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Saturday Papers: Barclays hit with £26m gold fix fine

Saturday Papers: Barclays hit with £26m gold fix fine

Top stories

  • Financial Times: The UK’s Financial Conduct Authority has fined Barclays £26 million on Friday and reprimanded it for nine years of lax controls for its failure to rein in an options trader who in 2012 drove the gold price lower to avoid paying £2.3 million to one of the lender’s clients.
  • The Independent: London's hedge funds made a poor start to 2014 and will face further pressure once controversial new rules from Brussels are introduced later this year; returns from UK hedge funds were just 0.56% in the first four months of 2014, compared with 5.19% over the 12 months to the end of April.
  • The Daily Telegraph: Gazprom's chairman has described Europe's energy shortage as "scary" and ridiculed the EU's push for wind and solar power as a shambles.
  • The Guardian: The Church of England has admitted it is struggling to sell its investment in Wonga because it could lose up to £9 million in a disposal; the admission comes almost a year after Justin Welby, the archbishop of Canterbury, pledged to sell the Church's indirect holding in the payday lender, which he said "destroyed" lives.
  • Financial Times: More than a fifth of shareholders’ votes were cast against HSBC’s three-year pay policy in the latest sign of investor unrest during a stormy season of annual meetings; the rebellion came despite the bank’s last-ditch attempt to head off a revolt by cutting its chairman’s potential bonus.
  • The Daily Telegraph: Disappointing market debut of Saga has raised further concerns over health of London listings.
  • Financial Times: Nigel Farage’s UK Independence party won council seats across the country on Friday, prompting criticism of Labour leader Ed Miliband and signalling political volatility before next year’s general election.

Business and economics

  • Financial Times: The discovery of billions of barrels of shale oil lurking underneath affluent neighbourhoods of southern England has caused concern among residents, the National Trust and estate agents alike.
  • Financial Times: Successful delivery of about one in five government projects, including new aircraft carriers and the HS2 high-speed rail line, is in doubt and requires urgent action, according to ratings released on Friday by the Major Projects Authority.
  • Financial Times: Washington claimed victory in a World Trade Organisation case challenging the decision by China to impose duties on about $5 billion worth of annual sales of US cars - from the Jeep Grand Cherokee to the Cadillac Escalade.
  • Financial Times: Amazon is fuelling anguish about its growing dominance in the book industry by making it harder for customers to buy the books of a publisher it is battling with over pricing.
  • Financial Times: Italian oil major Eni has won a major concession from Gazprom, after the Russian group agreed to use spot market gas prices rather than oil indexation in its long-term gas supply contracts.
  • Financial Times: Govia, a joint venture between Go-Ahead Group and Keolis of France, has been awarded the government contract to run Thameslink, one of the biggest rail franchises in the UK.
  • Financial Times: London-focused property company Quintain has returned to profitability after selling off a swath of assets.
  • Financial Times: Standard Life, the FTSE 100 life and pensions group, has concluded its long-running search for a finance director by turning to a veteran of the Lloyd’s of London insurance market, Luke Savage.
  • Financial Times: Blur Group was battling to defend its chief executive and corporate strategy on Friday, as shares in the self-declared “Amazon for services” marketplace plunged by nearly a fifth and Panmure Gordon, one of the company’s two stockbrokers, resigned.
  • Financial Times: CPC, the developer behind London’s most expensive apartment has teamed up with mass market housebuilder Barratt to create a block of luxury flats next to the Tower of London.
  • Financial Times: Shares in Smiths Group fell on Friday after the FTSE 100 engineer warned that its full-year profit would be hit because of “challenging trading conditions” at its detection business.
  • Financial Times: Moss Bros reported a jump in sales in its first quarter even after the arrival of same-sex weddings failed to spur the extra sales predicted in March by Brian Brick, the suit-seller’s chief executive.
  • Financial Times: A Hong Kong court has ordered accountancy firm EY to hand over auditing documents related to a former Chinese client, in a case that echoes the dispute between US and Chinese regulators over access to accounting information.
  • Daily Mail: EasyHotel - founded by Sir Stelios Haji-Ioannou - is to float, raising £60 million to fund a ‘super-budget’ assault on major hotel chains, boosted by the appeal of windowless rooms.
  • The Guardian: Ryanair has lodged a formal complaint with the European commission after French police raided its Marseille offices as part of an new inquiry into the low cost airline's operations in France.
  • The Guardian: Network Rail directors have received about £50,000 each in annual bonuses, weeks after the track operator pledged to scrap future awards and two months after the government called for zero bonuses following rail safety concerns.
  • The Guardian: More than one in three homeowners fear that a rise in interest rates will push them into financial difficulties, a report has warned.
  • The Independent: Cathedral City cheese and Frijj milk drink maker Dairy Crest is close to entering the $12 billion Chinese baby formula market it revealed yesterday.
  • The Independent: The Italian government has announced it will include revenues from prostitution and illegal drug sales to its gross domestic product figures.
  • The Daily Telegraph: General Motors' faulty cars 'likely' killed more than 13 people, says regulator; GM has recalled 2.6 million vehicles to replace faulty switches that can cause engines to shut off while driving

Share tips, comment and bids

  • Financial Times: Apax Partners has shelved plans to float Travelex after receiving a higher offer for the UK foreign exchange specialist; owner of Abu Dhabi-based UAE Foreign Exchange has agreed to pay about £900 million including debt for Travelex.
  • Financial Times: Roberto Cavalli is in talks with private equity group Investcorp about a sale of a majority stake in his eponymous Italian fashion brand as negotiations with buyout investor Permira faltered.
  • The Daily Telegraph: The US plane manufacturer, Boeing, has agreed to buy Bristol-based ETS Aviation, a provider of software to improve the fuel-efficiency of an aircraft.
  • Financial Times (Lex): Golf: bunker mentality.
  • Financial Times (Lex): Barclays: fixed?
  • Financial Times (Lex): Teva: optimism, unfortunately.
  • Financial Times (Lex): Investor activism: alternative warfare.
  • Financial Times (Comment): How Pfizer snatched defeat from victory.
  • Financial Times (Comment): Marks and Spencer struggles to bring back golden age.
  • Financial Times (Comment): Thomas Piketty’s exhaustive inequality data turn out to be flawed.

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