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Thursday Papers: 'King of mining' loses market abuse appeal

Thursday Papers: 'King of mining' loses market abuse appeal

Top stories

  • Financial Times: Britain needs to start raising interest rates sooner rather than later if it wants to avoid sharp and painful increases in the future, Martin Weale, a member of the Bank of England’s rate-setting committee has warned.
  • The Daily Telegraph: Nationwide, Britain's biggest building society, says efforts to cool London market by tightening up restrictions threatens regional recovery.
  • The Guardian: Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.
  • The Independent: Weir Group was forced to put its ambitions of building an engineering empire on hold after Finnish rival Metso rejected a second, £3.7 billion takeover attempt.
  • Financial Times: GlaxoSmithKline, the UK pharmaceutical company at the centre of a Chinese corruption scandal, is facing protests from junior employees who say the company is refusing to reimburse them for bribes they were ordered to pay by their superiors.
  • The Independent: A City Tribunal has decreed that Ian Hannam, one of the leading investment bankers of his generation, did commit market abuse in two instances, upholding the ruling by the City watchdog, the Financial Conduct Authority.
  • The Guardian: Unemployment is rising in Europe's two largest economies, with a shock jump in Germany and a new record high in France, according to the latest figures.
  • The Guardian: Growth in retail sales slowed unexpectedly in May, as shoppers stayed away from department stores and a slower rise in food sales dragged the sector down, according to the latest snapshot from the CBI.

