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Saturday Papers: Billions pumped into global equities

Saturday Papers: Billions pumped into global equities

Top stories

  • Financial Times: Investors this week poured the most money into equity funds in more than five years, as global shares surged and a compromise deal on the US fiscal cliff boosted confidence; net inflows into equity funds monitored by EPFR, the funds research company, hit $22.2 billion in the week to 9 January– the highest since September 2007.
  • Financial Times: BP has moved to cut by up to $3.5bn the civil penalties it faces over the 2010 Deepwater Horizon disaster.
  • The Daily Telegraph: Mortgage conditions are beginning to ease for first-time buyers following a squeeze that has kept many out of the housing market since the start of the financial crisis, figures from the Bank of England show.
  • The Independent: Theo Fennell issued a profits warning yesterday after another year of poor Christmas sales.
  • The Independent: Adrian Coles, the director-general of the Building Societies Association, has revealed plans to stand down once a successor can be found for him, probably later this year.

Business and economics

  • Financial Times: Democratic leaders in the Senate gave President Barack Obama the green light to sidestep Congress and take executive action to avoid a default if no agreement is reached to raise America’s borrowing limit.
  • Financial Times: French employers and trade unions have agreed a breakthrough deal on reforms of the country’s rigid labour regime.
  • The Daily Telegraph: Japan's new Prime Minister has launched a ¥10 trillion (£72bn) stimulus package to create 600,000 jobs, boost growth by 2% and shake off nearly two decades of stagnation.
  • Financial Times: David Cameron’s Europe policy could drive away inward investment and leave a cloud of uncertainty hanging over the British economy for years, Lord Heseltine, the prime minister’s adviser on growth, has warned.
  • The Daily Telegraph: Britain must retain a leading position within the European Union or face damaging economic consequences and risk losing valuable investment, the head of Honda in the UK has warned.
  • Financial Times: MoneySupermarket.com said on Friday that it expects adjusted full-year revenues to rise 15% to £204.5 million, ahead of market expectations.
  • Financial Times: Tullow Oil, the African-focused explorer, has undershot annual production guidance and also trimmed estimates for the coming year.
  • Financial Times: Royal Bank of Scotland has been censured by the Office of Fair Trading for unfairly linking customers’ unpaid, unsecured debts to their homes.
  • The Independent: John Lewis presented another storming set of figures during the first week of its clearance sales, with sales up 25.7% compared with the same period a year ago as consumers chased bargains.
  • Financial Times: AGA Rangemaster, the Warwickshire-based manufacturer of expensive cast iron ovens, suffered from weak sales in its domestic markets, but is pinning its hopes hopes on China for growth.
  • Financial Times: All of Jessops’ 187 stores closed on Friday, just days after the camera retailer went into administration, causing the loss of almost 1,400 jobs.
  • The Daily Telegraph: HMV saw its shares fall more than a fifth on Friday after it launched a massive sale in a bid to boost revenues.
  • The Guardian: The majority of Britain's trains will be indirectly running on nuclear power for the next 10 years following Network Rail's agreement to a £3 billion deal with EDF to supply electricity to the railways.
  • Financial Times: European regulators have called for a revamp of how the region’s benchmark interbank lending rate is overseen.
  • The Daily Telegraph: Housebuilder MJ Gleeson underlined that the sector is on the road to recovery, with a 53% increase in sales of homes to private buyers.
  • Daily Mail: Investment banks are expected to slash bonuses by up to 40% as they have been hit by stricter regulations and a slowdown in the economy.
  • Financial Times: The worst flu outbreak in the US in a decade will cost businesses an estimated $10.4 billion this year as workers call in sick, the Centers for Disease Control said on Friday.
  • Financial Times: Bank customers who were mis-sold payment protection insurance (PPI) will continue to wait months, even years, for compensation, according to the Financial Ombudsman, as the backlog of unresolved cases continues to grow.
  • Financial Times: Wheat and corn prices rallied sharply after the US government said that inventories of the grains would be even tighter than previously expected.

Share tips, comment and bids

  • Financial Times: Thai agribusiness conglomerate Charoen Pokphand Group said that it had sufficient resources to complete its planned $9.4 billion purchase of a stake in Ping An, China’s second-largest insurer by assets, following reports that the deal was unravelling.
  • Financial Times: Cuadrilla Resources, the only company drilling for shale gas in the UK, is in talks to sell a stake to a big energy group.
  • Financial Times: Facebook investor and board member Jim Breyer has sold a total of $208 million worth of his personal shares in the social networking company since its rocky public debut in May, according to SEC filings.
  • Financial Times: Frontline 2012, controlled by billionaire shipowner John Fredriksen, has raised $310 million in a private placement.
  • Financial Times: Mecom, the struggling European newspaper publisher, revealed it had begun talks to sell its Dutch, Danish and Polish operations as it reported a 9% decline in full-year revenues.
  • Financial Times (Lex): Boeing needs to show that it is on top of what are practically inevitable teething problems.
  • The Daily Telegraph (Comment): Employers have, so far, been unequivocal in how they see the UK's relationship with the European Union.
  • The Daily Telegraph (Comment): Treasury Secretary Timothy Geithner's departure from the Obama administration invites comparisons with Klemens von Metternich.

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