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Saturday Papers: Barclays chief Jes Staley fined £2m

Saturday Papers: Barclays chief Jes Staley fined £2m

Top stories

  • The Times: The chief executive of Barclays Jes Staley has been imposed fines up to £2 million after Financial Conduct Authority and Prudential Regulation Authority found him guilty of poor conduct over attempts to unmask a whistleblower.
  • The Financial Times: Wells Fargo has been ordered to help regulators identify the victims of its mis-selling scandal after the bank agreed to pay a total of $1 billion to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency as a settlement.
  • The Daily Telegraph: Nissan is to lay off about 10% of workers from its car plant in Sunderland, as it shifts production away from diesel vehicles amid a sharp fall in sales.
  • Financial Times: Britain has threatened to walk out of Europe’s €10 billion Galileo satellite project as row deepens over whether UK will be allowed access to sensitive information after Brexit.
  • Financial Times: Value worth $60 billion was wiped off from Apple as shares fell by 4.1% prompted by an unexpected drop in iPhone unit sales in early February.

Business and economics

  • The Times: US President Donald Trump's tweets criticising Opec for pumping oil prices to “artificially very high” caused the prices to slip yesterday from their highest levels since 2014.
  • The Guardian: The UK economy could withstand interest rates reaching as high as 2% within the next few years, Michael Saunders, a member of the monetary policy committee, has said calling fears of heavy snowfall triggering a slowdown as overblown.
  • Financial Times: Shares in Nintendo climbed by almost 4% after the Japanese gaming company launched a series of cardboard accessories to work with its fast-selling Switch console.
  • Financial Times: Ericsson’s shares surged 15% yesterday after its results beat forecasts showing signs that its turnround is working.
  • The Daily Telegraph: Sales at Bonmarché registered 11% decline in the final quarter of its financial year, highlighting distress on the UK high street.
  • Daily Mail: Consumer goods giant Reckitt Benckiser’s shares fell after posting 2% increase in sales in first quarter in contrast to analysts' expectation of a rise of 2.6%.
  • The Times: General Electric revealed a further $1.5 billion charge linked to its former finance business that took the shine off its announcement of tripled profits from continuing operations.
  • The Daily Telegraph: Twitter has banned Russian cyber security giant Kaspersky from advertising on the social media over claims its business practice "inherently conflicts" with Twitter's advertising policies.
  • Financial Times: Following the Brexit vote, the European Investment Bank has cut deals with UK venture capital and private equity groups by more 66%.
  • Financial Times: Warren Buffett on Monday will quit the board of Kraft Heinz after five years, sparking speculation about the investor's relationship with private equity group 3G, with whom Buffet created the food group through a $100 billion deal.
  • The Guardian: CEO of Royal Mail Moya Greene is set to retire later this year after an eight-year tenure that included the controversial privatisation of Britain’s postal service in 2013.
  • The Times: Crispin Holder, chief finance officer at Jamie Oliver’s restaurant business, confirmed departure after only six months in the role.
  • The Daily Telegraph: Charles Donald, a former Credit Suisse banker, has been hired to oversee the sale of taxpayers’ majority stake in Royal Bank of Scotland.
  • The Times: Craig Meller, the head of Australia’s largest wealth manager AMP, has resigned after a public inquiry revealed that the company had charged clients for services they did not receive and had lied repeatedly to the corporate regulator.
  • The Times: The head of powertrain development at Volkswagen’s Porsche business has been arrested by German police as part of an investigation into emissions manipulation.
  • The Daily Telegraph: HSBC will stop providing financial services to any new coal-fired power plants, new offshore oil and gas projects in the Arctic as well as oil sands projects, becoming the latest financial institution to turn its back on financing high carbon energy projects.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): London property prices are falling – here's why Questor is not cutting their exposure.
  • Daily Mail: Dublin-based Ion has snapped up the British software firm Fidessa, defeating Swiss rival Temenos with a last-minute £1.5 billion bid.
  • The Times: The Japanese pharmaceuticals company Takeda has made an improved proposal of £47 a share to London-listed Shire in its fourth approach since it revealed an interest three weeks ago.
  • The Daily Telegraph: Piza Huts' boss Jens Hofma has taken over the pizza chain from Rutland Partners, which bought the UK franchise from US owners Yum Brands in 2012.
  • The Times (Comment): How the smartphone revolution has changed the world beyond our recall.
  • The Daily Telegraph (Comment): Consumers must come first in any UK-Australia trade deal.
  • Financial Times (Comment): The world prepares itself for the Donald Trump boom.

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