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View the article online at http://citywire.co.uk/wealth-manager/article/a746336

Tuesday Papers: Ukraine raises rates to defend economy

by Himanshu Singh on Apr 15, 2014 at 03:53

Tuesday Papers: Ukraine raises rates to defend economy

Top stories

  • Financial Times: Ukraine’s central bank unexpectedly raised its benchmark interest rate for the first time in eight months in an attempt to support the weakening currency and curb inflation as the country’s political crisis deepened.
  • The Daily Telegraph: Google has bought drone manufacturer Titan Aerospace, as both Google and Facebook are racing to provide internet access with aircraft.
  • Financial Times: Telefónica has offered to equip a new German mobile competitor with spectrum amid warnings by European regulators that it would need significant competition remedies to allow the takeover of rival E-Plus.
  • Financial Times: Citigroup reported net income of $3.94 billion in the first quarter, beating analysts’ estimates, but the bank suffered another setback as it disclosed a second alleged fraud linked to its Mexican business.
  • The Guardian: GlaxoSmithKline has been accused of bribing doctors to prescribe its medicines in Europe.
  • The Daily Telegraph: Goldman Sachs has denied that current scenario is another 'dot-com bubble'; investment bank admitted similarities with run-up to 2000's crash, but said technology companies are more reasonably valued.
  • The Daily Telegraph: Glencore Xstrata has offered $1.35 billion to buy Caracal Energy, a Chad-focused exploration company, in a deal that underscores its ambitions to build a sizeable oil and gas business.
  • Financial Times: South Korea’s state-run health insurer has filed a lawsuit against three tobacco companies including Philip Morris and British American Tobacco, seeking Won53.7 billion ($52 million) in damages amid ballooning healthcare costs for smoking-related diseases..
  • The Independent: Europe’s financial chief has vowed to lead the toughest ever clampdown on “flash boy” high-frequency traders as the world’s biggest futures market faced legal action related to the practice.

