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Wednesday Papers: May pleads for delay to Brexit as EU stands firm

Wednesday Papers: May pleads for delay to Brexit as EU stands firm

Top stories

  • The Times: Theresa May will ask the EU to push back Brexit deadline amid warnings from Brussels that the price of an extension could be a general election or second referendum.
  • The Daily Telegraph: Sainsbury's has promised price cuts of £1 billion a year for shoppers and committed to selling stores in a last-ditch effort to secure approval for its £12 billion merger with Asda.
  • Financial Times: A tribunal has ruled in favour of Standard Life Aberdeen in a dispute with Lloyds Banking Group over a £100 billion investment mandate.
  • Financial Times: Google has entered into the video game world, betting that a move towards cloud computing will enable it get a foot in the door of the $135 billion global games industry.
  • Financial Times: The number of people in work in the UK increased by 220,000 in the three months to the end of January, the biggest rise since November 2015.

Business and economics

  • The Times: Leading economists have said that the Bank of England should wait to see how the economy responds in the event of a no-deal Brexit before launching any monetary stimulus.
  • The Times: A fire at Ocado’s Andover warehouse in Hampshire hit its sales but the online grocer reassured investors yesterday that there is no long-term problem with its depots or model.
  • The Guardian: Bonmarché’s shares have fallen after the women’s fashion chain warned of a bigger full-year loss than previously forecast.
  • The Times: Asos has reported a slowdown in its US business and lacklustre growth in Germany and France.
  • Daily Mail: Office Outlet - the retail chain previously known as Staples - has slumped into administration, putting 1,200 more retail jobs at risk.
  • The Times: John Wood, the engineering group, has warned that slower recovery in oil and gas markets would delay its debt reduction plans.
  • The Guardian: YouTube and Facebook have defended themselves against accusations that they failed to act quickly enough in the wake of the Christchurch terror attack.
  • Financial Times: Russia’s top technology company Yandex and South Korea’s Hyundai Motor Group have signed a deal to develop self-driving car technologies.
  • Financial Times: Low-cost fitness club operator Gym Group is accelerating its expansion plans after increasing revenues by more than a third last year.
  • The Times: Mining group Ferrexpo has delayed publishing its annual accounts after an investigation into its charitable donations in Ukraine found further discrepancies.
  • Daily Mail: Banking giant bosses in Britain are getting more than £2 million a year in pension payments not available to ordinary workers.
  • Daily Mail: Barclays’ bosses have warned that corporate raider Edward Bramson would be a toxic presence on the board of the bank and should be kept at arm's length.
  • The Times: Institutional Shareholder Services, the world’s biggest proxy voting agency, has recommended that shareholders reject Julian Dunkerton’s reappointment to the board of Superdry.
  • The Daily Telegraph: Stockpiling ahead of Brexit could cause shortages, the nation’s top economists have warned.
  • The Times: Lloyds has axed controversial arrangements for its chief executive António Horta-Osório that made him the only person at the bank to have a pension linked to his final salary.
  • The Daily Telegraph: Swiss banking giant UBS was fined a record £27.6 million for misreporting over 136 million transactions for almost a decade.
  • The Daily Telegraph: The UK’s North Sea oil basin needs £200 billion of investment to survive for another generation.
  • Financial Times: The world’s biggest energy trader Vitol said it expected oil demand to peak within 15 years.

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