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Tuesday Papers: Russian markets crash after US sanctions

And Deutsche Bank’s new chief executive has suggested trimming down the lender’s investment bank.

 
Tuesday Papers: Russian markets crash after US sanctions

Top stories

  • The Independent: Moscow’s main share index crashed 11% yesterday after US’ move to slap new sanctions on Russian oligarchs and companies linked to Vladimir Putin.
  • The Daily Telegraph: Deutsche Bank’s new chief executive has suggested trimming down the lender’s investment bank, potentially meaning more job cuts in the UK.
  • The Daily Telegraph: Alibaba has led a $600 million investment in the Chinese facial recognition company SenseTime making it the world’s most valuable AI startup; it has boosted Chinese government's plans for mass surveillance using facial recognition.
  • The Times: The Financial Reporting Council’s two of the most senior executives have departed quietly from its main board amid concerns that the auditing watchdog was too dominated by former Big Four accountants.

Business and economics

  • Daily Express: Ukrainian President Petro Poroshenko has warned Germany against building a the €9.5 billion Nord Stream 2 pipeline under the Baltic Sea with Russia, terming the project a "political bribe."
  • The Guardian: UK businesses faced more criminal cyber-attacks last year, according to the annual report of the National Cyber Security Centre.
  • Financial Times: Mark Zuckerberg will admit this week to Congress that Facebook did not do enough to prevent its tools from being used for harm.
  • The Independent: House prices in the first quarter of 2018 gained 2.7% year on year, taking the average to a fresh record of £227,871, according to Halifax; however, prices actually declined a bit in February.
  • The Times: Nearly three quarters of British businesses are expecting to see trade increase over the coming year, shrugging off concerns about Brexit uncertainty, as they capitalise on the cheaper pound and rising overseas demand, according to a survey by HSBC.
  • Daily Mail: Former energy minister Lord Barker came under pressure last night over his role as a chairman of a Russian firm banned from dealings with the US due to its links with the Kremlin.
  • The Guardian: Financial Conduct Authority has allocated £30 million to smoothen out Brexit process this year; the City watchdog will deprioritise non-critical projects in preparation for disruption when Britain leaves the EU.
  • The Daily Telegraph: Old Mutual has resolved a legacy issue in the US by escaping a court battle over previously sold assets; The FTSE 100 finance firm’s break-up into four separate businesses is on track.
  • The Daily Telegraph: The Financial Conduct Authority has warned that British families could face crunch from rising rates as they have built up enormous debts in the era of low interest rates.
  • The Independent: More than 10,000 pre-liquidation workforce have now found secure ongoing employment in the wake of the Carillion collapse, according to the UK’s Insolvency Service.
  • The Daily Telegraph: Former London Stock Exchange boss Xavier Rolet is joining the board of a Russian fertiliser company, in his first stint since his acrimonious departure from the LSE.
  • The Daily Telegraph: JP Morgan analysts have warned that the Federal Reserve risks blundering into another recession as a series of surprisingly poor data across the world signals that the liquidity squeeze is taking a greater toll than widely assumed.
  • The Independent: The EU has emerged as a fast growing market for UK exporters beating either Asia or North America over the past two years, a new survey suggests.
  • The Daily Telegraph: French Connection is expecting a windfall from the sale of its stake in retail brand Toast that should give the struggling fashion brand some breather in its efforts to turn around its fortunes.
  • The Guardian: One of the top lobby groups in UK has warned that the government should keep close trade ties with European Union after Brexit to boost growth.
  • The Daily Telegraph: Bad or dishonest auditors face tough new punishments as the Financial Reporting Council take measures to crack down on shabby performance in an industry wracked by scandals.
  • The Independent: Waitrose is planning to phase out all disposable coffee cups from its shops by this autumn, in its bid to reduce plastics and packaging.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Rolls-Royce; HOLD Entertainment One.
  • Daily Mail: Merger and acquisition activity in Britain surged to the most in a decade during the first quarter of 2018 as nearly £85 billion worth of deals involving UK companies was struck.
  • The Independent: Uber has acquired Jump Bikes to enter into the bike-rental industry, as the company eyes new growth areas.
  • Financial Times: Wealth manager Rathbone Brothers is in discussion to acquire Scottish investment manager Speirs & Jeffrey.
  • Financial Times: The oil-to-beef conglomerate Leucadia National Corporation, that owns the investment bank Jefferies, is offloading $1.3 billion of its non-finance industry assets as it seeks to make the most of a broad revival on Wall Street.
  • The Times: The Swiss pharmaceutical group Novartis yesterday made a $8.8 billion takeover bid for Avexis, an American developer of a promising treatment for spinal muscular atrophy.
  • Financial Times: Rolls-Royce has sold its L’Orange business to the Colorado-based aerospace supplier Woodward for an enterprise value of €700 million.
  • Financial Times: The heavily-indebted Chinese aviation-to-finance group HNA is poised to sell its 26% stake in Hilton Worldwide, in its bid to raise capital to strengthen its balance sheet.
  • The Guardian (Comment): The single market benefits manufacturers far more than providers of services.
  • The Guardian (Comment): A new IMF report shows some stark gender trends in European and US workforce, including one that follows virtual reality in a new Spielberg film.
  • The Daily Telegraph (Comment): Deutsche Bank’s woes are just the break the City needs.
  • The Times (Comment): Deripaska sailing in rough waters.
  • The Times (Comment): Trump didn’t start the trade war, it has been a long time coming.
  • Financial Times (Comment): California proves to be hub for legal action over failed IPOs; a US Supreme Court ruling could open the door to more shareholders suing.

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