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Friday Papers: oil prices soars on Iraq tension

Friday Papers: oil prices soars on Iraq tension

Top stories

  • Financial Times: Mark Carney has warned households, companies and financial markets to prepare for an interest rate rise, saying the first increase “could happen sooner than markets currently expect”.
  • The Guardian: Escalating violence in Iraq sent the price of oil to a three-month high as traders bet that advances made by insurgents could disrupt supplies from one of the world's largest oil exporters.
  • Financial Times: George Osborne will give the Bank of England specific legal powers to rein in risky mortgage lending in an attempt to prove he will protect the economy from “future risks in the housing market”.
  • The Independent: City watchers have reacted cautiously to George Osborne’s plans to tighten controls on the £3 trillion-a-day foreign exchange market due to be unveiled.
  • Financial Times: George Osborne will give the Bank of England specific legal powers to rein in risky mortgage lending in an attempt to prove he will protect the economy from “future risks in the housing market”.
  • Financial Times: Ed Miliband has been warned by two former Labour ministers that he is alienating business leaders by speaking a language they do not understand, failing to listen and giving the impression he wants to harm big British companies.

Business and economics

  • Financial Times: Electric carmaker Tesla Motors has taken the unprecedented step of opening its technology secrets to its rivals as chief executive Elon Musk attempts to boost interest in the low-emission vehicles.
  • Financial Times: Twitter has parted ways with its chief operating officer Ali Rowghani following a boardroom disagreement, as the messaging platform tries to soothe investor fears over slowing growth.
  • Financial Times: The world’s three top platinum producers said on Thursday they had reached a deal “in principle” with union leaders to end a crippling five-month strike that has cost them more than $2 billion in lost revenue and battered South Africa’s economy.
  • Financial Times: After weeks following the ups and downs – but mainly downs – of the share prices of newly floated retailers, Thursday was all about operational performance; Pets At Home and Boohoo.com. both reported maiden full-year results that were slightly better than expected, just a week after online white goods seller AO World also posted annual results near the top of its consensus estimates.
  • Financial Times: Lululemon Athletica cut its full-year sales and profit forecast, sending the athletic wear maker’s shares to the lowest level in more than three years as it continues to grapple with supply chain problems, rising competition and boardroom turmoil.
  • Financial Times: Aer Lingus has said it faces a battle to win back customer confidence after a strike by cabin crew harmed passenger bookings and forced the airline to issue its second profit warning in less than a year.
  • Financial Times: AstraZeneca has struck a deal worth up to $232 million with a UK biotech company to develop a new asthma drug, highlighting its efforts to reinvigorate its research pipeline after rebuffing a near-£70 billion takeover offer from Pfizer.
  • Financial Times: The UK’s accountancy watchdog has dropped an investigation into PwC over its auditing of upmarket housebuilder Berkeley.
  • Financial Times: Facebook is deepening its ability to target adverts at its almost 1.3 billion users by deploying tracking data that shows the sites they visit across the internet.
  • Financial Times: One of the most senior figures at BNP Paribas, Georges Chodron de Courcel, has announced his retirement amid an escalating probe into alleged sanctions violations at the French bank.
  • Financial Times: French president François Hollande met senior ministers on Thursday to consider the last-minute change of tack from Siemens in its expected bid for national industrial champion Alstom.
  • Financial Times: Shire is to begin testing its amphetamine-based drug for attention deficit hyperactivity disorder in pre-school children, in a move likely to stir debate over the increasing medication of young people in the US for behavioural problems.
  • Financial Times: Goldman Sachs and Bain Capital paid $121 million to settle a lawsuit alleging they conspired with other private equity firms to fix the price of some of the biggest ever leveraged buyouts.
  • Financial Times: India’s Infosys on Thursday named Vishal Sikka, a former senior executive at German technology group SAP, as the struggling software outsourcer’s first externally-hired chief executive as it attempts to bounce back from years of weak growth and falling market share.
  • Financial Times: Permira has highlighted investors’ more positive attitude towards Europe in the past year after amassing €5.3 billion for a new buyout fund.
  • Financial Times: Asia Resource Minerals is replacing its chief executive as the Indonesian coalminer formerly known as Bumi retreats from its growth plans; Nick von Schirnding will leave this month with the company appointing Amir Sambodo, one of its independent directors, as his successor.
  • Financial Times: Lloyds Banking Group has joined London mayor Boris Johnson in backing a small housebuilder with an innovative, low-cost development model targeted at young workers squeezed out of the capital’s buoyant property market.
  • Financial Times: Premier Oil has received final government approval to press ahead with the development of the Catcher field in the North Sea – a project with a total budget of $2.25 billion that is expected to boost the UK’s dwindling oil output by up to 6%.
  • Financial Times: Shares in B&M rose more than 5% in informal trading after the biggest London listing of the year took the discount store chain to the brink of the FTSE 100 and brought a £1 billion payday for the Arora family and the retailer’s private equity owners.
  • Financial Times: Halma is eyeing further acquisition opportunities overseas as the British maker of health and safety devices posted a rise in full-year profits, driven by strong growth in China.
  • Financial Times: WS Atkins, the 76-year-old engineering consultant that redesigned London’s Trafalgar Square, reported a 7% rise in underlying profits on Thursday, boosted by rail, defence and energy work.
  • Financial Times: PZ Cussons, the company behind Imperial Leather and Carex soaps, said that its full-year profits would have been 17% higher had it not been for weakening currencies.
  • Daily Mail: The boss of energy supplier SSE enjoyed a £2.7 million pay packet last year, prompting fresh allegations that power chiefs are cashing in at customers’ expense.
  • Daily Mail: Shoppers rushing to buy garden furniture and outdoor toys in the warm weather helped lift sales at Homebase and Argos; parent company Home Retail Group said eight consecutive quarters of sales growth was further evidence that a turnaround plan is working.
  • The Guardian: The US Supreme Court ruled on Thursday that drink producer POM Wonderful can sue over allegations that Coca-Cola Co has misled consumers over its marketing of Minute Maid pomegranate blueberry juice.
  • The Guardian: Motorists could see their insurance premiums fall following proposals by the competition watchdog to cap the over-inflated prices insurers charge for courtesy cars.
  • The Guardian: The boss of Mulberry has admitted that turning around the troubled British handbag maker would be a "two year project" after an aggressive move upmarket triggered a slump in sales and annual profits.
  • The Guardian: Australia's strong economic performance since the start of the year has failed to increase the number of people in work; the number of people in the workforce fell by 4,800 in May, figures released on Thursday showed, when economists were expecting an increase of 10,000.
  • The Independent: Network Rail's profits soared above £1 billion for the first time in the last financial year, but delays increased – and the track group blamed its missed punctuality targets on squashed commuters.
  • The Independent: The Great Recession led to 10,000 suicides across Europe and North America with home repossessions, unemployment and debt taking a heavy toll on public health, experts have said.
  • The Daily Telegraph: Great North Western Railways Company, owned by Germany's Deutsche Bahn, has secured agreement from Network Rail to operate services on the West Coast Main Line in competition with Virgin.

