Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Friday Papers: ECB says prepared to embrace QE

Friday Papers: ECB says prepared to embrace QE

Top stories

  • Financial Times: The European Central Bank has given the strongest signal yet that it is prepared to embrace quantitative easing to prevent the eurozone from sliding into deflation or even a prolonged period of low inflation.
  • The Daily Telegraph: The Governor of the Bank of England Mark Carney has refused to rule out a rise in interest rates before next May's general election.
  • The Guardian: Credit card providers will come under the spotlight of the City regulator, amid concerns that vulnerable customers are being offered "payday loans with plastic" and paying high interest rates which subsidise wealthier borrowers.
  • The Independent: Credit Suisse has taken yet another hit over its ongoing US tax probe which pushed its final-quarter results firmly into the red.
  • The Daily Telegraph: Shell 'should face possible penalties over Kulluk oil rig grounding', according to report by US Coast Guard that blamed poor risk assessment and management for grounding of rig in Gulf of Alaska in 2012.
  • The Guardian: One of Scotland's largest companies, Weir Group, believes that independence will "guarantee" higher costs for business but produce few and uncertain benefits.
  • Financial Times: Shares in Just Eat soared as much as 10% on its market debut in London giving the online takeaway service a market valuation of £1.47 billion as investors dined on the biggest UK technology float in eight years.
  • Financial Times: Citigroup is increasingly unlikely to meet a 2015 target that is central to chief executive Mike Corbat’s strategy of improving accountability at the US third-biggest bank.
  • Financial Times: Invesco Perpetual has suffered the biggest blow yet from the impending exit of Neil Woodford after St James’s Place said it would pull almost £8 billion from the investment house when the star stockpicker leaves this month.

