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Friday Papers: Strong euro raises fears for recovery

Friday Papers: Strong euro raises fears for recovery

Top stories

  • The Times: European Central Bank policymakers yesterday tried to talk the euro down from its recent high by warning that policy could change if currency markets overreact to the bloc’s recovery.
  • Financial Times: Uber is planning a new round of fundraising that would at least match the $68 billion peak valuation it reached before this year’s round of scandals - though investors who take part would be able to buy into the ride hailing company at a lower overall price than the headline number suggests.
  • The Daily Telegraph: EU migrants will be barred from claiming in-work benefits unless they have been employed for at least four years after Brexit under plans to revive a pledge by David Cameron.
  • Financial Times: Walmart’s digital investments continued to pay off in its latest quarter, lifting sales for the world’s largest retailer as it battles with Amazon for dominance of shopping.
  • Financial Times: Private equity fundraising is at its highest level since the boom years in the run-up to the financial crisis, leaving companies in a “precarious position” as they struggle to invest record sums.
  • Financial Times: Spanish police say they have killed four people and seriously injured another in an operation to stop what they say was a second attempted terrorist attack following Thursday evening’s van attack on pedestrians in Barcelona’s bustling tourist district of Las Ramblas which killed 13 people and left dozens wounded.
  • Financial Times: Alibaba reported a near doubling in net income to just over $2 billion in its first fiscal quarter, beating analyst expectations as the boom in Chinese online shopping shows little sign of slowing.

Business and economics

  • The Guardian: Donald Trump wiped over $5 billion off Amazon’s stock market valuation on Wednesday with a tweet accusing the company of “doing great damage to tax paying retailers”.
  • The Daily Telegraph: US stocks plunged last night on receding expectations President Donald Trump would be able to push through his policy agenda of tax cuts and increased infrastructure spend.
  • Daily Mail: Brussels bureaucrats triggered a run on a Spanish lender, investors in Banco Popular, which collapsed in June and was sold to Santander for €1 after a loss of confidence.
  • Financial Times: Solarworld, a former stock market darling that became one of the biggest casualties of Germany’s ill-fated solar boom, has been resurrected from insolvency with the help of investors from Qatar.
  • The Times: A Dutch insurance and pensions group Aegon plans to lend £160 million to thousands of small British businesses via Funding Circle, the peer-to-peer lender.
  • The Times: Murray International Trust said that it had comfortably beaten the performance of its benchmark in the first half of the year as the global equity investor announced a year-on-year rise in its shareholder dividend.
  • Daily Mail: Badweather and changing home improvement habits have led to a miserable summer for Britain’s biggest DIY companies such as B&Q, Homebase and Screwfix.
  • The Times: Hikma Pharmaceuticals fell as much as 15% at one point yesterday, taking its losses beyond 40% since May, after it cut its forecasts for its pressured generics drugs business.
  • The Times: Cuadrilla has begun drilling at the Lancashire site where it will carry out Britain’s first fracking in six years.
  • Financial Times: Tighter controls on money laundering and problem gambling at casinos as well as a continuing decline at bingo halls weighed on full-year profits at Rank, the UK leisure group.
  • The Times: Marshalls continues to shrug off depressed consumer confidence and public sector austerity by revealing continued strong demand for the laying of driveways and patios and a decent order book for doing up the public realm.
  • Financial Times: Nasdaq’s junior stock exchange has secured legal approval to offer UK investors tax breaks for investing in its Nordic markets, ramping up its challenge to London following the UK’s vote to leave the EU.
  • Financial Times: BayernLB, Germany’s second-biggest Landesbank, sounded a warning over rising regulatory costs even as profits rose and the clean-up of its balance sheet continued.
  • : Ericsson is understood to be seeking sweeping job cuts outside its native Sweden that may affect its 3,500-strong workforce in the UK.

Share tips, comment and bids

  • The Times: BUY Rank Casinos; AVOID Allied Minds; HOLD Hikma Pharmaceuticals.
  • The Times: BHP Billiton has given the green light to a $2.5 billion investment in expanding its Spence copper mine in Chile, marking the mining industry’s latest big bet on the red metal.
  • The Times: Lufthansa is the frontrunner to buy the bulk of its stricken rival Air Berlin as the German government pushes for a quick deal.
  • The Times: Gem Diamonds has received an approach about its mothballed Ghaghoo mine in Botswana; the disclosure came as the diamond miner revealed a 14% decline in first-half revenue.
  • The Times: Destiny Pharma, an anti-microbial drugs company whose chairman is Sir Nigel Rudd, the City veteran, will become only the second biotech company to float on the London stock market this year.
  • Financial Times (Lex): Medical robotics: US specialists will have the lead in event of an arms race.
  • Financial Times (Lex): Vestas: Danish company’s main market looks surprisingly solid for the foreseeable future.
  • Financial Times (Lex): Alibaba: despite its sales success, the ecommerce group is right to be nervous.
  • Financial Times (Lex): Kingfisher: B&Q owner needs running repairs of its own.
  • Financial Times (Lex): ADP/Pershing: activist cases still centre on the activist.

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