Friday Papers: MPs to question watchdog over Aramco listing
- The Times: MPs are to investigate whether ministers leant on the Financial Conduct Authority to relax stock market regulations in order to entice Saudi Aramco to choose London for its listing.
- Financial Times: Theresa May’s Brexit strategy came under heavy fire on Thursday as Jean-Claude Juncker, president of the European Commission, questioned the “stability” of her chief negotiator while rightwing Conservative MPs mobilised to push for a hard exit.
- The Daily Telegraph: Bell Pottinger could fall into administration as early as next week, staff have been told, as the fallout from a divisive campaign it ran in South Africa accused of stoking racial tensions threatens to force the City PR firm under.
- Financial Times: Ryanair faces a fresh shareholder revolt at its annual meeting this month after adviser groups called on investors to vote against executive pay and the re-election of chairman David Bonderman.
- Financial Times: Jaguar Land Rover is revving up in the race to build the cars of the future, with a promise that electrified versions of all its models will be available by 2020.
Business and economics
- Daily Mail: Germany's biggest bank Deutsche Bank was left red-faced last night after it emerged that British regulators have expressed 'significant concern' over its operations in the UK.
- The Times: Britain’s lenders have tapped the Bank of England for £123 billion of cheap state-backed funding, figures show.
- The Times: Traders sent the euro back above $1.20 yesterday on expectations that the European Central Bank was poised to start withdrawing its emergency stimulus, despite Mario Draghi’s refusal to confirm the plan.
- Financial Times: The US online retailer Amazon is planning to build a second headquarters, dubbed HQ2, and has asked cities across North America to submit proposals in a competitive bid process.
- The Daily Telegraph: Bovis Homes' share price has soared more than 8% as its new chief executive updated investors on his strategic review, which will include building fewer homes and paying out more cash to shareholders, in an attempt to get the beleaguered housebuilder back on track.
- The Times: Capita, which is restructuring after profit warnings and the departure of its chief executive, cut its underlying operating profit for 2016 from £481 million to £335 million and underlying revenue from £4.6 billion to £4.4 billion.
- Financial Times: Ashmore’s shares suffered their biggest daily fall since the Brexit referendum more than a year ago after some investors focused on disappointing numbers in the emerging market fund manager’s annual results.
- Daily Mail: The owner of Southern Rail, Go-Ahead Group has posted a 5.7% drop in pre-tax profits after a series of industrial disputes and falling passenger numbers.
- The Times: British Airways faces the threat of new strike action after announcing plans to close its main defined-benefit pension scheme because of a multibillion-pound black hole.
- The Times: Enquest has secured a waiver from its lenders after problems at the Kraken project left it at risk of breaching debt covenants.
- The Daily Telegraph: Charlotte Hogg, who resigned from the Bank of England earlier this year after failing to declare her brother's job at Barclays, has been named the new head of Visa's Europe business.
- Financial Times: BlackRock and Fidelity backed China’s Communist party writing itself into company law this year, according to disclosures that show some of the world’s largest asset managers voted in favour of ranking the party above the boards of state-owned companies.
Share tips, comment and bids
- The Daily Telegraph (Questor share tips): BUY Alpha Real Trust.
- The Times (Tempus share tips): AVOID Ashmore Group; AVOID Sanne Group; BUY International Public Partnerships.
- Daily Mail: The founder of comparison website Money is set for a £140 million windfall after agreeing to sell it to the owner of Zoopla.
- The Times: Eicher Motors, the Indian company that owns Royal Enfield, is set to make a binding bid to buy Ducati of up to $2 billion by the deadline at the end of the month.
- The Times: It may be less well known than bigger rivals Rightmove and Zoopla, but Onthemarket, the property portal, wants to change that after getting the go-ahead from its members for a float.
- The Daily Telegraph (Comment): Frankfurt wins post-Brexit prize to become EU financial centre, much to the horror of France.
- Financial Times (Lex): HTC: floating a stake in its virtual reality business would help the handset maker.
- Financial Times (Lex): Hurricane reinsurance: a test looms for the market as hurricane Irma barrels towards Florida.
- Financial Times (Lex): Ross McEwan/CBA: RBS chief in running for top job at Australian bank is used to tough challenges.
- Financial Times (Lex): Brexit: leaving the EU could have big impact on contractual financing agreements.
- Financial Times (Lex): Procter & Gamble/Peltz: there is no easy solution to the challenges outlined by the activist investor.