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Tuesday Papers: London still top for financial services

And relief rally for insurance stocks as worst Irma fears are avoided.

 
Tuesday Papers: London still top for financial services

Top stories

  • The Times: London has held on to its position as the world’s most attractive financial centre, while New York has fallen amid concerns about President Trump’s trade policy.
  • Financial Times: Wall Street breathed a sigh of relief on Monday after Hurricane Irma’s last-minute shift in direction eased fears about widespread devastation in Florida and helped propel the US stock market to a record close.
  • The Times: The UK’s offshore wind sector could power a £17.5 billion investment inthe UK economy over the next four years after faster than expected cost-cutting slashed subsidies for the technology by half.
  • Financial Times: Citigroup cast an early shadow over third-quarter bank results, warning on Monday that trading revenues have continued to fall sharply as banks suffer from low volatility and painful comparisons with the Trump- and Brexit-fuelled trading boom of late 2016.
  • Financial Times: The AA is planning to separate its insurance business from its core rescue and repair service and merge it with rival Hastings Group, a move that has divided the company’s board.
  • Financial Times: Petra Diamonds has suspended operations at its mine in Tanzania after the government seized a consignment of diamonds and held a number of staff for questioning in the latest crackdown on the east African country’s mining industry.

Business and economics

  • Financial Times: Paris has secured a big Brexit win by convincing Chubb, one of the US’s largest insurers, to move its EU head office there.
  • The Times: The pound rose to a three-and- a-half-week high against the euro yesterday amid speculation that the Bank of England will signal that it plans to raise rates sooner than the markets are expecting.
  • Daily Mail: Google has launched an appeal against a record €2.42 billion (£2.1 billion) fine from Europe's competition watchdog for breaching antitrust rules with its online shopping service.
  • The Times: Britain’s seemingly insatiable appetite for bargains from Primark has again boosted profits at Associated British Foods.
  • Daily Mail: Shares in crisis-hit construction firm Carillion are down over 4% to 42.08p, after the group announced its finance boss has quit.
  • The Times: Just over six months after listing in a flotation where senior management took home more than £50 million, Ultimate Products issued a warning on growth that halved its share price.
  • The Daily Telegraph: Vodafone will plough €2 billion (£1.8billion) into an ultrafast broadband network in Germany, raising hopes it is preparing to make a similar investment in home turf in the UK.
  • The Guardian: It, the big-screen adaptation of Stephen King’s novel about a child-killing clown, shattered US box-office records over the weekend, earning $117.2 million from 4,103 locations.
  • Financial Times: Eldorado Gold, the biggest foreign investor in Greece, threatened to suspend its operations in the country in the first test for Alexis Tsipras and his leftwing Syriza government over their new policy of welcoming private investment.
  • The Daily Telegraph: Capita’s chief executive Andy Parker is to formally step down at the end of this week, with finance director Nick Greatorex taking over the running of the company until a permanent replacement is found.
  • Daily Mail: The chief executive of Hornby is to step down after investment fund Phoenix Asset Management seized control of the model toy maker and began an overhaul of its strategy.
  • The Daily Telegraph: Facebook has been hit with a €1.2 million (£1.1 million) fine in Spain after the country's data watchdog found it broke privacy laws.
  • The Times: Officials in Saudi Arabia have indicated that they will consider a possible extension of an Opec-backed deal to curb global crude supplies beyond March 2018.
  • Financial Times: Teva has appointed Kare Schultz from Danish drugmaker Lundbeck to be its new chief executive, ending a seven month search.
  • Financial Times: Brazil’s Natura Cosméticos has secured a British male chief executive to take over from Jeremy Schwartz at the helm of The Body Shop, although it failed to name the successor.
  • The Guardian: Amsterdam is planning to increase taxes on tourists by as much as €10 a night, as the authorities attempt to limit stag weekends and visitors to the red-light district and reclaim the city for residents.
  • Financial Times: US prosecutors on Monday charged a former Deutsche Bank executive with participating in “a fraudulent scheme” that duped investors into buying securities backed by loans that were doomed to fail.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Aurora Investment Trust; TAKE PROFITS from Restore; BUY Abcam.
  • The Daily Telegraph: Support services company Serco is to merge its UK and European operating divisions, with the loss of one of its senior directors.
  • Financial Times: Hitachi has found itself facing Elliott Management on a second front as the activist investor on Monday revealed it had taken a 5% stake in one of the Japanese conglomerate’s subsidiaries, Hitachi Kokusai Electric.
  • Financial Times: A deal to merge the European steel operations of Tata Steel and ThyssenKrupp could be struck this month, after Tata removed a significant obstacle by offloading its UK retirement fund.
  • Financial Times: BP has agreed to fold its Argentine assets into a new joint-venture backed by Cnooc of China in a deal that widens both groups’ interests in a country boasting some of the most promising shale oil and gas resources outside the US.

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Citywire ratings: small cap stars rise up the ranks

by Daniel Grote on Nov 17, 2017 at 12:29

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