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Monday Papers: Stay in the EU, say British businesses

And AT&T has decided to spend its way into new markets with $10 billion investment.

Monday Papers: Stay in the EU, say British businesses

Top stories

  • The Daily Telegraph: Most British businesses say the concessions the Government has extracted from Brussels in recent days have done little to change attitudes towards the European Union, with a clear majority wanting Britain to remain a member.
  • Financial Times: AT&T, the world’s largest telecoms group by market value, said it would this year invest $10 billion into its division that sells services to global businesses, as it tries to pivot away from the cut-throat race to sign up mobile phone consumers in the US.
  • Financial Times: Swiss commodities house Trafigura will ship one of the first cargoes of benchmark US crude oil to Israel in the coming weeks, as the end of a decades old export ban lets American oil flow to international markets.
  • Financial Times: HSBC has become the latest big European bank to cut pay, slashing pension payments to top executives by 40% after pressure from investors, sources said.
  • The Guardian: Sainsbury’s is expected to ask for an extension of the Tuesday deadline to table a firm bid for the owner of Argos following the emergence of a £1.4 billion rival offer from South African retail group, Steinhoff.
  • Financial Times: The biggest US banks are bracing for a tougher round of stress tests from the Federal Reserve, which could crimp their plans for higher dividends and share buybacks.
  • The Guardian: A former adviser to George Osborne has said the chancellor is likely to mount a £4 billion raid on pension savings by scrapping tax-free allowances on lump sums in a bid to save more cash for the Treasury.

Business and economics

  • Financial Times: Pressure is building for a surge in dealmaking in the energy industry - but there are several obstructions still holding it back.
  • Daily Mail: Britain’s banks are to reveal a £10 billion payout in shareholder dividends and staff bonuses when they update on trading this week.
  • Financial Times: Standard Chartered bought a $100 million “dirty debt” and used it to demand compensation from an African government despite knowing that the loan had been part of a multimillion-pound embezzlement scheme, according to claims in a legal battle.
  • Financial Times: Samsung will try to revive its stalling premium smartphone business with the launch of a new flagship range of Galaxy devices, while plotting a new future in consumer virtual reality products.
  • Financial Times: Facebook has created a new “social VR” team, led by two video gaming executives, ahead of the launch of its Oculus Rift headset next month.
  • Daily Mail: Sports Direct’s reputation suffered another blow on Sunday after it emerged as one of the UK’s meanest firms by paying the least towards its staff retirement plans.
  • Financial Times: Nationwide is being sued for millions of pounds by a UK property company over a loan sale to private equity firm Cerberus, in a legal process that has already cost the building society hundreds of thousands of pounds.
  • Financial Times: International businesses in Switzerland are bracing themselves for referendum decisions this month on two propositions, one of which they fear would make hiring foreign workers more difficult while the other could hurt commodity traders.

Share tips, comment and bids

  • The Daily Telegraph: Wren House, the infrastructure arm of the Kuwait Investment Authority, and the Universities Superannuation Scheme are thought to be forming 'super-consortium' to bid for £11 billion National Grid gas network.
  • The Daily Telegraph (Comment): How 'negative interest rates' marked the end of central bank dominance.
  • The Guardian (Comment): Central bankers on the defensive as weird policy becomes even weirder.
  • The Daily Telegraph (Comment): Geopolitics of oil takes new twist with Saudi-Russia deal.
  • Financial Times (Lex): US consumer lenders: a band of US lenders should worry about their funding strategy.

8 comments so far. Why not have your say?

alan franklin

Feb 22, 2016 at 07:13

The same crew who claimed that the UK was doomed outside the Euro, the City of London couldn't survive unless we were "in," blah blah, are the same types, 24 years on, who bleat that we must stay in the multi-layered corrupt bureaucracy that is the "EU," the prison house of nations.

We are world wide traders, not little Europeans. Throughout history we dealt capably with the world: that's how our nation was built.

So why would we now want to be run by the idiotic Mekel (send the world here)and her ilk when we fought two World Wars to keep our independence?

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Dennis R

Feb 22, 2016 at 07:48

Alan, I could not agree more.

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Feb 22, 2016 at 09:02

Presumably Alan you prefer the cut of Mr Trump's gib to Mrs Merkel's. Of course the City of London will survive but it is unlikely to maintain its current eminent position.

In the 21st century, geography is more important than history. But for the record when we entered the Common market our economy was on its knees 40+ years later it is very strong. We held off Hitler but it was primarily the US who defeated him.

We have rapidly diminishing natural resources, most of which will disappear on Scottish Independence. From a nation of doers and achievements, Nimbyists & English legal system has created a nation of cant doers - Fracking, Nuclear Power, Heathrow 3rd runway, HS2. The last significant infrastructure programme was the EUROTUNNEL.

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john elliott

Feb 22, 2016 at 09:40

If we dont revive/start manufacturing again, we are stuffed - in or out.

This dependence on the city is poisoning all our decisions.

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john brace

Feb 22, 2016 at 09:45

If we stay in we are lost - there will be nothing to stop them imposing anything they like on us - no more threat of leaving. how many refugees will we be forced to accept?. How much more will we pay? They will bleed us dry.

My biggest fear is when all the refugees now flooding into the EU are eventually given residential status, they will have the right to come here under free movement. .

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Feb 22, 2016 at 10:02

My (very) small business trades locally in UK and globally, rarely in EU.

My encounters with EU "support" have cost my business money.

These are facts, not hypotheses or opinion.

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Bill Esslemont

Feb 22, 2016 at 13:27

Good post alan and I completely agree. I was gullible enough to swallow Ted Heath's lies and vote for us joining a FREE TRADE AREA not the united states of Europe that the politicians secretly planned. A stupid concept that was a politicians' dream and is now turning into a nightmare. The multinationals who owe the UK no loyalty and will move their business elsewhere at the drop of a hat to maximise profits want to stay in but not small company bosses like dd who provide employment within the UK despite all the obstacles and regulations imposed by the unelected EU commission composed of failed politicians like Kinnock. BOOT - Better Off Out.

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Doug Sammons

Feb 22, 2016 at 14:15

Eventually if we vote "out" economically somethings will be better and some things worse.

Our nation survived very well before the EU and if we vote to leave we will be fine.

The world's richest nations, USA, China and Japan all survive outside of Europe, so will we, indeed to be released from an unelected bureaucracy will allow us to be free again.

I leave you with one thought........40% of the world's population live in the British Commonwealth.

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