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New Year's Eve Papers: UK draws line under ‘banker bashing’

And economic growth will disappoint again in 2016, warns IMF's Christine Lagarde.

New Year's Eve Papers: UK draws line under ‘banker bashing’

Top stories

  • Financial Times: A review of Britain’s banking culture has been ditched by the UK’s financial watchdog only months after its launch, in the latest sign that the years of “banker bashing” are coming to an end.
  • The Daily Telegraph: The world's stuttering economic recovery will continue to disappoint next year, the head of the IMF has warned; rising US interest rates, a Chinese slowdown and disappointing world trade will all weigh on growth prospects in 2016, said Christine Lagarde.
  • The Guardian: The government is launching a review into airport retail taxes after revealing that shops are ripping off travellers by failing to pass on up to 50% of their VAT savings to customers.
  • The Daily Telegraph: Saudi Arabia will continue to pump record amounts of oil in the face of decade-low energy prices, the kingdom's oil minister has said.
  • Financial Times: Sustained pressure on oil prices set a fractious tone to trade on Wednesday, hitting energy stocks, which were among the main fallers on European and US stock indices.
  • Financial Times: The rouble fell to its lowest level in more than a year on Wednesday as Russians faced the prospect of a second successive year of recession in 2016 amid continued oil price weakness.
  • Financial Times: Investors have reacted with anger and threatened legal action after Portugal announced plans to impose heavy losses on almost €2 billion of senior bonds at Novo Banco, the bank created from the ruins of Banco Espírito Santo.
  • Financial Times: Apple has agreed to pay a €318 million fine in Italy to settle a long-running investigation into the US technology company’s tax arrangements in the country, according to Italian authorities.
  • Financial Times: Generali is preparing to offer chief executive Mario Greco a more generous pay deal in an attempt to stop him from defecting to rival insurer Zurich.
  • Financial Times: Shares in UK online supermarket Ocado touched a 52-week low on Wednesday as investors grew increasingly concerned about competition from a rival service at Amazon.

Business and economics

  • The Independent: Some of the world’s richest have ended the year just a little bit poorer according to Bloomberg, which said 2015 was the first year its wealth index had declined since 2012.
  • Daily Mail: Shares in the Asia-focused banking sector fell yesterday amid talk that China’s central bank suspended at least three overseas banks from foreign exchange business; Standard Chartered Bank, HSBC, Germany’s Deutsche Bank, France’s BNP Paribas and US-based Citigroup all fell after the move by the People’s Bank of China.
  • Daily Mail: Higher interest rates could derail the economic recovery in Britain by hitting profits and jobs, say business leaders.
  • Daily Mail: Troubled Indian drinks group United Spirits is set to take a ‘sickie’ to oust its entrepreneur chairman Vijay Mallya, it emerged yesterday; the firm, in which Guinness and Johnnie Walker whisky maker Diageo has a 55% stake, seeks shareholder approval next month to tell watchdogs about its financial condition under the country’s Sick Industrial Companies Act (SICA).
  • Daily Mail: The Ministry of Defence has handed privately-owned engineering group Marshall of Cambridge a multi-million pound contract to maintain the Royal Air Force’s fleet of C-130 Hercules transport aircraft.
  • The Guardian: Puerto Rico has run out of time and money and will default on $37 million of its debt repayments on 1 January, Governor Alejandro Padilla confirmed on Wednesday.
  • The Daily Telegraph: Royal Dutch Shell has started production at the Corrib offshore gas field off the western coast of Ireland - 20 years after discovering it.
  • The Daily Telegraph: The boss of China Telecom has resigned just three days after authorities launched an investigation into his conduct, becoming the latest victim of a corruption crackdown.
  • Financial Times: Reinsurers are facing further pressure after the December contract renewal season delivered another year of falling prices - the fourth in succession.
  • Financial Times: Amazon shares hit an all-time high this week as investors cheer what the world’s biggest online retailer has described as a “record-breaking holiday season” for its delivery services, following a wave of last-minute online shopping before Christmas.
  • Financial Times: FedEx has become the latest of the US’s big parcel delivery companies to suffer a troubled holiday shopping season after it was forced to seek volunteers to deliver packages on Christmas Day.
  • Financial Times: The chief executive of Noble Group has questioned Moody’s decision to downgrade the commodity trader’s credit rating to junk status, saying weak raw material prices would not affect its profitability.
  • Financial Times: Etihad Airways is to appeal a German court ruling that has rejected its right to jointly sell tickets for certain routes operated by Air Berlin this winter.
  • Financial Times: The last listed company associated with disgraced biotech entrepreneur Martin Shkreli has filed for bankruptcy in the US, just days after its shares were suspended following the businessman’s arrest on securities fraud charges.
  • Financial Times: The City of London’s brokers received an early Christmas present as it emerged that the threat of draconian rules on bonuses and research that had overshadowed them for much of 2015 was likely to be watered down.
  • Financial Times: Investors are anticipating a new round of dealmaking among some of the world’s biggest stock exchanges next year as they look to boost their revenue streams by accessing new markets and products.
  • Financial Times: Swiss private bank Julius Baer has set aside an extra $200 million after reaching an agreement in principle with US authorities to settle a tax-avoidance investigation.
  • Financial Times: South Korea’s antitrust watchdog has ordered Hyundai Motor and sister company Kia Motors to sell part of their stakes in affiliate Hyundai Steel by Thursday to comply with the country’s law against newly formed or expanded cross-shareholdings.
  • Financial Times: In the litany of accounting problems emerging at Chinese companies, Hong Kong-listed China Animal Healthcare has managed a first: losing five years of financial statements midway through a forensic audit ordered by regulators.
  • Financial Times: Nasdaq claims to have broken new ground on use of blockchain with a share sale on Wednesday that used a system based on the technology.

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4 comments so far. Why not have your say?

Raj Patel

Dec 31, 2015 at 10:24

Wish you Happynew years Have Healthy &Wealtheylife to Evertone

Raj patel London

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Raj Patel

Dec 31, 2015 at 10:25

Worrey Everyone's

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Raj Patel

Dec 31, 2015 at 10:26

Sorrey Everyone's

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uphill swimmer

Dec 31, 2015 at 15:06

Cheers Raj la, if we keep Barkley fit, we can finish above the red men.

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