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Tuesday Papers: Three ex-Barclays employees face Libor charges

Tuesday Papers: Three ex-Barclays employees face Libor charges

Top stories

  • Financial Times: Three former employees of Barclays have became the first bankers to face charges over the alleged rigging of US-dollar denominated Libor, a key benchmark interest rate.
  • Financial Times: Ian Taylor - chief executive of Vitol, the head of the world’s biggest oil trading company - has called for immediate and far-reaching reform of Brent, the oil marker for more than half of the world’s internationally traded crude oil supplies.
  • Daily Mail: The Japanese economy grew 0.3% in the fourth quarter, well below the median estimate for a 0.7% increase and followed 0.3% growth in the July-September quarter.
  • The Guardian: About 1,000 people will lose their jobs after Alcoa announced the closure of its Point Henry aluminium smelter in Geelong and two rolling mills.
  • Financial Times: Alex Salmond has attempted to revive his campaign for Scottish independence after a series of setbacks, warning that Scotland would not take on its share of the national debt if Westminster refuses to share the pound.
  • The Independent: The energy regulator, Ofgem, has announced plans to curb the profits of Britain's electricity distribution companies after they were criticised for a slow response to power cuts over the Christmas period.
  • The Daily Telegraph: BHP Billiton sees profit soar 83% after record iron ore and coal production; first-half net profit jumps on the back of strong production across iron ore, coal and petroleum businesses.
  • Financial Times: Goldman Sachs has quietly retreated from its electronic bond trading platform, in a move that highlights the challenges investment banks face in revamping their struggling fixed-income trading businesses.

Business and economics

  • Daily Express: Bookmaker William Hill has brushed off suggestions that it is working to replace chief executive Ralph Topping over 18 months earlier than planned.
  • The Guardian: Electrical giant Dixons has fired a broadside at internet rival AO.com, claiming its prices are lower and that its internet sales will overtake those of its online-only competitor within two years.
  • Daily Mail: Britain’s biggest film studio Pinewood is to open and run a studio in Cardiff under the terms of a £30 million deal unveiled by the Welsh government.
  • Daily Express: The Co-operative Group yesterday launched a ground-breaking poll to ask the nation to help decide how the 150-year-old organisation should ­reorganise and modernise itself.
  • The Guardian: Ryanair and easyJet have been fined a total of more than €1 million by the Italian competition watchdog for mis-selling travel insurance on their websites.
  • The Guardian: The UK government is being sued for £2.3 billion by Bank Mellat, one of Iran's largest banks, whose ban from trading with the UK over alleged links to Tehran's nuclear programme was quashed by the supreme court last year.
  • Daily Mail: The boost in consumer confidence has helped shopping centre owner Hammerson bag bumper annual earnings.
  • Daily Mail: Interest rates will not stay low forever and households ‘need to think very carefully’ about the impact of higher borrowing costs, David Miles, a member of the central bank’s monetary policy committee, said on Monday night.
  • Financial Times: Spain’s Botín banking dynasty suffered a double blow on Monday, after the country’s stock market regulator imposed a fine of €16.9 million on Banco Santander for a mis-selling scandal, and a separate €500,000 penalty on Jaime Botín, the younger brother of Santander’s executive chairman.
  • The Guardian: Family-owned Farmfoods, the tiny frozen food retailer based in Cumbernauld, Scotland, has astonished industry watchers as it has gone from shrinking sales to become the fastest-growing grocer.
  • Daily Mail: The powerful Indian family that owns the majority of oil refiner Essar was forced to defend itself on Monday as more shareholders criticised its plan to buy back the firm on the cheap; the Ruia family floated Essar at 420p in 2010, but is planning to offer just 70p a share for the 22% of the group it does not own.
  • The Independent: The fashion industry grandee Harold Tillman will call for a sweeping shake-up of British bankruptcy law at a meeting with ministers next week in the wake of his ousting from the fashion house Jaeger.
  • Daily Mail: The British Retail Consortium found that footfall increased by 1.6% compared with a year earlier, the highest amount since December 2011.
  • The Guardian: Mary Portas' Kinky Knickers lingerie range is to go back into production after the British factory that makes the garments was rescued from administration by its management team.
  • The Guardian: BT has won a court battle to force the competition tribunal to re-examine its decision to stop BSkyB being forced to offer Sky Sports 1 and 2 to rivals at a discount.
  • The Guardian: Yorkshire building society is to refund customers more than £8 million after the Financial Conduct Authority criticised its charging procedures.
  • The Daily Telegraph: Europe's plans to introduce a controversial Financial Transactions Tax could wipe up to £3.6 billion off the value of equities and bonds in UK savings plans, according to fresh research.
  • The Daily Telegraph: Ineos, the owner of Grangemouth, has moved a stage closer to ending long-running losses at its Grangemouth plant in Scotland with another contract to import cheap shale based ethane gas from the US.
  • Financial Times: The head of Italy’s €4 billion state-backed investment fund has rejected accusations that backing from Rome is “distorting” the Italian private equity market for investors keen to tap resurgent interest in the eurozone’s third-largest economy.
  • Financial Times: Thousands of Credit Suisse bankers will be offered to swap out of a radical bonus scheme that was designed to transfer risk from the bank to employees but fell foul of new capital rules.
  • Financial Times: In 2013 €180.9 billion of asset-backed securities were issued in Europe, according to figures from the Association for Financial Markets in Europe, a decline of 38.7% from 2012.
  • Financial Times: Italy’s long-term borrowing costs fell to the lowest level in eight years after one of the world’s leading rating agencies raised the outlook on the country’s creditworthiness.

