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Monday Papers: Irma unleashes its fury on Florida coast

And IPO market is in good health even as big tech waits for better days.

 
Monday Papers: Irma unleashes its fury on Florida coast

Top stories

  • Financial Times: Hurricane Irma smashed into Florida on Sunday, leaving more than 2m properties without power as 130mph winds and sea surges damaged buildings and caused flooding from the Keys, a string of low-lying islands on the state’s southernmost tip, north up the Gulf coast.
  • Financial Times: The last leg of the year is set to be a busy one for initial public offerings on both sides of the Atlantic, with companies including Italy’s Pirelli, Alibaba-backed Best Logistics and video streaming platform Roku lining up to list.
  • The Times: Lloyd’s of London is braced to absorb an estimated $200 billion of losses from Hurricane Irma, its predecessor Harvey and the forthcoming Jose, with enough reinsurance to divert the bulk of expected claims from underwriters.
  • The Daily Telegraph: The finance chief of Carillion is set to quit the troubled support services company, with an announcement expected as early as Monday.
  • Financial Times: Europe’s leading activist investor, Christer Gardell, the co-founder of Cevian Capital, the Swedish activist investor with $15 billion in assets, has called the end to conglomerates, saying the next big trend will be for them to shrink by selling non-core businesses.
  • Financial Times: Goldman Sachs is looking to expand its retail banking business to the UK, replicating its mass-market offering in the US, as it continues a steady march from Wall Street to Main Street.
  • Financial Times: Henri de Castries, the former chief executive of insurance company Axa, will become chairman of the European operations of US private equity firm General Atlantic.

Business and economics

  • Financial Times: Apple will this week test its customers’ loyalty, buying power and enthusiasm for innovation when it unveils the first iPhone to cost as much as $1,000.
  • The Guardian: Windfarms around Britain’s coast will beat the planned nuclear power station Hinkley Point on price when the winning bidders for a £290 million-a-year pot of government subsidies are announced on Monday, experts predict.
  • Daily Mail: Morrisons is expected to post rising sales and profits when it releases half-year results on Thursday.
  • The Guardian: The Middle East arm of Bell Pottinger is in talks to separate from the scandal-hit PR agency, as its parent prepares to go into administration as soon as Monday.
  • The Daily Telegraph: The City's top lobby group is urging the Government to make sure any laws introduced post-Brexit do not dent demand for Islamic finance as enquiries from banks to set up Shariah-compliant services soar.
  • The Daily Telegraph: The Chinese government has signalled it will join the line of nations queuing up to ban the sale of diesel and petrol vehicles in the coming decades.
  • The Times: The value of bitcoin will be scrutinised by investors around the world after the cryptocurrency plunged by more than 7% on Friday amid rumours that China is planning to shut local exchanges.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): QinetiQ’s ski-jump decline may lead to a medal finish rather than a crash landing.
  • The Daily Telegraph: A Scottish housebuilder is preparing to make its stock market debut to take advantage of a £1.8 billion subsidy plan to build tens of thousands of affordable homes in the next five years.
  • The Times: Britain’s biggest nightclub operator Deltic Group is set to turn up the volume in the bidding for Revolution Bars as it prepares to put a merger proposal on the table.
  • Financial Times: Commodity merchants Vitol and Mercuria are on the shortlist to buy Noble Group’s $1 billion Americas-focused oil business as the debt-laden trading company scrambles to pay down debt to avoid bankruptcy.
  • Financial Times: Royal Dutch Shell is joining forces with a Nigerian company Shoreline Energy to develop gas pipeline infrastructure in the country in a deal that highlights the push by the world’s biggest energy groups to entrench demand for gas in growing economies of Africa.
  • Financial Timed: ManoMano, a French DIY website, has raised €60 million to try to take on bricks-and-mortar DIY retailers in Germany and the UK, where chains including B&Q and Homebase have suffered big falls in sales.

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