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What the papers sayBack

Tiverton,_Tesco_-_geograph.org.uk_-_85534

ITV News

Investigation into Tesco will have no bite
The supermarket ombudsman is launching an investigation into Tesco having establish “reasonable suspicion” that the retailer has breached its Code of Practice.

Vince Cable wrote to the head of the Groceries Code Adjudicator shortly after the accounting scandal broke in September last year. In a letter to Christine Tacon the Business Secretary expressed concern about Tesco’s relationship with it suppliers and urged her to look more closely at the issue.

Full story: http://www.itv.com/news/2015-02-05/investigation-into-tesco-will-have-no-bite/

Financial Times

Petrobras chief steps down as scandal threatens to overwhelm government
The Chief of Petrobras and five other executives have quit over a corruption scandal at Brazil owned oil group that is threatening to engulf the government of President Dilma Rousseff. The departures mark the denouement in a corrosive dram that has gripped Brazil and crippled one of Latin Americas most important companies.

Big oil is not the biggest victim of cheap crude

If only oil producing countries that got into trouble could merge, bring in fresh management, lay off citizens, cut costs and restructure their operations. At this point in the energy cycle, betting on a national merger wave similar to the corporate one that created supermajors such as ExxonMobil and BP in the late 1990s would be a good investment.

The Times

Profit motive is driving Toyota towards No 1 spot
The world biggest car maker is set to become the most profitable. Toyota Motor Corporation said yesterday that, despite a marginal reining in of expected sales in the year to the end of next month of nine million vehicles, it was aiming for operating profits of 2.7 trillion yen (£15.1 billion)

The Guardian

Labour was braced for bad news – but not this: SNP surge that could redraw Scotland
Labour’s chances of securing an overall majority at Westminster have been dealt a blow by an exhaustive seat-by-seat poll that suggests the party will be annihilated in Scotland and is on course to lose 35 of its 41 seats.

Cycle route network approved despite gridlock fears
Transport for London (TfL) has given final approval to an ambitious network of protected cycle routes across the capita, a move proponents hope could revolutionise transport in London and provide an example to the rest of Britain.

Labour struggling to rally support of business
Left-leaning bosses helped Labour begin a belated fightback over its relationship with business last night, as the party battled to shrug off Ed Ball’s gaffe when he told Newsnight viewers he had won the backing of “Bill somebody”.

Fees cap boosts pensions by £100,000
Middle-class workers will save £100,000 over their careers thanks to a ban on excessive pension charges, ministers said last night.

 

The Daily Telegraph

Tax up £267 per head under Lib Dem plans
Every taxpayer in Britain faces an extra £267 outlay over the next two years under the Liberal Democrats. Nick Clegg, Deputy Prime Minister and Danny Alexander, the Chief Secretary to the Treasury , will today set out proposals to raise £8billion in new taxes.

 

Business

Britain’s thriving economy here to stay, says for forecaster
Strong growth and low inflation in Britain is here to stay, according to a respected economic forecaster, which said falling oil prices would give the economy a “shot in the arm”.

Company wage bills may rise over European ruling on commission payments
Company wage bills could be set to rise as a result of an ongoing employment tribunal into whether commission payments should still be made when workers are on holiday. It is second major case in recent months that challenges the way holiday is calculated in the UK.

 

Daily Mail

Jobs boost for UK’s recovery
Britain companies are taking on around 70,00 workers a month following a “reassuringly robust” start to the year, according to figures published yesterday. A closely-watched monthly check if the UK economy showed activity bounced back in January following as slowdown in December – easing fears that the recovery is running out steam.

Posted by Lois Hardy on 05/02/2015