Citywire for Financial Professionals

View the article online at http://citywire.co.uk/money/article/a1093133

Friday Papers: Standard Life Aberdeen loses its biggest client

And Uber is facing fresh regulations from Transport for London ahead of licence appeal.

 
Friday Papers: Standard Life Aberdeen loses its biggest client

Top stories

  • Financial Times: A central pillar supporting last year’s £11 billion takeover of Aberdeen Asset Management by Standard Life crumbled on Thursday after the UK’s largest fund manager lost its biggest client Lloyds Banking Group and a £109 billion investment contract.
  • The Daily Telegraph: Uber could be hit with tough new regulations under proposals from Transport for London (TfL) to improve passenger safety among private hire vehicle operators.
  • The Times: Institutional Shareholder Services (ISS), one of the City’s most influential shareholder advisory groups, has told investors in Booker Group to vote against a proposed £3.7 billion sale of the cash-and-carry business to Tesco.
  • The Daily Telegraph: The Institute of Directors, a trade body with a membership of 30,000 business leaders, has put forward a bespoke Brexit solution which it believes will protect manufacturers from customs chaos but also allow the UK to strike independent trade deals.
  • Financial Times: An Irish drugmaker Horizon Pharma has put a price tag of almost $3,000 on a bottle of two-in-one painkillers that can be bought separately for $36, in another instance of gouging in the US, the world’s largest healthcare market.
  • Financial Times: Cyril Ramaphosa pledged not to disappoint South Africans as he was sworn in as president on Thursday, hours after the late-night resignation of Jacob Zuma ended a weeks-long power struggle in the ruling African National Congress.

Business and economics

  • Financial Times: Burberry, the trenchcoat maker that stole a march in online luxury with its early embrace of social media, has struck a distribution deal with UK-based fashion retailer Farfetch as it presses deeper into emerging markets and the wardrobes of the global rich.
  • The Times: Convatec, the medical devices maker that was the largest public listing of 2016, has bounced back from October’s unexpected profits warning with better than expected results for last year.
  • The Times: Nestlé’s sales rose at their slowest pace in at least two decades following weak demand in the US last year.
  • Daily Mail: Train and aeroplane maker Bombardier reported rising profits as it seeks to put a damaging US trade row behind it.
  • The Guardian: Airbus has taken a new €1.3 billion (£1.1 billion) charge on its troubled A400M military aircraft programme – taking its total losses on the project to €8 billion.
  • Financial Times: Norwegian Air Shuttle made a bigger than expected net loss in the last three months of 2017, as the budget carrier struggled to control costs as it rapidly expanded into low-cost long-haul flying.
  • The Guardian: Laura Ashley has issued its third profit warning in 12 months, hit by adverse currency movements and a slump in demand for furniture and wallpaper in the UK.
  • The Guardian: The troubled fashion retailer New Look has confirmed store closures could be on the cards as the new management team battles to arrest falling sales.
  • The Daily Telegraph: Atari has become the latest company to pivot to cryptocurrency, launching a digital coin in a bid to revive the gaming pioneer's fortunes.
  • Financial Times: India’s most celebrated jewellery baron Nirav Modi has been linked to an alleged fraud of up to $1.77 billion that has sparked fears over the finances of the country’s second-largest state-run bank.
  • Financial Times: US Bancorp has been fined more than $600 million by US regulators and charged with two criminal violations of the Bank Secrecy Act over “wilful” failings in its anti-money laundering programme over a period of more than five years.
  • The Times: The top City firms Slaughter and May, Lazard and Morgan Stanley have been dragged into the parliamentary investigation into the collapse of Carillion and asked what fees they extracted from the business before its failure.
  • The Guardian: Virgin Money has appointed the former HSBC executive Irene Dorner as chairwoman, creating the only female duo at the top of one of Britain’s FTSE 350-listed companies.
  • The Daily Telegraph: Royal Mail’s chief executive Moya Greene is to join the board of FTSE 100 mining giant Rio Tinto later this year.
  • Financial Times: Germany’s top football teams are discussing plans to sweep away rules prohibiting foreign investors from owning Bundesliga clubs, amid concern they lack the financial firepower to compete against rivals in the English Premier League and Spain’s La Liga.
  • The Times: Peter Thiel, the technology investor who backed Donald Trump’s campaign for president, is to leave Silicon Valley in an apparent rebuff to the region’s left-leaning politics.

Share tips, comment and bids

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

FTSE 100 hands back gains as Bank turns hawkish

by Michelle McGagh on Jun 21, 2018 at 17:05

Sorry, this link is not
quite ready yet