Monday newspaper round-up: Debt levels, UK takeovers, HSBC, Dr Martens
The government has sought to defend its record over Brexit after freight industry leaders claimed exports to the EU had nosedived since the transition period ended on 31 December. When Boris Johnson announced on Christmas Eve that he had secured a last-minute Brexit deal he insisted there would be “no non-tariff barriers” to trade with the EU. - Guardian
Britain’s economy is facing a lengthy recovery from the third coronavirus lockdown amid soaring levels of business debt after almost a year of economic turmoil caused by the pandemic. Figures from the accountancy firm EY show British businesses took on debt at more than twice the normal average growth rate since the crisis began and are on course to have borrowed £61bn in total by the end of 2021. - Guardian
The UK has had its busiest start to the year for takeovers since the 2008 financial crisis despite the Covid lockdown. The value of takeover deals involving a UK company hit $38.8bn (£28.2bn) from Jan 1 to Feb 5, according to Dealogic – a high not seen since the 2008 crash. - Telegraph
HSBC has come under fire from an international coalition of senior politicians over its decision to freeze the bank account of a prominent pro-democracy activist in Hong Kong. A group of more than 50 politicians including Sir Iain Duncan Smith, the former Tory leader, has written to Mark Tucker, chairman of HSBC, demanding that he unfreeze the accounts of Ted Hui and his family. - The Times
America’s largest money manager and Singapore’s sovereign wealth fund have emerged as leading shareholders in Dr Martens after its £3.7 billion float last month. GIC Private, which manages more than $100 billion of Singapore’s foreign exchange reserves, has acquired a stake of just over 4 per cent in the British boot company, according to a filing at the end of last week. The position, which ranks the fund as among Dr Martens’ top five shareholders, was worth £206 million at the close on Friday. - The Times