Thursday newspaper round-up: Brexit workforce crisis, Nex, Shell, City passport
British businesses have been warned to brace for a severe workforce crisis triggered by Brexit, with the number of workers entering employment expected to fall behind the rate of population growth for the first time in half a century. According to employment consultant Mercer, the size of the British workforce is expected to rise by just 820,000 by 2025, marking a dramatic slowdown from the previous decade, when almost 2 million people entered employment. – Guardian
The number of cars built in the UK has fallen again following the seventh consecutive month of decline in the domestic market, new figures show. Just under 145,500 cars rolled off production lines last month, 4.4% fewer than in February last year, the Society of Motor Manufacturers and Traders (SMMT) reported. There was another double-digit decline in production of cars for the UK, down by 17%, following falls of 24% in December, 28% in November and 14% in September. – Guardian
Michael Spencer's Nex Group has agreed to a £3.9bn takeover by the CME, in a deal that will cement London's position as the leading hub for exchanges in Europe. CME, the world's largest futures exchange and owner of the Chicago Mercantile Exchange, will pay the equivalent of £10 a share for Nex under the terms of the deal, at the top of analyst expectations and well above Nex's share price prior to CME's initial approach. The offer consists of 500p in cash and 0.0444 CME shares. – Telegraph
City firms have launched a review into dispute resolution for companies wronged by banks, in the wake of the scandal over RBS’s mistreatment of small businesses. UK Finance, the lobby group for 300 British finance companies, has commissioned an independent study to analyse how complaints and disputes can be resolved in a more time and cost effective manner. – Telegraph
Royal Dutch Shell has filed a criminal complaint against a former senior executive over suspicions he may have received bribes in Nigeria. Ben van Beurden, Shell’s chief executive, told staff he was “stunned and outraged” after the Anglo-Dutch energy group discovered evidence suggesting that Peter Robinson had received “kickbacks” from the $585 million sale of an oil licence in the Niger Delta. – The Times
Britain’s financial regulators have extended the City passport for European banks until the Brexit transition period ends in 2021, challenging European supervisors to follow suit and let the sector put contingency plans on hold. The Bank of England and the Financial Conduct Authority said EU institutions will have access to UK markets on the same terms as now once the two-year Article 50 process ends in exactly a year’s time. Access will continue for the whole “implementation period”. – The Times