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Friday Papers: Walker named as Barclays chairman

And a sharp rise in Britain’s trade deficit dealt a fresh blow to recovery hopes.

 
Friday Papers: Walker named as Barclays chairman

Top stories

  • The Daily Telegraph: Sir David Walker, a former chairman of Morgan Stanley International and author of the Walker review of banking, is to succeed Marcus Agius as the new chair of Barclays.
  • The Daily Telegraph: A sharp rise in Britain’s trade deficit dealt a fresh blow to recovery hopes; the trade in goods deficit jumped to a record £10.1 billion in June from £8.4 billion in May after the eurozone crisis drove an 8.4% fall in exports.
  • Financial Times: The UN has called for an immediate suspension of government-mandated US ethanol production, adding to pressure on Barack Obama to address the food-versus-fuel debate in the run-up to presidential elections.
  • Daily Mail: Japanese giant Nomura said the UK government could be forced to set a date for an in-out referendum as soon as the autumn as the single currency bloc lurches closer to disaster.
  • Financial Times: An attempt to put together a consortium bid to buy a 66% stake in the government-controlled nuclear group Urenco for as much as €7 billion has been launched by a former executive of the business.
  • The Independent: The Financial Services Authority has hired Tracey McDermott as its head of enforcement, making her the second woman to hold the role consecutively.
  • The Daily Telegraph: Google will pay $22.5 million to settle charges it bypassed the privacy settings of customers using Apple's Safari browser, the US Federal Trade Commission said yesterday.
  • The Daily Telegraph: Factory gate prices in China fell at an accelerating rate of 2.9% in July as the economy flirted with industrial recession, prompting calls for further stimulus to head off Japanese-style deflation.
  • Financial Times: The US Department of Justice has decided not to charge Goldman Sachs or any of its employees following a high-profile investigation of the bank’s subprime mortgage deals, including the infamous “Abacus”.

Business and economics

  • The Daily Telegraph: Aviva, the UK's second largest insurance group, reported a £456 million loss for the first half of the year after being hit by the cost of restructuring its global operations.
  • Daily Mail: The New York Department of Financial Services ordered Standard Chartered to open its doors to an auditor of the regulator’s choosing on Monday as it laid charges that the bank illegally laundered £160 billion for Iran.
  • The Guardian: US Treasury secretary Tim Geithner has reassured George Osborne that US regulators investigating breaches of sanctions by Standard Chartered will try to coordinate their actions.
  • The Guardian: Claims that Standard Chartered broke US sanctions against Iran could lead to credit rating being downgrading, the agency Fitch warned.
  • Financial Times: South Korean financial regulators will investigate the Seoul branches of Standard Chartered and HSBC in light of money laundering allegations against both banks by regulators in the US.
  • Daily Mail: Twickenham Film Studios has been saved from the jaws of closure in an 11th-hour intervention by a local businessman.
  • The Daily Telegraph: The list of potential candidates to become the next Bank of England governor appeared to further shrink as Mark Carney, the head of Canada’s central bank, ruled himself out of the race.
  • The Daily Telegraph: Dunkin' Donuts, the US chain known for its weak coffee and carbs, is eyeing a return to British shores next year as part of a European-wide expansion.
  • The Independent: Ailing music retailer HMV has crashed to an £80 million after-tax loss as departing chief executive Simon Fox ran up big charges in his final results.
  • The Guardian: Martin Wheatley, FSA boss, says Libor is 'no longer fit for purpose' and intends to make Libor manipulation a criminal offence.
  • The Daily Telegraph: An Australian hamlet is asking Xstrata to pay it at least A$100 million (£68m) if the global mining giant decides to proceed with a multi-billion-dollar coal mine in the area.
  • The Guardian: Marks & Spencer has become the latest retailer to introduce contactless payments, initially in its 25 busiest London stores and a number of Simply Food outlets.
  • The Guardian: A payday lender, MCO Capital, has been fined and had its licence taken away by the Office of Fair Trading for the first time – but is still lending money at interest rates of more than 5,000%.
  • The Daily Telegraph: The world's oldest shipping firm, UK-based Stephenson Clarke Shipping, has gone into liquidation after nearly 300 years of trading.
  • The Guardian: TUI Travel, the world's biggest tour operator, said summer holiday bookings had increased in number as rain-soaked northern Europeans sought out the sun; it had sold about 86% of its summer holidays by the end of June.
  • The Independent: French Connection warned of a £7 million decline in profit yesterday as the beleaguered fashion chain was forced to cut prices to shift its summer ranges.
  • The Guardian: BSkyB's share price briefly touched a nine-month high on Thursday as shareholders warmed to its victory over Ofcom in the battle over the wholesale pricing of Sky Sports channels; share price rose 19p, more than 2.5%, to 762p in early trading on Thursday.
  • The Independent: The Independent: About 20,000 staff at telecoms giant BT are celebrating an average tax-free windfall of £8000 a head as an employee Save-As-You-Earn share scheme vested yesterday; the payout by the Olympic sponsor totals around £240 million.
  • Financial Times: Brazilian operator Desenvix said it was dropping a case against its Chinese partner, Sinovel, the world’s second largest wind turbine maker by production, accused of stealing technology.
  • Financial Times: Cargill has suffered its weakest fiscal year in nearly a decade after losing money in cotton and sugar; the privately held company earned $1.17 billion in the 12 months ended 31 May, the smallest net profit since 2003 and 56% lower than the record $2.69 billion reported in 2011.
  • Financial Times: Natural gas prices jumped 6% due to a lower than expected rise in weekly inventories; Nymex September gas rallied above the key $3 per million British thermal units level.
  • Financial Times: JP Morgan has been forced by regulators to shave 50 basis points off its reported capital levels and has sustained four weeks worth of trading losses in the second quarter, following the $5bn trading loss reported by the bank earlier this year.
  • Financial Times: E-Trade Financial’s chief executive Steven Freiberg has stepped down and will be replaced on an interim basis by Frank Petrilli, the retail broker’s chairman.
  • Financial Times: Kenya will bid to become the first African nation to host the Olympic Games in 2024, Raila Odinga, the country’s prime minister, has said.
  • Financial Times: The US trade deficit narrowed to $42.9 billion in June, the smallest in 18 months.
  • Financial Times: Jaguar Land Rover has warned that continued weak economic conditions in European markets could slow its future expansion.

