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Tuesday Papers: HSBC swings back to London in HQ debate

And the boss of Google, Sundar Pichai, has been awarded $199 million worth of shares, making him the highest paid chief executive in the US.

Tuesday Papers: HSBC swings back to London in HQ debate

Top stories

  • Financial Times: HSBC is leaning towards keeping its headquarters in London after 10 months of agonising debate reflecting a reversal of the previous stance of chief executive Stuart Gulliver.
  • The Guardian: The boss of Google, Sundar Pichai, has been awarded $199 million (£138m) worth of shares, making him the highest paid chief executive in the US.
  • Daily Express: Top central bankers from Germany and France have called for even closer integration of eurozone economies in a bid to ward off the collapse of the European Monetary Union and called forthe formation of a Eurozone treasury.
  • Daily Mail: Norway’s sovereign wealth fund has accused Volkswagen of giving too much power to the Porsche-Piech family and putting minority shareholders at a disadvantage.
  • The Daily Telegraph: Goldman Sachs sees near-zero risk of UK recession despite market tantrum; tell-tale signs of late-cycle excess have yet to emerge in the US or Europe. There is plenty of economic slack and credit growth is muted.
  • The Daily Telegraph: The Universities Superannuation Scheme, one of the country's biggest pension funds, has suggested the “effectiveness and credibility” of the Chancellor’s National Infrastructure Commission will be compromised by a failure to build a third Heathrow runway.
  • Financial Times: Japanese and Australian banks picked up the baton from their European peers, pulling the two bourses — the only two major Asian markets trading on Tuesday morning— sharply lower.
  • Financial Times: Africa Internet Group is set to become the continent’s first “unicorn” after securing an investment valuing the ecommerce group at more than $1 billion.

Business and economics

  • Daily Mail: Top hedge funds have placed multi-million-pound bets that the London luxury housing market will tank; Odey Asset Management, BlueMountain Capital Management and Anchorage Capital are reported to have shorted the stock of Berkeley Group, the London-focused housebuilder.
  • Financial Times: The success of the latest Star Wars film boosted fourth-quarter earnings at toymaker Hasbro, with strong sales of figurines and other products associated with the movie franchise.
  • Daily Mail: Credit Suisse chief executive Tidjane Thiam has asked to have his bonus slashed following the firm's poor performance last year.
  • The Independent: General Sir Richard Shirreff and Peter Hain have joined forces to form a management consultancy, which will be launched today.
  • Daily Express: Randgold Resources rewarded investors with a 10 per cent dividend hike after record production last year, despite falling metal prices.
  • The Guardian: The Institute for Fiscal Studies, Britain’s leading experts on the public finances, has warned that the turmoil on global stock markets threatens to leave a £2 billion black hole in George Osborne’s deficit-reduction plans that could force the chancellor to raise taxes or make fresh cuts in spending to hit his budget targets.
  • The Guardian: The downturn in the coal industry will last longer than expected and prices won’t improve until at least 2020, John Rolfe, an economics professor at Central Queensland University, has warned.
  • Daily Mail: Insurance giant Allianz set for Paralympic success after becoming the sponsor for Channel 4's Rio games coverage.
  • Daily Express: BT Group is ringing changes in the boardroom as Tony Chanmugam prepares to step down after more than seven years as finance director.
  • Daily Mail: The takeover of online fashion site Net-a-Porter by Italian group Yoox looks to have paid off as it yesterday revealed a 31% jump in 2015 sales for the combined group to £1.32 billion.
  • Daily Mail: John Lewis teams up with fashion retailer Finery with concessions planned for six flagship stores.
  • Daily Express: Bumper sales in the UK and overseas drove Jaguar Land Rover to a record January performance.
  • Daily Express: The boss of Imagination Technologies has quit after the chip company warned it would suffer a loss this year.
  • The Daily Telegraph: BAE gets £201 million for fresh design work on new nuclear submarines; replacement for ageing Trident submarines moves closer as BAE gets funding for advance work on new vessels.
  • Daily Express: Retail chiefs have urged the Government to introduce radical business rates reform to help protect shops and communities from the “unintended consequences” of the living wage.
  • Daily Mail: Shares in Barclays and Standard Chartered were suspended yesterday during a day of carnage on the financial markets.
  • Financial Times: Chesapeake Energy, the second-largest gas producer in the US, said on Monday it had “no plans to pursue bankruptcy”, after reports that it was close to a debt restructuring sent shockwaves through the industry.
  • Daily Mail: RateSetter has become the first peer-to-peer platform to unveil details of its innovative finance Isa, ahead of the launch of the tax-free savings option on 6 April 2016.
  • The Guardian: Mexican fast-food chain Chipotle closes all stores across US for four hours on Monday to brief staff on the company’s future following disastrous E coli outbreak.
  • The Guardian: Ikea has quietly stopped selling solar panels to UK householders after the government signalled a drastic cut in solar subsidies and just two years after a media-friendly national launch.
  • Financial Times: The board of BAE Systems is homing in on a successor to Ian King as chief executive, even though the head of the world’s fifth largest defence company by market value is not expected to retire for 12 to 18 months.
  • The Independent: The chief executive of the mining giant Anglo American has warned that the industry is in a fight for survival, saying things “may still get worse before they get better”.
  • Financial Times: LafargeHolcim on Monday announced that its chairman was stepping down in May, less than a year after the Swiss-French cement group was formed through a contentious €41 billion merger.
  • Financial Times: Prices for the riskiest bonds sold by some of Europe’s largest banks plumbed new lows on Monday.
  • Financial Times: Allianz Global Investors, the €427 billion fund house best known for offering equity funds, has put itself in competition with sister company Pimco with the purchase of fixed income boutique Rogge Global Partners.
  • Financial Times: Some of Royal Mail’s biggest competitors are building huge warehouses equipped with state of the art technology in a bid to grab a bigger slice of the growing online delivery market.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tip): Sell G4S as turnaround falters.
  • The Daily Telegraph: Norfolk-based jewellery firm raises £20 million to launch in US market; Monica Vinader, launched in 2007, took £23 million in sales last year and has caught the eye of investors.
  • Financial Times: Apollo Education, owner of the University of Phoenix, is being taken private by a group of investors in a deal valuing the company at $1.1 billion including debt.
  • Daily Mail (Comment): Osborne under pressure as experts predict he will have to resort to tax hikes or spending cuts to meet target of running a surplus in 2019.
  • The Guardian (Comment): The chancellor has made his name by talking tough. But a new audit of his stern promises reveals that they are less than they seem.
  • Financial Times (Lex): Apollo Education: the cash-rich company could lead to an A-plus financial return.
  • Financial Times (Lex): Casino: the French group has got a good price for its stake in a Thai retailer.
  • Financial Times (Lex): Credit Suisse: Tidjane Thiam’s bonus is just the beginning.
  • Financial Times (Lex): Randgold: the London-listed miner shines brighter than peers, but at a price.
  • Financial Times (Lex): Assa Abloy: the Swedish lockmaker is less cyclical than you would expect.

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