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Monday Papers: UK interest rates could rise sooner than spring 2015

Monday Papers: UK interest rates could rise sooner than spring 2015

Top stories

  • The Guardian: UK interest rates could start rising before next spring – but "in baby steps" – and are likely to settle at about 3% in a few years' time, the Bank of England's outgoing deputy governor, Charlie Bean, has predicted.
  • Financial Times: BP confirmed its commitment to Russia after signing a shale oil deal with state-owned oil company Rosneft, despite US government-led sanctions against Moscow and the company’s chief executive.
  • The Daily Telegraph: Treasury to resist calls to curb Help to Buy; chief secretary to treasury, Danny Alexander. said it would be a serious mistake if a London price “bubble” was “used to disrupt the recovery for homebuilding and construction industries”.
  • Financial Times: AstraZeneca will this week attempt to show investors why it rejected Pfizer’s near-£70 billion takeover offer as its chief executive flies to the US to showcase the UK company’s emerging range of cancer drugs.
  • Financial Times: France’s far-right Front National stormed to victory in European elections on Sunday night, leading an unprecedented surge in support for anti-EU parties across Europe that was set to reverberate far beyond Brussels politics.
  • Financial Times: China has ordered state-owned enterprises to cut ties with US consulting companies such as McKinsey and Boston Consulting Group because of fears they are spying on behalf of the US government, according to people close to senior Chinese leaders.
  • Daily Express: Some of Britain’s top construction companies stand to lose millions due to a new code of conduct, a leading economist has warned.
  • The Daily Telegraph: Forecaster EY ITEM Club has said that UK's nascent recovery will be hampered by a triple burden of "fustrated workers", slow real wage growth and headwinds from the eurozone and China and economic normality will not return to Britain for years.

Business and economics

  • Financial Times: Alan Mulally, chief executive of Ford, has warned that European carmakers need to cut back further the numbers of cars they can build as excess capacity on the continent remains at dangerous levels.
  • Financial Times: Europe’s midsized periphery banks are preparing to join the region’s high risk, high return convertible bond bonanza as investors become bolder in their search for yield.
  • Financial Times: The UK has accelerated plans to issue an inaugural Islamic bond – known as sukuk – concerned that Hong Kong, South Africa or Luxembourg could pip it to the post to become the first non-Muslim country to do so.
  • Financial Times: Foster & Partners, the UK’s biggest and most profitable architecture firm, has powered ahead of its competitors, according to an annual ranking of British architects by fees.
  • Financial Times: Edinburgh has vowed it will have the resources to invest in an oil fund from the point of independence, amid a growing UK Treasury attack on the fiscal case for scrapping the union.
  • Financial Times: China’s nuclear industry has in recent years ventured overseas for new opportunities but it is now facing challenges at home gaining public acceptance of its $150 billion expansion plans.
  • Financial Times: The returns insurers can generate doing deals with corporate pension schemes are set to come under pressure, the head of Aviva has warned, undermining hopes the industry can offset a collapse in individual annuity sales with such transactions.
  • Financial Times: Selfridges, the department store group owned by Canadian billionaire Galen Weston, plans to spend £300 million on an architectural revamp of its flagship site in London.
  • Financial Times: Sales funnelled through Amazon’s main European operating company in Luxembourg rose 14% to €13.6 billion in 2013, according to its latest accounts.
  • Financial Times: Indian drugmaker Sun Pharma’s $3.2 billion takeover of rival Ranbaxy was given a boost when an Indian court lifted a temporary halt to the deal imposed last month amid speculation of insider trading.
  • Financial Times: RWE should start to see an improvement in its fortunes in two years as power prices rebound and Germany reforms its electricity market in ways that will benefit traditional energy suppliers.
  • Financial Times: The popularity of lesser-known but cheaper technology brands is causing the smartphone market to fragment in Europe’s developed markets.
  • Financial Times: The Denmark-based Maersk Group has rejected allegations that it bribed an official of Brazil’s state-owned Petrobras to accept shipping contracts.
  • Financial Times: Brewin Dolphin, the UK wealth manager, is expected to outline plans for an online service aimed at capturing a share of the growing market for “DIY saving”, as regulatory changes boost demand for financial advice to retail investors.
  • Daily Mail: The new boss of Severn Trent Liv Garfield is expected to curb increases in pay-outs to shareholders as she presents her first set of annual results since taking the helm.
  • Daily Mail: The Co-op Group is set to unveil a timetable for ousting the amateur members of its much–criticised board.
  • Daily Mail: Royal Bank of Scotland should have been completely nationalised at the height of the financial crisis, a senior Minister at the time has admitted in a new book on the banking meltdown.
  • The Daily Telegraph: Saudi Arabia's investment governor Abdullatif al-Othman says British companies have an "advantage" as kingdom unveils $400 billion of infrastructure projects Britain.

Share tips, comment and bids

  • Financial Times: The London-based hedge fund Toscafund has taken a £30 million stake in a Swedish company that recovers distressed consumer loans as it seeks to exploit regulatory pressure on European banks to offload their bad debts.
  • The Guardian: InterContinental Hotels, the company behind Crowne Plaza and Holiday Inns, has rejected a £6 billion bid from a US suitor, according to weekend reports.
  • Financial Times (Lex): Not so good banks: knowing the risks.
  • Financial Times (Lex): Woodside: gardening leave.
  • Financial Times (Lex): Pfizer: plan B.

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