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Tuesday Papers: World economic growth ‘best in eight years’

And City accuses government of leaving it in the dark over negotiating position on trade as UK shelves financial services Brexit position paper.

Tuesday Papers: World economic growth ‘best in eight years’

Top stories

  • The Times: The world is enjoying its best period of growth since emerging from the global financial crisis because of US tax cuts and rapid expansion in Europe and Asia, according to the International Monetary Fund.
  • Financial Times: Theresa May has been accused of leaving the City of London “in the dark” after the government admitted a long-expected paper setting out its trade goals for financial services after Brexit may never be published.
  • The Daily Telegraph: The world financial system is as dangerously stretched today as it was at the peak of the last bubble but this time the authorities are caught in a ‘policy trap’ with few defences left, a veteran central banker has warned.
  • The Times: Netflix’s valuation passed $100 billion for the first time last night after it reported rapid growth in its customer base at the end of last year.
  • Daily Mail: Tesco is to axe 1,700 shop-floor jobs as part of a cost-cutting drive to make the customer experience in its stores 'more helpful'. the supermarket giant revealed today.
  • Financial Times: Swiss luxury group Richemont has launched a bid to take full control of Yoox Net-a-Porter, as it looks to ramp up its internet retail strategy.
  • Financial Times: Senate Democrats and Republicans reached agreement on Monday to reopen the US government, ending a three-day impasse over immigration policy that kept 750,000 federal workers at home and marred the first anniversary of the Trump administration.

Business and economics

  • The Times: Britain is one of only three housing markets in the developed world in which house prices are not likely to rise this year, one of the world’s biggest credit ratings agencies has claimed.
  • The Times: The North American shale oil boom will step up a gear this year, the boss of the world’s second largest oilfield services provider Halliburton has predicted.
  • Daily Mail: The Christmas holidays were particularly fruitful for nightclub operator Revolution Bars Group as it achieved record-breaking sales during the festive period.
  • The Guardian: Dixons Carphone has said that higher iPhone sales lifted its revenues over the Christmas period, as it confirmed a change in leadership and a steep drop in full-year profits.
  • The Daily Telegraph: IT consultancy Computacenter has lifted its expectations for its 2017 performance for a fourth time, but warned that 2018 may not be quite so profitable.
  • The Times: The problems at Accrol deepened yesterday when the struggling toilet paper maker said that it had tumbled into the red at the year’s halfway point and that its chief financial officer had resigned.
  • The Times: A billion-dollar writedown pushed Lonmin deeper into the red last year as low platinum prices and rising costs took their toll.
  • The Guardian: Jaguar Land Rover, Britain’s biggest car manufacturer, is to cut production at its Halewood plant as it blamed faltering sales after the Brexit vote and a tax crackdown on diesel vehicles.
  • Financial Times: Activist investor Carl Icahn and another top Xerox Corp shareholder have joined forces to lobby the US printer and photocopier maker to put itself up for sale and get rid of its chief executive.
  • The Daily Telegraph: Shares Stapleton Capital, which listed last year and has not announced a single investment to date, jumped 130% on Monday morning after it became the latest company to take advantage of the cryptocurrency craze and add the word "blockchain" to its name.
  • The Times: Big bookmakers are weighing up the possibility of legal action against the government after suggestions that ministers have decided to cut the maximum stakes on betting machines from £100 to £2.
  • The Times: Kodak has said it was a coincidence that it distributed hundreds of thousands of share options to directors the day before their value rose by 245%.
  • The Daily Telegraph: Facebook has admitted that it was "too slow" to stop people using the social network to "corrode democracy" during the US election and suggested that it might struggle to stop it from happening again.
  • The Times: Two officials at the American accountancy watchdog tipped off KPMG partners about forthcoming inspections while they were trying to secure jobs at the firm, it has been alleged.
  • The Daily Telegraph: National Grid is facing another showdown with its US regulator after thousands were left without power for days in the wake of major storms across Massachusetts late last year.

Share tips, comment and bids

  • The Times (Tempus share tips): AVOID Pershing Square Holdings; HOLD Countrywide.
  • Financial Times: AIG, the US insurer rescued in a $185 billion government bailout at the depths of the financial crisis, demonstrated its ambitions to expand again after years of retrenchment, making a $5.6 billion purchase of a Bermuda-based reinsurer.
  • Financial Times: Ocado, the British internet supermarket that is reinventing itself as a supplier of robotic warehouses to retailers around the world, has unveiled its second deal with an international supermarket chain in less than two months; Canadian grocer Sobeys will launch an online shop, with orders picked from a highly automated warehouse in the Toronto area that Ocado will take two years to build.
  • Financial Times: UBS is finally merging its two private banks, promising lower costs, higher profits and better client service by combining its international wealth management operation with its American one.
  • Financial Times: The proposed $30 billion tie-up between Archer Daniels Midland and rival Bunge has highlighted how the toughest market conditions in a generation have forced the world’s biggest grain merchants to rethink strategies and attitudes to dealmaking.
  • The Daily Telegraph: Transact, which provides software to over 5,000 financial advisers and posted profits of £37 million last year, has told the market through its parent group IntegraFin that it would list on the London Stock Exchange in March following years of speculation over its plans.
  • Financial Times (Comment): Number of stock indices at 3m dwarfs tally of quoted companies.
  • Financial Times (Comment): Big Pharma makes strongest start to M&A for a decade.
  • The Times (Comment): Millennials are right about one thing: the capitalist model is in need of repair.
  • Financial Times (Comment): China’s VPN crackdown is about money as much as censorship.

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The Accumulator: FTSE see-saws on trade war fears

by Michelle McGagh on Jun 22, 2018 at 14:57

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