Citywire for Financial Professionals

View the article online at

Thursday Papers: Britain braced for Brexit raid on asset management

And titans of industry earn more than average annual wage in three days.

Thursday Papers: Britain braced for Brexit raid on asset management

Top stories

  • Financial Times: Theresa May is braced for a possible French raid on Britain’s £8 trillion asset management industry, amid fears the sector might be the most exposed part of the City after Brexit.
  • The Times: The High Pay Centre and CIPD, the professional body for human resources, calculated that company bosses earning £4.5 million, or £12,300 every day of the year, will take three days to surpass the £28,758 average salary.
  • The Daily Telegraph: Next shares have surged by almost 10% on the back of delivering a surprise lift in festive sales and inching up its profit guidance after beating gloomy City forecasts.
  • Financial Times: Investors and regulators breathed a sigh of relief on Wednesday after the launch of the biggest shake-up of European markets in a decade passed without major upset.
  • The Guardian: The race is on to become the world’s first trillion-dollar company, with all eyes fixed on tech giants such as Apple, Amazon, Facebook and Alphabet, the parent company of Google.
  • Financial Times: Spotify, the music streaming company, has filed paperwork to list its shares on the New York Stock Exchange, in an indication that it is pressing on with a unique plan to go public.
  • Financial Times: More than half of all new cars sold in Norway last year were electric or hybrid, making the Nordic country the first in the world to reach the landmark.

Business and economics

  • The Guardian: Above-inflation increases in Britain’s minimum wage are putting a growing number of workers at risk of being replaced by machines, one of the country’s leading thinktanks has warned.
  • The Times: The American economy is showing signs that it could hit President Trump’s ambitious growth target after a report indicated that factories in the United States had enjoyed their best year since 2004.
  • The Guardian: The growth in gambling on the yo-yoing value of cryptocurrencies using risky derivatives products has helped boost the profits of the financial spread betting firm Plus500.
  • The Times: Britons tucking into mince pies and washing them down with prosecco helped the Co-op’s retail business to enjoy a tasty period of festive trading.
  • The Times: The reluctance of businesses to pay for external advice as they decide whether or not to plunge into the public markets was spelt out on the bottom line of STJ Advisors, one of the City’s leading independent flotation advisory firms.
  • The Guardian: Poundland has secured up to £180 million of independent financing that will reduce its reliance on its troubled South African owner Steinhoff International after bumper Christmas trading.
  • The Times: Royal Dutch Shell aims to install Fitbit-type monitors in a million cars this year as part of an expansion of its consumer-facing oil products business.
  • The Daily Telegraph: Millions of computers using Intel chips are prone to hacking because of a flaw that went unnoticed for a decade, it has emerged.
  • The Daily Telegraph: Italian food chain Strada has moved to close more than a third of its restaurants after blaming the rising costs of running its eateries.
  • The Daily Telegraph: The pace of passenger growth at low-cost airline Ryanair appears to have been hit on the back of a turbulent 2017, which saw it cancel thousands of flights.
  • Financial Times: Chinese consumer app Meituan-Dianping has begun recruiting users for its new ride-sharing platform as it gears up to challenge Didi Chuxing, the world’s largest ride-hailing company which has seen off competitors such as Uber.
  • Daily Mail: The Financial Conduct Authority has announced that it has opened an investigation into troubled infrastructure firm Carillion; the HS2 contractor announced that Britain's financial watchdog was probing both the 'timeliness and content' of announcements made between December 7th 2016 and July 10th 2017.
  • The Daily Telegraph: Tesla pushed back its production targets for Model 3 electric cars once again, after delivering just 1,550 of the vehicles in the last three months of the year.
  • Financial Times: Spark Therapeutics says it will charge $850,000 for its new gene therapy for blindness, making it the most expensive drug on the market and kick-starting a debate about the affordability of pioneering treatments.
  • The Times: Petrobras, the Brazilian oil company mired in a corruption scandal since 2014, is to pay nearly $3 billion to American investors in one of the largest class action settlements of its kind.
  • The Times: Unemployment in Germany dipped to a record low of 5.5% in December, despite political paralysis in Berlin.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY ISS.
  • The Times (Tempus share tips): BUY Wandisco; AVOID Plus500.
  • The Guardian: Alibaba founder Jack Ma’s plan to acquire money transfer company MoneyGram has collapsed after a US government panel rejected it over national security concerns, the most high-profile Chinese deal to be torpedoed by Donald Trump’s administration.
  • The Daily Telegraph: Dominion Energy will buy Scana Corp for £10.8 billion including debt in a stock-for-stock deal, scooping up a utility battered by a failed nuclear project that has drawn scrutiny from US regulators.
  • The Times: The Competition and Markets Authority said yesterday that after an initial examination it had concerns that a takeover of Cott by Refresco could reduce competition for certain juices, leading to higher prices and lower standards.
  • The Times: The sale of Niki to the owner of British Airways could falter today if a court in Berlin decides to reverse the budget airline’s insolvency filing.
  • The Daily Telegraph: Britain’s Royal Bank of Scotland has sold offshore assets from its asset financing group Lombard to specialist lenders Investec and Shawbrook Bank for £150 million.
  • The Daily Telegraph (Comment): Eurozone’s fleeting boom is an illusion - Britain won't remain the sick man of Europe for long.

1 comment so far. Why not have your say?

alan franklin

Jan 04, 2018 at 08:10

I do think much of Next after a visit yesterday to the firm's large Camberley store.

Once you worked out how to get in - not easy on the road system -my wife and I found the so-called sale a non-event.

Nothing much on the sale racks, very few actual good price offers and nothing of any style that fitted either of us. The store was not busy, which doesn't surprise us, as we won't be back. A dead loss.

We have also paid two visits to the nearby large Marks and Spencer, in Sandhurst. The offer there was better and we spent a few hundred pounds but again, not what we would call a sale.

I will continue to do most of our shopping in outlet malls across America. They know what a sale is. The bosses of M and S and Next should take a trip and learn. I wouldn't buy shares in either.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet