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Thursday Papers: Brexit fears add pressure on pound

And first US shale gas sails into Europe as Ineos carrier arrives in Norway.

 
Thursday Papers: Brexit fears add pressure on pound

Top stories

  • Financial Times: Investors are showing greater concern over the outlook for sterling than at any time in the last six years in a sign of increasing nervousness about the outcome of June’s referendum on Britain’s membership of the EU.
  • The Guardian: The first US shale gas sailed into Europe bringing controversy in its wake; Ineos, the chemical group, said that its own gas carrier arrived in Norway on Wednesday with 27,500 cubic metres of American ethane on board.
  • The Independent: Saudi Arabia has said it will freeze oil output next month regardless of whether or not it can reach an agreement with Iran.
  • Financial Times: Navinder Singh Sarao, the British futures trader accused of contributing to the so-called stock market “flash crash” of 2010, has lost his court battle and will be extradited to the US.
  • Financial Times: Credit Suisse chief executive Tidjane Thiam lashed out at the bank’s market division, saying it was “unacceptable” that some staff had concealed risky exposures from senior management in the run-up to the bank’s strategic revamp last October.
  • Financial Times: SoftBank, the Japanese technology group, has invested $250 million in WME-IMG, which represents stars ranging from actor Ben Affleck to tennis player Serena Williams, in a deal that values the entertainment, sports and fashion company at $5.5 billion.
  • The Guardian: The boss of BHS has asked for the British public to give the struggling department store a “second chance” after it won a stay of execution thanks to creditors voting in favour of a survival plan.
  • The Times: The boss of EDF Energy has guaranteed that the costly Hinkley Point nuclear project will go ahead, but has declined again to give a precise date for a final investment decision.
  • Financial Times: Two brothers with suspected links to the plotters of the November terrorist attacks in Paris were identified by Belgian prosecutors on Wednesday as the suicide bombers in Tuesday’s double strike on Brussels’ airport and metro line.

Business and economics

  • Financial Times: Wafic Saïd, the Syrian-born billionaire businessman and philanthropist, is suing Barclays in London after it unexpectedly cut ties with him after a 40-year client relationship.
  • The Daily Telegraph: Boris Johnson has said that leaving the EU would result in “no economic shock” at all to the UK, despite the claims of economists including the Bank of England’s own Governor to the contrary.
  • Financial Times: Pearson did not pay bonuses to its senior management following a “below-threshold performance” by the world’s largest education company last year.
  • Financial Times: Credit Suisse’s efforts to remodel itself along the lines of its biggest Swiss rival are finally starting to bear fruit, but the bank’s weary investors are not yet applauding.
  • The Daily Telegraph: Excessive red tape risks trashing international banking and impeding trade, harming the real economy for little gain, a top regulator at the Bank of England has warned.
  • Financial Times: Woodside Petroleum disclosed it had shelved plans to develop the $40 billion Browse liquefied natural gas project, the latest big energy development to be put on ice as LNG prices tumble.
  • The Daily Telegraph: Standard Life’s former chief executive David Nish is to join HSBC’s board at the start of May.
  • Financial Times: Lloyd’s of London posted its worst results in four years as low interest rates shredded the specialist insurance market’s investment returns.
  • Financial Times: Virgin Atlantic flew to a second consecutive year of profit in 2015 as the UK airline founded by Sir Richard Branson benefited from lower fuel costs and a renewed focus on the lucrative transatlantic market.
  • The Daily Telegraph: AstraZeneca's key heart drug, Brilinta, has failed to help stroke patients in a big clinical trial that compared the treatment to taking aspirin.
  • The Guardian: Supermarkets are turning in a mixed performance, with Sainsbury’s edging higher as analysts weigh up the benefits of its proposed purchase of Argos-owner Home Retail Group.
  • The Daily Telegraph: The plunging price of oil has pushed North Sea-based producer Ithaca Energy to another year of losses.
  • Financial Times: Shares in Premier Foods surged to a near two-year high after it revealed it had rejected two takeover offers from McCormick, the US food group that owns Schwartz dried spices and cooking sauces.
  • Financial Times: Rupert Murdoch’s Times newspaper group substantially increased its profits last year, thanks to cuts to its editorial and marketing budgets and a decline in the cost of printing its titles.
  • Financial Times: Shares in bookmaker William Hill tumbled to their lowest level since the financial crisis after it issued a profit warning on the back of a weaker online performance and unfavourable sporting results.
  • Daily Mail: Blockbuster movies gave Odeon a bumper year as profits rose 84%.
  • Daily Mail: The owner of DIY chain B&Q has posted a small rise in annual profits as it pushes through its 'ambitious' overhaul plan, although after restructuring costs its earnings fell over 20%.
  • The Times: Winkworth is to pay a special dividend despite the 181 year old estate agency reporting weaker profit.
  • Financial Times: The chairman of Israel’s biggest bank has attacked a plan by lawmakers to limit bankers’ salaries — one of the toughest such measures in the world — and warned it would have “serious ramifications” for the country’s economy and financial sector.
  • Financial Times: Airlines have lodged a formal complaint with European regulators over the $60 billion market for spares and repairs on the world’s fleet of 24,000 aircraft, as EU investigators intensify their preliminary inquiry into whether carriers are being forced to accept anti-competitive maintenance contracts.
  • The Guardian: Dyson is developing an electric car at its headquarters in Wiltshire with help from public money, according to government documents.
  • Financial Times: Google is bringing its mobile payment service for Android smartphones to the UK, in a move that will expand its competition with Apple’s rival system.
  • Financial Times: The race to dominate India’s taxi market has taken a bitter turn with US group Uber accusing local rival, OlaCab, of using dirty tricks to disrupt its business.

Share tips, comment and bids

  • Financial Times: Yum Brands is in talks with KKR and other private equity groups to sell a minority stake in its Chinese business, which the US fast-food operator plans to spin off this year.
  • Financial Times: Commodities trader Liberty House was poised to buy Scotland’s last two big steelworks from Tata Steel, a move that would keep the factories open in a rare glimmer of hope for the ailing industry.
  • The Guardian: Sky has won exclusive rights to show Formula One racing from 2019, the first time that the vast majority of races will only be available to pay-TV subscribers.
  • The Guardian: The billionaire Barclay twins are considering selling a stake in their retail business Shop Direct.
  • The Independent (Comment): Is YouTube really ripping off the record labels?
  • Financial Times (Lex): Auto parts: ageing US car fleet and Amazon-unfriendly products add up to a surprising retail success story.
  • Financial Times (Lex): Sterling options: do not read too much into a spike in sterling volatility.
  • Financial Times (Lex): Sibanye Gold: miner’s strategy depends on two factors it cannot control and one it does not want to face.
  • Financial Times (Lex): Poste Italiane: the business is attractive; its main shareholder less so.
  • Financial Times (Lex): Woodside: it was just a FLNG.

3 comments so far. Why not have your say?

croppp

Mar 24, 2016 at 11:34

New Zealand votes no to new flag .

New Zealand votes to keep the Union Jack on their great Flag .

what does this tell you .it tells me that voters of new zealand believe in briton .as we believe in them .thanks New Zealand .our referendum will return briton to our union jack .

report this

Doug Sammons

Mar 24, 2016 at 14:42

good on NZ.

Wouldnt it be strange if the UK leaves the EU and is Turkey joins!!

Here's hoping.

report this

croppp

Mar 24, 2016 at 15:10

Turkey will need the angels from heaven .and more.

report this

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