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Wednesday Papers: Honda’s Swindon plant closure could lead to 7,000 job losses

Wednesday Papers: Honda’s Swindon plant closure could lead to 7,000 job losses

Top stories

  • The Guardian: Honda confirmed on Tuesday morning that its Swindon factory would close from 2021; fears are mounting that job losses from the closure could exceed the company’s estimate of up to 7,000.
  • The Daily Telegraph: US airline Mesa Air has proposed a last-minute deal to take over struggling regional carrier Flybe, pulling the rug from Virgin Atlantic’s offer, according to reports.
  • Daily Mail: GlaxoSmithKline boss Emma Walmsley has transferred 102,035 shares in the company worth £1.6 million to spouse David Owen on Monday, according to stock market filings.
  • Financial Times: Ericsson’s chief executive Börje Ekholm has warned that security worries about Huawei risk further hampering Europe’s lagging efforts to build 5G networks.

Business and economics

  • Daily Mail: Troubled airline Flybe is being deprived of more than £50 million of customer payments by the credit card companies - a key factor that pushed it to the brink of insolvency.
  • Financial Times: Congressional Democrats have accused White House officials of pushing a plan to sell US nuclear power technology to Saudi Arabia in potential defiance of legal restrictions and regulatory procedures.
  • The Independent: Stagnating incomes and “actively regressive” tax and benefits policies will push child poverty in the UK to a record high by 2023-24, according to a report by the Resolution Foundation.
  • Daily Mail: Ren Zhengfei, the defiant founder of Chinese giant Huawei, said the telecoms firm would never allow its equipment to be used for spying, and added there is 'no way the US can crush' the company.
  • Daily Mail: Board minutes recorded during the financial crisis showed that Barclays was desperate to avoid a state bailout as bosses feared ministers would restrain pay, fuelling an exodus of top staff.
  • The Independent: Sky TV, phone and broadband customers will see their bills rise from 1 April, the telecoms group has confirmed.
  • The Times: Germany built the world’s largest trade surplus last year by a margin of more than €100 billion, fuelling the risk that US President Donald Trump will launch a trade war with Europe.
  • Daily Mail: Intercontinental Hotels Group posted a 6.4% jump in sales to £3.3 billion in the year to 31 December boosted by Chinese customers; it hiked its dividend and handed £530 million to investors.
  • Daily Mail: HSBC lost £5.8 billion of its market value yesterday after it said revenues had collapsed at the end of last year amid market turmoil.
  • The Independent: Electricity provider Scottish Power has announced that bills will be increasing due to the recently hiked energy price cap.
  • The Daily Telegraph: Ford has announced its exit from the heavy commercial truck business in South America in a bid to restructure the company and return to profit in the region.
  • Daily Mail: Positions held by short-sellers in shopping centre owner Intu have risen to a record high, with hedge funds holding 5.3% of its stock.
  • The Independent: Average earnings in the UK increased by 3.4% in the year to December, the highest for a decade, outpacing inflation, as record numbers of people are in work, new figures have revealed.
  • Daily Mail: Bakery chain Greggs’ shares jumped 11% yesterday after it posted ‘exceptional’ sales growth for the start of 2019.
  • The Daily Telegraph: The Government will be taking on a greater share of the risk on outsourced public sector contracts as part of a new set of rules drawn up to improve stability in the sector in the wake of Carillion’s collapse.
  • The Guardian: The Government will apply tariffs to food imports to protect British farmers in a no-deal scenario, the environment secretary, Michael Gove, has confirmed.
  • Daily Mail: Asda reported a mere 1% rise in sales during the three months to 31 December as it awaits a crucial decision on its £14 billion tie-up with Sainsbury's.
  • The Daily Telegraph: Tim Richards, chief executive of cinema chain Vue International, has said he was “concerned” and “saddened” that Bafta decided to award a Netflix film at its ceremony earlier this month.
  • The Daily Telegraph: Cobham will take a further £160 million hit on the troubled KC-46 air-to-air tanker project after striking an agreement with Boeing.
  • The Times: First Group has revealed that revenue growth in its rail unit is slowing after a “disappointing” service for passengers amid strikes on South Western Railway.
  • The Daily Telegraph: The global hotel powerhouse InterContinental Hotels has promised to “up its game” as a battle with blue-chip rival Whitbread erupts in Germany.
  • The Times: Lenders extended 370,000 mortgages to first-time buyers last year, a 1.9% increase on the year before, figures from UK Finance showed.
  • Daily Mail: Upmarket maternity and babywear retailer JoJo Maman Bebe has reported 12.8% jump in same-store sales in the year to 30 June, defying the high street gloom.
  • The Daily Telegraph: FirstGroup is in deadlock with the Government over a contractual row about one of Britain’s biggest rail networks.
  • The Times: The value of Plus500, the financial betting group once valued at more than £1 billion, has dropped by more than half since it issued an unexpected profit warning last week.
  • Financial Times: Crude oil exports from Opec countries are on course to fall to the lowest level since 2015 in February.
  • The Independent: The UK’s largest energy supplier British Gas is to increase gas and electricity bills for more than 3 million customers after increasing its standard variable tariff to the maximum allowed by a government price cap.

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