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Tuesday Papers: Bondholders suffer $150bn oil price hit

And market data giants, Markit and IHS, to merge in $13 billion tax inversion deal.

Tuesday Papers: Bondholders suffer $150bn oil price hit

Top stories

  • Financial Times: Investors have suffered losses of at least $150 billion in the value of oil and gas company bonds, as the slump in crude prices since the summer of 2014 has fuelled fears of a wave of defaults in the US and emerging markets.
  • The Daily Telegraph: Two of the world’s biggest financial data outfits, Markit and IHS, have agreed to merge, creating a $13 billion company and shifting the larger American firm’s headquarters to the UK.
  • The Guardian: Britain’s biggest companies could face a credit downgrade – potentially forcing up their borrowing costs – should the UK vote to leave the EU in June, according to a report by a leading ratings agency.
  • Financial Times: Valeant, the besieged Canadian drugmaker, said its chief executive would step down and blamed its former finance director for accounting irregularities as its battle to halt a slide towards debt default descended into bitter public infighting.
  • Financial Times: Tim Cook used the launch of a cheaper Apple iPhone to set out the principles behind its fight with the US government over encryption, as well as announcing new environmental and digital health initiatives.
  • The Times: Mike Ashley admitted that Sports Direct was in trouble, blaming MPs for creating a spiral of negative publicity surrounding the company.
  • Financial Times: The US Supreme Court heard oral arguments in a case that could determine whether an anti-racketeering law can be applied to alleged crimes that occur outside the country; if the case brought by the European Community succeeds, multinationals could face a wave of lawsuits.

Business and economics

  • The Independent: UK taxpayers will make a loss of £22 billion from George Osborne’s plans to sell the Government’s 73% in Royal Bank of Scotland.
  • Financial Times: Centamin warned that this year would be crucial for its west African gold exploration plans as it saw lower earnings from its Egyptian mine in 2015.
  • Financial Times: Credit Suisse has sublet more than 300,000 square feet of Canary Wharf office space to Thomson Reuters in the largest office leasing deal in the UK this year and marking the latest cut to banks’ office footprints in London.
  • Financial Times: The new directors of JKX, the oil and gas company whose former board was ousted this year, warned of the challenges they face turning round the company as its losses deepened.
  • The Times: Five oil and gas companies are hoping to reduce costs in the North Sea by sharing access through an online trading platform.
  • The Daily Telegraph: The US shale revolution may already be capping the price of gas in the UK, months before the first gas exports are set to arrive at European terminals.
  • Financial Times: UK asset manager Venn Partners has become the latest non-bank lender to muscle in on the Dutch mortgage market, highlighting how investors are grabbing business historically dominated by banks.
  • Financial Times: YouGov’s revenues rose 15% in the six months to January as the market research company’s data products attracted clients including JCDecaux and Auto Trader.
  • Daily Mail: Star manager Neil Woodford has waived fee on Patient Capital Trust fund after it saw its assets fall from £800 million to £733 million since launching last April.
  • Financial Times: British supercar maker TVR will open a new plant in a rural Welsh former steelmaking town as the group prepares to return to production after more than a decade’s absence from the market.
  • Financial Times: Julius Baer’s chief executive has taken the unusual step of borrowing SFr12 million ($12.3 million) from the bank he runs, partly secured against his shares in the lender, to pay for a new house.
  • Financial Times: The US Supreme Court is to take up a case involving the design of Apple’s iPhone, in a test that could have wider implications for the design-conscious consumer technology company.
  • Financial Times: Edi Truell, an adviser to Mayor of London Boris Johnson, has stepped down from Tungsten, the electronic invoicing company he founded after a failed attempt to take over the group’s assets.
  • Financial Times: Telecom Italia chief executive Marco Patuano has resigned following a boardroom fallout with its largest investor Vivendi that has left the Italian telecoms group searching for a replacement to oversee the next stage of its restructuring.
  • Financial Times: Elmer Funke Kupper has resigned as chief executive of the Australian Securities Exchange amid allegations of foreign bribery at a gaming company where he was previously in charge.
  • Financial Times: South Korea is becoming an important market for Europe’s luxury carmakers, as the country’s rich seek to stand out from the crowd by buying imported vehicles from marques such as Audi, Mercedes-Benz and Maserati.
  • Financial Times: Thousands of Santander customers will soon be able to task their mobile phones with monitoring and recounting their spending habits before telling the same handset to make payments, as the bank rolls out voice-recognition technology.
  • The Guardian: Banks, builders, property firms and home improvement businesses would be the worst-hit UK companies if Britain voted to leave the European Union, according to analysts at Goldman Sachs.
  • The Daily Telegraph: Five Guys, the US burger chain which counts President Barack Obama among its fans, has overtaken Nandos as the UK’s most popular fast-food chain just two years since arriving.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Synthomer for now; TAKE PROFITS out of Centamin; BUY Whitbread for long term.
  • The Times: Marriott International has slowed the march of a Chinese rival by agreeing a merger with the Starwood chain of international hotels.
  • Daily Mail: Chinese and Singaporean rivals are in bidding war for historic London shipping institution Baltic Exchange.
  • The Times: Smart Metering Systems has sealed three acquisitions and announced a 38% rise in annual profit.
  • The Times (Comment): Investors aren’t giving Shire short shrift any more.
  • The Daily Telegraph (Comment): A merger of equals? Pull the other one.
  • Financial Times (Lex): Valeant: Goose and gander.
  • Financial Times (Lex): Telecom Italia/Vivendi: one chief executive later, Vivendi’s plans for the Italian telco remain a mystery.
  • Financial Times (Lex): IHS/Markit: consolidation among banks and exchanges makes this logical.
  • Financial Times (Lex): China: margin financing is no solution to excessive debt.
  • Financial Times (Lex): Rolls-Royce: if it can’t satisfy its investors, neither can it please the politicians.

