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View the article online at http://citywire.co.uk/wealth-manager/article/a756755

Saturday Papers: Homebuyers told to lock in fixed-rate deals

by Himanshu Singh on Jun 14, 2014 at 04:35

Saturday Papers: Homebuyers told to lock in fixed-rate deals

Top stories

  • Financial Times: Mortgage brokers are urging homebuyers to lock in fixed-rate deals quickly after Mark Carney’s warning of an early interest rate rise prompted investors to predict that the first hike will come in time for Christmas.
  • Financial Times: Kazakhstan has signed a deal with the oil companies developing the huge Kashagan oilfield in the Caspian Sea that paves the way for their contract to be extended, in a key victory for the western partners behind the $50 billion project.
  • Financial Times: President Barack Obama said on Friday the US was considering taking military action in Iraq to halt the rapid advance of Sunni militant groups that have taken control of a series of cities in the north of the country and are closing in on Baghdad.
  • Financial Times: Siemens and Mitsubishi Heavy Industries are primed to make a $10 billion offer for the energy assets of Alstom in an attempt to scupper a rival General Electric bid for the French industrial champion.
  • Daily Mail: Former Barclays boss Bob Diamond’s African banking venture Atlas Mara Co-Nvest is set to miss a target of raising £236 million for new acquisitions.
  • Daily Mail: WPP is braced for another bruising encounter with shareholders over pay, after the Association of British Insurers slapped the marketing group with an ‘amber top’ warning.

Business and economics

  • Financial Times: The US Department of Justice is preparing to file a lawsuit against Citigroup alleging it mis-sold mortgage-backed securities after negotiations to resolve the investigation reached a standstill, a person familiar with the matter said.
  • Daily Mail: Controversial payday loan company Wonga has been left rudderless after founder and chairman Errol Damelin followed the firm’s chief executive out of the door.
  • Daily Mail: The Competition & Markets Authority is dropping an inquiry into bra-maker DBApparel UK’s relationship with House of Fraser, John Lewis and Debenhams.
  • The Daily Telegraph: Britain's failure to relax visa restrictions in order to allow more Chinese tourists and businessmen to come to the country is damaging its global "strength", China's ambassador has warned.
  • Financial Times: General Motors has recalled another half a million cars for an ignition switch fault, just a week after the carmaker was accused of “incompetence and neglect” towards safety issues.
  • Daily Mail: The threat of another downgrade to Britain’s credit rating was lifted last night in a boost for Chancellor George Osborne; Standard & Poor’s is the only major agency not to have stripped the UK of its AAA status but has rated the outlook ‘negative’ since December 2012.
  • The Independent: Credit ratings agency Fitch has held the UK’s rating at AA+ citing respectable economic growth and an improving labour market.
  • Daily Mail: Oil prices rose for a third day, as Sunni extremists marched toward the Iraqi capital Baghdad, threatening supply; Brent crude, the global benchmark, neared $115 a barrel, before settling down to $113.34.
  • Daily Express: The pound reached a five-and-a-half year high yesterday after Bank of England Governor Mark Carney hinted that an interest rate rise was on the near horizon.
  • Daily Express: The rise of silver surfing and a push into garden centres helped more than double annual profits at bargain womenswear business Bonmarché.
  • The Daily Telegraph: Petra Diamonds unearths 122.5-carat blue diamond; the London-listed company's discovery comes just months after it sold a 29.6 carat blue diamond from the same mine for more than $25 million.

Share tips, comment and bids

  • The Guardian: The Isle of Man-based Scheinberg family behind the world's two biggest online poker sites PokerStars and Full Tilt Poker are to sell the controversial business they founded 14 years ago for $4.9 billion in a deal backed by private equity group Blackstone.
  • The Guardian: Discount travel service Priceline announced Friday it was buying OpenTable for $2.6 billion in cash in a move to expand into restaurant reservations.
  • Daily Mail: Synairgen shares shot up as much as 40% after revealing a tie-up with AstraZeneca that could prove to be worth almost a quarter of a billion dollars for the AIM-listed drug developer.
  • The Independent: Bonmarché has reported a 66% jump in annual profit in its first set of full-year results as a public company.
  • The Daily Telegraph: Alitalia board approves Etihad tie-up; Etihad has for months been negotiating to buy up to 49% of Alitalia, which is facing bankruptcy.
  • Financial Times: IMO Carwash, the world’s biggest independent car wash operator, has been sold to TDR Capital two years after negotiations with the UK-based private equity group broke down.
  • Financial Times: HeidelbergCement is preparing to sell its bricks and construction materials business as it looks to cash in on revitalised building activity in the US and Europe.
  • Daily Mail (Comment): It's time to give a voice to small investors and reward them, not fat cat managers of companies.
  • Daily Express (Comment): Interest rate confusion will only end once rates have gone up; Mark Carney’s big idea when he became Bank of England governor was “forward guidance”.
  • The Guardian (Comment): The new housing market measures hark back to a pre-bubble age.
  • The Guardian (Comment): George Osborne at Mansion House: muddled, boastful and upstaged.
  • Financial Times (Lex): Priceline / OpenTable: offering access to a restaurant reservations network on the website of a big travel network is logical, but hotel finder paid too much.
  • Financial Times (Lex): United stakes: PokerStars chief executive Mark Scheinberg knows when to fold and move to a bigger, more exciting table.
  • Financial Times (Lex): Tesla Motors: a bet on Tesla is a bet on expanding capacity, not intellectual property.

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