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View the article online at http://citywire.co.uk/wealth-manager/article/a724695

Tuesday Papers: Heathrow on list for runway expansion

by Himanshu Singh on Dec 17, 2013 at 03:35

Tuesday Papers: Heathrow on list for runway expansion

Top stories

  • Financial Times: Heathrow’s chances of expansion will take a big step forward on Tuesday when the UK’s largest airport will be formally identified as a leading contender for new runways.
  • The Daily Telegraph: Boeing will repurchase $10 billion of the company's stock and boost the quarterly dividend by 50% to 73 cents.
  • Financial Times: Moncler, a skiwear maker that specialises in €1,000 jackets, pulled off the most successful European stock market debut of 2013 after its shares surged almost 50% on the first day of trading.
  • Financial Times: AerCap is set to become one of the world’s largest aircraft leasing companies after agreeing to buy International Lease Finance Corporation, a much larger rival, from its owner American International Group for $5 billion.
  • Financial Times: Avago, a manufacturer of semiconductors for phone handsets, has bought LSI in a $6.6 billion debt funded deal to help the company expand into the rapidly growing area of enterprise storage.
  • The Daily Telegraph: BP is expected to sign a deal in Azerbaijan, paving the way for a $45 billion pipeline project that will provide a fourth major route for gas flows to the European market.
  • The Independent: BP has signed a deal to work on a $16 billion, 30-year gas production deal in Oman.
  • The Guardian: Hundreds of workers at Amazon in Germany have walked off the job in an effort to put pressure on the American online retailer in the busy days before Christmas to settle on a new wage agreement.
  • Financial Times: Oil majors Total and Statoil have dropped their interest in a planned pipeline that would bring natural gas from the Caspian Sea to Europe, amid concerns about the soaring costs of the project.
  • Financial Times: A winning bid for Japanese rail assets by Lone Star, the US private equity group, has been thrown out by the prefectural government of Osaka, raising concerns over the treatment of foreign financial investors in the world’s third-largest economy.
  • Financial Times: Sam Walsh wants to remain as Rio Tinto’s chief executive beyond the end of his contract and has told the miner’s board he will not be ready to retire in 2015.

Business and economics

  • Financial Times: Utah-based Zions Bancorp said on Monday it would no longer be able to hold certain types of securitised debt as it seeks to comply with the Volcker rule, raising concerns about the cost of the new regulations to smaller banks.
  • Financial Times: Royal Bank of Scotland, which is fighting litigation from shareholders who invested in its £12 billion rights issue in 2008 just before the lender’s near-collapse, has claimed that it was not “forced” into the controversial capital raising by the financial regulator.
  • The Daily Telegraph: The Bank of England has forced Standard Chartered to strip its finance director, Richard Meddings, of his responsibility for risk at the emerging markets focused lender.
  • The Guardian: Lloyds Bank is to begin selling fee-paying current accounts in its branches again, a year after it suspended branch and phone-based sales amid concerns about the way some institutions had been marketing them.
  • The Daily Telegraph: Lloyd's of London, the oldest insurance market in the world, has appointed Inga Beale as its first ever female chief executive
  • Financial Times: US crude oil production will come close to its record highs in just three years time as the shale boom sends output soaring, according to the government’s Energy Information Administration.
  • Financial Times: Russia signalled on Monday that it was ready to offer loans to help bail out Ukraine’s struggling economy, as the two countries’ presidents prepared for talks.
  • The Guardian: A crucial decision that keeps Detroit in bankruptcy court and puts pensions at risk can immediately be appealed to a higher court, a judge said Monday.
  • Financial Times: Scandal-hit RSA has been dealt another blow after Standard & Poor’s cut its credit rating on the FTSE 100 insurer to A-, the lowest in more than a decade and warned another downgrade could be on the cards.
  • The Daily Telegraph: EasyJet is facing a €70,000 fine in France after forcing a disabled woman off a flight because she was unaccompanied, in the latest discrimination case against the budget airline.
  • Daily Mail: Virgin Money is set to make its first steps in the current account race, piloting a new account to 3,000 staff ahead of an expected launch next year.
  • The Independent: Temporary power firm Aggreko - responsible for keeping the lights on and the cameras rolling at the last World Cup in South Africa and at the London 2012 Olympics - has been chosen by FIFA to perform the same duties across 12 different venues in Brazil; the contract is worth up to $15 million.
  • Financial Times: Thai conglomerate CP Group’s $300 million planned sale of Chinese supermarkets to Wumart has collapsed, the latest casualty of turning sentiment in China’s powerhouse retail sector.
  • Financial Times: Harvey and Bob Weinstein are to be reunited with Pulp Fiction, Shakespeare in Love and other films produced by Miramax after striking a production and distribution deal with Colony Capital and Qatar Holding, which own the company founded by the brothers.

Share tips, comment and bids

  • Financial Times: Carrefour said it will pay €2 billion to purchase 127 European shopping centre sites from Klépierre as the French supermarket operator undertakes a “back-to-basics strategy” to modernise its sites and extend its reach in Europe.
  • The Independent: Arpad “Arki” Busson, one of the world’s best-known hedge-fund managers, is set to merge his $3 billion EIM Group with Switzerland’s listed Gottex Fund Management to create a business managing $10 billion by mid-2014.
  • Financial Times: GlaxoSmithKline plans to spend £629 million to increase its 50 per cent stake in its profitable Mumbai-listed subsidiary to 75%, becoming the latest multinational to deploy cash to ramp up exposure to its Indian unit.
  • Financial Times: JP Morgan Chase has put up for sale its Global Special Opportunities Group, an Asia-based principal investment business, for a valuation likely to be more than $1 billion.
  • Financial Times: Tiger Airways, 32.7%-owned by Singapore Airlines, on Monday said it had struck an alliance with Scoot, a no-frills carrier launched by Singapore Airlines last year, that will involve the joint operation, sales and marketing of routes that both of them fly; separately, Tiger signed a three-year agreement with SpiceJet, a low-fares Indian airline, aimed at allowing more efficient connections between the Indian city of Hyderabad and Singapore.
  • The Independent: Europe’s biggest private-sector weather forecaster, MeteoGroup, owned by PA Group, the owner of the Press Association news wire, is set to change hands for €190 million.
  • The Guardian (Comment): The real scandal about the way the state pension age is being raised to 70 is that it takes no account of inequalities in life expectancy
  • The Guardian (Comment): A shocking Peta video of a Chinese angora farm, showing live rabbits having their fur ripped off, has prompted retailers to halt orders of angora wool. So is it possible to farm these rabbits commercially and be kind to them?
  • The Daily Telegraph (Comment): Labour leader's attack on property developers is as misjudged as his stance on energy.
  • The Daily Telegraph (Comment): Central banks are afraid that a Bitcoin collapse would send shockwaves through the "real world" economy, and that they could do absolutely nothing about it.
  • Financial Times (Lex): AIG / AerCap: Last major sale of non-core assets leaves bailed-out giant with a chance to make up some of the discounted price, but it is not a clean break
  • Financial Times (Lex): Avago: There is a simple reason for investors’ enthusiasm: it will be very accretive to the semiconductor group’s earnings
  • Financial Times (Lex): Trafigura: No IPO for the commodities trader – but investors should still get to grips with its distinctive financing
  • Financial Times (Lex): Carrefour: The French retailer is buying back a group of shopping malls that it sold a decade ago. It looks like a necessary move
  • Financial Times (Lex): GlaxoSmithKline in India: The UK pharmaceutical company’s offer to increase its stake in its Indian subsidiary has price risks attached

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