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Wednesday newspaper round-up: Co-op Bank, city rates, Toshiba

Market Buzz

Wednesday newspaper round-up: Co-op Bank, city rates, Toshiba

Wed, 15 February 2017
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Wednesday newspaper round-up: Co-op Bank, city rates, Toshiba

(ShareCast News) - Co-operative Bank's core ethical mandate is expected to pose a major obstacle to a sale of the troubled lender to a rival firm, according to City sources. The bank, which put itself up sale on Monday in a bid to solve its financial woes, has a strict policy that forbids it from funding a host activities, including those that contribute to climate change or animal testing of cosmetics. The mandate sets the lender apart from other high-street banks. - Telegraph
A sharp rise in business rates for offices in the City of London is threatening to undermine the Square Mile's drive to remain a key financial centre in Europe after Brexit. The business rates bill for offices in the City will rise by £1.4bn, or 33%, over the next five years. - Guardian

Unions are urging the government to take back control of its nuclear strategy after Toshiba's deepening financial crisis cast fresh doubt about its involvement in the planned Moorside power station in Cumbria. Justin Bowden, GMB's national secretary for energy, described the situation as a "fiasco" after Japan's Toshiba, the lead party behind Moorside, revealed a $6.3bn writedown in its US Westinghouse business and confirmed it was scaling back investment in new overseas nuclear projects. - Guardian

More than four thousand jobs in the British motor industry are under threat as it emerged that the American owner of Vauxhall is in talks to sell its European operations to the French. In a statement last night, the French company said: "PSA Group and General Motors confirm they are exploring numerous strategic initiatives aiming at improving profitability and operational efficiency, including a potential acquisition of Opel Vauxhall by PSA." - The Times

Sales of three key Jaguar Land Rover vehicles have slowed markedly as the Indian-owned British manufacturer reported a sharp reverse in profits. Sales of the Jaguar XE, launched in 2015 as its the long-awaited "baby Jag" and its stab at going into a higher volume market, fell for the second quarter in a row. Sales dipped 3 per cent over summer and slid another 5 per cent between October and December. - The Times