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Monday Papers: US energy boom helps fuel Obama’s export goal

And French anti-money laundering authorities have raised the alarm over recent acquisitions of vineyards by Russian and Chinese investors.

Monday Papers: US energy boom helps fuel Obama’s export goal

Top stories

  • Financial Times: The value of US fuel exports has grown faster than other goods and commodities during Barack Obama’s presidency, according to a Financial Times analysis, emerging as a driving force behind his goal to double exports by 2015.
  • Financial Times: French anti-money laundering authorities have raised the alarm over recent acquisitions of vineyards by Russian and Chinese investors.
  • Financial Times: US regulators are investigating the hiring practices of JP Morgan Chase in Hong Kong, in a move that could cast an unflattering light on the relationships between Wall Street banks and the sons and daughters of Chinese government officials.
  • The Guardian: Vodafone made a previously unreported multimillion-pound settlement with HM Revenue & Customs in the wake of a dispute over the tax paid by an Irish subsidiary created to collect royalty payments for using its brand.
  • The Daily Telegraph: Google is trying to avoid a potentially costly bill in the UK for allegedly breaching the privacy of iPhone users by arguing it is not subject to British laws.
  • Daily Mail: Banking group Lloyds is in talks to sell its German insurance business, Heidelberger Leben, to Frankfurt-listed insurer Hannover Re for £341 million, less than half it had originally been hoping to achieve.
  • Financial Times: Chinese workers have stepped up their campaign to scupper India-based Apollo Tyres’ acquisition of Ohio-based Cooper Tire--India’s largest acquisition of a US company--warning of continuing disruption at a joint venture that is a central element of the $2.5 billion cross-border deal.
  • The Daily Telegraph: New details of bribery allegations against Bernie Ecclestone over the sale of Formula One to the private equity firm CVC have been given by prosecutors in Germany.
  • The Guardian: Britain’s Department for Business, Innovation and Skills has asked the auditing firm RSM Tenon to investigate whether a 2006 Barclays loan to a company owned by businessman Jeffrey Morris contravened the now defunct small firms loan guarantees scheme.
  • The Independent: University academics are poised to own a fifth of Nats, Britain's air traffic controller, after their pension fund beat a German state agency to buy the stake, thought to be worth about £160 million.
  • The Daily Telegraph: The low morale of the Royal Mail workforce has been laid bare by an internal report which reveals just 28% of the staff have confidence in the decisions of the senior management team led by chief exec Moya Greene.

Business and economics

  • The Guardian: The CBI has raised its forecast for UK economic growth this year to 1.2% – double the pace predicted by George Osborne in his March budget – as the business lobbying group cited mounting confidence across the British economy.
  • Financial Times: Jeremy Outen, the man appointed to co-ordinate the fight against financial crime in the new National Crime Agency, will not be taking up the top job, in the latest setback for the government and its shake-up of the service.
  • The Daily Telegraph: Requests for help to investigate banks and other financial services firms from the US authorities have quintupled since the financial crisis, as British regulators have had to cope with a string of investigations into international industry scandals.
  • The Guardian: Greece dismissed the chairman of its privatisation agency on Sunday after a newspaper reported that he travelled on the private plane of a businessman who had bought a state company.
  • Financial Times: India has rejected suggestions that its faltering economy faces a balance of payments crisis and has ruled out new capital restrictions on foreign investors, despite rising concerns about rapid rupee depreciation, capital outflows and a falling stock market.
  • The Independent: British businesses are losing more than £7 billion a year due to a combination of low bank interest rates and above-target inflation, new figures from accountancy firm UHY Hacker Young reveal.
  • Financial Times: The biggest US futures exchange’s campaign to break into North Sea oil has been marked by unusual trading patterns as computerised firms engineer ways to exploit a cash-for-volume scheme, according to market participants.
  • The Daily Telegraph: Britain's smaller accounting firms have accused the industry regulator of perpetuating the "cosy" world of the "Big Four" accountants with its opposition to five-year tendering of company audits.
  • Financial Times: Google suffered a brief and rare outage on Friday when all of its services became inaccessible for up to five minutes, but analysts said the internet search company emerged without a meaningful dent to its revenues or reputation.
  • The Guardian: Thousands of people marched through the Sussex countryside on Sunday in the biggest show of strength to date for the UK's anti-fracking movement, the start of a three-day campaign against exploratory drilling near the village of Balcombe in west Sussex.
  • The Daily Telegraph: Lord Browne, the chairman of Cuadrilla Resources, has said fracking for gas is in the “national purpose” and that it is far more environmentally friendly than importing gas.
  • Financial Times: Goldman Sachs has been trying to recruit other banks to its electronic bond trading platform, in a move which highlights some of the tentative industry efforts under way to boost liquidity in the $9.1 trillion market for corporate debt.
  • Financial Times: Freepoint Commodities, a two-year-old energy and metals trading house, is extending its reach into oil and gas production assets with a deal in the US Gulf of Mexico.
  • The Daily Telegraph: The Eurofighter Typhoon jet has attained new levels of accuracy, leading military figures have said, as it reaches its first decade of service.
  • Financial Times: The biggest US cable and telecommunications companies, including Comcast and Verizon, are pushing for a relaxation of privacy rules in Washington that could allow the companies to sell information about their customers’ telephone use and other services.
  • Financial Times: The first live Premier League football match shown by BT was watched by a peak audience of 764,000 viewers, marking a respectable start to its attempt to challenge Sky’s 20-year dominance of live sports in the UK.
  • The Independent: Peter Kennedy, the executive chairman and founder of the smart meter firm Bglobal, was ousted last week after a revolt by investors over its weak performance and destruction of value.
  • Financial Times: 71% of British businesses polled said they were planning to use innovative ideas and services to bolster their revenues - up from 54% three years ago, according to a study published on Monday by the EEF manufacturers’ association.
  • The Daily Telegraph: Guildford is the luxury shopping capital of the UK, according to new research by Experian.

Share tips, comment and bids

  • The Guardian: W&G Investments, the contender for 315 Royal Bank of Scotland branches, will float on the London stock market this week in the hope of raising £15 million to support its bid.
  • Daily Mail: Historic department store chain House of Fraser is poised to return to the stock market after an absence of almost a decade.
  • The Guardian (Comment): Australia emerged from the global recession largely unscathed, but now bears the hallmarks of an industrial base hollowed out.
  • Financial Times (Lex): Estée Lauder: Maker of the eponymous cosmetics line and an impressive list of brands including Clinique, MAC, and Aveda looks to be in all the right places
  • Financial Times (Lex): China’s bad banks: Likely listing of asset management groups is reminder of how country dealt with big debt problem just as, pessimists say, it prepares to face another
  • Financial Times (Lex): Return on equity: Like all measurements based on bottom line of profit and loss statement, there are ways it can be massaged or persistently distorted by one-offs

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The Accumulator: FTSE see-saws on trade war fears

by Michelle McGagh on Jun 22, 2018 at 14:57

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