Share tips, comment and bids

  • Daily Express: Spanish infrastructure giant Ferrovial is looking to land Aberdeen, Glasgow and Southampton airports in a potential £800 million deal; the three airports are owned by Heathrow Airport Holdings, in which Ferrovial holds a 25% share.
  • Daily Mail: Staff at Pets At Home could scoop up to £120 million when the firm hits the stock market in a £1.2 billion listing that may be announced as early as this week.
  • Financial Times: Former AIG boss Maurice “Hank” Greenberg has made a comeback on the deal scene with the $4.4 billion acquisition of MultiPlan, a US healthcare IT service provider.
  • The Daily Telegraph: Gulf Marine Services launch London IPO plans; Abu Dhabi-based company seeks valuation of at least £1 billion.
  • The Guardian: BSkyB has secured exclusive UK live TV rights to the Indian Premier League Twenty20 cricket competition, currently broadcast by ITV4, from 2015.
  • The Daily Telegraph: After selling Reader's Digest for £1, Jon Moulton's venture capital fund Better Capital faces big write downs after poor performance in some of its other companies, too.
  • Daily Mail (Comment): Raw deal for Essar investors...Buying back on the cheap should not be an option.
  • The Guardian (Comment): The Co-op's apparent bid to pull up its political roots threatens to dismantle an important strand of political philosophy.
  • The Daily Telegraph (Comment): Major disposals off agenda at Co-op Group; £100 million of cost savings means mutual will have to find less than expected from strategic review to pay its share of the Co-op Bank's recapitalization.
  • The Independent (Comment): Would reform of Britain's bankruptcy laws help to correct the power imbalance that exists between banks and the businesses they lend to?
  • Financial Times (Lombard): Leaks leave HP’s reputation less than snowy white.
  • Financial Times (Lex): HP / Autonomy: an ambiguous conclusion to the affair would be an unambiguous disaster for Hewlett-Packard.
  • Financial Times (Lex): Qatar stocks: foreign inflows head for Gulf state, so hello, Industries Qatar. It will be hard to miss: the conglomerate is the biggest member of the domestic index.
  • Financial Times (Lex): Hammerson: property companies have got the message when it comes to focus and specialisation. But retail property specialists face challenges.
  • Financial Times (Lex): Debt ratios: Brazilian state oil group Petrobras has looming problems with its debt. How one measures the extent of its indebtedness deserves more attention.

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Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

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