Tuesday newspaper round-up: North Sea, Alphabet, easyFoodstore, Matalan

As many as 50 North Sea oil and gasfields could cease production this year after a collapse in crude prices to 12-year lows, industry experts have warned. This would accelerate the North Sea’s decline, potentially bringing forward billions of pounds in spending on decommissioning. Dozens of smaller fields with high production costs that are approaching the end of their lives have been identified by energy consultants Wood Mackenzie as prime candidates to be shut. Halting output is the first step towards abandonment. – Financial Times

Alphabet, the holding company for Google, looks set to become the world’s most valuable company when stock market trading begins on Tuesday, following the revelation that it poured $3.6bn last year into “moonshot” projects such as driverless cars. A surge in mobile advertising in the final months of last year, along with the first insight into the full costs of side bets designed to cement the Alphabet’s long-term leadership in the tech world, extended Wall Street’s recent enthusiasm for the company’s stock. – Financial Times

The founder of easyJet has opened a discount food store that is selling everyday groceries for 25p each. Sir Stelios Haji-Ioannou has launched easyFoodstore in an attempt to take advantage of the fast-growing discount market in the UK, which is led by Aldi and Lidl. The venture could eventually be another threat to the “big four” supermarket chains – Tesco, Asda, Sainsbury’s and Morrisons. – Guardian

About 100 jobs are at risk after Ben Sherman, the British clothing brand worn by rock stars in the 70s and 80s, was sold through a pre-pack administration deal. Marquee Brands, a US company backed by a private equity firm, has sold off the UK operations of Ben Sherman just six months after buying the brand. It has been bought by BMB Clothing Limited, a Leeds-based company that runs Jeff Banks and Suit Direct shops. – Guardian

EasyJet passengers could be served waste water produced by their plane's fuel system, after the airline unveiled plans to trial zero-emission hydrogen technology. The FTSE 100 carrier is planning to become the first airline in the world to test a so-called hybrid plane, which uses hydrogen fuel cells that could potentially cut the company’s fuel bill by as much as $35m. – Telegraph

Even successful bosses should spend no more than half a decade in charge of any one business, according to Sir David Walker, the former chairman of Barclays and a city grandee who has served on a swathe of major boards. Chief executives must be accountable and open to challenges from staff and directors, he said, and must not become so entrenched that their decisions cannot be questioned. - Telegraph

One of Britain’s biggest retailers has gone into its bank’s special measures division for struggling businesses as fears grow over the deterioration in its trading. The Times understands that Matalan has been placed in Lloyds Banking Group’s business support unit, which was set up to help troubled companies. – The Times