9 comments so far. Why not have your say?

alan franklin

Mar 22, 2016 at 06:14

Notoice the steady drip, drip drip of anti-Brexit comments from the clowns who run the Grauniad, the most biased newspaper since Pravda.(Yes, they are also the prime source of recruits for the Biased Broadcasting Corporation).

You can safely assume that doing the exact opposite of what the liberal luvvies like to read in their trashy rag is the best thing for Britain.

report this


Mar 22, 2016 at 07:27

I am not sure about the voice-recognition technology, my stock broker took it out of their system because it never recognise my voice!

report this


Mar 22, 2016 at 10:41


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Mar 22, 2016 at 10:43


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Mar 22, 2016 at 10:44


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Mar 22, 2016 at 10:56


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Jeremy Bosk

Mar 22, 2016 at 19:35

Alan Franklin.

I suppose you believe that toilet papers like the Daily Mail, Express, Star and Sun are models of unbiased rectitude?

There appears to be a very large overlap between Pro Brexit campaigners and the very extreme right-wing rabble-rousers.

report this


Mar 22, 2016 at 19:57

Without news and comments some pro some anti pro .this world would just be a globe and nothing else .some people have favourite newspapers which is first on the ajenda each day .they and do have an element of conflict from newspaper to newspaper .each person by their choice of newsprint forms opinions by what they read every day .nothings perfect so just live and hope that your views are what counts.

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Jeremy Bosk

Mar 22, 2016 at 20:19


Some papers are just so much worse than others both for the accuracy of the reporting and the sanity of the editorials. The Guardian and Telegraph are the least awful of the more popular serious papers, The Times is owned by the Dingo-American. The Mail has never adequately withdrawn or apologised for its support of Uncle Adolf in the 1930s. The Mail's news is frequently badly written and inaccurate. Its editorial stance is generally very far right.

I read the FT if it matters. I look at some of the others when I see links from serious publications (such as Citywire's news summary in the morning). I used to deal with reporters and journalists from all the major papers while working for a major data source which shall remain anonymous.

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