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Friday Papers: ICE shakes up scandal-hit Libor

And oil price soars beyond $40 as markets regain composure.

Friday Papers: ICE shakes up scandal-hit Libor

Top stories

  • Financial Times: The new administrator of Libor, Intercontinental Exchange, is overhauling the way it is calculated, reducing its reliance on banker estimates in an attempt to restore faith in the scandal-hit rate.
  • The Times: Oil prices rose to their highest this year, breaking through the $40 barrier, as investors bet that markets were starting to rebalance after a production freeze led by Russia and Saudi Arabia.
  • The Guardian: The French government has promised a financial bailout for cash-strapped energy group EDF so that it can proceed with the £18 billion plan to build the first nuclear reactors in Britain for 20 years.
  • Financial Times: Twenty-one of the 23 analysts who cover Valeant were telling investors to buy or hold the drug group’s shares before Tuesday’s massive sell-off, fuelling new doubts over whether investment banks’ research is too bullish about the companies they cover.
  • The Daily Telegraph: The Bank of England has warned that a vote on the UK’s membership of the European Union poses risks to economic growth, in a move that sees the central bank become increasingly active in the political debate.
  • Financial Times: Brazil was teetering on the brink of a constitutional crisis after a judge blocked President Dilma Rousseff’s appointment of her predecessor, Luiz Inácio Lula da Silva, to her cabinet, prompting clashes in Congress and on the streets.
  • Financial Times: Sir Andrew Witty has denied that his departure from GlaxoSmithKline will trigger a break-up of Britain’s biggest pharmaceuticals group and argued that industry trends are moving in favour of its diversified business model.
  • The Independent: The European Commission will be obliged to consult with US authorities before adopting new legislative proposals following passage of a controversial series of trade negotiations being carried out mostly in secret.

Business and economics

  • The Times: The chief executive of Rio Tinto Sam Walsh is leaving in a move that the City believes may herald a return to a more expansionary stance by the FTSE 100 miner; he will be replaced by Jean-Sébastien Jacques, boss of Rio’s copper and coal division.
  • Financial Times: Gulf Keystone, which drills for oil in Iraqi Kurdistan, has warned there is “significant doubt” that it can stay in business as it struggles to cope with low oil prices and political instability caused by the rise of Isis in the region.
  • The Guardian: The Oil & Gas UK lobby group insisted the offshore business was down but still vibrant, supporting hundreds of thousands of jobs and with £19 billion being invested into new projects west of Shetland and elsewhere this year.
  • Financial Times: Shares in EnQuest jumped by more than 20% after the company said it had produced more oil in 2015 than analysts expected, and remained well within the bank-imposed limits on its debt.
  • Financial Times: Chinese internet group Tencent beat analyst forecasts for fourth-quarter revenues, thanks to a jump in revenues in gaming and mobile advertising, as it began to profit from efforts to monetise its popular messaging app WeChat.
  • The Daily Telegraph: Britain's credit binge has no end in sight as weak pay growth and low interest rates encourage households to load up on debt, official forecasts show.
  • The Independent: Coca-Cola has said the Government’s plan to introduce a tax on sugar will not reduce obesity.
  • The Guardian: The chief executive of one of the world’s leading ad agencies resigned on Thursday in the wake of a discrimination lawsuit accusing him of racist and sexist behaviour.
  • The Independent: Donald Trump becoming US president poses a greater risk to global economy than an armed conflict in the South China Sea or Britain leaving the European Union.
  • Daily Mail: Boeing has chosen Britain as home for its new European headquarters in a major boost to campaigners in favour of the UK leaving the EU.
  • The Times: Moller Maersk, the world’s biggest operator of container ships, is studying the use of drones to reduce the cost of supplying its ships at sea.
  • The Independent: The world’s biggest security company G4S slashed the cash bonus paid to chief executive Ashley Almanza by a quarter last year, after the struggling group revealed a slump in profits.
  • The Guardian: Ted Baker has reported a 20% rise in annual profits, with further international expansion plans boosted by well received spring and summer ranges.
  • Financial Times: LafargeHolcim took a SFr3 billion ($3.1 billion) charge in the fourth quarter of last year — blamed partly on deteriorating markets in Brazil, Russia, Iraq and China — but the cement group said it remained on track to achieve three-year profit and cash flow targets.
  • Financial Times: Hong Kong-listed Li & Fung, which supplies products from China for international groups including Walmart, has warned that the global retail market will remain weak this year as deflation continues to weigh on Chinese factories.
  • Daily Mail: Clothing retailer Next tumbled after 'Godfather of Retail research', Tony Shiret, raised concerns about slow growth from its directory business.
  • Daily Mail: Samsonite, the world’s largest luggage maker, credited strong sales in China for boosting full-year profits.
  • The Times: The Guardian is to cut 250 staff as Kath Viner, the editor, looks to cut costs after the newspaper group burnt through £80 million of cash in one year.
  • The Times: Henry Engelhardt, the group’s chief executive, is ending his 25-year tenure by giving away £7 million of his own money to his staff.
  • Financial Times: Apple has moved some of its iCloud services on to the Google Cloud, marking one of the most high-profile wins for Alphabet’s rival to Amazon Web Services since it came under new leadership last autumn.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Kier for long term; BUY Ted Baker for long term; AVOID Spire for now.
  • Financial Times: Alphabet is trying to sell Boston Dynamics, the maker of advanced humanoid and four-legged robots such as BigDog and Atlas, as part of a wider effort to refocus its robotics efforts, said people familiar with the matter.
  • Financial Times: Exterion Media has beaten JCDecaux to win a £2 billion, eight-year contract to handle advertising space on the London Underground — the most valuable outdoor media deal in the world.
  • Financial Times: Three and O2 could be run as separate companies even after the proposed merger of the two British mobile operators under plans to bring new investors into the group by CK Hutchison.
  • Financial Times: Billionaire Patrick Drahi is to pay up to €4 billion for the majority of Bouygues Telecom’s assets as part of a deal that would carve up the group and reshape the landscape of French telecoms.
  • The Times: Lufthansa might have hoped for a better market reaction to its annual results yesterday.
  • The Times (Comment): There’s gold in them thar investment portfolios.
  • The Daily Telegraph (Comment): The Budget’s bottom line: taxes will rise and rise again.
  • Financial Times (Lex): Peabody Energy: in the pits.
  • Financial Times (Lex): Rio Tinto: metal to peddle.
  • Financial Times (Lex): Raiffeisen: Moscow on the Danube.
  • Financial Times (Lex): Heidelberg/LafargeHolcim: feet of clay.
  • Financial Times (Lex): GSK: wheel of fortune.

1 comment so far. Why not have your say?

Anonymous 1 needed this 'off the record'

Mar 18, 2016 at 09:04

Bing desktop put in a news article from the guardian .with refrence to the people smugglers operating from libya .smuggling people into britain has been going on a long time .many years ago i was selling some items in a trafford park car boot .i had gents clothes among what i had to sell .three iranians come looking at the lots i had for sale .only one could speak english .what happened next .THIS. the leader pulled out a massive wad of banknotes .german marks at least 50.000 .he had not a penny of english money to pay for two gents suits he wanted .these where illegal immigrants that had just arrived on the sunday from either a truck or had been concealed in a container trafford park was a center for container traffic .sunday was ideal perfect for mixing in with buyers from the car boot sales .germany was the entry country .this ilegal entry by these three has been happening for years .so mr cameron start in the uk as well .

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