THE DAILY BRIEFING

TOP MOVE Tesco UK chief executive Matt Davies, 47, is expected to be announced as the new chairman of online fashion firm N Brown.

He will leave the supermarket giant after its £3.7bn takeover of wholesaler Booker in April.

N Brown’s brands include JD Williams, Simply Be and Jacamo.

BANK RESULTS Britain’s biggest banks will reveal annual figures this week after another eventful year for the sector, clouded once more by mis-selling scandals and past misdeeds.

Analysts suggest Royal Bank of Scotland will reveal a full-year loss of £592m, while Lloyds could see a 37pc surge in pre-tax profits to £5.8bn. Barclays is expected to post a healthy rise in profits to £4.7bn.

LOOK AGAIN Vulture fund Alchemy Partners is believed to be considering buying into New Look’s bonds as the fashion chain battles falling sales and the loss of insurance cover to some suppliers.

HARD CASH The owners of British Steel are planning to plough £100m into the firm in a major boost for British steelmaking. Private equity backers Greybull are in talks to raise fresh financing to invest in new coke ovens, upgrade existing mills and other improvements to its works in Scunthorpe and elsewhere.

NO GO Long-term Yoox Net a Porter shareholder Robotti & Company, has said it plans to vote against Richemont’s £2.5bn takeover offer. DRUG DEAL Stage-three lung cancer treatment Imfinzi, by Astrazeneca, has been approved by the US Food and Drug Administration.