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Saturday Papers: Barclays faces probe into capital raising fees

And America's economy slowed in the second quarter as consumers chose to increase their savings.

Saturday Papers: Barclays faces probe into capital raising fees

Top stories

  • The Daily Telegraph: Barclays has been engulfed in a fresh crisis, in the wake of the Libor scandal, after the bank admitted it is being investigated over fees paid to Middle Eastern investors at the height of the financial crisis.
  • Daily Mail: Barclays’ pre-tax profit jumped 13% to £4.2 billion, well ahead of analysts’ consensus estimate of £3.8 billion, thanks to a strong showing from its retail and corporate divisions.
  • The Daily Telegraph: America's economy slowed in the second quarter as consumers chose to increase their savings in the face of a deteriorating jobs market; it expanded at an annual pace of 1.5%, down from a revised 2% in the first three months of the year, the Commerce Department said.
  • The Daily Telegraph: Ratings agency Standard & Poor's reaffirmed UK's coveted 'AAA' credit rating, but warned it will be at risk should UK economic growth fall short of its expectations.
  • The Independent: Oil major BP's woes in Russia deepened yesterday after a Siberian court landed it with a $3 billion bill for damages over its failed tie-up with state-owned Rosneft in 2010.

Business and economics

  • The Daily Telegraph: Google has admitted that it failed to delete all the data it collected illegally from its Streetview programme despite repeated assurances that it had been erased.
  • Financial Times: Three men in their 40s – Mike Cavanagh and Daniel Pinto, the new co-chief executives of the expanded investment bank, and Matt Zames, now co-chief operating officer - are now the clear favourites to succeed Jamie Dimon as head of JPMorgan Chase.
  • Financial Times: A US court has frozen $38 million held at brokerage accounts in Hong Kong and Singapore on allegations traders illegally bought shares of Canadian oil group Nexen days before it agreed to be acquired by China’s Cnooc.
  • The Independent: Airbus yesterday admitted the launch of its A350 passenger jet will be delayed by another three months because of wing problems at the British factory making them.
  • The Daily Telegraph: Facebook has lost almost $50 billion in market value since floating, as investors sent its shares tumbling to a record low following its maiden results.
  • Financial Times: Chevron narrowly beat market expectations even though second-quarter net income in the three months to June fell from $7.7 billion a year earlier to $7.2 billion.
  • The Daily Telegraph: The International Monetary Fund praised Spain for measures it is taking to confront the crisis but warned their success would depend on lower stress within debt markets.
  • Daily Express: Carphone Warehouse said a lack of affordable smartphones had hit demand amongst its pre-pay customers, contributing to a 2% fall in like-for-like sales at 2,400 Carphone Warehouse Europe stores in the three months to the end of June.
  • The Daily Telegraph: Formula One’s key holding company, Luxembourg-based Delta 2, has bucked the economic downturn and announced a 6% increase in revenues for the year-ending 31 December 2011.
  • Daily Mail: Pearson's brand Penguin saw sales fall 4% to £441million in the half as EL James's tale of a steamy relationship between a college graduate and young business magnate sold more than 30million copies.
  • The Daily Telegraph: The "bad bank" running down the toxic loans of collapsed lender Northern Rock said about 10% of its customers were struggling to meet mortgage repayments.
  • The Independent: Samsung's Galaxy smartphones are outselling rival Apple's iPhones by nearly two to one, leading to record second-quarter profits for the Korean technology giant.
  • The Daily Telegraph: William Hill is planning a fresh legal assault to force customers of Betfair, the gambling exchange, to pay a levy towards UK horse racing.
  • The Daily Telegraph: JJB Sports chief executive Keith Jones is stepping down from the troubled retailer with immediate effect.
  • Financial Times: Investors in the US withdrew $11.5 billion from funds that invest in domestic stocks in the week to Thursday, according to data from Lipper.
  • Financial Times: UBM, the publisher and exhibitions group, has launched a strategic review of its data services business as it unveiled strong growth in first-half pre-tax profits.
  • Financial Times: Recent acquisitions helped Spectris, the precision instrument and industrial controls company, overcome tougher trading conditions to report a jump in both revenues and pre-tax profit for the first half of 2012.
  • Financial Times: Buyout group KKR bucked the trend of weak markets during the second quarter as the deal struck last month to merge Alliance Boots with the pharmacy chain Walgreens boosted its balance sheet.
  • Financial Times: UK Asset Resolution repaid a further £788 million to the government in the first half of the year, reducing its outstanding loans to £45.8 billion.
  • Financial Times: Amazon’s share price leapt upward even though the company’s second-quarter net income dropped 96% from last year.

Share tips, comment and bids

  • The Daily Telegraph: Universal Music Group may be forced to offload EMI's most lucrative label, Parlophone, in an attempt to placate EU regulators.
  • Financial Times: Piraeus Bank, the fourth-largest Greek lender, will acquire the healthy assets of state-controlled Agricultural Bank of Greece in a deal approved by the country’s international creditors, the central bank announced on Friday.
  • Financial Times: Burberry is to terminate its contract with Interparfums, the French company that develops and sells its perfume and cosmetics products; the British luxury group will pay €180 million in cash to extricate itself from the agreement.
  • The Daily Telegraph: Broadcasting giant BSkyB has bought Parthenon Media Group, producer and distributor of content, to accelerate plans to sell its British-made television programmes overseas.
  • The Independent: Apple last night landed a chunky $356 million takeover of US fingerprint security firm AuthenTec in a deal that will see it explore ways in which it can improve security for its customers.
  • Financial Times: Hong Kong billionaire Li Ka-shing extended his exposure to the steady earnings of British utilities after a consortium led by his flagship Cheung Kong Holdings agreed to buy Wales and West Utilities, the UK gas company, for £645 million.
  • The Daily Telegraph (Comment): Financial Services Authority probe proves Barclays hasn't learnt the lessons of Libor. After the interest-rate rigging scandal, the bank's finance director Chris Lucas is now embroiled in an FSA investigation.
  • Daily Mail (Comment): Sport has an ability to lift the spirits. So maybe the Games can begin the process of restoring east London. A dream, perhaps? Not if we really put the country’s AAA credit rating and gold-medal performances to work.
  • Daily Mail (Comment): One of the conundrums thrown up by this week’s dire figures on the economy is that some of our biggest manufacturers are still doing very nicely, thank you.
  • Financial Times (Lex): US economy – second-quarter data showed a slowdown. Output rose at an annual rate of 1.5% against a 2% gain in the prior quarter – or maybe it didn’t.
  • Financial Times: European cars – the lowest European automotive demand in almost two decades has forced some manufacturers to act, but there is much more work to be done.
  • Financial Times: Barclays’ shares jump 8% as it brushes aside the Libor scandal to produce good results. But the bank still has much to do to win over investors.

2 comments so far. Why not have your say?

Rob Walker

Jul 28, 2012 at 08:40

"Amazon’s share price leapt upward even though the company’s second-quarter net income dropped 96% from last year"


report this

Jeremy Bosk

Jul 28, 2012 at 15:23

"Financial Services Authority probe proves Barclays hasn't learnt the lessons of Libor. After the interest-rate rigging scandal, the bank's finance director Chris Lucas is now embroiled in an FSA investigation."

Infamy, infamy, everybody's got it infamy!

report this

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