Monday newspaper round-up: China GDP, SL-Aberdeen cuts, ITV, Budget

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Monday newspaper round-up: China GDP, SL-Aberdeen cuts, ITV, Budget

Mon, 06 March 2017
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Monday newspaper round-up: China GDP, SL-Aberdeen cuts, ITV, Budget

(ShareCast News) - China has cut its growth target to around 6.5 percent for 2017, as Beijing focuses on stability ahead of a sensitive political gathering later this year. The Chinese economy slowed to a growth rate of 6.7 per cent last year, the lowest since 1990 as Beijing acts to transform its export-driven economy to a more stable, consumer-led model. - Telegraph
As many as 1,000 jobs could be at risk as Standard Life and Aberdeen Asset Management pursue their £11 billion all-share mega-merger, prompting the Scottish government and local MPs to demand urgent clarity from both sides. With both companies running multiple offices in Aberdeen, Edinburgh and London, staff holding duplicate jobs in IT, marketing and administration are likely to be among the first to go as informed sources suggest that the merged group will target cost savings of at least £200 million. - The Times

ITV has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global, the owner of Virgin Media. The broadcaster took TVCatchup.com to the European Court of Justice to stop it offering ITV's channels for free streaming online. Channel 4 and Channel 5 also backed the challenge. - Telegraph

Philip Hammond is expected to use Wednesday's budget to announce that tax revenues will be used to build up a reserve to deal with uncertainties arising from Brexit, rather than increase spending on the health service. The chancellor has indicated that some extra money will be allocated for social care. The shadow chancellor, John McDonnell, has warned that £12bn should be immediately redirected to the NHS, warning that "the crisis is happening now". - Guardian

More than 600 NHS quango chiefs are now on six-figure salaries, with a doubling in the number earning more than the Prime Minister, new figures show. Many of the highest earners have made repeated demands on Government to increase NHS funding as it battles against its worst financial deficit in history. - Telegraph

Germany's largest lender has announced plans to raise €8 billion through a share sale and selling part of its asset management business. Deutsche Bank's fundraising plans come less than two years into a restructuring by John Cryan, the lender's chief executive who had said that he wanted to avoid selling shares in a fundraising that risked diluting existing shareholders. - The Times

Two financial watchdogs face the threat of a legal challenge over their handling of payment protection insurance amid claims that thousands of people are missing out on redress after the scandal. Claims management company We Fight Any Claim is preparing to ask the High Court for leave to bring judicial reviews against the Financial Conduct Authority and the Financial Ombudsman. - The Times

A former top City fund manager with a reputation for unearthing accounting problems at listed companies has criticised the regulator for failing to intervene in the bookkeeping practices at Mitie. In an outspoken opinion piece, Tim Steer claims that the Financial Reporting Council was aware of potentially "significant problems" with accounting at the troubled contractor as far back as May 2015 but failed to act. - The Times

A bank backed by a Cambridge college loaned out more than half a billion pounds to small firms, less than five years after it launched. Cambridge & Counties, which is jointly owned by Trinity Hall, part of the University of Cambridge, and Cambridgeshire Local Government Pension Fund, saw its loan book increase by 41pc last year, rising from £416m to £588m, while deposits at the bank increased by 45pc to £685m. - Telegraph