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Tuesday Papers: StanChart faces fresh US settlement

Tuesday Papers: StanChart faces fresh US settlement

Top stories

  • Financial Times: Standard Chartered is in talks to pay up to $300 million to New York’s top banking regulator to settle allegations it failed to identify suspicious transactions, despite promising to improve its procedures after it was fined for violating sanctions rules two years ago.
  • The Guardian: The average asking price for homes that came on the market last month was 2.9% lower than in July, a record fall for the month of August, according to the property website Rightmove.
  • The Daily Telegraph: Ex-Rabobank trader became first Briton to plead guilty to Libor rigging; Paul Robson, who worked at the Dutch bank’s London office, admitted before a New York court to one count of bank fraud and wire fraud.
  • Financial Times: The UK government has been ordered to pay £224 million to US defence contractor Raytheon for unlawfully terminating a £750 million contract for an electronic border control system.
  • The Independent: A second MP has attacked Bank of England Governor Mark Carney, claiming the Canadian is "clearly" attempting to delay rate rises until after the next general election.
  • The Daily Telegraph: Challenger bank Aldermore is gearing up for float; fast-growing retail lender is set to break the summertime lull for listings with stock market flotation in coming weeks.
  • Financial Times: Kurdish forces wrested control of Iraq’s Mosul dam from jihadis on Monday, after the US launched its most intensive day of air strikes since intervening in the conflict 10 days ago.
  • Financial Times: Chinese authorities have ruled that Mercedes-Benz has violated provisions of the country’s anti-monopoly law – adding another high-profile foreign investor to the growing list of casualties from China’s car industry probe.
  • Financial Times: Balfour Beatty is in advanced talks to sell its US design consultancy Parsons Brinckerhoff to WSP Global for £700 million, as the deadline for a proposed merger deal with rival Carillion rapidly approaches.
  • Financial Times: London-listed Avangardco, one of the world’s largest egg producers, is to mount a legal challenge to the “forced nationalisation” of its assets in Crimea by local officials – following the award of $50 billion in damages to Yukos shareholders in the wake of the peninsula’s annexation by Russia.

