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Saturday Papers: Billions pumped into global equities

Saturday Papers: Billions pumped into global equities

Top stories

  • Financial Times: Investors this week poured the most money into equity funds in more than five years, as global shares surged and a compromise deal on the US fiscal cliff boosted confidence; net inflows into equity funds monitored by EPFR, the funds research company, hit $22.2 billion in the week to 9 January– the highest since September 2007.
  • Financial Times: BP has moved to cut by up to $3.5bn the civil penalties it faces over the 2010 Deepwater Horizon disaster.
  • The Daily Telegraph: Mortgage conditions are beginning to ease for first-time buyers following a squeeze that has kept many out of the housing market since the start of the financial crisis, figures from the Bank of England show.
  • The Independent: Theo Fennell issued a profits warning yesterday after another year of poor Christmas sales.
  • The Independent: Adrian Coles, the director-general of the Building Societies Association, has revealed plans to stand down once a successor can be found for him, probably later this year.

Business and economics

  • Financial Times: Democratic leaders in the Senate gave President Barack Obama the green light to sidestep Congress and take executive action to avoid a default if no agreement is reached to raise America’s borrowing limit.
  • Financial Times: French employers and trade unions have agreed a breakthrough deal on reforms of the country’s rigid labour regime.
  • The Daily Telegraph: Japan's new Prime Minister has launched a ¥10 trillion (£72bn) stimulus package to create 600,000 jobs, boost growth by 2% and shake off nearly two decades of stagnation.
  • Financial Times: David Cameron’s Europe policy could drive away inward investment and leave a cloud of uncertainty hanging over the British economy for years, Lord Heseltine, the prime minister’s adviser on growth, has warned.
  • The Daily Telegraph: Britain must retain a leading position within the European Union or face damaging economic consequences and risk losing valuable investment, the head of Honda in the UK has warned.
  • Financial Times: MoneySupermarket.com said on Friday that it expects adjusted full-year revenues to rise 15% to £204.5 million, ahead of market expectations.
  • Financial Times: Tullow Oil, the African-focused explorer, has undershot annual production guidance and also trimmed estimates for the coming year.
  • Financial Times: Royal Bank of Scotland has been censured by the Office of Fair Trading for unfairly linking customers’ unpaid, unsecured debts to their homes.
  • The Independent: John Lewis presented another storming set of figures during the first week of its clearance sales, with sales up 25.7% compared with the same period a year ago as consumers chased bargains.
  • Financial Times: AGA Rangemaster, the Warwickshire-based manufacturer of expensive cast iron ovens, suffered from weak sales in its domestic markets, but is pinning its hopes hopes on China for growth.
  • Financial Times: All of Jessops’ 187 stores closed on Friday, just days after the camera retailer went into administration, causing the loss of almost 1,400 jobs.
  • The Daily Telegraph: HMV saw its shares fall more than a fifth on Friday after it launched a massive sale in a bid to boost revenues.
  • The Guardian: The majority of Britain's trains will be indirectly running on nuclear power for the next 10 years following Network Rail's agreement to a £3 billion deal with EDF to supply electricity to the railways.
  • Financial Times: European regulators have called for a revamp of how the region’s benchmark interbank lending rate is overseen.
  • The Daily Telegraph: Housebuilder MJ Gleeson underlined that the sector is on the road to recovery, with a 53% increase in sales of homes to private buyers.
  • Daily Mail: Investment banks are expected to slash bonuses by up to 40% as they have been hit by stricter regulations and a slowdown in the economy.
  • Financial Times: The worst flu outbreak in the US in a decade will cost businesses an estimated $10.4 billion this year as workers call in sick, the Centers for Disease Control said on Friday.
  • Financial Times: Bank customers who were mis-sold payment protection insurance (PPI) will continue to wait months, even years, for compensation, according to the Financial Ombudsman, as the backlog of unresolved cases continues to grow.
  • Financial Times: Wheat and corn prices rallied sharply after the US government said that inventories of the grains would be even tighter than previously expected.

Share tips, comment and bids

  • Financial Times: Thai agribusiness conglomerate Charoen Pokphand Group said that it had sufficient resources to complete its planned $9.4 billion purchase of a stake in Ping An, China’s second-largest insurer by assets, following reports that the deal was unravelling.
  • Financial Times: Cuadrilla Resources, the only company drilling for shale gas in the UK, is in talks to sell a stake to a big energy group.
  • Financial Times: Facebook investor and board member Jim Breyer has sold a total of $208 million worth of his personal shares in the social networking company since its rocky public debut in May, according to SEC filings.
  • Financial Times: Frontline 2012, controlled by billionaire shipowner John Fredriksen, has raised $310 million in a private placement.
  • Financial Times: Mecom, the struggling European newspaper publisher, revealed it had begun talks to sell its Dutch, Danish and Polish operations as it reported a 9% decline in full-year revenues.
  • Financial Times (Lex): Boeing needs to show that it is on top of what are practically inevitable teething problems.
  • The Daily Telegraph (Comment): Employers have, so far, been unequivocal in how they see the UK's relationship with the European Union.
  • The Daily Telegraph (Comment): Treasury Secretary Timothy Geithner's departure from the Obama administration invites comparisons with Klemens von Metternich.

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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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