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Wednesday Papers: Bitcoin fights back after pre-Christmas sell-off

And high street suffers as Boxing Day bargain hunters stay at home.

 
Wednesday Papers: Bitcoin fights back after pre-Christmas sell-off

Top stories

  • Financial Times: The price of bitcoin jumped 13% to nearly $16,000 on Tuesday, recovering from a sharp sell-off last week that saw the cryptocurrency’s value plummet by nearly a third amid growing concerns among regulators about a potential bubble.
  • Financial Times: The UK’s sales season kicked off on Boxing Day with fewer bargain hunters hitting the streets, leaving retailers to pin their hopes for the Christmas season on higher online sales and overseas visitors.
  • The Times: Almost $27 billion was wiped off the value of Apple yesterday after analysts warned that the consumer electronics group would struggle to shift as many of its iPhone X handsets as expected and sparked an investor sell-off.
  • The Times: A thousand high-value manufacturing jobs are set to be lost in the Midlands because of the government’s continuing failure to decide whether to support tidal lagoon marine power.
  • The Guardian: House price growth looks set to judder to a halt in 2018 or at best manage a small below-inflation rise, as the twin spectres of Brexit and rising interest rates put the brakes on the property market.

Business and economics

  • The Times: The government has been told that it must strike a deal with Brussels that minimises barriers to trade because Europe will remain the main market for British companies for at least the next three years.
  • The Daily Telegraph: Fears are growing UK companies will be excluded from one of the biggest equipment purchases by the British Army in years - continuing a trend for the Ministry of Defence to award huge contracts to foreign suppliers at the expense of the domestic arms industry.
  • The Guardian: Recent terror attacks in the UK have affected domestic family tourism but failed to deter international visitors, as 2017 saw record tourist levels, industry bosses said.
  • The Times: Profits and performance fees have plunged again at Odey Asset Management after poorly timed trades and investments pitched the firm into one of the worst years in its history.
  • Financial Times: As Amazon’s sole provider of cardboard boxes in England, as well as one of its major suppliers in Europe, DS Smith is riding the boom in online shopping and its shares have gained roughly 25% in 2017.
  • The Times: One of Britain’s most important oil and gas pipelines should be up and running again early in January, after the discovery of a crack forced it to be shut down; Ineos, operator of the Forties pipeline, said that the structure was being tested after repairs and that full flows should resume soon.
  • Financial Times: Carlsberg is investing millions of euros in research to try to detect aromas and flavours in beer far more rapidly than is currently possible in what it dubs the “beer fingerprinting project”.
  • The Daily Telegraph: British craftsmanship outperforms German engineering when it comes to solving problems thrown up by building unique cars, according to Rolls-Royce’s German chief executive.
  • The Daily Telegraph: German car manufacturer Mercedes has revealed that the production of the V6 turbo engines used by its championship-winning Formula One team is contributing around £111.7 million to the British economy.
  • Financial Times: Indian telecoms group Reliance Communications announced on Tuesday that it has reached an agreement with lenders on a “full resolution” of its nearly $7 billion in debt, sending its shares soaring 30%.
  • Daily Mail: Amazon is snapping up UK warehouse space in an unprecedented property-buying spree, as internet retailers seek to crush their traditional rivals in a battle for supremacy.
  • The Guardian: Tesco, the UK’s largest retailer, has apologised after being hit with a series of complaints about the condition of its Christmas turkeys.

Share tips, comment and bids

  • Financial Times: The UK’s biggest energy supplier Centrica is hunting for a second joint venture partner to further boost its oil and gas production business after a recent deal with German-owned Bayerngas Norge.
  • Financial Times: Mitsubishi UFJ Financial Group is to intensify its expansion into Southeast Asia by purchasing a majority stake in Indonesia’s fifth-largest bank Bank Danamon by market capitalisation.
  • The Times (Comment): Boosting your finances and the economy is just a walk in the park.
  • The Daily Telegraph (Comment): The Year of Trump: Is 2018 the year Donald spooks the markets?

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Sunday Papers: Bitcoin at risk of Chinese sabotage

by Himanshu Singh on Dec 24, 2017 at 07:00

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