Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Thursday Papers: Hammond eases off austerity

Thursday Papers: Hammond eases off austerity

Top stories

  • The Times: Philip Hammond embarked on a £25 billion giveaway yesterday in an effort to counter growing political and economic headwinds with extra money for housing, the NHS and Brexit.
  • The Daily Telegraph: Britain’s growth outlook has been slashed as the country is stuck in a rut of low productivity growth and miserly pay rises, forcing the Chancellor to plan for tens of billions of pounds of ­extra borrowing in the years ahead.
  • Financial Times: Monarch’s administrators have won their legal battle over rights to the failed airline’s most valuable assets, allowing them to raise capital by selling their take-off and landing slots at London Gatwick and Luton.
  • Financial Times: Aston Martin has reported four consecutive quarters of profitability for the first time since it was sold by Ford in 2008, paving the way for a potential stock market listing in 2019.
  • Financial Times: Saad al-Hariri on Wednesday reversed his resignation as Lebanon’s prime minister two weeks after he triggered a political crisis by declaring his intention to step down while he was in Saudi Arabia.
  • Financial Times: Britain’s minimum wage workers will receive an inflation-busting pay rise next year, but the government’s plan to raise the rate for the over-25s to £9 an hour by 2020 has been derailed by the weaker economy.
  • Financial Times: Faced with gloomy economic forecasts and the possibility that tax rises would be savaged by his critics, Philip Hammond decided to significantly increase public borrowing to fund his spending plans.

Business and economics

  • Daily Mail: Landlords breathed a sigh of relief as fears of another Budget tax raid proved unfounded - with the only buy-to-let reference a pledge to look into longer-term tenancies.
  • Daily Mail: UK Chancellor Philip Hammond launched a new tax crackdown on firms moving cash overseas today, unveiling new rules on internet giants and multinationals.
  • Daily Mail: Philip Hammond froze duties on most alcohol yesterday but announced a new crackdown on cheap 'white ciders' with higher taxes.
  • Daily Mail: Buyers of new diesel cars will be hit with a tax rise of up to £500 under plans to crack down on air pollution unveiled by Chancellor Philip Hammond during budget announcement.
  • The Guardian: Car production increased last month as rising exports made up for falling demand in the UK, new figures reveal.
  • Daily Mail: Drugs giant GlaxoSmithKline has been given a boost by US regulators after they approved a new HIV treatment.
  • The Times: Sage has heralded its metamorphosis into a cloud computing business, announcing that services delivered from the cloud that made virtually no money three years ago returned £300 million last year.
  • The Times: Strong sales of green tractors and yellow dump trucks helped Deere & Co to beat expectations with its fourth-quarter results and forecast an even better performance in the coming year.
  • The Daily Telegraph: Shares in 225-year-old wealth manager Charles Stanley have plunged after it warned of trouble ahead.
  • The Guardian: Shares in Thomas Cook have fallen sharply after its UK profits were hit by political upheaval in the Mediterranean, food poisoning fraudsters and Hurricane Irma.
  • The Times: Kate Swann, chief executive of SSP, served up what one analyst described as “the full picnic” yesterday as the transport caterer, whose brands include Upper Crust and Caffè Ritazza, reported strong full-year results, upped the ordinary dividend and announced a £100 million special dividend.
  • Daily Mail: Babcock's revenues leapt to £2.3 billion, boosted by a £443 million training contract with the French Air Force.
  • Financial Times: Optimism about UK defence spending helped Qinetiq rebound from a two-year low on Wednesday.
  • The Guardian: Multiyork Furniture has called in administrators, putting more than 500 jobs at risk; the furniture maker, which employs 547 people in 50 shops and manufactures upholstered furnishings in Thetford, Norfolk, has struggled amid a tough retail market in which shoppers are shying away from spending on expensive items for their homes.
  • Financial Times: Etihad has accused US airlines of turning Donald Trump’s tax overhaul into a weapon in their war against Gulf carriers, after a provision was inserted into the proposed reforms that they say is specifically designed to punish them.
  • Financial Times: The regulatory fallout for Uber after it failed to disclose a massive data breach began to emerge on Wednesday, as regulators in the UK, US and Italy said they were opening investigations, presenting the latest challenge for the company as it tries to move on from a string of self-inflicted crises.
  • The Times: The London Metal Exchange is investigating whether cobalt mined by children is being traded in London after members raised concerns about a Chinese supplier.
  • The Daily Telegraph: The London Stock Exchange is readying its finance boss for the top job as tensions between the group and one of its top investors over chief executive Xavier Rolet's exit reach crisis point.
  • Financial Times: China has halted all approvals for new online lending companies, sending a chill through the country’s fast-growing fintech sector, which has produced some of the biggest and most well subscribed offshore listings this year.

Share tips, comment and bids

  • The Times (Comment): BUY WM Morrison; BUY Cranswick.
  • The Daily Telegraph (Questor share tips): It’s disappointing, but we must sell Go‑Ahead: the political risks are too great.
  • Daily Mail: RBS share sale to begin by 2019 but public's 71% stake is now worth just £23.7 billion a decade after £46 billion bailout.
  • Daily Mail: Dulux owner Akzo Nobel again looks vulnerable to a takeover after plans to merge its paint business with a US rival fell through; the paint maker’s talks with US rival Axalta collapsed after Japanese firm Nippon Paint made a bid for Axalta.
  • Financial Times: Euromoney, the UK publisher, has ended a 30-year link with Dealogic, selling its 15.5% stake to a US software company in a complex recapitalisation that values the data and analytics provider at a little over $1 billion

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter