Citywire for Financial Professionals

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Saturday Papers: Uber picks up $200m from Fridman

And the Independent is closing its daily and Sunday newspapers, ending their 30-year spell as campaigning voices in UK media.

 
Saturday Papers: Uber picks up $200m from Fridman

Top stories

  • Financial Times: Russian billionaire Mikhail Fridman’s LetterOne fund has invested $200 million in Uber, the ride-hailing company, marking one of its most high-profile investments in a technology start-up.
  • Financial Times: The Independent is closing its daily and Sunday newspapers, ending their 30-year spell as campaigning voices in UK media and throwing up to 100 jobs into uncertainty.
  • Financial Times: Big banks battled to regain investor confidence on Friday after a tumultuous week in which many suffered double-digit share price falls amid doubts about their ability to weather weakening growth and ultra-low interest rates.
  • The Daily Telegraph: George Osborne’s multi-billion-pound raid on landlords risks damaging Britain’s economic recovery, according to a committee of MPs.
  • Financial Times: Warren East, Rolls-Royce chief executive, took a small step towards restoring confidence in Britain’s premier engine maker after five profit warnings, by holding firm on expectations for its 2016 performance.
  • The Guardian: A recovery in US consumer spending revived battered stock markets in Europe and New York on Friday, despite the latest eurozone GDP figures showing a broad slowdown across the currency union and Greece slipping back into recession.
  • Financial Times: Ikea has avoided paying at least €1 billion of tax in Europe over the past six years, claim politicians who demanded a probe into whether the furniture company’s “reprehensible” tax arrangements breached state-aid rules.
  • Financial Times: Renault’s chief executive has launched a belligerent defence of the French carmaker in the face of investor concerns that it was being pulled into the European diesel emissions scandal.

Business and economics

  • The Guardian: New York Fed president William Dudley has dismissed speculation that the US Federal Reserve could adopt negative interest rates as “extraordinarily premature”.
  • Daily Mail: Oil price rise helps to push up Footsie and gives traders something to console themselves with over the weekend.
  • The Independent: GSK has been fined for paying money to generic drug companies to prevent the potential entry of generic alternatives to its own "blockbuster" anti-depressant.
  • The Guardian: Britain’s biggest banks are preparing to hand out an estimated £5 billion in bonuses even as they cut thousands of jobs and endure dramatic falls in their stock market value.
  • Daily Mail: The boss of JP Morgan Chase – Jamie Dimon – has made an £18 million bet on his US banking giant by snapping up 500,000 shares following the dramatic fall in share prices so far this year.
  • Financial Times: The former chief executive of Swedbank, who was ousted from the Stockholm-based lender last week, has been reported to Sweden’s economic-crime prosecutor over alleged market abuse, the bank confirmed.
  • Financial Times: Commerzbank is to close its internal “bad bank” and pay a dividend for the first time since the financial crisis, after reporting better than expected fourth-quarter results.
  • Financial Times: Losses at Monitise have quadrupled in the past six months as the UK mobile payments group wrote off £167 million from the value of its older business.
  • Daily Mail: The slowdown in global growth and uncertainty created by the EU referendum mean interest rates are unlikely to rise until late 2016 at the earliest, Nationwide said.
  • The Daily Telegraph: Intensifying competition will cost BT £1.25 billion a year in lost profits as its dominance in the broadband, phone and mobile markets is eroded by cheaper competitors, analysts at UBS have said.
  • The Guardian: The chief executive of Royal Bank of Scotland has waded into the debate over whether the UK should remain in the EU, saying that the uncertainty caused by the upcoming referendum could “slow down banking”.
  • Daily Mail: Customers moving on to faster mobile internet services and taking out new contracts have helped EE to a 12% profits rise.
  • Daily Mail: Burberry is facing legal action in America over claims it tricked customers into thinking they were getting bigger discounts at outlet stores than they actually were.
  • The Daily Telegraph: Premier Oil has shelved plans to develop its Chatham exploration well in the Falkland Islands after ongoing issues with its rig contractor.
  • Financial Times: The rivalry between Bill Gross and his former company Pimco looks set to hinge on the performance of the US economy this year, as the two take diverging views on the outlook for interest rates.

Share tips, comment and bids

  • Financial Times: UK housebuilder Countryside is to float on the London Stock Exchange at 225p a share, the bottom end of its previously guided range, as it returns to the public markets at a time of turmoil.
  • Daily Mail: Europa Oil & Gas rises as it wins new offshore Ireland licensing option.
  • The Guardian: The Ohio Art Company, makers of the Etch A Sketch toy, has been sold to a Canadian firm after more than half a century of continuous production in the US.
  • The Guardian: Investment banks, led by JP Morgan and Goldman Sachs, have been left with €427 million (£331 million) of unwanted shares in Italian oil services company Saipem following the closure of its €3.5 billion rights issue, after the largest financing of its type so far this year ran into trouble.
  • Financial Times: Deutsche Bank is to launch a $5.4 billion buyback of its own bonds in an attempt to reassure markets of its financial strength after a week in which its shares and bonds were caught up in a heavy sell-off of financial securities.
  • The Daily Telegraph: The Economist Group has sold its London home to a US real estate company for around £130 million.
  • The Daily Telegraph (Comment): Don't use this crisis to ban cash and banknotes.
  • Financial Times (Lex): Bear markets: history shows the Fed was crucial in buoying confidence after three major corrections.
  • Financial Times (Lex): Iran gas: the talk may be of oil but the country needs investment in its natural gas industry.
  • Financial Times (Lex): Business travel: workers will end up stuck in the office.
  • Financial Times (Lex): Financial stocks: JP Morgan and Lending Club try to boost their shares.

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Asia stocks decline after Yellen speech

by Himanshu Singh on Aug 29, 2016 at 04:28

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