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: Fed explores overhaul of key rate

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter