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Tuesday Papers: ‘Reprehensible’ Lloyds under fire from Carney

Tuesday Papers: ‘Reprehensible’ Lloyds under fire from Carney

Top stories

  • Financial Times: Lloyds Banking Group has been criticised for “highly reprehensible” behaviour by the Bank of England after it became the first lender to be fined for rigging rates to cut the cost of a financial crisis rescue scheme, effectively costing the taxpayer millions of pounds.
  • The Daily Telegraph: IMF has raised concerns about rising pound despite a strong rebound in UK economy.
  • The Guardian: Russia has been ordered to pay $50 billion (£29.4 billion) to shareholders of Yukos, the former defunct oil company that was broken up a decade ago after its boss fell foul of Vladimir Putin.
  • The Independent: Reckitt Benckiser,the maker of Nurofen tablets and Durex condoms, has announced plans to float its £3 billion heroin addiction treatment arm.
  • Financial Times: West African nations have imposed travel restrictions in a last-ditch attempt to stop the worst ever outbreak of Ebola, a disease with a mortality rate of up to 90% that has already killed nearly 700 people in Liberia, Sierra Leone and Guinea.
  • Financial Times: Bank of Cyprus has raised €1 billion by selling shares to investors including Wilbur Ross, the US private equity specialist, and the European Bank for Reconstruction and Development only a year after it was saved from collapse by an international rescue deal.
  • The Guardian: House prices stalled across England and Wales last month in the latest sign the property market has come off the boil, but at the top end of the market there has been a sharp rise in the sale of properties over £1 million.
  • Financial Times: Microsoft has become the latest US company to be targeted by an antitrust investigation in China, as officials from the State Administration for Industry and Commerce visited some of its local offices on Monday.

Business and economics

  • Financial Times: Business groups have warned against a Scottish National party plan to raise the minimum wage at least in line with inflation, if Scotland votes for independence.
  • Financial Times: Britain has lost nearly 35,000 homes for households on low incomes in one year as a result of the coalition government’s housing policies.
  • Financial Times: Labour has outlined plans to revive Britain’s small housebuilders by underwriting bank loans in the same way that the coalition’s Help to Buy scheme guarantees mortgages.
  • Financial Times: Peer-to-peer lending is on course to hit £1 billion this year after the flow of funds doubled in the first six months of 2014; data released by industry body the Peer-to-Peer Finance Association show that UK lending platforms including Zopa and RateSetter handled new loans of over £500m in the first half of the year.
  • Financial Times: Small business lobby groups have attacked plans to allow HM Revenue & Customs to seize unpaid tax directly from bank accounts, warning some traders could be put out of business.
  • Financial Times: Airlines led by Emirates Airline are pushing for sweeping improvements to arrangements under which they fly over conflict zones following the shooting down of Malaysia Airlines flight MH17 over eastern Ukraine this month.
  • Financial Times: Hiscox has become the second Lloyd’s of London insurer in as many weeks to caution it will shrink its reinsurance business as a flood of cheap money from central banks pushes rates down sharply.
  • Financial Times: Aberdeen Asset Management has suffered a fifth successive quarter of fund outflows; the shares in the FTSE 100 fund manager fell more than 5% on Monday, after it revealed the loss of a single £4 billion mandate from an international client, which accounted for nearly half of the £8.8 billion net outflows it suffered in the three months to the end of June.
  • Financial Times: Bankia’s journey towards financial respectability passed another milestone on Monday, as the nationalised Spanish lender unveiled a 50% jump in second-quarter net profits to €245 million.
  • Financial Times: Ryanair defied the gloom around the airline sector on Monday, reporting a strong first quarter and lifting its full-year profit forecasts, while cautioning against “any irrational exuberance”.
  • Financial Times: Nissan has accelerated past its first-quarter profit forecasts, as strong demand from the US and Europe helped the Japanese carmaker offset slowing domestic sales.
  • Financial Times: Shares of Mothercare sank 11.6% in early trading on Monday after US baby-wear group Destination Maternity dropped its £266 million bid for its UK rival that is struggling to turn around its domestic business.
  • Financial Times: Baidu, the Chinese search engine that has mimicked US technology group Google’s biggest innovations, is experimenting with its own version of a self-driving car.
  • Financial Times: Trinity Mirror shares rose as much as 11% after the newspaper group showed signs of stabilising revenues, and confirmed its first dividend since the financial crisis.
  • Financial Times: Italian tax police have seized property and cash worth €104.5 million from Nomura International related to allegations that the investment bank defrauded the regional government of Sicily with the sale of derivatives in 2002.
  • Financial Times: Pace, one of the leading British technology companies, brought forward its half-year results on Monday in response to the abrupt departure of its finance chief.
  • Financial Times: Smith & Wesson, the US firearms manufacturer, has paid more than $2 million to the Securities and Exchange Commission for allegedly bribing foreign officials to win contracts to supply arms to overseas police and military forces.
  • Daily Mail: Petra Diamonds is predicting higher prices after a strong 2014 boosted by finding an ‘exceptional’ 122.5 carat blue gem; annual production was up 17% to 3.1million carats as Petra pushes towards a target of 5million carats per year by 2019.
  • Daily Mail: National Grid said it enjoyed a ‘solid’ start to the year despite delays to one of its major UK projects and a ruling forcing it to pay back over-collected revenues in the US; the group, which owns Britain’s national network of gas pipes and electricity cables, said it would spend around £3.4 billion this year in the UK.
  • Daily Mail: Pimlico Plumbers, the UK’s largest independent plumbing company, has recorded a £20 million turnover for the first time in its 35-year history.
  • The Guardian: Lloyds Banking Group has suspended seven employees after it was hit with a £226 million bill from regulators on both sides of the Atlantic for rigging crucial interest rates.
  • The Daily Telegraph: US is set to ban some 'inversion' firms from government contracts; a group of powerful American politicians will on Tuesday unveil proposals to block US companies from winning government contracts if they shift their tax headquarters overseas but still have more than half of their shareholders in America.
  • The Daily Telegraph: Morrisons could announce that it has hired Andrew Higginson, who left Tesco in 2012, as soon as Tuesday.
  • The Daily Telegraph: Apple is in talks to buy radio app Swell; app is shaped by users' past listening habits, so that each listener's station becomes more tailored to their interests over time.

Share tips, comment and bids

  • Financial Times: BSkyB has doubled its bet on virtual reality, investing a further $400,000 in Californian start-up Jaunt - a specialist in creating panoramic 3D video effects.
  • Financial Times: Virgin America, the California-based airline partly owned by Sir Richard Branson’s Virgin Group, has announced plans for an initial public offering amid the strongest market conditions for airlines since 2001.
  • Financial Times: Anil Ambani’s Reliance Power has outlined plans to buy the hydropower operations of industrial conglomerate Jaypee Group, in a deal marking a new phase of expansion for the Indian billionaire’s raft of companies.
  • Financial Times: Zillow has agreed to buy Trulia for $3.5 billion in an all-stock deal that combines the two largest US real estate listings websites as they try to transform the traditional ways of buying and selling houses.
  • Financial Times: Dollar Tree has agreed to acquire Family Dollar in an $8.5 billion cash and stock deal that will marry two of the US’s largest discount stores at a time when changing consumer habits are heaping pressure on retailers across the country.
  • Financial Times (Lex): Dollar Tree / Family Dollar: value deals.
  • Financial Times (Lex): Pandora Media: dollars and sense.
  • Financial Times (Lex): GSK and Reckitt: pharming out.
  • Financial Times (Lex): Russia sanctions: Bond film.
  • Financial Times (Lex): Ryanair: aerial refuelling.

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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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