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Saturday Papers: RBS piles up £50bn in losses since crisis

And Tesco is considering cutting store staff by 39,000 over three years.

 
Saturday Papers: RBS piles up £50bn in losses since crisis

Top stories

  • Financial Times: Royal Bank of Scotland’s total losses since the financial crisis have risen to more than £50 billion, easily outstripping the £45 billion that taxpayers spent bailing it out and underlining the challenges the government still faces to privatise the bank.
  • The Guardian: Tesco is considering cutting store staff by 39,000 over the next three years as Britain’s biggest supermarket group attempts to reverse a slump in profits.
  • Financial Times: Britain is facing a new round of spending cuts in next month’s Budget, George Osborne has warned, following “new figures that show the economy is smaller than we thought”.
  • The Independent: The Baltic Exchange, the 270- year-old hub of the global shipping market, is in talks with potential buyers after receiving a number of “exploratory approaches”.
  • Financial Times: Britain’s love of tea and toast has convinced Brussels to shelve plans to ban high-powered kettles and toasters, due to fears that a clumsy intervention could send Brexit passions boiling over.

Business and economics

  • Financial Times: Finance ministers and central bankers clashed on Friday over issues ranging from the need for global stimulus to negative interest rates, suggesting they were unlikely to agree on “bold” measures urged by the International Monetary Fund earlier this week.
  • Financial Times: International Airlines Group, the owner of British Airways, reported a 65% jump in annual profits after a bumper year of strong demand and low fuel costs.
  • The Independent: British Airways will “take its business elsewhere” if City Airport’s new owners jack up prices after a jumbo £2 billion takeover, the boss of BA said today.
  • Financial Times: Total, the French oil major, has been found guilty of corruption in the United Nations’ oil-for-food programme for Iraq during Saddam Hussein’s rule.
  • Financial Times: Belgian state prosecutors have escalated a probe into UBS over allegations of money laundering and organised tax fraud at the Swiss bank.
  • Financial Times: Areva reported a €2 billion net loss for the full year as the French nuclear group took further writedowns on its long-delayed reactor project in Finland as well as impairments related to restructuring and weak market conditions.
  • Daily Mail: Shares in Weir Group and Hunting were both up on market gossip about potential interest from rivals – with Weir being talked of as a possible target for US giant Flowserve.
  • Financial Times: Barclays’ new chief executive is planning to announce that the British bank has decided to exit its African operations in a bold move to refocus the bank on its core UK and US markets.
  • The Guardian: The world-famous art auctioneer Sotheby’s suffered an $11.2 million (£8.1 million) loss in the fourth quarter of last year, warning on Friday of difficult months to come as the art market enters a slowdown.
  • Financial Times: William Hill has revealed plans to raise its dividend and launch a £200 million share buyback, despite tax increases and regulation damaging profits across the UK gaming industry.
  • Financial Times: Pearson reported a surge in net profits in 2015 thanks to the sale of the Financial Times and The Economist, however, the educational publisher took an £849 million impairment charge to reflect a deterioration of its businesses in emerging markets and North America.
  • The Independent: Mars and Snickers multipack bars from a factory in Germany may have been contaminated with bits of plastic, according to Lidl.
  • Daily Mail: A number of landlords have joined a group claim against Foxtons in a landmark case against the estate agent giant which came to light over a changed bulb.

Share tips, comment and bids

  • Financial Times: G4S, the world’s biggest security company, has called time on its UK youth detention centres weeks after a scandal involving the abuse of children.
  • Financial Times: A week of bickering over Honeywell’s $90 billion cash-and-stock offer for United Technologies escalated on Friday when the target accused Honeywell of trying to execute a “leveraged buyout using UTC’s own balance sheet”.
  • Financial Times: Sharp has moved to dispel concerns about potential new liabilities a day after Foxconn put on hold a $6 billion deal to acquire the lossmaking Japanese electronics maker.
  • Financial Times: Petroceltic, the Dublin-based oil and gas explorer which put itself up for sale last year, has received a bid from a unit of its biggest shareholder valuing it at £6.4 million — 84% less than its previous closing value.
  • Daily Mail (Comment): Britain's two leading fund bosses face off over Brexit, China's slowdown and the big issues of the day.
  • The Guardian (Comment): What the bank results tell us about their and UK economy's health.
  • Financial Times (Lex): Honeywell / UTC: if group is so confident about its bid, it should offer a big break fee.
  • Financial Times (Lex): Tech activism: high-profile interventions in the sector have had mixed results.
  • Financial Times (Lex): Eni: while Italian oil group holds on to a sexy production profile, the shares still struggle.
  • Financial Times (Lex): Restoration Hardware: the January effect.
  • Financial Times (Lex): RBS: nothing beside remains.

2 comments so far. Why not have your say?

Philmoco

Feb 28, 2016 at 13:54

1. Osborne clearly isn't reviewing performance with CEO and kicking his arse hard enough.

2. All bonuses to stop unless explicitly warranted on supreme performance basis.

report this

Philmoco

Feb 28, 2016 at 13:55

Why on earth do we pay politicians and bankers so much to fail so miserably? We are far too tolerant!

report this

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