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View the article online at http://citywire.co.uk/wealth-manager/article/a761384

Friday Papers: Fed explores overhaul of key rate

by Himanshu Singh on Jul 11, 2014 at 04:39

Friday Papers: Fed explores overhaul of key rate

Top stories

  • Financial Times: The US Federal Reserve is exploring an overhaul of the Federal funds rate - a benchmark that underlies almost every financial transaction in the world - as it prepares for an eventual rise in interest rates.
  • Financial Times: US regulators are suing Amazon over accusations that the e-commerce giant unlawfully billed parents for unauthorised digital purchases made by their children.
  • The Guardian: Stock markets on both sides of the Atlantic were rattled on Thursday on fears that the suspension of shares in Portugal's third largest bank could lead to a run on the eurozone's debt-ridden banking sector.
  • Financial Times: The meteoric rise of Cynk Technology, a former penny stock which appears to boast one employee and no reported revenues, stalled abruptly yesterday when shares of the would-be social media company tumbled by as much as a third.
  • Financial Times: Google is creating a European arm to its venture capital vehicle, as the internet group seeks to tap into the ideas and money being generated by the continent’s emerging start-ups.

Business and economics

  • Daily Express: Barratt Developments hailed higher annual sales and profits, but the builder warned that the industry would struggle to hit new home targets without government cash.
  • Financial Times: Countryside has appointed STJ Advisors to work on a potential initial public offering of the UK housebuilder.
  • Daily Express: Superdry owner SuperGroup is measuring up European expansion to keep its profits in tip-top fashion.
  • The Independent: The chances of a new approach from the American suitor of Mothercare slimmed yesterday after the Nasdaq-listed company issued its second profit warning this year.
  • Financial Times: Banco Popular’s decision to pull a planned €750 million contingent convertible sale citing poor market conditions on Thursday has dealt a sobering blow to what had become a booming market for banks to strengthen their capital.
  • Financial Times: Mothercare has appointed Mark Newton-Jones, its interim chief executive, to lead the British babywear and buggy retailer permanently.
  • Daily Express: Airport and rail station food retailer SSP shrugged off the recent wobble in the UK’s new issues market as its shares rose nearly 3% on their debut.
  • The Guardian: Former WH Smith chief in £3.7 million windfall after SSP flotation.
  • Daily Mail: Mining giant Vedanta is depriving Zambia of much-needed tax revenue by routing copper sales through a Dubai subsidiary, it has been alleged in the High Court.
  • The Independent: The Church of England has finally severed its financial ties with the pay-day loan company Wonga.
  • Financial Times: Denmark’s Maersk Line, the container shipping division of AP Møller-Maersk, and Geneva-based Mediterranean Shipping Company have reached a long-term deal to cut costs by sharing capacity, following the collapse last month of the companies’ plans for an alliance of the top three global freight lines.
  • The Guardian: Britain's trade deficit unexpectedly grew to £2.4 billion in May, fuelling concerns that the strength of the pound is undermining efforts to increase exports.
  • Daily Express: Carmaker Jaguar Land Rover notched up its strongest half-year sales yet as motorists at home and abroad snapped up its luxury motors.
  • Daily Express: Marks & Spencer’s chief finance officer Alan Stewart is taking up the same role at supermarket giant Tesco.
  • Daily Mail: Burberry was forced to defend its new £10.3 million-a-year chief executive Christopher Bailey over his reluctance to explain the firm’s trading figures.
  • Daily Mail: The warm summer weather and a larger than expected number of shoppers in new stores saw a 22% increase in sales at the Primark discount chain.
  • The Daily Telegraph: Apple wins permission to trademark stores; landmark European ruling means Apple can trademark high street stores.
  • The Daily Telegraph: Tullett Prebon wins $33 million in damages from rival BGC; US regulator rules in favour of London-listed inter-dealer broker run by Terry Smith.
  • The Daily Telegraph: Post Office boss takes 22% pay cut as revenues fall; Paula Vennells sees pay package drop after "challenging" year of falling revenues, increased competition and strike action.
  • Financial Times: Vodafone, the UK-based telecoms company, says it will push ahead with international arbitration of its tax dispute with India, after the new administration of Prime Minister Narendra Modi said the long-running battle should reach its “logical conclusion”.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tip): Low & Bonar shares look cheap; the market may have missed Low & Bonar's soaring profits and dividends.
  • Daily Express: Shares in the London Stock Exchange took a beating as a Gulf investor sold a stake in the bourse for £260.1 million.
  • Daily Mail: Sainsbury's Bank is holding a flash sale on personal loan, cutting the cost of borrowing for Nectar cardholders to a market-leading 3.9% until 3pm on Tuesday 22 July.
  • Financial Times: Sino-US pork producer WH Group has revived its plans for a Hong Kong stock market listing having slashed the number of banks working on its deal from 29 to just two and cut its valuation.
  • Daily Mail (Comment): Mario Draghi cannot fix all of Europe's problems beware of financial problems in EU.
  • Daily Mail (Comment): If there is a theme that runs through Britain’s post-war industrial history it is the inability to translate our greatest inventions, into great international successes.
  • Financial Times (Lex): American Apparel: ordinary shareholders may believe they should pile into shares of the edgy retailer now it has a cornerstone investor. They should think twice.
  • Financial Times (Lex): Syrah Resources: the Australian miner’s shares are like lottery tickets as it is sitting on some of the world’s key mineral supplies.
  • Financial Times (Lex): SSP and Elior: Two catering IPOs - one British and the other French - are similar in many ways but there are key differences.

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