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Wednesday Papers: Brexit ‘won’t send UK into recession’

Wednesday Papers: Brexit ‘won’t send UK into recession’

Top stories

  • The Times: A £40 billion emergency stimulus package and the Bank of England’s move to keep rates on hold despite surging inflation would prevent Britain slipping into recession in a no-deal Brexit, according to the National Institute of Economic and Social Research.
  • The Daily Telegraph: Germany is drawing up plans for a spending freeze despite Italy and France pushing the eurozone deeper into an economic slump as their services sectors began to crumble.
  • Financial Times: HMV, the UK music retailer that went into administration just after Christmas, has been sold to a company controlled by Doug Putman, the owner of Sunrise Records in Canada.
  • Financial Times: Interserve’s board is now focusing on a debt-for-equity swap in a last-ditch effort to save one of the UK’s biggest government contractors.
  • Financial Times: Retail investors have started pouring money into mutual funds focused on US equities for the first time since early 2015, according to data from TrimTabs Investment Research.
  • The Times: Theresa May yesterday suggested that she would retain the contentious backstop plan to avoid a hard border in Ireland, angering Brexiteers.

Business and economics

  • The Times: BP more than trebled its profits to $10 billion last year on the back of higher oil prices and production from a string of lucrative new projects.
  • Daily Mail: Edward Bramson, corporate raider fighting for a seat on the board of Barclays, will ask shareholders to make him a director at the lender's annual meeting in May.
  • Daily Mail: Estee Lauder, the luxury beauty firm, raked in £3.1 billion of sales in the final three months of last year.
  • The Daily Telegraph: The teen-friendly photo-sharing app Snapchat has finally stemmed months of shrinking user numbers, fuelling a 19% surge in share price of its parent company, Snap, in after-market trading.
  • Financial Times: Profit growth at Severstal, one of Russia’s largest steelmakers, has slumped at the end of last year on the back of lower prices for the grey metal.
  • Financial Times: Berlin-based Germania ceased operations, adding to the long list of aviation bankruptcies in the European low-cost airline market.
  • The Times: Activity in the UK services sector stalled and jobs were cut last month amid rising political uncertainty, bringing the economy to a virtual standstill.
  • The Guardian: Government pledges of £80 million in support to Nissan were part of a package of almost £150 million in state aid promised to leading carmakers since the EU referendum in 2016.
  • Financial Times: Janus Henderson reported a $50 billion plunge in assets under management less than a day after the group announced the resignation of veteran fixed income manager Bill Gross.
  • Daily Mail: Ocado bosses' pay almost trebled last year despite losses at the online supermarket swelling to £45 million.
  • The Daily Telegraph: The BBC and the US broadcaster Discovery are in discussion about a new natural history partnership that would aim to take advantage of the international popularity of Sir David Attenborough.
  • The Times: LSL Property Services, a regional estate agency and surveying business, said that it would pull down shutters on scores of Your Move and Reeds Rains outlets, putting hundreds of jobs at risk.
  • The Guardian: Apple has agreed to pay 10 years of back taxes to France; as per reports the figure is close to €500 million.
  • The Daily Telegraph: Apple’s retail chief Angela Ahrendts has resigned after five years at the technology giant.
  • The Times: Carpetright’s finance director Neil Page is leaving after the struggling floorings specialist reported another quarter of falling underlying sales.
  • The Daily Telegraph: Brexit has taken a smaller bite out of UK banking jobs than initially expected as fresh data shows that 2,000 roles have moved or been created overseas.
  • The Times: Renault-Nissan alliance is under increased strain, amid claims that the French carmaker used its partner’s money to hire prominent Parisian politicians and consultants.

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