Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Friday Papers: Mitsubishi rules out Toshiba nuclear rescue

Friday Papers: Mitsubishi rules out Toshiba nuclear rescue

Top stories

  • Financial Times: Japanese conglomerate Mitsubishi Heavy Industries has ruled out rescuing Toshiba's stricken nuclear reactor business, warning there are too many differences between their respective technologies to make a tie-up possible.
  • The Times: A fifth profit warning in less than a year, writedowns and provisions totalling £811 million and the prospect of another rights issue just eight months after a £500 million emergency fundraiser last year sent shares in the British defence group Cobham spiralling again.
  • The Daily Telegraph: Business Secretary Greg Clark is travelling to Paris this evening for urgent talks with Peugeot executives and the French government about the future of thousands of Vauxhall employees in Britain.
  • The Guardian: Argos is being forced to pay £2.4 million in wages to more than 37,000 current and former shopworkers, and has been fined nearly £1.5 million after a HMRC investigation.
  • Financial Times: Drivers of trains run by the rail operator Southern have rejected a deal agreed by union leaders and company bosses, reigniting a dispute that has crippled services and brought misery to commuters.
  • Financial Times: Air France-KLM has promised to cut costs and boost passenger capacity this year in an effort to “regain the offensive" in the lucrative long-haul market, as the group reported a 35% increase in full-year earnings.
  • Financial Times: French bonds are being traded at volumes not seen since the eurozone crisis as the tumultuous presidential election race has divided investors over whether France will deliver the world’s next populist upset.

Business and economics

  • The Guardian: Deutsche Bank that loaned hundreds of millions of dollars to Donald Trump has conducted a close internal examination of the US president’s personal account to gauge whether there are any suspicious connections to Russia, the Guardian has learned.
  • The Times: The Austrian government has launched a €1.1 billion lawsuit against the makers of the Eurofighter jet, claiming that it was misled over the price and nature of the planes it ordered more than a decade ago.
  • The Daily Telegraph: Drax is planning to overhaul its dividend policy this summer as it looks to protect itself from volatility in the wholesale energy market.
  • Financial Times: Fidelity, the privately owned US financial group, made a record operating profit of $3.5 billion last year, according to its latest annual report, which underscored how the company has moved far beyond its historic business of actively managed mutual funds.
  • The Times: Revenues at Shire have surged in the wake of its $32 billion acquisition of Baxalta, the US biopharma specialist.
  • The Times: A profit warning issued by Laura Ashley after a poor first half sent shares in the homewares and fashion group plunging 10%.
  • The Daily Telegraph: Nestlé will ditch poorly performing businesses that cannot be fixed and spend millions more on restructuring the company, its new chief executive said, as the food giant reported lacklustre full-year results.
  • The Times: Shares of Coca-Cola Hellenic Bottling Company fizzed more than 4% higher after the soft drinks maker reported strong 2016 results and hinted at the possibility of a special dividend.
  • The Daily Telegraph: House builder Cala Homes has forecast a record year of profits and revenues despite the average selling price of its homes falling.
  • Financial Times: The woes of Bob Diamond’s London-listed African investment vehicle Atlas Mara have deepened after it announced the immediate departure of its chief executive and raised extra funds from an overnight placing.
  • The Daily Telegraph: Bruce Carnegie-Brown will be announced as the new chairman of Lloyd’s of London next week as the former JP Morgan veteran secures one of the most prestigious posts in the City.
  • The Daily Telegraph: The billionaire heir to Samsung has been arrested following allegations of bribery in connection to a massive corruption scandal.
  • Financial Times: Deutsche Börse’s chief executive, Carsten Kengeter, said he was “certain” that allegations of insider trading against him would prove “unfounded”, in his first public statement since a German prosecutor announced it was investigating him.
  • Financial Times: Vodafone’s direct tax contribution to the UK Treasury dropped by a fifth in the last financial year, as payments related to its 2010 settlement with the tax authorities wound down.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Lancashire Holdings; BUY Primary Health Properties; AVOID Drax Group.
  • The Daily Telegraph (Questor share tips): BUY Montanaro Uk Smaller Companies Investment Trust.
  • The Times: Famous for its £1,000 parkas with coyote fur-lined hoods, Canada Goose is to go public with a dual listing in the US and Canada that will provide an exit for Bain Capital, its owner.
  • The Daily Telegraph: Heineken’s acquisition of almost 2,000 pubs from British chain Punch Taverns is to be investigated by the UK’s competition watchdog.
  • Financial Times: The owner of messaging app Snapchat has slashed its proposed valuation, as the company gears up for a marketing blitz on what is expected to be one of the largest US tech listings in recent years.
  • Financial Times: Chinese tech group Baidu is gearing up to command the nation’s smart home devices by buying Raven Tech, a start-up that produces a Mandarin-speaking answer to the Amazon Echo.
  • The Guardian (Comment): A stock market crash is a way off, but this boom will turn to bust.
  • The Daily Telegraph (Comment): Don't bet against a sixth profit warning at Cobham.
  • Financial Times (Lex): Atlas Mara: a belated savings pledge is welcome — but scepticism about the venture remains.
  • Financial Times (Lex): Cobham: Aerospace specialist needs to find clear flight path.
  • Financial Times (Lex): limiting investors’ legal options is excusable, but there is a better way.
  • Financial Times (Lex): Singapore banks: plenty to worry about behind that sheen of quality.
  • Financial Times (Lex): Nestlé: big-ticket acquisitions are off the agenda even as growth stalls.

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: a Williams de Broe vet on striking out from Investec

Profile: a Williams de Broe vet on striking out from Investec

Laurence Boyle and his team became ‘somewhat of an oddity’ within Investec after joining via its acquisition of Williams de Broë

Wealth Manager on Twitter