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View the article online at http://citywire.co.uk/wealth-manager/article/a738121

Thursday Papers: Bank of England embroiled in forex scandal

by Himanshu Singh on Mar 06, 2014 at 03:18

Thursday Papers: Bank of England embroiled in forex scandal

Top stories

  • Financial Times: The Bank of England became embroiled in the escalating foreign exchange scandal after it suspended a member of staff and launched a new investigation into allegations that its officials condoned or were aware of market manipulation.
  • The Dalily Telegraph: Shell, Barclays and Lloyds have spoken for the first time of the potential problems should Scotland leave the UK.
  • Daily Mail: Barclays and Lloyds under fire over huge bonuses amid mis-selling scandals and plunging profits.
  • The Guardian: British companies hired staff at the fastest rate in 16 years in February, as growth in orders and broader economic recovery fuelled confidence.

Business and economics

  • Financial Times: Rolls-Royce disclosed in its annual report that it is under investigation by the US Department of Justice.
  • Financial Times: ExxonMobil targets $5.5 billion spending cuts.
  • Financial Times: Facebook has bowed to anti-gun violence campaigners by introducing new rules to regulate the sales of firearms and other restricted goods on the social network.
  • Financial Times: Merits of Bank of England’s QE still spark debate five years on.
  • Financial Times: Activity levels in the UK service sector in February were unchanged month on month, but continued to show a healthy rate of increase according to the Markit/CIPS purchasing managers survey.
  • Financial Times: London’s Crossrail scheme is galvanising property development along the route of the new £14.8 billion east-west line, with nearly half of developers citing it as a motive for construction in 2013 - up from 15% in 2009.
  • Financial Times: Millions of pounds of arms export licences to Russia may be scrapped after the government announced a review following the recent violence in Ukraine.
  • Financial Times: China's Cofco charged into South American markets with a deal to buy a controlling stake in Nidera, a 94-year-old trading house.
  • Financial Times: VW faces emerging market sales slowdown; Hans Dieter Pötsch, VW chief financial officer, said currency effects and rising interest rates would hurt disposable incomes in emerging markets.
  • Financial Times: Legal & General, the UK’s biggest pension fund manager, is accelerating its international expansion with a planned assault on the US as well as a potential push into Asia and Europe.
  • Financial Times: Allied Irish Banks unveils strong improvement in its underlying operating performance for 2013; it made an operating profit before tax and impairments of €445 million compared with a loss of €324 million the previous year.
  • Daily Mail: Peter Sands pledges to improve Standard Chartered's behaviour after the first ever fall in profits but is defiant on EU bonus cap.
  • Daily Mail: Eurostar to threaten budget airlines' dominance on London to Amsterdam service as it promises competitive prices.
  • Daily Mail: The Co-op plans to close 200 large supermarkets after admitting defeat in a battle with Tesco and Sainsbury’s; Britain’s fifth largest grocer will instead focus on the faster growing convenience sector, with plans to open 150 smaller format stores a year.
  • The Daily Telegraph: Argentina must pay British company BG Group $185 million for losses arising from the country's 2001-2002 economic crisis.
  • The Guardian: Barclay Brother's controversial corporate raid on the hotel group behind Claridges has been dealt a severe blow after the last independent shareholder, Irish property developer Paddy McKillen, won the financial backing of US private equity group Colony Capital.
  • The Guardian: Target’s chief information officer Beth Jacob resigned Wednesday as the retailer struggles in the wake of a massive pre-Christmas data breach.
  • The Independent: Government monthly advertising spending highest in almost four years.
  • The Independent: Admiral, the UK's second largest car insurer, has announced annual profits climbed 7% for the year to December 2013.

Share tips, comment and bids

  • Financial Times (Lex): BP in Russia: hiving off US operations is good, but Russia is more important.
  • Financial Times (Lex): Standard Chartered: annus horribilis; after a very bad year, the UK bank is fighting back.
  • Financial Times: Israeli billionaire Teddy Sagi will pocket £326 million from selling down a 15.4% stake in gaming software company Playtech, after increasing the amount he was offloading due to investor demand.
  • Financial Times (Lex): China bond default: Don’t panic; non-payment by Chaori Solar would be a sign of progress.
  • Financial Times (Lex): Melrose: turnround is share play; UK turnround specialist has been hitting a few bumps recently.
  • Financial Times (Lex): Dish / Disney: stream of consciousness; field of internet-based TV distributors is getting crowded.
  • Financial Times: Paris-based Vivendi confirmed on Wednesday night that it had received two binding offers from Bouygues and Altice for its telecoms operator SFR.
  • Financial Times: Birmingham city council has been forced to put the NEC national exhibition centre and three other events venues up for sale to help meet a £1.1 billion legal bill.
  • The Guardian (Comment): How five years of rock-bottom interest rates have changed Britain.
  • The Guardian (Comment): Inflation is too low in Europe; it's not clear what the European Central Bank can do about the problem, though.

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