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Saturday Papers: Homebuyers told to lock in fixed-rate deals

Saturday Papers: Homebuyers told to lock in fixed-rate deals

Top stories

  • Financial Times: Mortgage brokers are urging homebuyers to lock in fixed-rate deals quickly after Mark Carney’s warning of an early interest rate rise prompted investors to predict that the first hike will come in time for Christmas.
  • Financial Times: Kazakhstan has signed a deal with the oil companies developing the huge Kashagan oilfield in the Caspian Sea that paves the way for their contract to be extended, in a key victory for the western partners behind the $50 billion project.
  • Financial Times: President Barack Obama said on Friday the US was considering taking military action in Iraq to halt the rapid advance of Sunni militant groups that have taken control of a series of cities in the north of the country and are closing in on Baghdad.
  • Financial Times: Siemens and Mitsubishi Heavy Industries are primed to make a $10 billion offer for the energy assets of Alstom in an attempt to scupper a rival General Electric bid for the French industrial champion.
  • Daily Mail: Former Barclays boss Bob Diamond’s African banking venture Atlas Mara Co-Nvest is set to miss a target of raising £236 million for new acquisitions.
  • Daily Mail: WPP is braced for another bruising encounter with shareholders over pay, after the Association of British Insurers slapped the marketing group with an ‘amber top’ warning.

Business and economics

  • Financial Times: The US Department of Justice is preparing to file a lawsuit against Citigroup alleging it mis-sold mortgage-backed securities after negotiations to resolve the investigation reached a standstill, a person familiar with the matter said.
  • Daily Mail: Controversial payday loan company Wonga has been left rudderless after founder and chairman Errol Damelin followed the firm’s chief executive out of the door.
  • Daily Mail: The Competition & Markets Authority is dropping an inquiry into bra-maker DBApparel UK’s relationship with House of Fraser, John Lewis and Debenhams.
  • The Daily Telegraph: Britain's failure to relax visa restrictions in order to allow more Chinese tourists and businessmen to come to the country is damaging its global "strength", China's ambassador has warned.
  • Financial Times: General Motors has recalled another half a million cars for an ignition switch fault, just a week after the carmaker was accused of “incompetence and neglect” towards safety issues.
  • Daily Mail: The threat of another downgrade to Britain’s credit rating was lifted last night in a boost for Chancellor George Osborne; Standard & Poor’s is the only major agency not to have stripped the UK of its AAA status but has rated the outlook ‘negative’ since December 2012.
  • The Independent: Credit ratings agency Fitch has held the UK’s rating at AA+ citing respectable economic growth and an improving labour market.
  • Daily Mail: Oil prices rose for a third day, as Sunni extremists marched toward the Iraqi capital Baghdad, threatening supply; Brent crude, the global benchmark, neared $115 a barrel, before settling down to $113.34.
  • Daily Express: The pound reached a five-and-a-half year high yesterday after Bank of England Governor Mark Carney hinted that an interest rate rise was on the near horizon.
  • Daily Express: The rise of silver surfing and a push into garden centres helped more than double annual profits at bargain womenswear business Bonmarché.
  • The Daily Telegraph: Petra Diamonds unearths 122.5-carat blue diamond; the London-listed company's discovery comes just months after it sold a 29.6 carat blue diamond from the same mine for more than $25 million.

Share tips, comment and bids

  • The Guardian: The Isle of Man-based Scheinberg family behind the world's two biggest online poker sites PokerStars and Full Tilt Poker are to sell the controversial business they founded 14 years ago for $4.9 billion in a deal backed by private equity group Blackstone.
  • The Guardian: Discount travel service Priceline announced Friday it was buying OpenTable for $2.6 billion in cash in a move to expand into restaurant reservations.
  • Daily Mail: Synairgen shares shot up as much as 40% after revealing a tie-up with AstraZeneca that could prove to be worth almost a quarter of a billion dollars for the AIM-listed drug developer.
  • The Independent: Bonmarché has reported a 66% jump in annual profit in its first set of full-year results as a public company.
  • The Daily Telegraph: Alitalia board approves Etihad tie-up; Etihad has for months been negotiating to buy up to 49% of Alitalia, which is facing bankruptcy.
  • Financial Times: IMO Carwash, the world’s biggest independent car wash operator, has been sold to TDR Capital two years after negotiations with the UK-based private equity group broke down.
  • Financial Times: HeidelbergCement is preparing to sell its bricks and construction materials business as it looks to cash in on revitalised building activity in the US and Europe.
  • Daily Mail (Comment): It's time to give a voice to small investors and reward them, not fat cat managers of companies.
  • Daily Express (Comment): Interest rate confusion will only end once rates have gone up; Mark Carney’s big idea when he became Bank of England governor was “forward guidance”.
  • The Guardian (Comment): The new housing market measures hark back to a pre-bubble age.
  • The Guardian (Comment): George Osborne at Mansion House: muddled, boastful and upstaged.
  • Financial Times (Lex): Priceline / OpenTable: offering access to a restaurant reservations network on the website of a big travel network is logical, but hotel finder paid too much.
  • Financial Times (Lex): United stakes: PokerStars chief executive Mark Scheinberg knows when to fold and move to a bigger, more exciting table.
  • Financial Times (Lex): Tesla Motors: a bet on Tesla is a bet on expanding capacity, not intellectual property.

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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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