Thursday newspaper round-up: Facebook, Capita, Amazon
Facebook’s profits soared 61%, spurred by growth in mobile users at the end of last year, the company announced on Wednesday, as co-founder Mark Zuckerbergsaid 2017 had been one of the company’s more difficult years as a public company. Zuckerberg has vowed to fix the issues at the social network, including concerns it was used as a platform for Russian meddling in the US elections. Facebook was also criticised over censorship and the addictive qualities of social media. – Guardian
The London borough dubbed the “easyCouncil” for its reputation as one of the most extreme local authorities in Britain for outsourcing public services is to examine how it would handle the fallout should Capita follow the fate of Carillion. Conservative-run Barnet council, where Capita has contracts worth almost half a billion pounds that run for a decade – including for services such as funerals and food inspections – voted late on Tuesday to look at contingency plans in the event that Capita ran into financial distress. - Guardian
Amazon has emerged as a booming source of international sales for small British businesses, with exports from British sellers increasing by a quarter last year. Exports across the web retailing giant's global empire from UK sellers increased to £2.3bn last year, up from £1.8bn a year ago, the company said. On Wednesday it announced a scheme to boost international sales. – Telegraph
Two powerful committees of MPs have launched separate inquiries into protections for small businesses in the wake of the RBS Global Restructuring Group (GRG) scandal and the collapse of outsourcing giant Carillion. The Treasury select committee said its inquiry would try to learn the lessons from GRG – a turnaround unit of taxpayer-controlled RBS that mistreated more than 90pc of struggling firms transferred into it between 2008 and 2013. – Telegraph
Banks across the European Union will face their toughest stress test yet to ensure that they can withstand huge potential shocks, including the impact of Britain’s exit from the bloc. The European Banking Authority, the watchdog for banks operating in the EU, unveiled the scenarios yesterday against which 48 of the largest banks across the 28-member bloc will be tested. The results are due to be published by November. – The Times
One of Morgan Stanley’s top executives has warned the government that without clarity on its Brexit plans before Easter, the investment bank will begin making decisions that could lead to jobs being relocated from Britain. Colm Kelleher, Morgan Stanley’s president, said that there was a “huge chasm” between the British and European Union negotiating positions and he gave the government two months to make clear what it planned to do. – The Times