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Tuesday Papers: Regulators open probes into Co-op Bank

Tuesday Papers: Regulators open probes into Co-op Bank

Top stories

  • Financial Times: The Co-operative Bank and its former executives are to be investigated by both of Britain’s financial watchdogs kicking off what threatens to be a difficult year for the lender as it tries to rebuild its reputation following scandals.
  • The Guardian: Barclays is expected to hand its top directors additional shares as part of a revamped scheme to sidestep the European Union's cap on bankers' bonuses.
  • The Daily Telegraph: JP Morgan is set for another $2 billion in fines for allegedly ignoring Bernard Madoff Ponzi scheme, putting the bank on track to pay out $22.2 billion - more than a fifth of its revenues - in fines and settlements in the current financial year.
  • Financial Times: Deutsche Bank faces fresh pressure from regulators to make senior management changes over the Libor scandal, after extracts from an interim report by the German watchdog on the bank’s role in the affair leaked in the local media.
  • The Independent: G4S, the security company which has lurched from crisis to crisis over the past two years, is facing an investigation by international authorities into its alleged activities in Israel and the occupied Palestinian territories.
  • The Daily Telegraph: Plunging gold price means Swiss National Bank lost billions last year and will not pay out its annual dividend to the country's regions; SNB said that it expects to post a £6.1 billion loss for 2013.
  • Daily Mail: Gross domestic product in the UK rose by 1.9% in 2013, the strongest pace of expansion since 2007, according to research group Markit.
  • The Guardian: The US Senate on Monday confirmed Janet Yellen as the next chair of the Federal Reserve, making her the first woman to head the US central bank.

Business and economics

  • The Daily Telegraph: Mike Lynch, the founder of Autonomy, has defended himself against renewed allegations that the company used accounting tricks to inflate its sales figures before he sold it to HP.
  • The Guardian: German utility RWE will reduce capacity at its planned Triton Knoll offshore wind farm in the North Sea by up to half, it said on Monday, weeks after it scrapped another wind project in British waters.
  • Financial Times: Boeing has put itself on course to retain its position as the world’s largest passenger jet manufacturer by delivering 648 aircraft to customers last year.
  • Financial Times: Vestas, the world’s second-largest wind turbine maker, said its free cash flow last year would be about €1 billion, up from a previous forecast of €500 million-€700 million.
  • The Daily Telegraph: Marks & Spencer’s house broker has cut its forecasts for the company’s annual profits, increasing fears that the 130-year-old retailer is to post disappointing Christmas sales numbers.
  • The Guardian: News Corp has signed a 30-year lease for its new headquarters at London Bridge. The company says this decision signifies its "long-term commitment to London and the UK."
  • Financial Times: Political turmoil and construction work to expand future output at its gold fields in Egypt failed to disrupt a ramping up of production by London-listed Centamin as it delivered an 8% quarter-on-quarter increase in gold production to 92,000 ounces in the three months to 31 December.
  • Financial Times: A dramatic slowdown in cross border capital flows – shown in an analysis for the Financial Times by the McKinsey Global Institute – highlights how the US subprime mortgage and eurozone debt crises threw into reverse the globalisation of finance and raises doubts over whether flows will ever return to their pre-crisis peak.
  • The Daily Telegraph: Ireland has said it will within days sell its first bond since exiting a joint EU-IMF financial support package last month.
  • The Guardian: China's economic growth could drop below 7% this year after government documents revealed plans for a crackdown on risky lending.
  • Financial Times: UK car sales roared to their highest level since 2007 last year, rising by 10.5%, as abundant cheap credit and improved consumer confidence made Britain’s car market the most buoyant in Europe.
  • The Guardian: Nissan unveiled its new taxi for London on Monday, having adapted an existing van to look more like the city's traditional black cabs, allowing the Japanese group to challenge the London market's current duopoly.
  • Financial Times: Toyota and Honda drew a record number of Chinese buyers to their brands last year as they recovered from anti-Japanese boycotts that hurt sales in 2012, but failed to narrow the gap with US and European rivals in the world’s biggest passenger-car market.
  • The Daily Telegraph: Samsung said operatings profits between October and December fell 18% to £4.8 billion from the previous quarter's record earnings, missing analyst estimates, due primarily to a one-off special bonus.
  • The Independent: Balfour Beatty, the UK's biggest listed construction company, has landed a £154 million deal to convert London's 2012 Olympic stadium into a new sports venue set to become the home of Premier League team West Ham.
  • Financial Times: Spot US energy markets witnessed explosive price rises as utilities and power plants scrambled ahead of what forecasters warned would be the coldest day of the 21st century so far.
  • Financial Times: Leading regeneration developer Stanhope is facing a political row over a groundbreaking deal that it is about to sign to redevelop a swath of London council estates.
  • Financial Times: RM2 International, a Luxembourg-based pallet maker backed by the former bosses of Marks and Spencer and Diageo, made a strong stock market debut on Monday, as investors bought into its aggressive growth plans and heavyweight board line-up.
  • The Guardian: The absence of James Bond from British cinema screens saw UK and Republic of Ireland box office takings in 2013 fall to £1.17 billion, down 1% on the previous year.
  • Financial Times: Shares in China Railway Group fell more than 7% on Monday, after the construction company announced that its president had died at the weekend in an accident.
  • Financial Times: NR Narayana Murthy is set to unveil a restructuring at Indian outsourcer Infosys, in the most significant step in his push to turn round the bellwether IT services group’s flagging fortunes.
  • Financial Times: Old Mutual has become the latest insurance group to address a lack of women among the industry’s senior ranks with two appointments that have doubled the number on its board.
  • Daily Mail: Land Securities is planning to open a designer outlet village at the O2 Arena in Greenwich.
  • Daily Mail: Footwear brand Dr Martens recorded bumper sales in December following the acquisition of parent company R Griggs by private equity house Permira.

Share tips, comment and bids

  • Financial Times: General Electric has agreed to buy a gene modulation and magnetic bead business from Thermo Fisher Scientific in a $1.06 billion deal that will boost the industrial conglomerate’s life sciences division.
  • Financial Times: OCBC of Singapore is closing in on a deal for Wing Hang Bank, one of Hong Kong’s last remaining small family-owned banks, that will value the business at more than $5 billion, according to people with knowledge of the talks.
  • Financial Times (Comment): Dollar bulls think a new multiyear period of strength has begun.
  • The Guardian (Comment): Cuts on the scale British Chancellor George Osbourne is suggesting would be extreme – and they are not necessary.
  • The Guardian (Comment): Some have taken a relentless focus on customers and that is really good; now we need to broaden that focus to other stakeholders who are affected by business.
  • The Daily Telegraph (Comment): Credit rationing didn't work in the past and is likely to prove even more unpopular today.
  • Daily Mail (Comment): Niall Booker and Richard Pym, the new chief executive and chairman of Co-operative Bank, should be braced for another tough 12 months.
  • Financial Times (Lex): Miners in 2014: Mining shares fell with commodity prices in 2013. This is not the time to catch the falling knife.
  • Financial Times (Lex): Teva: Generic drugmaker is in need of an overhaul
  • Financial Times (Lex): Sirius XM / Liberty: Investors should allocate their capital and not defer to Malone
  • Financial Times (Lex): OCBC / Wing Hang: Deal marks high tide in the flood of Fed money to Asia

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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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