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View the article online at http://citywire.co.uk/wealth-manager/article/a762488

Friday Papers: Malaysia airliner shot down over Ukraine

by Himanshu Singh on Jul 18, 2014 at 03:25

Friday Papers: Malaysia airliner shot down over Ukraine

Top stories

  • Financial Times: A Malaysian airliner that crashed in eastern Ukraine with 295 people on board was shot down in a missile attack, US and Ukrainian officials said on Thursday.
  • Financial Times: The shape of British high street banking will be thrown into doubt when the competition regulator is set to recommend a full-blown inquiry into small business lending and current accounts.
  • The Guardian: Microsoft is embarking on the deepest cuts to its workforce in its 39 year history, axing 18,000 jobs over the next year, as it absorbs its newly acquired Nokia phone business and takes out layers of management.
  • The Daily Telegraph: AbbVie is set to announce firm bid for Shire; the merger between the pharmaceuticals would be the biggest since Pfizer bought Wyeth in 2009.
  • The Guardian: Virgin Media owner Liberty Global has acquired BSkyB’s 6.4% stake in ITV for £481 million.
  • Financial Times: New forms of product-related search advertising pushed Google’s net revenues up by 25 per cent during the second quarter, though higher operating costs left its earnings below Wall Street expectations.
  • The Daily Telegraph: Businesses are offered funding for adopting energy efficiency measures under £20 million trial scheme.
  • The Daily Telegraph: The union of Dixons Retail with Carphone Warehouse is one step closer to the high street after investors gave a thumbs up to their plans.

