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Tuesday Papers: EDF seeks state backing on nuclear site

And Nasdaq OMX held early-stage talks with Carlyle last month about leaving the public markets but they fell apart.

Tuesday Papers: EDF seeks state backing on nuclear site

Top stories

  • Financial Times: EDF Energy has asked the British Treasury to guarantee some of the costs of the new nuclear reactors it will build in the UK, in a move likely to spark controversy for a government that has pledged not to provide public subsidies for the industry.
  • Financial Times: Nasdaq OMX held early-stage talks with buyout firm Carlyle Group last month about leaving the public markets but they fell apart over a failure to agree a valuation for the stock exchange operator.
  • Financial Times: British politicians heaped pressure on senior managers of Royal Bank of Scotland to force more top executives to resign on Monday days after the group announced a £390 million settlement with regulators for attempting to manipulate Libor.
  • The Guardian: Sir Philip Hampton, the chairman of Royal Bank of Scotland, has described the pay of the bailed out bank's chief executive Stephen Hester – who earns £1.1 million salary and up to £6 million in bonuses – as "modest" citing he was paid 'well below market rate for banking'.
  • The Daily Telegraph: Virgin Media, the pay-television business being bought by US giant Liberty Global, has invited staff to delay their bonuses so that they can avoid the top rate of tax.
  • Financial Times: The UK’s accountancy watchdog has launched a rare investigation into the financial reports of Autonomy and the work of Deloitte UK, which audited them before its $11 billion acquisition by Hewlett-Packard in 2011.
  • The Daily Telegraph: Former Autonomy boss Mike Lynch has raised $1 billion through his Invoke Capital fund to invest in fledgling British technology companies.
  • Daily Mail: Questions emerge over Middle East fundraising as Barclays bids to leave dark days behind.
  • The Daily Telegraph: Shell and BP have instigated changes to their oil trading contracts in an attempt to help preserve the credibility of the Brent crude oil benchmark despite declining North Sea production.
  • The Independent: Rolls-Royce has been awarded a $97.3 million contract by the US Air Force to provide logistics and programme management support for the C-130J fleet and engineering services, spare parts and data support.
  • Financial Times: PSA Peugeot Citroën has six months to present a full restructuring plan to Brussels to justify its €1.2 billion government lifeline, after the carmaker won temporary EU approval for part of the French rescue of its struggling financing arm.
  • Financial Times: Jens Weidmann, the head of Germany’s influential Bundesbank, warned eurozone politicians to stay away from talking down the euro on Monday, arguing that any policy to weaken the currency would lead to higher inflation.
  • Financial Times: BlackRock was the seller of €315 million worth of shares in Italian oil services group Saipem in a deal that has attracted scrutiny from Italian and British regulators, according to people familiar with the matter.

Business and economics

  • The Daily Telegraph: Rio Tinto said an Australian regulator has ruled that the firm's key iron ore rail lines do not have to be opened to rival miners, reinforcing the world No. 2 iron ore miner's grip on the global market.
  • Financial Times: The first “pay-by-tweet” service has been launched on Twitter, with American Express introducing a service on Monday that lets its cardholders buy products simply by sending a short message.
  • Financial Times: Facebook users will soon be able to send remittances directly to friends almost anywhere in the world via the social networking website, through a new online app developed by Azimo, a UK start-up company.
  • The Daily Telegraph: Google's battle with broadcasters has stepped up a gear after the company signed a deal with Freesat to launch a full-blown YouTube television channel.
  • The Independent: Monitise, a British technology company, is to trial the world’s first mobile payments service for the popular BlackBerry Messenger service in Indonesia, following a trade delegation to the country last year led by David Cameron.
  • The Daily Telegraph: BBC journalists are to stage a nation-wide strike next Monday, potentially taking Newsnight and other news programmes off air.
  • The Guardian: Tesco has admitted its value range of spaghetti bolognese contains more than 60% horsemeat as fresh DNA tests began to reveal new products affected by the scandal.
  • Financial Times: Telefónica has put on hold a plan to spin off its Latin America unit after improving investor sentiment towards Spain offered some breathing space to the heavily indebted telecoms operator.
  • Financial Times: Germany’s Commerzbank is poised to test market appetite for a new style of covered bond backed by loans from small and medium-sized enterprises rather than mortgages or public sector loans.
  • Financial Times: The Financial Services Authority has said it will seek a court order to force the owners of two land investment companies - Asset Land Investments and Asset L.I. - to return at least £15 million to savers who paid money into their unauthorised schemes.
  • Financial Times: Janet Yellen, the US Federal Reserve’s vice-chair, said the US should concentrate on boosting jobs in a hint that monetary policy will stay loose.
  • The Guardian: European finance ministers have insisted that Cyprus allow private investigators to check the island's banks for breaches of money-laundering rules ahead of a €17 billion rescue deal.
  • The Daily Telegraph: British defence giant BAE Systems is to recruit almost 400 apprentices this year - its highest intake since the financial crash.
  • Financial Times: Vestas has lost its crown as the world’s biggest wind turbine maker for the first time in 12 years after General Electric surged to the top of new industry rankings.
  • Financial Times: Shares in Blinkx, the AIM-listed company that powers video search on, rose 25% to 85 pence after the company issued an upbeat trading update for the third quarter and predicted full-year revenue would be 9-12% ahead of its previous estimate.
  • Financial Times: L’Oréal reported net profit of €2.87 billion on sales of €22.46 billion, up 10% in reported terms or 5.5% like for like.
  • Financial Times: Novo Nordisk lost DKr80 billion from its stock market value after the Danish drugs company failed to win US regulatory approval for a new long-lasting insulin.
  • Financial Times: e-Therapeutics, an Aim-listed drug discovery and development company that focuses on cancer and disorders of the nervous system, plans to raise £40 million through an issue of 125 million ordinary shares to existing and new institutional investors.
  • The Guardian: The special effects company behind Life of Pi, which won the Bafta for best visual effects on Sunday, is filing for bankruptcy protection, according to reports.

Share tips, comment and bids

  • The Independent: Property giant British Land took a £142.5 million bet on Crossrail on Monday as it snapped up Ealing Broadway Shopping Centre, a major shopping centre in west London, from its Dutch owner, Wereldhave.
  • The Guardian (Comment): The EU's own poverty standards show that Greece is in crisis. But member states won't admit their 'bailout' was to blame.
  • The Guardian (Comment): Associated British Foods has spirited millions away from its sugar operations in Zambia, where two-thirds live in poverty.
  • The Daily Telegraph (Comment): No one really understands what’s going on in the UK economy.
  • Daily Mail (Comment): A hotly-disputed Panorama programme timed for the eve of Barclays chief Antony Jenkins’s presentation has turned the spotlight again on events in the fateful autumn of 2008 when the financial crisis was at its zenith.
  • Financial Times (Lex): Dell: the objection by Southeastern Asset Management to the buyout is understandable, but the alternative maths it proposes is less comprehensible.
  • Financial Times (Lex): Ryanair/Aer Lingus: a decision could be made on Ryanair’s third attempt to take over its Irish rival this week, but significant problems remain between the carriers.
  • Financial Times (Lex): Novo Nordisk: the specialist in diabetic treatments gets hit by an FDA ruling that temporarily locks a key drug out the world’s biggest and most profitable drug market.
  • Financial Times (Lex): Indian stock exchanges: another mess of letters joined the alphabet soup of the world’s exchanges when shares began trading on India’s newest securities market.

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Charles Stanley drops Woodford from fund buy list

by Daniel Grote on May 22, 2018 at 10:57

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