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Wednesday Papers: StanChart hit by high-risk client ban

Wednesday Papers: StanChart hit by high-risk client ban

Top stories

  • Financial Times: Standard Chartered will be barred from processing transactions for some high-risk clients as part of a $300 million settlement with New York’s banking regulator after it failed to improve procedures for identifying suspicious activity.
  • Financial Times: BHP Billiton is to break up one of the world’s largest collections of mining assets via a stock market spin-off, signalling an end to years of deals and expansion driven by the commodities boom.
  • The Daily Telegraph: Economists said an interest rate rise in 2014 is “no longer in play”, after official data show inflation fell to 1.6% in July, from 1.9% in June.
  • Financial Times: Apple shares closed above $100 on Tuesday, beating their previous high after almost two years, as investors anticipate the launch of new products including wearable devices and a payments service in the coming months.
  • Financial Times: Carillion has raised its offer for Balfour Beatty in a move that values its larger UK construction rival at more than £2 billion just two days ahead of a crucial deadline.
  • Financial Times: Uber has recruited David Plouffe, the campaign strategist who helped Barack Obama win the White House in successive elections, to a new lobbying and communications role, as the driver-hailing service steps up its regulatory battle.
  • The Daily Telegraph: Britain has now become the 'lowest-cost manufacturing economy of Western Europe'; stable wages and improved productivity over the past decade made the UK increasingly competitive even compared to many Eastern European countries.
  • The Guardian: A measure of global trade has soared over the past fortnight, signalling a possible return to health of the world economy; the Baltic Dry daily index of shipping costs has jumped by more than 40% in a month, soaring to 1,042 since it hit a post crash low of 732 in July.
  • The Independent: Harris + Hoole, the controversial coffee shop chain backed by Tesco, is to close a raft of unprofitable London stores just a year after the supermarket giant championed the brand as the saviour of its big shops.

