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Saturday Papers: Independent Scotland would lose UK's AAA rating, warns Citigroup

And Poland, Hungary, the Czech Republic and Slovakia have urged the US Congress to help them buy American natural gas.

Saturday Papers: Independent Scotland would lose UK's AAA rating, warns Citigroup

Top stories

  • The Daily Telegraph: Independent Scotland would lose UK's AAA rating, warns Citigroup; the banking giant says an independent Scotland "would have a relatively weak and risky fiscal position".
  • Financial Times: Poland, Hungary, the Czech Republic and Slovakia have urged the US Congress to help them buy American natural gas and reduce their dependence on Russia by loosening US export limits.
  • Daily Mail: A Bank of England trader known as ‘The Hammer’ will be thrust into the limelight next week when Governor Mark Carney is quizzed over the rigging of currency markets.
  • The Guardian: The average cost to advertise on Twitter fell 18% in the last three months of 2013, the company disclosed Friday.
  • The Guardian: The US unemployment rate rose to 6.7% in February, even as the economy added more jobs than economists had expected; according to the Labour Department’s latest non-farm payrolls survey, 175,000 new jobs were created in February.
  • The Daily Telegraph: Vodafone raises bid for Spanish company Ono; the UK company told offer has to be substantially higher than €7 billion to succeed.
  • The Independent: Prominent UK banks are at the centre of a dispute over allegations that numerous foreign accounts were set up in the name of former Ukrainian Prime Minister Yulia Tymoshenko and her family.

Business and economics

  • Daily Mail: RBS and Lloyds bosses in line for share awards worth more than £35 million despite widespread losses.
  • The Guardian: Santos fined after coal seam gas project contaminates aquifer 'with uranium'; NSW under pressure to break fast-tracking agreement after energy producer fined $1,500 for ‘pollution incident’ in the Pilliga.
  • Financial Times: Wm Morrison is poised to disappoint investors next week with hundreds of millions of pounds of writedowns to its property portfolio and a smaller than hoped for sell-off of its real estate.
  • Daily Mail: More people expect an interest rate rise in the next 12 months than at any time for nearly two years, an influential poll showed yesterday; the GfK NOP survey for the Bank of England found 40% of those asked think rates will rise in the coming year - the highest level since May 2012.
  • Financial Times: Guy Hands has unexpectedly agreed to transfer his long running lawsuit against Citigroup, over his firm’s ill-fated £4.2 billion acquisition of EMI, to London from the US.
  • The Daily Telegraph: Bookmaker Paddy Power warns that changes to planning or licensing rules to block further betting shops opening on Britain's high streets would be capable of challenge under EU law.
  • Financial Times: BP is calling for a trial to hear arguments about the environmental harm caused by its 2010 oil spill in the Gulf of Mexico.
  • Daily Mail: Seven new aerospace defence research projects intended to keep Britain at the forefront of the market have been handed £60 million in an initiative jointly funded by government and industry; AgustaWestland will work to improve passenger comfort and reduce vibrations in next-generation helicopters; Rolls-Royce is leading two programmes to develop quieter and more efficient aero-engines.
  • The Guardian: The union representing Rolls-Royce managers has blamed the company's "bonus culture" for the string of bribery and corruption scandals dogging the company.
  • Daily Mail: Upmarket oven-maker Aga is targeting China’s burgeoning middle classes - with a cooker that encompasses a wok; it came as sales of the Aga Rangemaster cooker rose 10% last year after more people moved house.
  • Financial Times: The government of Kazakhstan will seek $737 million in damages from the consortium of international companies developing the Kashagan Caspian Sea oilfield, in the latest blow to the $50 billion megaproject.
  • Daily Mail: Top secret report published by the Treasury Select Committee of MPs reveals dysfunction at the heart of Co-op's bank board which led to its downfall.
  • The Guardian: Co-op Bank's boardroom review shows Paul Flowers was praised by fellow directors for his 'thorough preparation'.
  • Daily Mail: British Gas has launched a new dual fuel tariff with a difference - it comes with the added bonus of an app which acts as a remote, allowing you to switch on or turn off your heating and hot water from outside the home.
  • The Independent: Peter Rees, the man who helped create the capital’s skyline, is to take up a professorship at University College London after nearly three decades as the City of London’s chief planner.
  • Financial Times: Jesse Litvak, a former Jefferies bond trader, was convicted on Friday of lying about the price of mortgage bonds to defraud investors, including a US government programme set up to stablise the financial system.
  • Daily Mail: Halifax is offering to foot the stamp duty bill for first time buyers purchasing properties up to £250,000.
  • The Guardian: The Japanese government has issued a statement on how to regulate bitcoin, on the same day as 180,000 bitcoins linked to collapsed Tokyo-based exchange Mt Gox are transacted.
  • The Independent: Chinese investors were given a wake-up call yesterday as the country witnessed its first onshore corporate bond default in recent history; solar panels manufacturer Shanghai Chaori Solar failed to meet an Rmb89.8 million (£8.8 million) interest payment due yesterday.
  • Financial Times: An aggressive cyber weapon called Snake has infected dozens of Ukrainian computer networks including government systems in one of the most sophisticated attacks of recent years.
  • Financial Times: Peter Wuffli, UBS’s chief executive in the run-up to the financial crisis, is to become chairman of Swiss private equity company Partners Group.
  • Financial Times: Copper dropped to a seven-month low in heavy volume after a bond default in China added to growing concerns about slowing economic growth and demand from the world’s biggest consumer of the metal.
  • Financial Times: Investors lifted shares of Foot Locker as the US athletic shoe retailer forecast profit and sales growth in the coming year.

Share tips, comment and bids

  • Daily Mail (Market Report): Shares soar at Verdes Management after entrepreneur David Breith saves it from the brink of administration; he personally acquired a 22.24% stake in a ‘rescue’ £750,000 share placing which also saw Helium Rising Stars Fund take a 10.75% shareholding.
  • Daily Mail (Small Cap Movers): North Sea junior Independent Oil & Gas (up 24% yesterday at 44p) has been one of the top performing shares in the small cap market, almost doubling in the past three days; analyst Brendan Long values the company at 100.4p per share; RFC Ambrian predicts Fastnet shares (down 1% yesterday at 12.12p) could be worth as much as 96p by the end of this year; Africa focussed Tower Resources (down 3.7% yesterday at 6.37p) scaled to a new 52 week high as excitement builds ahead of the Welwitschia-1 well, offshore Namibia.
  • Financial Times: Daimler is set to sell its 50% stake in Rolls-Royce Power Systems to Rolls-Royce.
  • The Guardian: Online fashion chain has confirmed it will list on the London stock market next week with a market value of £560 million.
  • The Guardian: Karl Lagerfeld and a Macau casino operator have announced plans for the Chanel designer to create his first hotel.
  • Financial Times: Ryanair’s attempt to retain its near 30% stake in Aer Lingus was blocked by the competition authority on Friday.
  • The Daily Telegraph: Loss-making gym chain LA fitness has changed hands under a debt-for-equity swap and is also seeking to offload 33 clubs to secure its future.
  • Financial Times: Randall Stephenson, AT&T’s chief executive, poured more cold water on speculation that the US telecoms group might bid for Britain’s Vodafone.
  • Financial Times: Israeli tycoon Beny Steinmetz is on the brink of losing African iron-ore prospects worth $5 billion.
  • Daily Mail (Comment): Bank of England faces probe by the oversight committee into rate rigging of forex; the Bank has released 188 pages of minutes and documents from the Foreign Exchange Joint Standing Committee.
  • The Daily Telegraph (Comment): Europe’s muddled stance on Ukraine is familiar and disappointing.
  • Financial Times (Lex): Safeway: with consolidation, the supermarket industry is finally making sense in the US.
  • Financial Times (Lex): Boohoo: internet fast-fashion retailer’s valuation teeters, but may still appeal.

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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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