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Monday Papers: Let weak banks die, says eurozone super-regulator

Monday Papers: Let weak banks die, says eurozone super-regulator

Top stories

  • Financial Times: Danièle Nouy, the eurozone’s new chief banking regulator, has warned that some of the region’s lenders have no future and should be allowed to die, heralding a far tougher approach to the supervision across the currency bloc.
  • Financial Times: Deutsche Bank has agreed to hand over documents related to a Dubai investigation into suspected violations of anti-money laundering and due-diligence procedures after being taken to court by the regulator of the emirate’s financial free zone.
  • The Guardian: Controversy over City bonuses will be reignited this week when Barclays admits it paid its staff around £2 billion last year, fuelling predictions that the amount of bonuses paid out across the Square Mile since the 2008 crisis could soon hit £80 billion.
  • Financial Times: George Soros’s Quantum Endowment fund had its second-best year ever in dollar terms in 2013, adding $5.5 billion to the billionaire’s fortune and putting Quantum back in top place among the most successful hedge funds of all time.
  • Financial Times: Sir Stelios Haji-Ioannou, easyJet’s founder and the largest shareholder, is expected to vote against plans to award chief executive Carolyn McCall a £6.4 million pay package.
  • Daily Mail: Npower, a power firm owned by German energy giant RWE, is cutting 1,400 jobs while 700 more staff have been told they will lose their jobs if they cannot get to new offices more than 30 miles away from their current workplace.
  • The Guardian: Barclays is under scrutiny by regulators and could face a hefty fine after thousands of confidential customer files were stolen in a data breach described as catastrophic by an adviser to the business secretary, Vince Cable.

Business and economics

  • Financial Times: China’s vast development bank has begun asking some international clients to postpone drawing down previously committed credit lines, in moves that highlight how strains on the country’s financial system are reverberating abroad.
  • Financial Times: Global car companies including Volkswagen, Ford and Renault-Nissan are redoubling plans to transform India into an auto export hub and targeting vehicle shipments to Europe and the US, as a hedge against shrinking demand in Asia’s third-largest economy.
  • Financial Times: Russian authorities are preparing to crack down on Bitcoin and have warned that those who use “cryptocurrencies” are breaking the law, as regulatory scrutiny of the virtual payment system intensifies around the world.
  • Financial Times: Corporate America’s battle with activist investors is increasingly being fought across the deal table rather than the boardroom, according to new research.
  • Financial Times: Kalashnikov Concern, manufacturer of the world's most popular assault rifle, the AK-47, racked up losses of $49 million last year, revealed Alexey Krivoruchko, the gunmaker’s new co-owner and chief executive, allowing a rare glimpse into a notoriously opaque industry.
  • Financial Times: Amlin, one of the biggest Lloyd’s of London insurers, is teaming up with Oxford university to study the dangers of relying on catastrophe predictions - in the latest sign of the industry’s concern over the accuracy of computer models.
  • Daily Mail: Reckitt Benckiser, the owner of Nurofen and Durex, is expected to pass the £10 billion mark in net sales for the first time when it delivers its full-year results on Wednesday.
  • The Daily Telegraph: At least 6,600 people are thought to have been connected to the illegal Starview server which gave people access to Virgin Media's channels.
  • Financial Times: Deal or no deal? That’s the question facing Glencore Xstrata as it considers the possible sale of a top tier copper project to a Chinese consortium led by China Minmetals for as much as $6 billion.
  • Financial Times: Dame Alison Carnwath, chair of property group Land Securities and the only female chairman of a blue-chip British company, has called for employers to allow women to take family-friendly career breaks of up to six years.
  • The Guardian: Sir James Dyson is taking on the might of Google by investing £5 million in a British university to develop a new generation of "intelligent domestic robots".
  • Daily Mail: Beech’s Fine Chocolates, one of Britain’s oldest chocolate makers, has managed to post a £100,000 profit after securing a contract to supply Marks & Spencer.

Share tips, comment and bids

  • The Daily Telegraph: Vodafone's £5.8 billion offer for Spain's Ono is likely to be discussed this week at board meeting following interest from Liberty Global.
  • Financial Times: Another eight biotech companies raised a combined $502 million in US listings last week, stoking fears of a bubble amid concerns investors are taking risks on companies at the earliest stage of medical research.
  • The Guardian (Comment): The sins of empire are still etched in the minds of many of the UK's global partners. Our soft power is the best antidote
  • The Guardian (Comment): Under Bank of England Governor Mark Carney's forward guidance policy, setting interest rates has been coupled to the level of unemployment.
  • The Daily Telegraph (Comment): The roots of the growth slowdown in emerging markets lie in the real economy, not in variations in the Fed's policy.
  • Daily Mail (Comment): The Bank of England should stop making promises it can’t keep and get back to focusing on inflation.
  • Financial Times (Lex): Statoil: State oil group’s cheap valuation has caught the market’s eye.
  • Financial Times (Lex): Leveraged loan ETFs: Illiquidity is the risk managers should think of first and last.
  • Financial Times (Lex): Sukuk: Expect a brisk year for Islamic equivalent of bonds.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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