Friday newspaper round-up: EU referendum, Barclays, BIS, SSE,

David Cameron is making a dash for a June EU referendum on the basis of a draft reform deal that creates an “emergency brake” on migrant benefits, a compromise Eurosceptics are already denouncing as a British climbdown. After months of torrid negotiations, the prime minister will on Friday be offered his flagship demand of a four-year migrant benefit ban — but one that can only be invoked when Britain's welfare system is deemed to be under “exceptional” strain from immigration. – Financial Times

Barclays has been hit with a lawsuit for nearly a £1bn from Amanda Staveley, the deal-maker with a host of Middle Eastern connections, over the lender’s emergency £5.8bn fund-raising in 2008. Ms Staveley’s PCP Capital Partners has sued Barclays in London, according to a court listing dated earlier this week. While it gave no details of the nature of the dispute, the bank confirmed that it turned on its capital call at the height of the financial crisis,reports Caroline Binham. – Financial Times

The Department for Business, Innovation and Skills (BIS) is to close its largest office outside London, prompting accusations that the chancellor’s “northern powerhouse” project was empty rhetoric. Plans to close the BIS office in Sheffield by 2018 were announced on Thursday by the department’s permanent secretary, Martin Donnelly, who told the centre’s 240 staff that all those faced with job losses would be provided with “comprehensive support”. – Guardian

Energy giant SSE is considering shutting its Fiddler's Ferry coal-fired power plant early, threatening to blow a hole in the Government’s plans to keep the lights on, the Telegraph has learnt. The 2GW power plant in Cheshire produces enough electricity to power two million homes and in 2014 secured a subsidy contract with the Government to guarantee three of the plant’s four units would be available to generate in 2018-19. – Telegraph

A British exit from the European Union could see the UK becoming a "safe haven" amid a disintegrating Europe, Barclays has said. Analysis from the bank said a 'leave' vote would open a "Pandora's Box" in the crisis-hit continent, and could dissuade Scotland from breaking away from the relative safety of the UK. - Telegraph

The price of oil has recovered 22 per cent of its value since it hit a low of $27.88 a barrel last week after rising by as much as 8 per cent last night, amid fresh hopes that Russia and Saudi Arabia might collaborate to reduce the international supply glut. Alexander Novak, the Russian energy minister, said that Riyadh had proposed a joint oil production cut of up to 5 per cent to help to clear a supply overhand and support sagging prices. – The Times