1. Britain is finally heading into a sustained recovery five years after the financial crash, said Sir Mervyn King, the Bank of England governor, as the Bank raised its growth forecast for the first time since 2007.
2. Ocado unveiled a 25-year deal with Wm Morrison to bring the supermarket chain online, but the agreement threatens the digital grocer’s relationship with its original partner, Waitrose.
3. Amazon’s main UK business, which enjoyed sales of £4.2bn, received £2.5m in government grants last year against £2.4m it paid in corporation tax.
4. Nine FTSE 100 companies — including Whitbread, Wm Morrison and Aberdeen Asset Management — failed to disclose thousands of foreign subsidiaries, in breach of Companies House rules.
5. Only two FTSE 100 companies, Fresnillo and Hargreaves Lansdown, do not use offshore tax havens, according to Action Aid, the charity.
6. HSBC is to slash up to 14,000 jobs and cut £2bn in costs as it tries to increase profitability.
7. Royal Bank of Scotland, the focus of plans for a “big bang” share offering of the taxpayers’ stake, is to cut 1,400 jobs in London and Edinburgh.
8. Poundland is to cut its prices to 97p to fight its rival 99p Stores.
9. Regina Finn is to step down as chief executive of Ofwat, the water regulator, after a row over plans to introduce radical competition to regional monopolies.
10. Tony Hayward, who had to step down as chief executive of BP in the wake of the Gulf of Mexico oil spill, was installed as interim chairman of Glencore Xstrata, the merged trader and miner.
Useful to know
If you have a child in Britain between three years old and school age, the state pays for them to have up to 15 hours of nursery care a week for up to 38 weeks a year. This is good for parents, but the most interesting thing about it is the way the funding works. You can send your child to any nursery you like, state or private, and still get the funding. Go state and you need pay no extra; go private and there is generally a top-up. [more]
Leadership tip of the week:
How to stem your obsession with work: It's harmful to care about your job to the point of obsession, especially if other things – your relationships, your health – suffer. Here are three things that will help keep your passion in check:
(1) Schedule breaks. Force yourself to leave work during the day for lunch or a trip to the gym. Block out time in the evenings and on the weekends to do other activities.
(2) Don't bring work home. Don't bring home your laptop. Leave files on your desk. If necessary, limit your email access to just the office. Keep separate email accounts for home and work.
(3) Find a new hobby. The more you enjoy things outside of work, the less space work will take up in your life and the smaller your chances of burnout. For more leadership tips, please click here. For details on our Mastering Leadership workshops, please click here.
Quote of the week:
"We can only know others by ourselves." Robert Louis Stevenson quoted in the New York Herald
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