Business and economics

  • Financial Times: Temasek, Singapore’s state investment company, has signalled a big push into the booming sub-Saharan African market, closing its first major deal in Nigeria.
  • Financial Times: Thousands of UK lawyers, accountants and property consultants are scrambling to inject equity into their firms in an attempt to steer clear of a multibillion pound tax avoidance crackdown.
  • Financial Times: Shareholders have criticised security company G4S, after it announced a big pay rise for its new chief executive, despite a recent scandal involving the overcharging of UK taxpayers for tagging offenders.
  • Financial Times: UK retail sales fell for the second month running in March, with the later timing of Easter holidays hitting spending.
  • Financial Times: US retailers have reported their biggest surge in sales since September 2012, arresting a sell off on Wall Street and providing further evidence that the world’s largest economy is breaking out of a slowdown caused by harsh winter weather.
  • Financial Times: France’s Socialist government has said Paris will stick to its budget deficit target , set by the EU, for 2015 - despite earlier indications that it would seek a delay.
  • Financial Times: BancABC bought by the former chief executive of Barclays, Bob Diamond, is helping a Zimbabwe bank under US financial sanctions to make foreign exchange transactions for its clients.
  • Financial Times: Tesco is heading back to the US with the stateside launch of its clothing brand F&F, less than a year after the grocer’s ignominious exit from its failed US grocery venture Fresh & Easy.
  • Financial Times: French Connection took another step in its turnround plan after strong sales at the start of the year sent shares in the group up by more than 11%.
  • Financial Times: PSA Peugeot Citroën will halve the number of its models and develop the Citroën division’s high-priced DS brand into a standalone unit as the struggling French group tries to restore profitability.
  • Financial Times: French oil company Total will spend $16 billion dollars developing the ultra-deep offshore oil project in Angola after repeated delays over the scale of the investment.
  • Financial Times: US chipmaker Intel is hoping Chinese tablet manufacturers will help save it from being crushed by the slow demise of the PC.
  • Financial Times: Telecom Italia will draw a line under a long period of managerial and financial turbulence with the most independent board in its history after a crucial shareholder meeting in Milan on Wednesday, its chief executive said.
  • Financial Times: Shareholders in French manufacturing group Nexans are calling for the dismissal of the chief executive and chairman because of poor company performance.
  • Financial Times: Sports Direct, the sportswear retailer controlled by Mike Ashley, is poised to begin selling on credit via its website, as it seeks to emulate the model successfully used by fashion chain Next.
  • Financial Times: European companies may for the first time have to report on their environmental impact and diversity policy as part of new rules that are going to be voted on today in the European Parliament.
  • Financial Times: Regeneration-focused property developer Quintain has attracted £32 million of private equity backing to expand its role as a residential landlord.
  • Financial Times: Cheyne Capital, one of London’s oldest hedge fund managers, is planning to raise up to £300 million for a property fund that will aim to invest in projects with a positive social impact.
  • Financial Times: The World Trade Organisation has raised its forecast for growth in global trade this year to 4.7%, while warning that risks such as the slowdown in developing economies and increasing geopolitical tensions, including in Ukraine, threaten to undermine its recovery.
  • Financial Times: UK fixed investment is likely to grow at nearly double its pre-recession rate this year, according to HSBC, which says the bank will “significantly” increase net lending to smaller companies.
  • Financial Times: Brazil’s President Dilma Rousseff lashed out at critics of her government’s management of Petrobras for the first time yesterday, saying the state-owned oil company was the target of a malicious political campaign.
  • The Guardian: Spanish unemployment could take 10 more years to return to the levels seen before the financial crisis, according to a report that paints a picture of an economy hampered by low wages, low skills and lack of investment in research.
  • The Guardian: Crawford Gillies, a veteran City figure is expected to be appointed by Barclays as the new chair of its board remuneration committee in what is being viewed as a move to counter a backlash from shareholders and others over the bank's raising of bonuses despite a fall in profits.
  • The Independent: Demand from wealthy Russians and Chinese investors looking to increase their cultural credentials has pushed the UK's art export market to a five year high.
  • The Daily Telegraph: Walmart has told Beijing to improve food labelling rules in a surprise push to make producers more accountable after paying $9.8 million in fines.
  • The Daily Telegraph: Barclaycard spending figures add to evidence showing that dicounters such as Poundland are becoming increasingly popular with cash-strapped households.
  • Daily Mail: Sun seekers flocking to the Caribbean and Canary Islands provided a boost for Gatwick Airport during March.
  • Daily Mail: Co-op workers have pleaded with regional board members to back Lord Myners’ plans to overhaul the troubled mutual, warning that thousands of jobs are on a ‘knife edge’.

Share tips, comment and bids

  • Financial Times: Blackstone and Goldman Sachs’ investment arm are set to acquire Ipreo, the capital the company at $975 million.
  • Financial Times: TIAA-CREF, the US financial services firm that started life providing retirement income for teachers and academics, has agreed to buy private equity-owned fund manager Nuveen Investments for $6.25 billion, boosting its assets under management by two-fifths.
  • Financial Times: A takeover attempt in the insurance sector has erupted into discord after Endurance Specialty Holdings mounted a $3.2 billion hostile bid for rival Aspen Insurance Holdings, triggering a day of corporate feuding.
  • Financial Times: San Leon Energy has abandoned plans to buy Turkish oil and gas group Alpay Enerji.
  • Financial Times (Lex): Citigroup: earnings have beaten expectations, but there are big hurdles to overcome.
  • Financial Times (Lex): US asset managers: Nuveen struggled with the debt from its 2007 private equity buyout.
  • Financial Times (Lex): Peugeot: management needs to get its strategy into gear.
  • Financial Times (Lex): MMG: Las Bambas deal is about state-owned enterprises reform as well as copper.
  • Financial Times (Lex): Glencore Xstrata: mining major needs mega-mines less than it needs cash.
  • The Daily Telegraph (Comments): Why Europe needs the City's financial weapons of mass destruction.

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