Business and economics

  • Financial Times: UK house prices continue to increase at double digit rates, but there are further signs in the latest official statistics that growth is beginning to slow, especially in London.
  • Financial Times: South Asian economies will be badly squeezed by climate change within a few decades if no action is taken to reduce the greenhouse gas emissions responsible for global warming, according to a report published on Tuesday by the Asian Development Bank.
  • Financial Times: Shares in Chinese media companies jumped on Tuesday after President Xi Jinping announced plans to build several new media groups.
  • Financial Times: US authorities have closed a 10-month investigation into contentious drug trial data surrounding an important AstraZeneca heart medication that Pascal Soriot, chief executive, has put at the heart of his growth strategy.
  • Financial Times: The rise of Islamic extremism in the Middle East has disrupted sales growth at Imperial Tobacco, which has blamed the “turbulent situation” for falling cigarette and tobacco sales in Iraq, one of its key growth markets.
  • Financial Times: Britain is failing to produce world-beating technology companies because the country’s start-ups struggle to receive the significant investment needed to grow into big players, according to the head of the UK’s only major global tech group.
  • Financial Times: The Chinese government has handed down its first fines in connection with an investigation into pricing practices in the world’s largest automotive industry; in an announcement to the Tokyo Stock Exchange on Tuesday, Japan’s NSK Ltd said the National Development and Reform Commission had ordered it to pay a penalty of Rmb174.9 million ($28.5 million) for violations of China’s Anti-Monopoly Law.
  • Financial Times: Standard Chartered was quick to play down the impact of Tuesday’s settlement with New York’s Department of Financial Services for failures in its transaction surveillance systems, pointing out that it affects only small parts of its operations.
  • Financial Times: Goldman Sachs has withdrawn an application to have a $1 billion lawsuit filed by the Libyan Investment Authority, a former client, thrown out of an English court ahead of trial.
  • Financial Times: Oversea-Chinese Banking Corporation, OCBC's $5 billion purchase of Hong Kong’s Wing Hang Bank is the most ambitious to date by Asean’s second-largest lender.
  • Financial Times: A slump in the number of Americans playing golf forced sports retailer Dick’s Sporting Goods to announce $20.4 million of pre-tax charges and warn about the long-term future of the golf retail business.
  • Financial Times: The pensions of nearly 2,500 former UK staff of Lehman Brothers, the collapsed US investment bank, have been safeguarded following the settlement of a six-year legal wrangle.
  • Financial Times: Private equity group Everstone Capital has hired former senior Goldman Sachs executive Brooks Entwistle as chief executive, the $2 billion India-focused fund said on Tuesday.
  • Financial Times: Telenor of Norway has found child labour at suppliers helping it build Myanmar’s first national mobile phone network, in a sign of the pitfalls facing investors in the fast-opening Asian frontier economy.
  • Financial Times: Strong US shale activity provided a welcome boost to Wood Group but was offset by the energy services company’s weaker upstream engineering and turbine activities.
  • Financial Times: Cairn Energy is cutting its costs as the oil exploration company awaits a resolution to its Indian tax dispute.
  • Financial Times: Community Health Systems, the US hospital operator, said that Chinese hackers have stolen private information about 4.5 million of its patients, the largest number of accounts compromised in such an attack, adding to long-running tensions between the two nations over cyber crime.
  • Financial Times: Moody’s, the rating agency, on Tuesday downgraded the credit ratings of South Africa’s four dominant banks as the country’s financial sector continues to endure the ripple effects of the collapse of African Bank, the nation’s biggest lender of unsecured loans.
  • Financial Times: Pimco has announced the names of its first batch of hires for its equity business, as the world’s largest fixed income manager tries to ease the pressure on its troubled bond operations.
  • Financial Times: Google is considering creating online accounts for children below the age of 13, a move that could have controversial privacy implications.
  • Financial Times: Credit Suisse has said that it arranged securities linked to Banco Espírito Santo, the collapsed Portuguese bank, but did not sell or distribute them, as it moved to clarify its links with the recipient of a €4.9 billion state bailout earlier this month.
  • Financial Times: Persimmon has become the latest home builder to report a surge in revenues and profits as house prices and transactions continue to rise against the backdrop of an improving economy.
  • Financial Times: American venture capital groups are investing more into European technology start-ups, as US investors look to cash in on the rise of the continent’s fledgling digital groups.
  • Financial Times: The shortlisted bidders for two UK rail franchises, Northern and TransPennine Express, were announced on Tuesday as the rail franchising process gained further momentum.
  • Financial Times: A government scheme to cap charges on workplace pensions is set to cost the UK insurance industry as much as £1 billion – five times more than ministers have estimated, a leading provider has warned.
  • Financial Times: AP Møller-Maersk is planning its first ever share buyback of $1 billion next year and it has upgraded its full-year profit guidance after cost cuts generated a strong second quarter.
  • Daily Mail: Celebrity fragrances such as Taylor Swift’s Wonderstruck failed to give Elizabeth Arden the sweet smell of success; shares in the American perfume firm fell 25% after it posted its biggest ever quarterly loss.
  • Daily Mail: The supermarket price war is set to intensify after a study found discount store Lidl was almost a third cheaper than the major chains.
  • Daily Express: Britain's biggest pawnbroker, H&T is aiming to restore the shine to profits tarnished after the plunge in gold prices by beefing up sales of discount pre-owned jewellery and watches.
  • The Guardian: Scottish business will "just get on with it" whatever its people decide on independence, according to Ayrshire-born tycoon Sir Tom Hunter who is backing a fund to support entrepreneurial start-ups.
  • The Guardian: A detailed model of a Second World War attack plane has proved a hit for struggling toymaker Hornby, which has sold 8,000 units since launching the model.
  • The Independent: Google is celebrating its 10th anniversary as a public company, with the search engine giant worth almost 15 times more than on its stock market debut in 2004.
  • The Independent: The City sold off the pound on Monday as soft inflation figures again gave the Bank of England room to wait before raising interest rates.
  • The Daily Telegraph: Steve Ballmer has stepped down from Microsoft board saying he is too busy to devote enough time to the technology giant after buying the LA Clippers basketball team.

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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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