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Thursday Papers: Panmure warns of blow from IPO decline

And more pain for George Osborne as ONS cuts UK economic growth after sharp slowdown in services.

Thursday Papers: Panmure warns of blow from IPO decline

Top stories

  • Financial Times: Shares in Panmure Gordon fell 20% on Wednesday after it warned of a “decline in capital market transactions” - in a sign that fees from a bumper year of dealmaking are eluding some of the City of London’s older independent stockbrokers.
  • The Guardian: George Osborne has received a second pre-Christmas setback after official figures showing a stuttering performance by the economy in the months following the general election put the government’s 2015 growth forecast at risk.
  • Financial Times: A great switch-off is under way on US primetime television with a majority of cable channels losing viewers in 2015, a trend that is reshaping the media landscape and rattling investors.
  • Financial Times: The Beatles’ songs will be available on music streaming services from tomorrow, after the group’s management company reached a deal with Spotify, Apple Music and other providers.
  • Financial Times: The head of one of China’s leading brokerage firms has been released after five weeks helping mainland authorities with an investigation as Beijing investigates stock market irregularities; Guotai Junan International, the Hong Kong unit of one of China’s biggest securities companies, said in a statement to the Hong Kong stock exchange that neither the company nor its chairman and chief executive, Yim Fung, were targets of the probe.
  • Financial Times: A New Zealand court has ruled that Kim Dotcom, the internet entrepreneur accused of masterminding one of the largest copyright infringements in history, can be extradited to face trial in the US.
  • Financial Times: US banks face the prospect of tougher stress tests next year because of their exposure to oil in a sign of how the falling price of crude is transforming the outlook not just for energy companies but the financial sector.
  • The Daily Telegraph: Short-sellers are continuing to target Rolls-Royce despite the chief executive of the troubled aircraft engine-maker unveiling a restructuring plan that is aimed at reviving the company’s fortunes.

Business and economics

  • The Guardian: Pittards has published its second profit warning in three months after slowing global economic growth and events such as the Paris attacks suppressed demand for the leather manufacturer’s products.
  • Daily Mail: Low-cost Africa-focused airline Fastjet has got the go-ahead to launch flights into Kenya.
  • The Independent: Eurotunnel’s freight service has had its best year ever, despite the Calais refugee crisis which has caused disruption all year, the operator said.
  • The Independent: Bill Gates sold a whopping $1.5 billion of stock in Microsoft this year making him the top corporate insider who sold the most stocks in his company.
  • The Independent: Video games retailer Game Digital has issued a profit warning after it was hit by disappointing sales at the start of the festive trading season.
  • The Daily Telegraph: Syngenta AG chairman Michel Demare said his company was in “advanced, formal and intense negotiations” with competitors about a possible combination, as the global agrochemicals industry consolidates and the merger of DuPont and Dow Chemical adds pressure on others to review their standalone strategy.
  • The Daily Telegraph: The world’s foremost oil cartel has become more pessimistic about demand for the commodity in the years ahead, but remains upbeat on the prospects of a rally in price.
  • The Daily Telegraph: Australia’s largest class-action law firm, Slater & Gordon, could be sued by the country’s second largest class-action firm over its lacklustre performance and huge share price losses.
  • Financial Times: The NHS will receive a £550 million “rebate” from the pharmaceuticals industry next year as part of a deal that drugmakers hope will spur faster adoption of new medicines in the UK.
  • Financial Times: Plans for a 72-storey residential tower at London Paddington station are being rushed through the planning system without proper consideration of the building’s impact, according to residents and campaigners.
  • Financial Times: Gloom has descended in the Gulf states amid an oil price rout that has halved the price of crude over 18 months and wiped $360 billion off export earnings just this past year.
  • Financial Times: Shares in Noble Group rose 4.5% after the commodity trading company sold the remaining stake in an agricultural business for $750 million - but the deal drew a cool response from a leading rating agency.
  • Financial Times: UK toy sales are forecast to end this year 5% up on 2014’s total of £3 billion - marking the best performance for the industry in five years, according to NPD Group.
  • Financial Times: Apple’s decision to give long-term shareholders a greater say in boardroom appointments is the most significant victory in an almost decade-long push to improve corporate accountability in the US, campaigners have said.
  • Financial Times: In the New Year, Volkswagen will begin the process of fixing cars that use the now infamous EA-189 engine, in one of the biggest vehicle recalls in automotive history.
  • Financial Times: Hornby, the loss-making British model toy company, is swapping Spitfires for Lamborghinis to appeal to younger customers as it attempts to get back on track after three profit warnings.
  • Financial Times: The most successful US mutual fund managers of the past year have Jeff Bezos, chief executive of Amazon, to thank for their top-ranked returns; Amazon shares have more than doubled since the start of 2015, helping funds from T Rowe Price and Fidelity take two of the top three spots in a league table of best-performing large funds.

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Capita jumps as Woodford and Barnett back cash call

by Daniel Grote on Apr 23, 2018 at 10:31

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