Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Wednesday papers: Bitcoin exchange fears $400m theft

Wednesday papers: Bitcoin exchange fears $400m theft

Top stories

  • Financial Times: Mt Gox went dark on Tuesday after the oldest and most famous exchange for digital currency Bitcoin suddenly deleted its Twitter history and then pulled its website offline, prompting a swirl of rumour and recrimination; customers feared losing $400 million worth of Bitcoin in the move.
  • The Guardian: Credit Suisse used “cloak-and-dagger schemes that belong in a spy novel” to help 22,000 US customers hide billions of dollars from US tax inspectors, according to a report by a US congressional committee.
  • Financial Times: JP Morgan Chase should have $30 billion of excess capital by next year that could be distributed to shareholders, executives said at an investor day.
  • The Independent: Banks estimated the value of Royal Mail at up to £8.6 billion when approached months ahead of the eventual sale for £3.3 billion.
  • Financial Times: The board of Repsol has accepted a $5 billion compensation offer from the government of Argentina, bringing to an end two years of bitter conflict over the nationalisation of the Spanish energy group’s operations in the country.
  • Financial Times: Ladbrokes’ pre-tax profits fell by more than two-thirds in 2013, underlining the UK bookmaker’s struggle to attract customers online and maintain its overall market share.

Business and economics

  • Financial Times: George Osborne is under pressure to use next month’s Budget to announce pre-election tax cuts to offset the prospect of a politically damaging rise in interest rates before polling day.
  • Financial Times: Apple is facing its biggest security scare in years after flaws in its iPhone software risked exposing its users’ communications.
  • Financial Times: Walt Disney has launched a cloud-based movie service with Apple that will allow buyers of its movies to view them digitally on multiple Apple devices.
  • Financial Times: John Chen, BlackBerry’s chief executive, promised that the Canadian smartphone maker would deliver a new BlackBerry dubbed the Q20 or “Classic” by year end.
  • Financial Times: Logistics group Deutsche Post DHL’s chief executive is sceptical about a future in which robotic aerial couriers - drones - transform ecommerce.
  • Financial Times: The recent heavy storms have caused about £170 million in damage to the UK rail network and had a “devastating effect” on business and tourism in the southwest of England, MPs were told on Tuesday.
  • The Guardian: Tesco chief Philip Clarke drops profit margin target to win back custom as analysts trim earnings forecasts to £3.3 billion.
  • The Daily Telegraph: Defence contractor Cobham faces a potential corruption probe in America after voluntarily reporting possible “irregular sales practices”.
  • The Independent: Housing bubble concerns over an overheating housing market were stoked yesterday as mortgage approvals hit their highest level since September 2007, according to the British Bankers Association.
  • The Independent: Billionaire investor Carl Icahn accused John Donahoe, eBay Inc’s chief executive, of failing to spot - or ignoring - conflicts of interest on the company’s board and called again for the spinoff of its fast-growing PayPal division.
  • The Independent: Retail sales grew unexpectedly strongly last month, growing at the fastest rate since June 2012.
  • Daily Mail: Homeowners across Britain would face paying £576-a-year more in mortgage repayments if Bank of England base rate went up in line with experts predictions, a report warned yesterday.
  • Financial Times: De La Rue chief executive Tim Cobbold announced on Tuesday that he was resigning to take the top job at events and communications group UBM.
  • Financial Times: Shares in Vivendi fell on Tuesday as a fierce price war in France’s telecoms sector dragged down full-year revenue at the media and telecoms group.
  • Financial Times: Former Asos director Peter Williams is to join online fashion retailer Boohoo.com as chairman ahead of its £500 million float becoming the latest ex-Asos staffer to take a leading role in the recent glut of retail IPOs.
  • Financial Times: Barclays has closed its US and European power trading operations, as it looks to restructure its commodities business amid tighter regulation and falling profits.

Share tips, comment and bids

  • The Daily Telegraph (Market Report): McColl's dips on stock market debut; shares in the convenience store group did not pop like other recent IPOs.
  • Financial Times: Shares in Tesla Motors, the US electric car manufacturer that had already climbed a wall of investor euphoria, shot up as much as 19% on Tuesday morning thanks to a single note from a Wall Street analyst.
  • The Independent: Billionaire fund manager Mark Coombs, founder and chief executive of Ashmore, reckons that the recent turmoil in emerging markets presents strong buying opportunities for investors.
  • The Guardian (Comment): Bitcoin will survive despite MtGox debacle.
  • Financial Times (Lex): T-Mobile: CEO Legere’s comedy routine will amuse as long as he keeps getting consumers to switch.
  • Financial Times (Lex): Naver: not every chat app can be correctly priced for world domination.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter