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Saturday Papers: Saudi Aramco considers shelving international IPO

And Philip Hammond forced to backtrack after calling EU 'the enemy' as he denies sabotaging talks.

 
Saturday Papers: Saudi Aramco considers shelving international IPO

Top stories

  • Financial Times: Saudi Aramco is considering shelving plans for an international listing in favour of a private share sale to the world’s biggest sovereign wealth funds and institutional investors.
  • The Daily Telegraph: Philip Hammond's political fightback unravelled today after he was forced to apologise for describing the EU as "the enemy" ahead of crucial talks in Brussels next week.
  • Financial Times: Donald Trump has called for sweeping new international sanctions on Iran and vowed to scrap a landmark nuclear deal unless Congress and US allies find a way to make it even harder for Tehran to develop nuclear weapons and long-range ballistic missiles.
  • The Times: Aldermore, a specialist lender and savings bank, has confirmed that it is in talks with FirstRand of South Africa about a possible £1.1 billion takeover, becoming the latest of a new breed of small UK banks to consider selling up.
  • Financial Times: German chemicals group BASF announced on Friday the biggest acquisition in its 152-year history, paying €5.9 billion to acquire “significant parts” of Bayer’s seed and non-selective herbicide business.
  • Financial Times: Uber has filed papers to appeal against Transport for London’s decision not to renew its licence, objecting to TFL’s finding that the San Francisco-based ride-hailing service was not a “fit and proper” operator in the UK’s capital.

Business and economics

  • The Times: The governor of the Bank of England has confirmed that UK interest rates will rise “in the coming months” with markets pencilling in next month for the first increase in the cost of borrowing in more than nine years.
  • The Guardian: Uber has lodged its legal appeal against Transport for London’s decision not to renew its private hire licence, as the ride-hailing app steps up its campaign to keep operating in one of its biggest markets.
  • Financial Times: The US and EU have taken a big step towards harmonising the global rules for derivatives trading, by reaching a long-sought agreement to accept the validity of each other’s regulations in the multibillion dollar market.
  • The Times: Bank of America posted the strongest third-quarter earnings report of the big four US banks as improved profits from its huge loan book more than offset weakness in trading.
  • Financial Times: Kohlberg Kravis Roberts (KKR), the US buyout group, is expected to raise up to €5 billion in Europe from investors in a new flagship fund some time next year, according to several people familiar with the plans.
  • The Daily Telegraph: Shares in fund manager Ashmore jumped after it reported its strongest inflows in four years, with investors keen to take a punt on emerging markets.
  • The Times: Harrods has once again shown why it can claim to be the world’s most successful department store after recording an eighth consecutive year of record sales and profits.
  • The Daily Telegraph:: Engineering group GKN has suffered “a blow to the head” after being hit with problems in its North American aerospace business and two legal claims that could cost it £40 million, boss Nigel Stein has said.
  • The Guardian: Provident Financial is hiring debt collection agents, after axing them earlier this year, in an attempt to revive its door-to-door lending operation, which is on course to lose £120 million in 2017.
  • The Daily Telegraph: UK mattress companies Silent Night and newly-listed Eve Sleep have had to halt production at factories after being told there was a risk of excessive levels of a carcinogenic ingredient in its foam mattresses.
  • The Times: The chief executive of Samsung Electronics has announced that he will stand down next May, citing the “unprecedented crisis” faced by the smartphone maker even as it expected record profits.
  • The Guardian: Amazon is to create a further 1,200 new jobs with a warehouse in Bolton as it continues its rapid UK expansion.
  • Financial Times: Ten senior executives at Piraeus Bank, the biggest Greek lender, have resigned following alleged irregularities in the sale of a €1.2 billion loan package at a deep discount to Libra Group, a family-owned conglomerate based in New York.

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1 comment so far. Why not have your say?

Tomboy

Oct 14, 2017 at 10:21

There is a signed agreement to go to World Trade Organisation rules when we leave the EU this letter is signed by the U K & E U negotiators different to what all main stream media tell us

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