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Monday Papers: Vanguard attracts record inflows

And Middle East stock markets collapsed as the lifting of Iran sanctions threatened to unleash a fresh wave of oil onto global markets.

 
Monday Papers: Vanguard attracts record inflows

Top stories

  • Financial Times: Investors have entrusted a record amount of new money to Vanguard, the low-cost asset manager, for a fourth successive year, piling pressure on more expensive fund houses to cut fees.
  • The Daily Telegraph: Stock markets across the Middle East collapsed as the lifting of economic sanctions against Iran threatened to unleash a fresh wave of oil onto global markets that are already drowning in excess supply.
  • The Independent: Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand; none of the so-called “Big Four” firms – PricewaterhouseCoopers, KPMG, Deloitte & Touche and Ernst & Young – has ever faced regulatory investigation for such schemes.
  • The Guardian: The vast and growing gap between rich and poor has been laid bare in a new Oxfam report showing that the 62 richest billionaires own as much wealth as the poorer half of the world’s population.
  • Financial Times: The price of bank debt in Europe’s peripheral countries has fallen sharply since Portugal imposed heavy losses on some Novo Banco bondholders late last month, raising fears that other investors may suffer a similar fate.
  • Financial Times: Iran’s president promised a flood of investment as Iranians celebrated the lifting of sanctions that have left the country outside the global economy for more than a decade.
  • Financial Times: Japanese Prime Minister Shinzo Abe is pressing for President Vladimir Putin to be brought in from the cold, saying Russian help is crucial to tackling multiple crises in the Middle East.

Business and economics

  • The Independent: The world’s wealthiest people have lost hundreds of billions of dollars between them in less than three weeks.
  • Financial Times: Prudential will this week set a benchmark for rivals by becoming the first of the UK insurers to reveal its capital ratio under the new Solvency II rules that came into force at the start of the year.
  • Daily Express: The latest CBI/PwC Financial Services Survey found 49% of firms said profits had gone up, with just 7% saying they had fallen.
  • The Guardian: Stock markets around the world are braced for another turbulent week with key Chinese economic data, tumbling oil prices and a US public holiday all adding to the uncertainty.
  • The Independent: Footfall on the high street “shrivelled” before Christmas as stores were hit by a combination of the wet weather and online shopping.
  • Financial Times: With help from lower oil prices, and certain gold miners benefiting from the weakness of currencies in the countries where they operate, some analysts are cautiously optimistic of an upturn in the gold mining sector for the first time since a long bull market came to an end in 2011.
  • The Daily Telegraph: The European Central Bank will be forced to slash its inflation target as markets have lost faith in its ability to revive the ailing eurozone, according to a stark warning from UBS.
  • Daily Mail: One in six jobs in the steel industry has been lost since the summer, as Tata announced yesterday it is axing 1,000 more jobs from the UK’s biggest steelworks.
  • The Guardian: Clive Palmer’s Queensland Nickel has gone into voluntary administration days after hundreds of its workers were made redundant.
  • The Daily Telegraph: Asking prices for properties have increased only marginally in the last month, while demand on the house-hunting website Rightmove has surged.
  • Financial Times: Central banks in emerging markets could follow counterparts in the developed world and become “market makers of last resort”, using unconventional monetary policies to try and stimulate their flatlining economies, according to Mexico’s central bank chief.
  • Financial Times: Renault is set to be hauled in front of a French government commission on Monday afternoon to explain why tests carried out in the wake of the Volkswagen scandal showed its cars exceeded emission limits.
  • Financial Times: New rules governing interest rate swaps trading in the US on electronic venues have increased liquidity and saved tens of millions of dollars for companies but fragmented the global market, a new study by the Bank of England has found.
  • Financial Times: Home Retail bid is Sainsbury’s attempt to break loss cycle but adding non-food retail business will provide synergies yet it is no solution to problem of discounters.
  • Financial Times: Chinese internet search engine Baidu has come under attack from the country’s technology regulator after a flood of complaints over false advertisements, pornography and leaks of personal information.
  • Daily Mail: Turnover at British luxury watch-maker Bremont has risen by 30% to £11.7 million.

Share tips, comment and bids

  • Daily Mail: Argos's future has become more unclear after Home Retail Group’s boss shunned interest from Sainsbury’s, just as the deal was backed by the supermarket’s former chairman.
  • The Guardian: Woolworths plans to either sell or wind up its struggling home improvement business, which includes the Masters hardware chain, after sustaining heavy losses.
  • Financial Times: European venture capital fund Atomico is partnering with some of the continent’s leading tech entrepreneurs, as it bets on the continued growth of the sector despite signs of waning investor enthusiasm for Silicon Valley start-ups.
  • The Daily Telegraph: Renewable energy group Green & Smart Holdings has announced its intention to float on London’s junior market, AIM.
  • The Guardian (Comment): Why the falling oil price may not lead to boom.
  • Financial Times (Lex): Intuit: Ted Cruz’s threat of postcard tax returns seems a long way off.

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