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Saturday Papers: Cameron ready to champion BAE tie-up

The British government is preparing to lobby American and European leaders to back BAE Systems' proposed merger with EADS.

 
Saturday Papers: Cameron ready to champion BAE tie-up

Top stories

  • The Daily Telegraph: The British government is preparing to lobby American and European leaders to back BAE Systems' proposed merger with EADS.
  • The Daily Telegraph: BAE Systems' proposed merger with EADS has been branded "grand theft aero" by analysts who argue a deal would be "a steal" for the Franco-German owner of Airbus.
  • Financial Times: Mitt Romney has released details of 20 years’ worth of tax payments in an effort to rebut claims of secrecy over his personal income and steady his stuttering presidential bid after weeks of campaign mishaps.
  • The Guardian: UBS trader Kweku Adoboli rode a dealmaking rollercoaster in the summer of 2011 that drove up his losses by nearly $2 billion in one month, London's Southwark crown court heard on Friday.
  • The Independent: Britain's high street banks have outlined plans to clean up the sector's act following a summer of scandal for the industry.
  • The Independent: The Adidas, supplier of Olympic kit for Team GB athletes, yesterday slashed sales forecasts for its Reebok brand after it lost to rival Nike the rights to supply all NFL American football jerseys.
  • Financial Times: Workspace Group, the provider of small business space in and around London, is to raise up to £75 million via an issue of bonds to retail investors on the London Stock Exchange’s Order Book for Retail Bonds (Orb) platform; the bonds will pay a coupon of 6% each year in two instalments until they mature in 2019.

Business and economics

  • The Daily Telegraph: Gold has hit a high for the year on speculation that Spain may be working on a request for financial help from other European countries; December gold rose $7.80 to finish at $1,778 per ounce.
  • The Guardian: News Corp shareholders have reacted angrily to news that James Murdoch could soon run the media giant's flagship Fox TV channel.
  • The Guardian: HSBC has announced a link-up with the Post Office that means the bank's customers will be able to access their current accounts at post office counters.
  • Financial Times: Ageas has moved to bulk up its presence in the British general insurance market with an agreement to buy the UK operations of Groupama, the troubled French mutual, for £116 million.
  • The Independent: Harry Potter publisher Bloomsbury has launched its own imprint in India.
  • The Daily Telegraph: Honda has disclosed plans to double sales in the next five years, signalling a boost for British car making.
  • The Guardian: Spain crept closer to a bailout as the government leaked plans to cut pension spending and senior bankers and business leaders called for the prime minister, Mariano Rajoy, not to postpone his decision too long.
  • The Daily Telegraph: A decision on granting Greece the next round of its bail-out will be delayed until after the US election to avoid the risk of an economic earthquake jeopardising President Barack Obama's chances of being returned to the White House, European officials have said.
  • The Daily Telegraph: HSBC has warned that Britain risks seeing businesses leave the country unless the authorities deal with the reputational damage done to the country by recent banking scandals.
  • The Daily Telegraph: Paul Volcker, the former Federal Reserve chairman credited with taming the inflationary threat of the 1970s, has warned that further quantitative easing will fail to repair economies in Europe and the US.
  • Financial Times: Charles Schwab, the financial services company, reduced fees across its entire range of ETF range.
  • Financial Times: Fresh battle lines have been drawn in the world of bond exchange traded funds with Bill Gross of Pimco calling on an audience of US financial advisers to abandon rival passive fixed income ETFs offered by Vanguard and iShares.
  • Daily Express: HMV is pinning its hopes on boy band One Direction to boost Christmas sales and keep it on track for annual profits.
  • The Daily Telegraph: IMF managing director Christine Lagarde has said that Europe can only solve its debt crisis if countries such as the US bring their banks under control.
  • The Daily Telegraph: NewBuy, a scheme to give home buyers with smaller deposits a helping hand to buy a newbuild property is set to hit a milestone of 1,500 reservations this weekend, six months after its launch.
  • The Daily Telegraph: Royal Dutch Shell is suing Greenpeace International in an attempt to have the environmental organisation banned from holding any protest within 500 metres of any Shell property, or face a €1 million fine.
  • Financial Times: Shares in Research In Motion stumbled following a disruption in its BlackBerry services in Europe, the Middle East and Africa.

Share tips, comment and bids

  • The Daily Telegraph: Diageo is closing in on a deal to take a significant stake in United Spirits, the Indian drinks giant controlled by Vijay Mallya, the tycoon behind Formula One's Force India team.
  • Daily Express: BP could buy a large stake in -Russia's biggest oil company Rosneft as part of its commitment to investing in the country "for decades to come".
  • The Independent: The designer brands giant Richemont yesterday acquired the upmarket leisurewear brand Peter Millar, popular with US golfers.
  • Financial Times: JJB Sports is close to striking a deal to sell its sporting goods business, with terms set to be agreed early next week; Sports Direct International, the rival sportswear retailer controlled by Mike Ashley, remains the frontrunner to buy the business.
  • The Daily Telegraph: The Xstrata-Glencore deal deadline has been extended amid discussions on the replacement of Mick Davis, who would head up the group for the first six months.
  • Daily Express: Universal got the go-ahead for its £1.2 billion takeover of rival EMI but it came with strings attached.
  • The Guardian: Universal Music chairman and chief executive Lucian Grainge has reiterated his pledge to make £100 million in annual savings after buying EMI, despite being forced to sell off nearly a third of the British group.
  • Daily Express: Ryanair may sell its stake in Aer -Lingus if regulators block its bid to take over the Irish flag carrier.
  • Daily Express: Beleagured security firm G4S has won its first big UK deal since it failed to supply enough staff for the Olympics; It won a £13 million, five-year contract to manage the electronic tagging of offenders in Scotland from April next year, when it takes over from rival Serco.
  • Financial Times (Lex): Universal Music: regulators have strong-armed the buyer into selling assets that account for about a third of EMI’s £1 billion of sales.
  • Financial Times (Lex): Nike and Apple: the two US groups look alike, and both sell premium products, but trainer brand should take a leaf out of iPhone maker’s book.

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Pension power! How investment trust plans compare

by Gavin Lumsden on Oct 31, 2014 at 16:36

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