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View the article online at http://citywire.co.uk/wealth-manager/article/a725176

Saturday Papers: US economy grows 4.1% in third quarter

by Himanshu Singh on Dec 21, 2013 at 03:42

Saturday Papers: US economy grows 4.1% in third quarter

Top stories

  • The Daily Telegraph: Taper looks timely as US economy grows 4.1% in third quarter; GDP revised up with pace of growth the strongest in nearly two years and vindicates Fed's tapering decision.
  • Daily Mail: Shares in defence giant BAE Systems slumped by almost 5% yesterday after investors took fright at news that a potential £6 billion contract to supply Typhoon warplanes to the United Arab Emirates was off.
  • The Guardian: Credit rating agency Standard & Poor's on Friday snatched away European Union’s top AAA rating, citing tensions between member states and a deterioration in their overall financial health.
  • The Daily Telegraph: S&P affirms UK top rating but warns of risks from Help to Buy; the credit rating agency says UK's AAA is supported by stronger growth and falling public debt but warns that the recovery is too dependent on property.
  • Daily Mail: Britain's economy grew faster than was previously thought this year, according to official figures released yesterday; UK gross domestic product rose by 0.5% in the first quarter of 2013, up from a previous estimate of 0.4%, and by 0.8% in the second quarter, up from 0.7%, the Office for National Statistics said.
  • Financial Times: Global equities ended the last full trading week of 2013 in strong form; US stocks raced to record highs, bolstered by a robust third-quarter GDP reading; the S&P 500 rose 0.5% on Friday, giving it a weekly gain of 2.5%.
  • Financial Times: The UK financial watchdog continues to draw up contingency plans for a potential collapse of the Co-operative Bank, even though the lender has completed a sweeping recapitalisation.

Business and economics

  • Daily Mail: The prices of London’s most swish homes have grown by 7.5%, in the past year, according to Knight Frank.
  • The Guardian: Deutsche Bank will pay $1.9 billion to settle a law suit with the US Federal Housing Finance Agency over mortgage-backed securities, part of the bank's efforts to resolve a long list of legal issues.
  • Financial Times: Leading shareholders in RSA have raised fresh concerns about the executive pay practices of the FTSE 100 insurer after they endured heavy losses from a string of profit warnings.
  • The Guardian: SSE on Friday unveiled plans to close two coal-fired power stations, one of them the huge Ferrybridge complex in West Yorkshire.
  • The Guardian: BlackBerry plunged to a quarterly net loss of $4.4 billion, on revenues down 56% to just $1.2 billion.
  • The Independent: BlackBerry is outsourcing its phone hardware business to the Chinese manufacturer Foxconn in its latest attempt to revive it fortunes.
  • Daily Mail: Christmas decorations firm Fuzzwire is about to fall into administration; the firm, which is likely to see its workforce of 190 staff made redundant days before Christmas, has also given its retail park customers a festive headache.
  • The Independent: Npower was given its second fine in a month, this time £3.5 million, for misleading consumers.
  • The Guardian: The Co-op on Friday claimed to have taken a major step forward in securing the future of its banking arm as it announced the completion of the main plank of its £1.5 billion rescue plan.
  • Daily Mail: Morrisons launches internet store but customers will have to wait until new year for deliveries.
  • The Guardian: The European Commission has rejected Google's revised proposals to settle a three-year antitrust row, its competition commissioner Joaquin Almunia said yesterday.
  • Daily Mail: Shell is coming under growing pressure from shareholders to hold every other annual meeting in London, with one major investor warning that the firm is becoming ‘too Dutch’.
  • Daily Mail: Royal Mail revealed share bonuses for its top directors worth up to £4.2 million at the time they were awarded, as its transition to a public company saw cash incentives replaced with stock.
  • Financial Times: Archer Daniels Midland has agreed to pay $54.3 million to resolve civil and criminal charges that a subsidiary bribed government officials in Ukraine in return for tax refunds.
  • Daily Mail: The Department for Work and Pensions has given a possible hint about how much it will cost for pensioners to buy extra state pension income in 2015/16.
  • Financial Times: Prada reported a shallower than expected rise in third-quarter net profit to €133 million as stronger sales in the US and Japan failed to offset slowing growth in China and Europe, and the effect of currency swings.

Share tips, comment and bids

  • The Daily Telegraph: Mark Zuckerberg to net $2.3 billion as Facebook prices share offering at $55.05.
  • Financial Times: Oracle has announced an agreement to pay $1.5 billion in cash for marketing technology company Responsys.
  • The Daily Telegraph: British executives will move to Rosneft after Russian oil company buys Morgan Stanley's "global oil merchanting" business.
  • The Daily Telegraph: British based engineer Ricardo signs multi-year engine deal worth at least £200 million with McLaren Automotive.
  • The Daily Telegraph: News Corp buys Twitter newswire Storyful for £15 million.
  • Daily Mail (Comment): Just how serious is the failure of talks to sell 60 Eurofighter Typhoon jets to the United Arab Emirates for up to $10 billion for manufacturer BAE Systems?
  • Financial Times (Lex): Baosteel: the bond will be priced off US Treasuries, not China’s local interest rates – and that may be worth its weight in gold to the steelmaker.
  • Financial Times (Lex): Peripheral spenders are not dazzled by the technical wizardry of super-expensive fighter jets; they want something other than bells and whistles.
  • Financial Times (Lex): William Morris / IMG: tie-ups between professional services firms are messy. But while this deal looks imperilled, do not be surprised if this one ends happily ever after.

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