Below are the key morning headlines from today’s papers, featuring the Financial Times, The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
- MPs ‘misled’ by RBS boss over police bribe inquiry. Ross McEwan, the chief executive, has been accused of deliberately misleading MPs in order to avoid disclosing a police investigation into an alleged bribery scandal at the bank’s restructuring unit. Nicky Morgan, chairwoman of the Treasury select committee, said that Mr McEwan had purposefully “withheld information of relevance and interest” when he was questioned by the committee in January about the bank’s disgraced Global Restructuring Group.
- – BA fights to lose ‘deficit with wings’ tag after sealing £4.4bn Legal & General pension deal. The deal, codenamed ‘Project Elias’ internally and the largest of its kind to take place in the UK, will see take responsibility for the Airways Pension Scheme (APS) covering nearly 22,000 of the airline’s former workers. APS has a deficit of £469m, according to BA’s 2017 annual report, and liabilities of £7.7bn, of which L&G will take on £4.4bn.
- heralded its best sales growth in almost a decade as customers flocked to snap up British produce. Defying retail gloom and threats posed by budget German rivals Lidl and Aldi, the supermarket smashed expectations in the six months to August 5 in a transformation led by chief executive David Potts. Former shop assistant Potts, 61, put the strong figures down to demand for its British products, which make up two-thirds of Morrisons’ sales
- GVC backs America to cover fixed-odds loss. The owner of Ladbrokes declared that it would become the biggest gambling operator in America after unveiling a slide at its domestic bookmakers chain. hopes to counter the impact of the crackdown on fixed-odds betting terminals (FOBT) in its home market through its tie-up with MGM Resorts, the $14 billion US casino owner.
- Sanjeev Gupta’s tidal power firm unveils world’s largest turbine. Bristol-based turbine maker said its design for a 2MW turbine would be able to accommodate rotors with a diameter of between 65 to 78 feet (19m-23m), making the turbine the most powerful in the world. The company said it was already in discussions with various governments and developers to identify locations for manufacture and testing of the technology, which could herald “the next phase of large-scale array deployment”.
- board is planning to abandon its UK headquarters in favour of a base in South East Asia as it battles to stem spiralling losses. The oil and gas company’s interim chief executive Alan Booth addressed its 50-strong staff at a meeting yesterday morning to confirm that the London office would be “significantly reduced”. He said the number of employees who will keep their UK-based job would depend on the statutory requirements to maintain its status as a UK company.
SP Angel morning look at commodities and miners, featuring: Anglo Asian Mining (AAZ LN) BUY – 96p (from 108p) – Earnings update Glencore (GLEN LN) – Glencore claim record EBITDA on strong copper mine performance Landore Resources (LND LN) – BAM Gold Preliminary Economic Assessment Pan African Resources (PAF LN) – Earnings climb as operations refocus on profitable ounces Transense Technologies plc (TRT LN) – 2nd mining contract announced this week for mining heavy truck tracking & tyre pressure monitoring
Fear of Barclays executive pay cuts prompted Qatari deal, US airline Mesa Air bids to snap up Flybe
In a conference call to investors and analysts, Motif Bio confirmed that the FDA had no questions over the clinical efficacy of Iclaprim. However the FDA stated it needs additional data to further evaluate the risk for liver toxicity before the NDA approval.
Five financial stories, trending today in a 70 second podcast, including: The number of people in work in the UK has continued to climb, with a record 32.6 million employed between October and December The jobless rate, remaining at 4%, is at its lowest since early 1975.
InterContinental Hotels Group cheers London sales growth, Success of vegan sausage roll gives Greggs surge in sales
On today's podcast: Xpediator discuss their trading update which saw a 54% increase in evenues to approximately £179 million. TMT Investments #TMT discusses their strategy which is to invest in high-growth, internet-based companies. Alan Green covers The AA, Europa Oil & Gas & RA International.
SP Angel morning look at commodities and miners, featuring: Asiamet Resources (ARS LN) – BKM resource drilling ARC Minerals* (ARCM LN) – £2.2m funding BHP Billiton (BHP LN) - H1 results Patagonia Gold (PGD LN) – Closure of Lomada de Leiva and Cap Oeste Strategic Minerals* (SML LN) – Exercise of options Talga Resources* (TLG AU) – Further gains from Talga high energy battery anode product