Business and economics

  • Financial Times: Edmond de Rothschild said it had increased its assets under management and operating profit last year, as the private banking group continued to expand its businesses in Asia and Europe.
  • Financial Times: Peer-to-peer lender SoFi has raised $80 million from big-name investors and recruited the head of the New York Stock Exchange and the founder of PayPal as advisers, as it seeks to expand beyond student loans.
  • Financial Times: Bob Reynolds, the former number two at Fidelity, has signalled his ambition to challenge his former firm’s dominance of the US pension market with a deal to add JP Morgan Chase’s retirement services business to his growing empire at Great-West Financial.
  • Financial Times: Europe’s leading provider of own-brand cleaning products, McBride, blamed an “extraordinarily weak retail environment” in the UK and Italy for its second profit warning in three months, which wiped more than 10% off the company’s market value.
  • Financial Times: Vodafone may need to buy out its government-backed mobile partner in Egypt after the state regulator said that Telecom Egypt would need to acquire its own licence in the country.
  • Financial Times: The world’s top three record labels, Sony Music, Universal Music and Warner Music, have filed legal proceedings against Vkontakte, Russia’s largest social network, accusing it of deliberately facilitating copyright piracy.
  • Financial Times: Aluminium has jumped 6% in the week since the London Metal Exchange was forced to halt a plan to cut queues at its global warehouse network.
  • Financial Times: Tesco’s finance director is set to resign as early as next week in a sign of further turmoil at Britain’s biggest retailer – just days before the supermarket is expected to announce another sharp decline in profitability.
  • Financial Times: Royal Bank of Scotland has been roundly criticised for closing 14 branches that are the last branches left in communities from Castletown on the north Scottish coast to Fair Oak on the south coast of England, breaking its promise never to close a branch where it was “the last bank in town” – a central message of its television advertisements only a couple of years ago.
  • Financial Times: Business demand for credit jumped in the first quarter as companies looked for funding for mergers and acquisitions and capital investment.
  • Financial Times: Activity in the UK services sector softened slightly in March, but remained firmly in expansionary territory, boosting hopes of strong economic growth in the first quarter of the year.
  • Financial Times: New job vacancies in the City have risen by 20% in a year, but the return of hiring freezes at some of Europe’s largest investment banks is hindering the recovery.
  • Financial Times: Europe had to wean itself off Russian energy imports and stop the Kremlin using them as a political weapon, according to US secretary of state John Kerry.
  • Financial Times: British Land has agreed nearly £1 billion of new financing, in a tightly-priced deal that indicates lenders’ increasing optimism about the medium-term future of the property market.
  • Financial Times: Booker, Britain’s biggest cash-and-carry wholesaler, defied the gloom in the food retail sector to increase sales by 16.3 % in the final quarter of its financial year.
  • Financial Times: Internet groups such as Skype and Google will be guaranteed unrestrained access to the web after EU parliamentarians voted yesterday for a far reaching “net neutrality” law that will bar telecom operators from charging extra for delivering faster services.
  • Financial Times: As European buyers look around the world for new sources of liquefied natural gas, the most promising prospects lie in the US.
  • Financial Times: Alibaba is poised to expand its footprint in the Chinese financial sector after Jack Ma, founder of the ecommerce group, paid Rmb3.3 billion ($531 million) for one of the country’s biggest software providers for securities companies.
  • Financial Times: JP Morgan Chase has restructured its chief investment office, the former home of the “London whale”, in a further step away from the risky strategy that caused more than $6 billion of losses.
  • Financial Times: Anadarko Petroleum, the US independent oil company, has agreed to pay $5.15 billion in a settlement to resolve its long-running legal battle over pollution at thousands of sites across the US.
  • Financial Times: Bank of America is in talks to pay about $800 million to settle allegations it misled customers who were sold additional credit card products.
  • Financial Times: Brendan Eich, head of the organisation behind the Firefox web browser resigned yesterday, after an online backlash over a personal donation he made five years ago to an anti-gay marriage campaign.
  • The Guardian: Battles over water and food will erupt within the next five to 10 years as a result of climate change, the president of the World Bank said as he urged those campaigning against global warming to learn the lessons of how protesters and scientists joined forces in the battle against HIV.
  • The Guardian: National Grid made special payments of £300 million over the last 12 months to big energy companies – sometimes for switching off their power stations in an attempt to "balance" the system.
  • The Independent: Accenture is set to create around 1,000 new jobs in London to service the capital’s booming tech and financial services industries.
  • The Guardian: A major company owned by one of Ukraine's wealthiest oligarchs Victor Pinchuk - who boasts a £2 billion fortune - has had its debt downgraded to junk amid concerns about its finances.
  • The Guardian: Co-operative Bank has cut back the number of credit cards it runs for charities and political parties.
  • The Guardian: The chief executive of SSE, one of the big six energy providers, has urged the industry to move away from its confrontational stance and embrace all market reforms that benefit the customer.
  • The Guardian: Federal authorities have reportedly opened a criminal investigation into a $400 million fraud involving Citigroup's Mexican unit.
  • Daily Mail: Under scrutiny from the Government, the European Commission and investor groups, the UK’s biggest accounting firms are facing disruption to their bread and butter work - auditing UK listed companies.
  • The Daily Telegraph: Advertising firm, Matomy cancels £300 million UK float as it could not meet listing rules requiring it to attract at least quarter of investors from the European Economic Area.
  • The Daily Telegraph: Tobacco companies are railing against Government plans to force them to sell cigarettes in plain, unbranded packs.
  • The Daily Telegraph: Former BP chiefs Tony Hayward and Lord Browne have teamed up to drill for oil off Angola; Hayward's Genel Energy strikes deal with White Rose Energy, chaired by Lord Browne, to explore for oil in Angolan waters.

Share tips, comment and bids

  • Financial Times: Mylan Inc, the US generic drug producer, is eyeing the takeover of Swedish rival Meda in a deal that would create a $23 billion-plus pharmaceutical business as the US healthcare industry goes through one of the largest shake-ups in its history.
  • Financial Times: Imgur, a photo-sharing platform dominated by memes and gifs,has sold a minority stake for $40 million to Andreessen Horowitz, a Silicon Valley VC firm, with a contribution from Reddit, owned by Advance Publications.
  • Financial Times: Kingfisher, the DIY chain with operations in the UK and France, is in talks to acquire Mr Bricolage, a French rival, for €275 million, including debt.
  • Financial Times: Private equity groups Carlyle and PAI Partners have entered exclusive talks with Schneider Electric to buy a majority stake in the French electric equipment group’s sensors unit.
  • Financial Times (Lex): Just Eat: takeaway food websites depend on network effects.
  • Financial Times (Lex): GrubHub: order carefully from food delivery site’s IPO.
  • Financial Times (Lex): Indian banks: potential market is huge but newcomers face an uphill battle.
  • Financial Times (Lex): NAB: new CEO will fuel spin-off talk, but UK unit should settle first.
  • Financial Times (Lex): Barnes & Noble: an open book.
  • The Guardian (Comment): Fund managers are not likely to limit excesses on pay and bonuses.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: how career burnout led to a family office launch

Profile: how career burnout led to a family office launch

I was burnt-out from a career in finance and had no desire to come back, says the founder of Blu Family Office

Wealth Manager on Twitter