Share tips, comment and bids

  • Financial Times: Leighton Holdings, Australia’s biggest construction company, is considering selling its John Holland engineering unit and its property and services arms as part of a major restructuring ordered by controlling shareholder Hochtief.
  • Financial Times: Shelf Drilling, a Gulf-based oil rig supplier, is aiming to place shares worth a minimum of $500 million in a London flotation later this year.
  • Financial Times: GoDaddy, the US web services company has found a new way to turn heads on Wall Street: customised financial metrics that show off its business performance in a flattering light.
  • Financial Times: KKR has agreed to provide more than €200 million in financing to Selecta in a deal allowing the Swiss vending-machine group to avoid a potential breach of its loan obligations.
  • Financial Times: Powa Technologies, the British ecommerce company founded by serial entrepreneur Dan Wagner, has bought mobile payments start-up MPayMe for $75million - the latest example of a company making a big bet that smartphones will become shoppers’ preferred way to pay.
  • Financial Times: India’s Essar Group plans to sell the British oil refinery it bought from Royal Dutch Shell for $350 million in 2011, as the struggling conglomerate attempts to reduce debts and refocus on its core Indian business.
  • The Daily Telegraph: All England Club has raised £103.5 million by issuing debentures to fund Wimbledon improvements.
  • Financial Times (Lex): US power producers: indie label.
  • Financial Times (Lex): Siemens / Mitsubishi: tactical moves.
  • Financial Times (Lex): B&M: expansion.
  • Financial Times (Lex): Shelf Drilling: bottom fishing.
  • Financial Times (Lex): Infosys: transformation overload.

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