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.

Monday Papers: France hits out at dollar’s dominance

Monday Papers: France hits out at dollar’s dominance

Top stories

  • Financial Times: France’s political and business establishment has hit out against the hegemony of the dollar in international transactions after US authorities fined BNP Paribas $9 billion for helping countries avoid sanctions.
  • Financial Times: Goldman Sachs is expanding its European wealth management business to offer loans to rich clients in a move that is taking it further into the domain of centuries-old private banks in Europe.
  • Daily Mail: American drugs giant AbbVie is this week expected to increase a £27 billion offer for London-listed rival Shire.
  • The Guardian: Mothercare's decision to reject a £270 million takeover approach from US rival Destination Maternity has won the backing of two leading institutional shareholders, Fidelity and Allianz Global Investors.
  • The Independent: Britain’s highest-profile fund manager, Neil Woodford, has begun building a stake in AstraZeneca in a move that could scupper rival Pfizer’s chances of buying the pharmaceutical giant later this year.

Business and economics

  • The Daily Express: Rent-to-own retailer BrightHouse said it ranked alongside other “high street winners” such as John Lewis and Next after annual sales surged.
  • The Daily Express: Burberry faces a handbagging by investors over a multi-million- pound “golden handcuffs” deal for its new chief executive.
  • Daily Mail: Car parts-to-bicycles retailer Halfords is gearing up for another strong quarter of trading when reporting sales figures on Thursday.
  • The Independent: Nike paid just £1 million to the taxman in the past five years on £100 million sales of its Manchester United replica kits, The Independent can reveal.
  • The Guardian: Global economic activity should strengthen in the second half of the year and accelerate in 2015, although momentum could be weaker than expected, Christine Lagarde, head of the International Monetary Fund, said on Sunday, hinting at a slight cut in the fund's growth forecasts.
  • The Guardian: The government is to set out plans for £5 billion of investment in building homes, improving transport links and opening up new training opportunities in projects across England.
  • Financial Times: Rosneft will shift its focus from acquisitions to new projects after a period of aggressive dealmaking that has transformed the Russian energy industry, as the country’s economy is hit by US and European sanctions.
  • Daily Mail: Warner Leisure Hotels, part of the Bourne Group that owns Butlins and Haven Holidays, is to unveil its £12.5 million refurbishment of Alvaston Hall Hotel in Cheshire this week.
  • The Daily Telegraph: Hindujas urge UK to finance Mumbai-Bangalore corridor; Indian businessmen Gopichand and Srichand Hinduja say backing of infrastructure project could deliver the returns David Cameron has hoped for.
  • Financial Times: The UK arms of Aldi and Lidl are on track for combined sales of more than £10 billion this year, and could generate almost as much turnover as Britain’s fourth-biggest supermarket Wm Morrison in 2015.
  • The Independent: The Health & Safety Executive is set to bring in bosses from the commercial sector to beef up its board of directors in a move that unions believe could lead to privatisation of the independent regulator.
  • The Guardian: EDF, which operates most of Britain's nuclear power stations, could be in line for an £800 million windfall via a loophole in a government subsidy scheme aimed at keeping the lights on at times of peak demand.
  • Financial Times: Big US banks are expected to report dismal second-quarter earnings, with weakness in fixed-income trading and mortgage banking overshadowing an increase in lending to companies and consumers.
  • Daily Mail: Barclays has suffered a fresh blow as deputy chairman Sir Mike Rake ruled himself out of the search for the next head of the lender.
  • Daily Mail: More businesses than ever are showing signs of growth, with the number of companies ‘in distress’ at near-record lows, say insolvency experts.
  • Financial Times: WiFi provider Gowex was on Sunday forced to declare bankruptcy and admit that its chief executive and founder had falsified the company’s accounts for at least the past four years.
  • Financial Times: As traditional supermarkets face increased competition from nimbler rivals, one response is for them to shrink the size of their stores; in the UK this year alone, Tesco, J Sainsbury and Wm Morrison will open about 750 million sq ft of convenience store space.
  • Financial Times: Portugal’s troubled Espírito Santo group has named an outsider to take over as executive chairman of Banco Espírito Santo, the country’s largest listed lender, after the previous candidate met resistance from regulators.
  • Financial Times: Kazkommertsbank, Kazakhstan’s largest bank by assets, is planning an international expansion after closing a deal to take control of stricken rival BTA Bank five years after it was nationalised in a government bailout.
  • Financial Times: Royal Bank of Scotland is planning to challenge Britain’s payday lenders by offering “loans within minutes” as part of a sweeping £1 billion overhaul of its retail business.

Share tips, comment and bids

  • The Daily Express: Miner Chatham Rock Phosphate, which plans to supply the New Zealand fertiliser market, is preparing to join Aim this month.
  • The Daily Express: AIM has delivered its biggest year for floats for six years as investors increase backing for companies listing on London’s junior stock exchange; some 82 firms raised £2.4 billion in initial public offerings in the year to June compared with £834 million from 46 companies floating during the past year according to accountants UHY Hacker Young.
  • The Daily Express: Tech firm ClearStar will be the first US company to list on Aim this year when it joins the market with a value of £20 million.
  • Financial Times: European private equity-backed companies that floated in the second quarter have slid 1.8% below their debut prices, cooling investors’ enthusiasm as the pipeline of new listings continues to grow.
  • Daily Mail (Comment): Britain should adopt a version of the US Chapter 11 process, that gives firms a breathing space to reorganise themselves.
  • Financial Times (Lex): Kroger: the food group has just bought web retailer Vitacost but it won’t necessarily be selling groceries online.
  • Financial Times (Lex): EasyJet: analysts believe a push to grow capacity will hit the company’s pricing power, which in turn will push profits down.
  • Financial Times (Lex): US banks: here is a novel idea - big banks can grow by making more and better loans.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Wealth Manager on Twitter