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Saturday Papers: Barclays dark pool fine 'could top Libor'

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Saturday Papers: Barclays dark pool fine 'could top Libor'

Top stories

  • The Daily Telegraph: Allegations that Barclays defrauded investors when encouraging them to operate in its dark pool could trigger a fine bigger than the one it paid for attempting to manipulate Libor, it is claimed.
  • Daily Mail: Royal Bank of Scotland is spending £1 billion over the next three years in a bid to persuade more customers to ditch branches for basic transactions and log-in instead.
  • Financial Times: BP has launched legal action against “a vast number” of businesses that it claims were wrongly awarded hundreds of millions of dollars in compensation for its 2010 oil spill in the Gulf of Mexico.
  • The Daily Telegraph: Wonga is to face a fresh police inquiry into whether it should be subject to a criminal investigation over fake legal letters sent to pressure customers in arrears into paying up.
  • The Daily Express: Supermarket group Lidl has vowed to double its UK presence as it unveiled plans to create about 2,750 jobs.
  • The Daily Express: Collectables group Stanley Gibbons is getting an Asian stamp of approval as young people in China and India take up the ­hobby; the Far East accounts for 15% of total sales, overtaking the US.

Business and economics

  • Financial Times: DuPont, one of the largest US chemicals companies, was under pressure on Friday after the company trimmed its profit outlook for the full year amid weak sales within its agriculture business.
  • Financial Times: Daimler and Nissan will start to produce luxury cars in a new €1 billion factory in Mexico, in the latest sign of the deepening industrial alliance between the German and Japanese carmakers.
  • Financial Times: General Motors on Friday recalled more than 500,000 vehicles worldwide, in the latest stage of a sweeping safety review following its botched ignition switch recall.
  • Daily Mail: Business investment has risen to its highest level since the financial crisis struck in a sign the recovery is broadening out; the Office for National Statistics said firms ploughed £33.4 billion into areas such as plants, machinery and software between January and March.
  • Financial Times: Executives at BNP Paribas are finalising the details of a record $8.9 billion out-of-court settlement with US authorities over alleged sanctions breaches by France’s biggest bank in time for an expected announcement on Monday.
  • Financial Times: BlackRock has received a Wells notice from US securities regulators alleging that the asset management company failed to properly disclose the personal investments of one of its former portfolio managers.
  • The Daily Express: National Express has bagged a 15-year deal to keep running trains from London’s Fenchurch Street to Essex; it beat FirstGroup, Hong Kong’s MTR and Dutch state railways to the Essex Thameside franchise, which it runs under the C2C brand.
  • The Daily Express: The World Cup has kicked off demand for large-screen TVs helping lift sales at Dixons Retail ahead of its £3.7 billion merger with Carphone Warehouse.
  • Financial Times: Eurotunnel, the operator of the undersea rail link between the UK and France, has been ordered to sell off its cross-channel ferry services in the next six months by the UK’s new competition regulator.
  • Daily Mail: Richard Ames, the new boss of model train set firm Hornby, has vowed to shunt the company back to profit, as annual losses widened; the struggling owner of Airfix and Scalextric said its pre-tax loss increased from £2.5 million to £4.5 million last year.
  • Daily Mail: The chairman and senior independent director at Asia Resource Minerals have been voted off the board, amid a resumption of civil war at the coal miner formerly known as Bumi.
  • The Guardian: Hewlett-Packard and lawyers representing its shareholders have agreed to settle litigation over its troubled $11.1 billion acquisition of software company Autonomy, sources said.
  • The Guardian: A US judge has blocked a $500 million payment by Argentina to creditors due on Monday, pushing South America's second largest economy closer to a second massive default in 13 years.
  • Financial Times: United Technologies’ Sikorsky helicopters took a key step towards securing long-term military orders when the US Air Force awarded work on a new rescue helicopter to a bid it developed jointly with Lockheed Martin.

Share tips, comment and bids

  • The Daily Express: Tour operator TUI Travel is to join forces with German parent TUI AG in a £4.5 billion tie-up to create a travel giant.
  • Financial Times: Sir Anthony O’Reilly, the former media tycoon and Ireland’s first billionaire, faces the prospect of a forced sale of his assets after a court ruled on Friday that Allied Irish Banks could enforce a judgment against him for a personal debt of €22.6 million.
  • Daily Mail: Fuel cell firm Intelligent Energy has fired the starting gun on a float that will see it raise nearly £57 million for expansion.
  • Financial Times: Lending Club is preparing to raise more than $500 million from a US initial public offering in what would be a landmark moment in the rapid growth of the peer-to-peer industry.
  • Financial Times: Student accommodation fund Brandeaux has pulled its planned £400 million public flotation less than a month after unveiling the plan, in the latest sign that the London IPO market is wavering.
  • Financial Times: ABB has agreed to sell a steel structures business for $600 million in cash as the Swiss engineering conglomerate steps up its efforts to divest non-core assets.
  • The Daily Telegraph: Rolls Royce revved 23p higher to 1,069p yesterday on news that airline giant Airbus is close to naming the company as the engine supplier for the £2 billion upgrade of its A330 fleet.
  • Daily Mail (Comment): Barclays chief executive Jenkins is attempting to tame the unruly animal instincts in the bank’s culture; but traders have put their own interest before customers.
  • Daily Mail (Comment): Glencore investors should welcome Patrice Merrin, as firms run by women frequently outshine competitors.
  • The Independent (Comment): HSBC made a rather large play of saying it was highly unlikely to finance the controversial coal port planned near Australia's Great Barrier Reef on environmental grounds.
  • Financial Times (Lex): Charity bonds: the UK’s first such issue should be assessed like any other investment - with risk in mind.
  • Financial Times (Lex): Isis: regulators must find way to constrict the finances of jihadist groups; the cost will be closer state scrutiny and control over more banking activities.
  • Financial Times (Lex): IPOs: recent disappointments have been wrongly interpreted as signals that the IPO market is faltering, but both deal volume and value look healthy.

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