City morning headlines: Borrowing boost for Chancellor

 
George Osborne delivered his pre-election budget earlier this week (Picture: PA)
Nick Goodway20 March 2015

George Osborne should get a boost from borrowing figures due for release at 09:30am.

The data is expected to show that better receipts from self-assessments and corporation tax has put Britain on course for £8.5 billion borrowing in February, down from £9.9 billion a year ago.

Osborne could even beat his new, lower £90 billion deficit target laid out in Wednesday's budget.

Mega-deal back on

After crunch talks cement makers Holcim and Lafarge have agreed new share swap terms for their $40 billion merger to reflect the surge in the Swiss franc.

The two are yet to announce who will lead the combined group.

Tesco takes back superstores

Tesco has unwound its £733 million joint venture with British Land, regaining ownership of 21 superstores and getting £96 million cashback.

Tesco said the move was part of plans to refocus on its core business.

Companies news highlights:

Sabadell makes a formal 340p (£1.7 billion) a share bid for TSB. Lloyds accepts, selling 10% now and 40% later.

Alliance Trust fires first salvo in battle against Elliott Advisers and accuses them of playing short-term disruptive game.

Tullow Oil agrees a new finance deal to avoid a breach of its covenants.

Moody's downgrades Centrica debt from A3 to Baa1

Ladbrokes promotes its digital director (and former William Hill employee) Jim Mullen as chief executive.

Berkeley Group issues an election manifesto for housebuilding in London and the south east along with a trading update.

Countrywide directors partake in £20 million free share bonanza.

Publisher Quarto says its profits have recovered.

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