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Saturday Papers: Rolls-Royce bribery probe includes recent contracts

Saturday Papers: Rolls-Royce bribery probe includes recent contracts

Top stories

  • The Daily Telegraph: Serious Fraud Office investigation into alleged corruption at Rolls-Royce encompasses deals since the Bribery Act came into force in 2011.
  • Daily Mail: Former Lloyds boss Eric Daniels looks set to lose every penny of his £1.45 million bonus after the lender’s bill for mis-selling PPI spiralled to almost £10 billion last year.
  • Financial Times: Charter Communications has expressed interest in picking up some or all of the 3m subscribers that Comcast could sell to help persuade regulators to clear its proposed $42.5 billion acquisition of Time Warner Cable.
  • The Daily Telegraph: Warren Buffett's investment group Berkshire Hathaway has dissolved its stake in GlaxoSmithKline.
  • Financial Times: US stocks were back within sight of record highs yesterday; the S&P 500 equity index rose 0.5% on Friday, taking its advance over the week to 2.3%.
  • Daily Express: Anglo-American suffered its second consecutive annual loss after the FTSE 100 miner continued to battle bitter industrial disputes; underlying earnings fell 7% to £1.6 billion while impairment charges of £1.1 billion meant Anglo reported a net £574 million loss, despite a 6% increase in underlying operating profits to £3.9 billion.
  • Financial Times: BP is trying to force the US government to release evidence that the company says shows its 2010 oil spill in the Gulf of Mexico has done much less damage than many people feared.
  • Daily Mail: Aviva has pledged to repay hundreds of thousands of customers who have lost out as a result system failures that were revealed by This is Money by the end of 2015.
  • Financial Times: Coca-Cola’s European bottler said it expected an end to the consumer downturn in Greece and Ireland this year, but warned of a bigger hit to reported profits from weakening foreign currencies than in 2013.

Business and economics

  • The Guardian: Poundland is expected to confirm plans to float on the London stock market early next week. The low-price retailer, which has seen rapid growth during the UK's economic downturn, is expected to seek a total valuation of around £750 million.
  • Daily Express: Virgin Media added a million new and upgrading subscribers to its superfast broadband service last year, bringing its total up to 4.4 million users but it failed to keep pace with rivals BT and Sky.
  • The Guardian: Benjamin Wilson, a financial trader who swindled his friends and employees out of £22 million, has been sentenced to seven years in prison for a "cruel and sophisticated" confidence fraud that funded a lavish lifestyle.
  • Financial Times: Tesco has suspended more than 2,000 customer accounts after hackers shared login details and stole loyalty card points.
  • Daily Express: Llloyds Banking Group has appointed Will Samuel, a former Schroders director and senior adviser to the Prudential Regulation Authority, as chairman of its soon-to-float TSB Bank.
  • Financial Times: Airbus is planning to create an in-house bank that will allow it to offer loans and guarantees to its suppliers, as European banks shrink their balance sheets amid tougher regulation.
  • Daily Mail: Housebuilding staged a dramatic recovery in 2013 as British builders enjoyed their best year since the financial crisis struck, official figures showed yesterday; the Office for National Statistics said new housing construction jumped 10.4% to £22.1 billion - its highest level since 2007.
  • The Guardian: The pound hit a near-three-year high against the dollar on Friday as further evidence of Britain's improving economic outlook emerged, prompting fresh speculation of higher interest rates within 12 months.
  • Financial Times: Stephen Hester is sounding out investors to raise as much as £350 million for the insurer RSA in an emergency cash call that would avoid the need of a rights issue, people familiar with the matter said.
  • The Independent: Two of Britain’s biggest water companies shrugged off the catastrophic flooding yesterday, saying the country’s 6,000 flooded homes and businesses would have no impact on their bottom line.
  • Financial Times: Sands China, the casino operator run by Sheldon Adelson, has unveiled record revenues and profits for 2013, as the US Federal Bureau of Investigation probes a hacking attack that crippled the group’s global website.
  • Financial Times: ThyssenKrupp edged closer to a recovery in its fiscal first quarter thanks to a strong performance by its elevators division and an improvement at its loss-making Brazilian steel plant.
  • Financial Times: A powerful international regulatory body is reviewing benchmarks used in foreign exchange trading, in the latest fallout from a global investigation into alleged collusion and market manipulation in the $5.3 trillion a day market.
  • Financial Times: Pinterest raised the most money from venture capitalists last year, as the online scrapbooking site that has fast become a retailers’ favourite took in $425 million from two funding rounds.

Share tips, comment and bids

  • The Independent: The Japanese online retail giant Rakuten has paid $900 million (£540 million) for the messaging app Viber as it tries to find new ways to attract customers.
  • Financial Times: The majority owners of Essar Energy, the FTSE 250, India-focused oil refiner and power generator, are considering a buyout of minority shareholders.
  • Financial Times: Online fashion retailer Zalando is holding talks with bankers over a possible multibillion-euro stock market flotation, as the Berlin-based start-up announced sales up more than 50% last year.
  • Financial Times: B&M, the UK discount retailer chaired by former Tesco boss Sir Terry Leahy, has firmed up plans for a flotation in London before the summer.
  • Daily Mail (Comment): Britain needs right infrastructure in place; the Dutch spend around 0.1% of annual output keeping the country dry. Such vision simply does not exist in the UK.
  • Daily Mail (Comment): Antony Jenkins' desire to sober up Barclays’ culture in post-Bob Diamond era compromised by gobbledegook.
  • Financial Times (Lex): Whole Foods: the grocery store that made organic food part of the mainstream diet has shifted its strategy. That is bad news for shareholders, in the short term.
  • Financial Times (Lex): Anglo American: miner is making headway in its turnround, but changing Anglo’s capital spending is like changing the direction of a tanker.

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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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