Sunday newspaper round-up: OPEC, Bank of England, M&S

(Sharecast News) - A group of oil producers led by Saudi Arabia will slash their combined production by 1.0m barrels a day. The move by the Organisation of Petroleum Exporting Countries was expected to trigger a $10 a barrel jump in oil prices when financial markets reopened on Monday. It was also seen risking a fresh clash with Washington, which had already threatened consequences following previous output reductions in October. Moscow on the other hand was expected to be a beneficiary. Dan Pickering at Pickering Energy said the decision was likely in response worries about demand and the US banking crisis. - The Sunday Telegraph

Former Bank of England chief economist, Andy Haldane, believes his former colleagues should pause in their rate hiking campaign in order to assess the situation. Haldane also described the economy as still being on "relatively unsteady legs". He was also of the opinion that inflation would fall as energy prices declined relative to the levels seen in 2022. Nevertheless, the rate of core inflation, including wages, was likely to remain "pretty punchy". "I think given the extent of tightening we had during the course of last year, and the early part of this, and given the economy is still on relatively unsteady legs, now might be a time to pause and take stock for a bit." - The Sunday Times

M&S was set to begin a fresh round of job cut at its head office with hundreds of positions likely to go, sources said. However, a spokeswoman for the company said that figure was "simply inaccurate". The retailer was also pondering whether to leave the current building that houses its headquarters in London when the lease next came up for renewal in 2028. M&S had also identified more than £150m of cost savings for its forthcoming fiscal year. - The Sunday Times

Authorities in Switzerland launched an investigation into the £2.6bn takeover of Credit Suisse by rival UBS. The federal prosecutor was analysing whether government officials, regulators and executives from both lenders might have breached criminal law during the rushed rescue deal. A survey among Swiss economists found that a state takeover of Credit Suisse followed by a possile sale later on was favoured by 48% of respondents. Only 19% believed that the tie-up with UBS was the best alternative. - The Financial Mail on Sunday