Business and economics

  • Financial Times: Investors will find it easier to compare the performance of companies around the world following the culmination of a 12-year project to bring together US and international revenue reporting; accounting regulators in the US and Europe on Wednesday published a joint standard on how companies report revenue from contracts with customers.
  • Financial Times: Lookout, a San Francisco-based mobile security company, is launching a product that will send victims a photograph of the thief who snatched their mobile phone.
  • Financial Times: A £4 billion divergence in forecasts for Scottish oil and gas revenues issued by the UK Treasury and the Scottish government on Wednesday is a sign of the huge gulf in perception between Edinburgh and London over post-independence economic prospects.
  • Financial Times: Mortgage lending in London softened slightly in the first quarter of the year, but still showed “significant growth” compared with last year, according to new industry data.
  • Financial Times: UK trade union membership rose in the private sector for a third consecutive year in 2013 but fell slightly overall, according to official data.
  • Financial Times: The US is planning a trade and investment offensive to drum up business opportunities for American companies in Africa after years of rapid expansion throughout the continent by China and other emerging countries.
  • Financial Times: A senior official at China’s National Energy Association has been dismissed as a widening anti-corruption campaign envelops the country’s key power sector, long the domain of one of the country’s former leaders.
  • Financial Times: The difficulties faced by India’s private airlines show little sign of abating amid increasing losses, debts and competition as well as government policies that treat air travel as a luxury.
  • Financial Times: BP is close to being forced to restart contentious compensation payments under its settlement for victims of the 2010 Deepwater Horizon disaster, after a federal appeals court rejected its call to keep an injunction in place.
  • Financial Times: China’s music business will grow substantially over the coming years thanks to the rise of online streaming services, according to Max Hole, head of international business at Universal Music Group, the world’s biggest record company by sales.
  • Financial Times: One consequence of the Environmental Protection Agency’s new carbon dioxide rules may be a wider role for the fledgling US emissions trading schemes such as the Regional Greenhouse Gas Initiative, which covers nine states in the northeast of the country.
  • Financial Times: Nearly instantaneous speech translation will be available on Skype by the end of the year under plans by Microsoft to “cross the language boundary” on its popular messaging service.
  • Financial Times: Facebook has asked Brussels to review its $19 billion acquisition of instant messaging service WhatsApp rather than seek antitrust approval from European states, giving the chance for telecoms groups to argue for tighter controls over the dominant social media platform.
  • Financial Times: Bob Steel, the former deputy mayor of New York and vice-chairman of Goldman Sachs, is becoming chief executive of Perella Weinberg, the boutique investment bank.
  • Financial Times: Gary Cohn, president of Goldman Sachs, blamed the world economy rather than regulation for sharp declines in trading volumes at his bank and across Wall Street, but said “we’re not just waiting for things to get better”.
  • Financial Times: Michael Kors beat expectations as North American fourth-quarter sales jumped 43% and more than doubled in Europe, confirming that the US retailer’s assault on the continent’s luxury market continues unabated.
  • Financial Times: Healthcare companies have been more vulnerable to cyber attacks in the last year than even the retail industry, which suffered high-profile data breaches at Target and Ebay this year, according to a new report by a cyber security ratings company.
  • Financial Times: Valeant Pharmaceuticals has increased its offer for Allergan to nearly $50 billion and urged the Botox maker to enter talks; the sweetened offer includes an extra $10 a share in cash after criticism from Allergan that its initial offer contained too high a proportion of Valeant stock.
  • Financial Times: Tesco is poised to report its worst quarterly trading in decades next week as Britain’s biggest retailer struggles to turn itself round amid an escalating supermarket price war.
  • Financial Times: Brewin Dolphin wants to expand its financial planning business to become a “nationwide trusted adviser”, alongside its discretionary fund management business; the UK wealth manager on Wednesday reported that its discretionary funds under management grew from £21.3 billion to £22.7 billion in the half year ended 30 March.
  • Financial Times: Kenmare Resources has became the latest London-listed company to experience an investor revolt over executive pay after a third of shareholders voted against approving revised bonuses for senior staff.
  • Financial Times: Payments start-up Square, founded by Twitter’s Jack Dorsey, is expanding from helping small businesses accept credit cards to extending small lines of credit to them.
  • Financial Times: A recovery in demand from British owner-occupiers has helped to boost London housebuilder Telford Homes, driving pre-tax profits to more than double year on year to £19.2 million.
  • Daily Mail: Private equity giant Permira has dumped another tranche of shares in German fashion house Hugo Boss as it looks to offload its holding.
  • Daily Mail: More than £1.3 billion was wiped from the stock market value of GlaxoSmithKline yesterday as investors reacted to news of a criminal investigation into the company’s activities in China.
  • Daily Mail: The quality of bank and building society audits is still below par seven years after the financial crisis, the accountancy watchdog has warned; Financial Reporting Council (FRC) has launched a wider investigation to find out why the big firms – Deloitte, PriceWaterhouseCoopers, EY and KPMG – have been so slow to raise the quality of their auditing of Britain’s largest lenders.
  • Daily Mail: De La Rue lost out on a contract to supply the Bank of England with the plastic for its new polymer notes – then tried to buy the company that had beaten it.
  • Daily Mail: The economy could be rebalancing towards a more sustainable growth as small manufacturers are expecting to take on more staff over the coming months despite growing energy costs, a new survey suggests.
  • Daily Express: New models rolling off the production lines helped UK car output surge more than a fifth last month.
  • Daily Express: Outsourcing group Serco has won its first major contract under new chief executive Rupert Soames after beating incumbent FirstGroup to manage the new 15-year franchise for the Caledonian Sleeper service.
  • The Guardian: The richest 20% of the population in Britain will have, on average, the spare sum of £18,680 to put into their savings this year, while the poorest 20% will spend £1,910 more than they earn, latest figures suggest.
  • The Guardian: Areas with grammar schools create a wider pay gap between winners and losers than among peers in areas with comprehensive schools, research published on Thursday by the Institute of Education found.
  • The Guardian: The London property developer Telford Homes has seen its profits more than double in the latest sign of surging demand for bricks and mortar in the capital.
  • The Independent: Nestlé has bought the US and Canadian rights to lotions and potions used in “specialised medical skin treatments” from Valeant Pharmaceuticals in a $1.4 billion deal.
  • The Independent: Apple has agreed to splash out $3 billion on Beats Electronics, the firm founded by hip-hop producer Dr Dre.
  • The Daily Telegraph: Government could miss out on £24 billion because of the pensions freedoms announced by the Chancellor in his Budget.
  • The Daily Telegraph: British Gas boss Chris Weston to take top job at Aggreko while parent company Centrica is expected to announce departure of British Gas boss as exodus of senior management continues.
  • The Daily Telegraph: UK housing “overvalued” says PIMCO, but risk of sharp correction will be reduced by low interest rates.
  • The Daily Telegraph: GE has improved its offer for Alstom acquisition according to French government in latest twist.
  • The Daily Telegraph: Business is booming on Britain's high streets and confidence among full-time workers is at its highest since records began.

Share tips, comment and bids

  • Financial Times: Stryker ruled out making a near term bid for its UK rival Smith & Nephew after it emerged that the US medical device maker had been in the early stages of preparing an offer.
  • Financial Times: Alibaba is investing S$312.5 million (US$249 million) in Singapore Post in a deal that will give the Chinese ecommerce group a beachhead in southeast Asia and bolster its international logistics business.
  • Financial Times: Elior plans to raise up to €845 million in an initial public offering as the French catering group looks to reduce debt and to push its international expansion.
  • Financial Times (Lex): Japan corporate governance: bright spot.
  • Financial Times (Lex): Allergan/Valeant: about that cash . . .
  • Financial Times (Lex): Metso: Weir not?
  • Financial Times (Lex): Osram: in the dark.
  • Financial Times (Lex): Google Car: beep-beep.

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