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Saturday Papers: Banks face increased capital requirements

And Facebook to pay millions in UK tax after abandoning controversial structure.

 
Saturday Papers: Banks face increased capital requirements

Top stories

  • Financial Times: Some of the world’s biggest banks will soon have to hold even more capital, after global regulators banned them from relying on their own assessments of risk in running their businesses.
  • The Daily Telegraph: Facebook’s final tax bill in the UK is likely to be reduced by more than £20 million as a result of years of reporting losses in Britain, despite its pledges to pay more to the Exchequer.
  • The Times: The largest foreign investor in Britain, Hutchinson, is to review its plans in the UK amid mounting fears that its £10.25 billion offer to buy O2 will be blocked by competition regulators.
  • The Daily Telegraph: People will have to work longer and pay more taxes as ageing populations put a strain on government finances, according to the managing director of the International Monetary Fund.
  • The Guardian: Bob Dudley, the chief executive of BP, earned nearly $20 million last year – at a time when the company ran up the biggest losses in its financial history and axed thousands of jobs.
  • Financial Times: Former Brazilian president Luiz Inácio Lula da Silva, the country’s most popular leader of modern times, was detained for questioning by police on Friday after an early-morning raid on his house as the Petrobras corruption scandal reached the heart of the nation’s politics.
  • Financial Times: George Osborne has scrapped proposals to shake up pension tax relief in this month’s Budget in an attempt to avoid a major backlash from Tory MPs and the pensions industry.
  • Financial Times: Samsonite, the world’s largest travel luggage company by market value, has agreed to buy luxury rival Tumi, paying $1.8 billion for the equity and ending a long courtship.

Business and economics

  • The Guardian: China has cut its growth target for this year to a range of 6.5% to 7%, down from 7%, a further sign that the world’s second-largest economy is slowing.
  • Financial Times: Australia’s corporate regulator is suing ANZ Banking Group for alleged manipulation of the country’s benchmark interbank borrowing rate, in the latest in a series of global interest rate rigging scandals.
  • The Independent: The London Stock Exchange has shot down suggestions that it was rushing into the arms of a German suitor to dodge the impact of Britain’s possible exit from the European Union as it backed the “industry-defining” £20 billion tie-up.
  • Daily Mail: Gold soared to a 13-month high yesterday as its best start to the year since 1980 got better.
  • The Times: Lord Smith of Kelvin, the chairman of Alliance Trust, promised yesterday to appoint women to its all-male board, as the investment manager announced an increased dividend despite a fall in profits.
  • Daily Mail: Struggling BHS is in crisis talks with the Government’s pension lifeboat scheme in an attempt to unload its crippling £200 million pension pot deficit – as it battles to save its High Street stores.
  • Daily Mail: Advertising giant WPP ended 2015 with its best growth of the year after winning new big clients and strong showings in North America, but warned of geopolitical threats including a possible 'Brexit'.
  • Daily Mail: Budget airlines all enjoyed a busy February in the run up to the crucial summer holiday season, with easyJet, Ryanair and Wizz Air posting growth in passenger numbers during the month.
  • The Guardian: Directors of Lycamobile, one of the Conservative party’s most generous donors, face being fined after the company failed to file “acceptable” accounts.
  • Financial Times: Powa Technologies Group founder Dan Wagner was removed from the board soon after the $2.7 billion company went into administration last month, Companies House documents have shown.
  • The Daily Telegraph: Impairments in its back office services division pushed outsourcer Xchanging to a loss in 2015.
  • The Times: Sales of new cars raced ahead at an annualised rate of 8.4% last month, making it the strongest February since 2004.
  • The Times: Revenues at ACS Clothing, which is based at the Eurocentral business park in North Lanarkshire, dropped 0.6% to £10.6 million in the year to the end of May.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tip): Property investment trusts tumble - time for income-hunters to buy?
  • The Times (Tempus): This week the price of copper hit its highest level in almost four months; the shares in global miners like, Rio Tinto and Anglo American, have reacted accordingly. But it has made some of those shares look expensive.
  • Financial Times: Metro Bank has raised £400 million from some of the largest global asset managers ahead of its debut on the London Stock Exchange on Monday, in a move that values the lender at £1.6 billion.
  • Financial Times: Wang Jianlin, China’s richest man, has extended his foreign acquisition spree in the entertainment industry after his US theatre group AMC bought Carmike for $1.1bn, in a deal that will create the largest US cinema chain.
  • The Times: Shares in BBA Aviation rose after reports on a financial blog that PSP Investments, a Canadian pension fund manager, was considering an approach.
  • The Daily Telegraph: The boss of Just Eat has sold £12.5 million-worth of shares in the online takeaway delivery company just three days after its annual results, in a move that is likely to rattle investor confidence in the firm’s prospects.
  • Financial Times (Comment): What if bitter bankers are proved right?
  • The Times (Comment): Osborne has yet to strike the right balance between spend and save.
  • Financial Times (Lex): Hypo Alpe Adria: Austria wants creditors to swallow losses of 25 to 70% on €10.8 billion of bonds.
  • Financial Times (Lex): UK energy policy: the government’s attempt to satisfy everyone is a botched job that pleases no one.
  • Financial Times (Lex): HP Enterprise: company’s shares rise 14% after buyback plan announced.
  • Financial Times (Lex): Atlas Mara: if the banking group did try to buy Barclays Africa assets, it would stretch its balance sheet.
  • The Daily Telegraph (Comment): If you want to profit from market despair, wait: it needs to get more desperate yet.

2 comments so far. Why not have your say?

Nick-

Mar 05, 2016 at 15:55

The CEO of BP got $20 million last year while their share price is almost all time low.

How can any shareholder of BP can concur that payment in a time of cheap oil to one man? How many barrels of oil BP must produce to pay Dudley?

report this

colin fellowes

Mar 05, 2016 at 16:52

Dudley didn't "earn" $20 million. He was paid that sum. There's a big difference. Remuneration committees which approve these obscene amounts are sticking two fingers up at shareholders. It's not just BP, most large companies are also taking the p***.

report this

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