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Tuesday Papers: War fears decimate Russian stocks

Tuesday Papers: War fears decimate Russian stocks

Top stories

  • Financial Times: Fears of a war in Ukraine wiped a tenth off the value of Moscow’s stock exchange, sent the rouble tumbling to an all-time low and pushed up the price of commodities.
  • The Independent: Bank of England Governor Mark Carney faced a fresh setback yesterday as latest credit data showed lending to businesses fell £600 million in January, with loans to small and medium-sized firms down £300 million.
  • The Daily Telegraph: BP loses appeal over $9.2 billion Gulf payouts as US court ruled that businesses claiming harm from 2010 gulf oil need not prove the spill caused their losses.
  • Financial Times: An EU directive will cost British businesses more than £1.2 billion annually, dwarfing the amount saved in the past year by the government’s anti-regulation drive.

Business and economics

  • Financial Times: The Bank of England is being urged to clamp down on bank bonus packages in a forthcoming review.
  • Financial Times: Kickstarter - one of the world’s largest crowdfunding platforms - has passed $1 billion in pledges.
  • The Daily Telegraph: The European Union on Monday night threatened sanctions against Russia after its military intervention in Ukraine triggered a day of turmoil in global markets.
  • The Independent: Bitcoin trade body calls for FCA clarification on digital currency rules, as the taxman prepares to classify Bitcoin as a foreign currency.
  • Financial Times: Banks including UBS are moving more foreign exchange business onto their electronic trading platforms as regulatory probes into alleged forex market manipulation prompt a shake-out on traditional trading floors.
  • Financial Times: UK manufacturing output increases for 11th month in a row.
  • Financial Times: Bank of Ireland sees improvement in Irish mortgage market.
  • Financial Times: The nine founders of the four big listed US private equity companies took home more than $2.5 billion between them last year, with Apollo Global Management’s Leon Black alone receiving $546 million.
  • Financial Times: Swiss bank Julius Baer cut the pay of its chief executive by 12% in 2013.
  • Financial Times: The government has appointed a senior “minder” from the business world to oversee G4S; it is learnt that Ian Tyler, former chief executive of Balfour Beatty, will be appointed crown representative for the distressed outsourcing company.
  • Financial Times: Sir Bill Gammell, the man who founded Cairn Energy three decades ago and turned it into a blue-chip oil and gas explorer, is to step down as chairman.
  • The Daily Telegraph: Russian hypermarket chain Lenta loses £400 million in two days on London market.
  • The Daily Telegraph: UK floods will cost insurance industry £1.2 billion.
  • The Independent: Bank of Ireland made an underlying pre-tax loss of €569 million last year, down from almost €1.5 billion in 2012.
  • The Independet: Manufacturing jobs growth in UK hits fastest for 3 years.
  • The Independent: Jewellery brand Fabergé, owned by ethical emeralds miner Gemfields, reported January sales ahead 198% compared with the previous year as it stepped up its promotional activity.
  • Daily Mail: Barclays tops the list as the bank that rejects the most legitimate customer complaints.
  • Daily Mail: Huawei storms its way to become the third largest smartphone-maker, but fears grow over its ties to China's government.

Share tips, comment and bids

  • Financial Times: Carson Yeung, the owner of Birmingham City FC agreed to sell a chunk of the club three weeks ago to a mystery Chinese company.
  • Financial Times: Reynolds American, the US tobacco giant, is exploring a bid for its rival Lorillard.
  • Financial Times: ISS, the Danish security and cleaning company, said on Monday it was aiming to raise DKr8 billion (€1.1 billion) through its stock market flotation this month.
  • Financial Times: Thorntons is to double capital spending over the next three years to boost chocolate production in what will be its biggest manufacturing investment in 25 years.
  • Financial Times: Vitol, the world’s largest oil trader, is in discussions to extend an additional $2 billion in financing to Rosneft, giving the Russian state oil company further firepower to drive its rapid expansion.
  • Financial Times: The future of a €1.75 billion partial listing in Russia by Metro, the German retailer, has been thrown into question amid heavy falls in the value of the rouble and market uncertainty triggered by the crisis in Ukraine.
  • The Daily Telegraph: Unilever looking to raise up to $2 billion by selling Ragu pasta sauce business.
  • The Independent (Comment): Policies that boosted banks’ earnings also disguised their vulnerabilities.
  • The Guardian: The £1.3 billion stock market listing of Pets at Home could reap more than £200 million for private equity firm KKR.
  • The Guardian (Comment): Is Europe's gas supply threatened by the Ukraine crisis?
  • Financial Times (Lex): Gazprom: Ukraine crisis could be greatest test of pipeline politics.
  • Financial Times (Lex): Hutchison Whampoa: Hong Kong conglomerate’s stock has undergone a re-rating.
  • Financial Times (Lex): European airlines: flag carriers may see fewer gains in the future.

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