Business and economics

  • Financial Times: The UK tax authority will on Tuesday set out details of plans to make it easier to prosecute people who hide money offshore, as part of a government crackdown on tax evasion.
  • Financial Times: Whitehall is struggling to recruit its first chief executive, with several business leaders having turned down approaches from headhunters less than three weeks from the closing date for applications.
  • Financial Times: Online payday loan brokers are taking hundreds of pounds from consumers on the promise of finding cheap credit but many loans fail to materialise, the Financial Ombudsman Service has warned.
  • Financial Times: Government officials are planning to discuss allegations of abuse of a lending support programme at meetings with banks in the coming days.
  • Financial Times: China’s property slump worsened in July as prices fell for the third straight month and developers scaled back investments, prompting economists to predict further financial defaults and slowing economic growth in the second half of this year.
  • Financial Times: Rio Tinto is set to cut down further its portfolio of marginal projects after announcing a review of its options for the Panguna copper mine, shut for a quarter of a century after being embroiled in secessionist conflict in Papua New Guinea.
  • Financial Times: Nationwide, the UK’s largest building society, has reported its first year-on-year fall in mortgage lending since 2010, in a sign of renewed caution towards the housing market.
  • Financial Times: Punch Taverns says it now has the necessary “momentum behind” its debt restructuring proposal that aims to slash a quarter off the pub group’s £2.3 billion debt burden.
  • Financial Times: As South Africa’s financial sector absorbed the news that African Bank Investments, the country’s biggest provider of unsecured loans, was being bailed out by the central bank, Coronation Fund Managers that had held a 22% stake in African Bank through its funds, apologised for the losses it had incurred by investing in the lender.
  • Financial Times: Online ad company AppNexus becoming one of only a handful of New York start-ups to crack a valuation of more than $1 billion after a new round of investment.
  • Financial Times: Rosneft is about to start drilling its first oil well in Norway with the help of Norwegian state-owned Statoil despite Russia’s oil industry being subject to extensive European sanctions.
  • Financial Times: Ineos has made a first move into shale gas exploration by purchasing part of a licence in Scotland covering the area around its Grangemouth petrochemicals complex.
  • Financial Times: An activist hedge fund, Jana Partners, is threatening to publish what it says is a leaked strategy presentation for the board of Petsmart, raising the temperature in the battle over the pet supplies retailer.
  • Financial Times: Shares in Japan’s Chugai Pharmaceutical soared to a record high on Monday on reports that Swiss drugmaker Roche was preparing to offer $10 billion to buy the nearly 40% of the company it does not already own.
  • Financial Times: Deutsche Bank has hired two technology executives as part of an effort to deal with more scrutiny from regulators, including over control failings identified by the Federal Reserve Bank of New York.
  • Financial Times: Amlin, the Lloyd’s of London insurer, has predicted a fresh wave of consolidation in the industry as intensifying competition eats into returns.
  • Financial Times: A robust residential market helped UK housebuilder Bovis report a record number of home completions and a surge in pre-tax profit in the first half of the year.
  • Financial Times: Shares in Polypipe rose after the newly listed UK manufacturer of plastic piping systems for the building industry posted a 29% rise in operating profits on the back of a buoyant property market.
  • Daily Mail: The gloom engulfing the grocery sector intensified as investors gambled on conditions worsening at some of the Big Four grocers.
  • Daily Mail: Motorists in London face paying nearly four times the amount for car cover than those living in the Isle of Man, a study has revealed; the average person with a car in the capital pays on average £922 for their yearly premium, compared to just £231 in the Isle of Man, data from AA Insurance shows.
  • Daily Mail: High streets suffered another blow last month as the number of visits from shoppers dropped by 1.7% year on year in July; retailers in general were hit by a fourth consecutive month of declining footfall, as shoppers stayed away despite the warm summer weather.
  • The Guardian: Women bosses are still earning only three-quarters as much as their male colleagues, meaning they would have to work until they were nearly 80 to catch up with men's lifetime earnings, according to new figures.
  • The Guardian: David Cameron has been rebuked for claiming that the majority of new jobs created last year were taken by UK nationals when figures for new jobs are not collected by the official statistics body.
  • The Guardian: The owner of Clydesdale and Yorkshire banks has become the latest business to warn of the risks it faces from Scottish independence, saying a yes vote could bring "significant additional costs".
  • The Independent: Fast-growing European technology and biotech firms need to float in New York because investors on this side of the Atlantic are “not bullish enough to give them the right valuations”.
  • The Independent: Protests against Amazon's e-book pricing strategy have crossed the pond after a group of German-language authors signed a letter criticising the online retailer for “taking hostage authors” in a dispute with publishing group Bonnier.
  • The Independent: Former American vice president Al Gore is suing Al Jazeera over the sale of his former network, Current TV, claiming the Qatari-owned broadcaster owes him millions of dollars from the purchase.
  • The Daily Telegraph: PwC has been fined $25 million for hiding bank's sanctions violations; Japan's biggest lender pressured PwC to delete a report on wire transfers the bank submitted to regulators.
  • The Daily Telegraph: Taser shares surged after Ferguson shooting droves demand for cameras; stun-gun maker drives Nasdaq to 14-year high as police violence fuels sharp rise in orders of Taser video cameras.
  • The Daily Telegraph: EU set to spend €125 million to prop up fruit and vegetable prices against Russian sanctions; Kremlin's ban on EU food imports has led to oversupply of produce, prompting intervention to protect farmers.

Share tips, comment and bids

  • Financial Times: Dollar General has joined the battle to consolidate America’s discount retail market, placing a $9.7 billion cash bid to buy Family Dollar less than a month after its smaller rival agreed to merge with Dollar Tree.
  • Financial Times: OCBC plans to raise S$3.3 billion ($2.7 billion) in fresh equity to help fund its push into China, Singapore’s second-largest bank announced on Monday, undershooting expectations for the amount it had been expected to raise.
  • Financial Times (Lex): Dollar stores: no knockouts.
  • Financial Times (Lex): European dividends: yield day.
  • Financial Times (Lex): Roche / Chugai: uptown problems.
  • Financial Times (Lex): Russia: companies own you.
  • Financial Times (Lex): China cars: limited partners.

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