Share tips, comment and bids

  • The Daily Telegraph: Manchester United's New York floatation was priced at $14 a share tonight, below the $16 to $20 range marketed to investors; it is expected become the most valuable football club in the world, worth about $2.3 billion.
  • Financial Times: US private equity investor the Carlyle Group has said it will acquire TCW, the Los Angeles-based asset manager.
  • Financial Times: Yahoo indicated it may backtrack on its plan to pay shareholders the $5 billion it had previously promised them from the partial sale of Alibaba, the Chinese internet company.
  • The Daily Telegraph: It looks like the old boys' network has triumphed again with the appointment of Sir David Walker as the new Barclays chairman.
  • Financial Times: Vodafone and Telefónica will next week move a step closer to completing a deal to pool their network infrastructure in the UK.
  • The Daily Telegraph (Comment): Unless David Cameron acts fast, we could be heading for an era of Japanese-style paralysis.
  • The Daily Telegraph (Comment): Now that it's not gathering Moss (Andrew that is, the recently ejected chief executive) Aviva is cracking on with the repairs.
  • The Guardian (Comment): Europe needs a new direction. A restructuring of the eurozone, including a transfer of sovereignty, is essential to end the crisis.
  • Daily Mail (Comment): Outgoing chief executive Simon Fox failed to carve a niche for the chain during his six-year tenure. It was a similar story that preceded the demise of Woolworths.
  • The Independent (Comment): Ms McDermott's boss will be talking tough on the Libor scandal today. Mr Wheatley has rightly established that apparently arcane rule breaches by the bonus boys in the City can all too easily filter through to the consumer's threadbare pocket.
  • Financial Times (Lex): Drought has severely compromised this year’s US corn crop, threatening to send prices to fresh highs.
  • Financial Times (Lex): Challenges at home dragged Tata’s domestic car revenues down by a fifth, while net profit halved.
  • Financial Times (Lex): Nestlé continues to do well selling plain food and drink, but it should think about why it adds cosmetics to the mix.

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