Business and economics

  • Financial Times: Shares in Time Warner rose further above the value of 21st Century Fox’s offer on Thursday as analysts calculated that Rupert Murdoch’s television and film empire could improve on the $80 billion offer that was rebuffed by the media group behind HBO and Warner Bros.
  • Financial Times: Britain’s financial watchdog has warned an industry struggling to move on from a series of high profile consumer scandals to prepare itself for further large fines.
  • Financial Times: Ineos has received a government loan guarantee to build Europe’s largest ethane storage tank at Grangemouth, offering a long-term future for the petrochemical plant that became the scene of a bitter union row over its threatened closure.
  • Financial Times: Scrutiny of some of Britain’s wealthiest individuals has yielded £1 billion of extra tax since 2009, HM Revenue & Customs said on Thursday.
  • Financial Times: The UK is “best placed” to take advantage of a global market for products and services to improve the way cities function that could be worth £200 billion a year by 2030, according to a government-backed study.
  • Financial Times: India’s Prime Minister Narendra Modi has initiated a renewed push to offload government assets, outlining plans to raise $2.9 billion through the sale of a stake in state-backed energy explorer Oil and Natural Gas Corporation.
  • Financial Times: The US sanctions imposed on Rosneft on Wednesday will throw the company’s ambitious growth plans into doubt and make life yet more uncomfortable for the western majors that have clinched high-profile deals with the Russian oil group.
  • Financial Times: The latest package of sanctions on Russia, which were unveiled on Wednesday, US blocked some of Russia’s most important companies from raising long-term finance in the US.
  • Financial Times: Eurozone banks that are told they have holes in their balance sheets will have just two weeks this autumn to come up with plans to plug the gap, according to new information from the European Central Bank.
  • Financial Times: Politicians and workers’ leaders in Finland reacted with anger and bewilderment at the news that 1,100 jobs in the country would be lost as a result of Microsoft’s plan to cull staff at Nokia’s former handset division.
  • Financial Times: Stephen Hester is preparing to cut almost a tenth of RSA’s £2 billion annual costs as the insurer’s chief executive undertakes the next phase of his turnround plan.
  • Financial Times: Uber has sparked protests in London and a price war in New York, but the driver-hailing app faces one of its toughest challenges yet as it launches in Hong Kong on Thursday.
  • Financial Times: Todd Kozel, the founder of Gulf Keystone Petroleum, has quit the board ahead of its annual meeting where shareholders were expected to oppose his continuing in the role with the Kurdistan oil explorer.
  • Financial Times: BT will return to the mainstream mobile market for the first time in a decade with a service that brings together work and personal calls in a single mobile device.
  • Financial Times: Novartis confirmed its full-year profit and revenue forecasts, despite weaker than expected second-quarter results and the long-awaited arrival of a generic competitor for its blockbuster blood-pressure drug, Diovan.
  • Financial Times: Tullett Prebon has announced that John Phizackerley, the former Nomura and Lehman Brothers executive, will succeed Terry Smith as chief executive of the UK interdealer broker.
  • Financial Times: Carrefour, the world’s second-largest retailer by revenues, reported a near 5% rise in sales for the second quarter, despite a reverse in China and significant negative currency movements in Latin America.
  • Financial Times: New Mothercare chief executive Mark Newton-Jones warned investors that the babywear-and-buggy retailer’s struggling UK business “needs modernising and requires investment”.
  • Financial Times: Sports Direct could be near a breakthrough in its stand-off with Adidas, the retailer indicated on Thursday as it announced record profits of £239.5 million.
  • Financial Times: Airbus trumped Boeing at the end of the Farnborough air show by securing deals with airlines and leasing companies to buy 496 passenger jets worth $75.3 billion while Boeing obtained orders and commitments to sell 201 aircraft worth $40.2 billion to customers.
  • Financial Times: The lossmaking Canadian steel division of India’s Essar conglomerate has filed for bankruptcy protection in the US as part of a plan to restructure debts, placing further pressure on the strained finances of its parent group.
  • Financial Times: A one-off charge related to a patent lawsuit hit SAP’s second-quarter profits but the German business software company encouraged investors to focus on its progress in the cloud computing system by slightly raising a cloud subscription forecast.
  • Financial Times: Premier League champions Manchester City has begun to milk its on-pitch success by signing up Japanese carmaker Nissan as its first global sponsor of its portfolio of worldwide clubs.
  • Daily Mail: Luxury car firm HR Owen is to launch a new venture selling classic motors, after Malaysian tycoon Vincent Tan took the wheel of the company earlier this year.
  • Daily Mail: Fears that fresh political turmoil could sweep the world hit global markets last night after a Malaysian airliner crashed in eastern Ukraine, killing 295 people, amid speculation it had been shot out of the sky; stock markets around the world extended earlier losses already prompted by America slapping Moscow with new sanctions, while safe-haven assets such as gold rose.
  • Daily Mail: Energy supplier SSE lost as many as 110,000 customers in just three months, as its pledge to freeze prices failed to keep some households from deserting.
  • Daily Mail: Intensifying speculation about an interest rate rise means nine out of 10 investors now expect a hike from 0.5% will happen within a year, a survey by Hargreaves Lansdown reveals.
  • The Guardian: The Department for Business has promised to investigate new information relating to a fresh row over £79 million of outstanding cashback promises made to ScottishPower customers more than a decade ago.
  • The Guardian: Almost £8 billion was invested in renewable energy in the UK last year, according to a report by the Department of Energy and Climate Change (DECC).
  • The Guardian: Mattel, the world's largest toymaker, said its global sales had fallen 9% in the three months to the end of June, as demand for its Barbie dolls and Fisher Price toys tumbled.
  • The Daily Telegraph: Alibaba is set for 'delays' of one of the largest flotations ever seen as the Chinese e-commerce giant wants to wait until after Labor Day to avoid Wall Street holidays.
  • The Daily Telegraph: Meg Whitman appointed chairman, president and CEO of HP; Appointment comes just days after Ralph Whitworth stepped down due to health reasons.

Share tips, comment and bids

  • Financial Times: Royal Bank of Scotland is considering selling the overseas operations of Coutts, its private banking arm, which includes the Queen among its clients, as it conducts a strategic review of its wealth management business.
  • Financial Times: The Italian coffee producer behind global brands Segafredo Zanetti and Chock full o’ Nuts has appointed banks ahead of an initial public offering in Milan, possibly this year.
  • The Daily Telegraph: Volkswagen's interest in Fiat is being denied; Fiat's controlling shareholders say no talks have taken place with Volkswagen, while German car maker says takeovers are not on the agenda.
  • Financial Times (Lex): Microsoft: windows or doors?
  • Financial Times (Lex): Russia sanctions: perfect timing.
  • Financial Times (Lex): ONGC: disinvestment department.
  • Financial Times (Lex): For-profit schools: first, Corinthians.
  • Financial Times (Lex): Liberty Global: stay tuned.

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Mystery claims delay Pritchard payout

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