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Friday Papers: Europe may keep QE until end of 2018

Friday Papers: Europe may keep QE until end of 2018

Top stories

  • The Times: The European Central Bank has signalled that it may keep its quantitative easing programme going until the end of next year in an attempt to reassure markets that stimulus will not be withdrawn rapidly and to cap any further strengthening of the euro.
  • Financial Times: Philip Hammond is facing what officials describe as “a bloodbath” in the public finances in his Budget next month as weak economic forecasts derail the government’s plans.
  • The Daily Telegraph: The bosses of seven of the UK’s largest wholesalers have come out fighting against Tesco’s mooted £3.7 billion takeover of Booker and called on the competition watchdog to block the deal outright.
  • Financial Times: Russian hydropower-to-aluminium group En+ plans to float on the London market in a $1.5 billion listing that will involve a strategic tie-up with Chinese energy group CEFC, the latest in a string of energy deals between Moscow and Beijing.
  • Financial Times: Banco de Sabadell, the second-largest bank based in Catalonia, has decided to move its legal headquarters out of the region as Catalan separatists and the Spanish authorities hurtle towards a showdown on Monday over the region’s push for independence; at the same time that CaixaBank, the biggest bank in the region and the country’s third largest, also considered redomiciling outside Catalonia.
  • Financial Times: Monarch’s creditors risk being stripped of the airline’s most valuable assets - its takeoff and landing slots - which could be worth as much as £60 million.

Business and economics

  • The Daily Telegraph: Britain's retailers have been treated to an Indian summer of sales with the high street enjoying its best September sales for five years, according to new figures from BDO.
  • The Times: The US is leading a group of countries challenging Britain’s plans to retain EU import restrictions on agricultural goods after Brexit.
  • The Daily Telegraph: Profits at Uber’s UK business jumped last year despite the ride-hailing app losing billions of dollars globally.
  • The Daily Telegraph: Winton, the London-based hedge fund that manages almost £30 billion worth of assets, saw its profits crash by more than half in 2016 after missing its performance target.
  • The Times: Netflix shares hit an all-time high yesterday after the company announced that it would raise the price of subscriptions in the UK and America.
  • The Daily Telegraph: The youth media brand Vice, recently valued at $5.7 billion (£4.3 billion) by a private equity cash injection, has revealed a sharp increase in losses at its British arm as it counts the cost of a move into traditional television.
  • The Times: Morses Club, Britain’s second biggest doorstep lender, benefited from the turmoil that hit its bigger rival Provident Financial, with a jump in new customers and agents in the first half-year.
  • Financial Times: Shares in Corona-owner Constellation Brands were fizzing on Thursday, opening at a new record high after the US brewer delivered better-than-expected second quarter earnings and raised its guidance for the year.
  • The Guardian: DFS, the sofa retailer, has announced a 22% plunge in annual profits as consumers cut back on big-ticket purchases.
  • The Times: A Blackburn-based toilet-roll maker Accrol Group asked for its shares to be suspended from trading yesterday after revealing that a fine over a factory accident was likely to be far higher than it originally expected.
  • The Guardian: Goldman Sachs has begun to make plans for Brexit by leasing space in a new Frankfurt tower block that could hold up to 1,000 staff.
  • Financial Times: Vitol, the company transformed by British executive Ian Taylor into the world’s largest independent oil trader, has a potential value of up to $20 billion, according to bankers and analysts who have reviewed its closely guarded accounts.
  • The Guardian: The Ryanair chief executive, Michael O’Leary, has issued an unprecedented apology to his pilots in an attempt to stem the crisis at the Irish airline, which has cancelled thousands of flights and faced the threat of an employee revolt.
  • Daily Mail: Investors have been urged to oust James Murdoch as chairman of Sky amid claims 21st Century Fox’s £11.7 billion bid for the British broadcaster poses a major conflict of interest.
  • The Times: Derek Lovelock, the chairman of Jack Wills, is to step down after one year at the helm of the preppy fashion retailer which started from a store in Salcombe, Devon.
  • The Times: Standard Chartered is being investigated by regulators in Singapore and Europe over a potentially problematic transfer of $1.4 billion of private bank client assets from Guernsey to Singapore in advance of new tax transparency rules.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): HOLD Pershing Square.
  • The Times (Tempus share tips): BUY BTG; BUY Witan Pacific Investment trust; BUY De La Rue.
  • Daily Mail: A Dutch finance firm TMF has outlined plans for one of the biggest flotations on the London stock market this year in a major vote of confidence in Brexit Britain.
  • The Times: The duo behind JD Sports are set to boost their fortunes further amid speculation that they could float their latest retail business Footasylum in an IPO that could net them tens of millions of pounds.
  • The Daily Telegraph: Insurance giant Aviva has bought a majority stake in Cardiff-based Wealthify, a one-year old 'robo' investment company with the aim of winning over a younger generation who have little time or money.
  • The Daily Telegraph: Dialog Semiconductor, the British company whose power management chips feature in the iPhone, has bought a California chipmaker in a deal worth up to $306 million (£234 million).
  • The Daily Telegraph: Anglo-Dutch consumer group Unilever has invited private equity bidders to submit tentative offers for its $8 billion (£6.1 billion) by a deadline of 19 October.
  • Financial Times: Petrobras, Brazil’s state-controlled oil company, is speeding up plans for what is expected to be one of the country’s biggest privatisations, the listing of its petrol station business, to take advantage of favourable market conditions.
  • Financial Times (Lex): SeaWorld/Merlin: slicing up SeaWorld would bring in cash but not fix the brand.
  • Financial Times (Lex): En+: Those keen on aluminium could simply buy Rusal’s stock directly.
  • Financial Times (Lex): Asahi: Japanese brewer highlights the risks of following the Abenomics textbook.
  • Financial Times (Lex): Catalan banks: CaixaBank and Sabadell ponder moving south as independence declaration looms.
  • Financial Times (Lex): Robo advice: old money is taking call options on new technology.

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