • Financial Times: India’s Jaiprakash Associates has agreed to sell its cement plants to UltraTech Cement, part of the Aditya Birla group, for the equivalent of $2.4 billion.
  • Financial Times (Lex): Diageo/United Spirits: agreement with Vijay Mallya does not fix everything.

1 comment so far. Why not have your say?

Nick-

Feb 29, 2016 at 16:10

Mervyn King's comment "...the world economy will soon face another crash as regulators have failed to reform banking". If that is true, then he is damning himself. What on earth was he doing while he was in the chair (besides watching tennis in Wimbledon) and the British banking system was collapsing around him?

It looks he is no different to others by refusing responsibilities while he was well paid for it, but he knows how to blame others.

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