The Times
Russian money-laundering case reaches U.S. courts: American prosecutors have begun proceedings to seize $14 million from alleged Russian money launderers connected to the death of an anti-corruption lawyer.
Barclays Boss turns to JP Morgan allies for senior positions: Barclays’ new Chief Executive has started to try to hire people close to him at the bank, with an approach to Blythe Masters, a former JP Morgan colleague.
Iran rejects Saudi plan to pump less oil to ease glut: The prospect of a deal between Opec members to shore up oil prices was fading after Iran rebuffed Saudi pressure to reduce output, setting the scene for a difficult meeting of the cartel in Vienna .
Sports Direct caught out by Goldmans downgrade: Mike Ashley’s Sports Direct was pushed to the top of the FTSE 100 fallers’ board after Goldman Sachs, the tracksuit empire’s stockbroker, toned down its bullish view of the company as part of a shake-up of its coverage of the retail sector.
One sixth of Asos shareholders oppose its pay policy: Nearly 17% of the shareholders of Asos have voted against the Directors’ remuneration.
Woodford-backed estate agency Purplebricks aims for £255 million IPO: The online estate agency Purplebricks backed by top city fund Manager Neil Woodford, and Wonga Founder Errol Damelin, plans to float on London’s junior AIM market with a value of £255 million.
The Independent
Diesel falls to lowest price in six years after oil hits $40.40 a barrel: Diesel has fallen to its lowest price in six years after the oil price dropped again, dragging down fuel prices.
Housing crisis: Osborne’s 3% stamp duty on buy-to-let properties could raise rents by £55 a month: George Osborne’s decision to raise stamp duty for buy-to-let landlords will cost tenants an extra £55 a month in rent, according to Kent Reliance.
Financial Times
Worldpay to provide loans to small businesses: Worldpay, the U.K. payments processing company, is breaking into the small business leading market in a move to provide thousands of customers with flexible loans.
https://next.ft.com/content/b093c432-99d0-11e5-9228-87e603d47bdc
G4S Chief begins quest to reclaim FTSE100 seat: In the wake of the terrorist attacks on Paris, G4S received numerous enquiries from global companies seeking to better protect their staff in France.
https://next.ft.com/content/689a18de-99ad-11e5-987b-d6cdef1b205c
Barclays to lose £200 million on Italian retail bank sale: Barclays is set to pay €237 million to sell its Italian retail banking business to Mediobanca as the U.K. bank seeks to accelerate its withdrawal from its “non core” continental European business and focus on core activities.
https://next.ft.com/content/2bd7fa2e-9994-11e5-95c7-d47aa298f769
DS Smith takes hit to profits: The closure of a historic U.K. paper mill and restructuring at its European facilities dragged down half-yearly profit by a quarter at DS Smith, the corrugated cardboard and plastics packaging producer.
https://next.ft.com/content/e4c7f864-99c0-11e5-9228-87e603d47bdc
Axa pledges higher dividends: Axa has pledged to pay higher dividends after it won regulatory approval for models that will help push down the amount of capital it will need to comply new European standards.
https://next.ft.com/content/182c432e-99e7-11e5-987b-d6cdef1b205c
Nigeria reduces MTN fine to $3.4 billion: MTN said that Nigerian regulators had agreed to reduce a $5.2 billion fine to $3.4 billion after weeks of discussions between the parties.
https://next.ft.com/content/980edbe2-99ab-11e5-987b-d6cdef1b205c
Viacom urged to sell stake in Paramount to Alibaba: The second-largest holder of voting shares in Viacom has urged Sumner Redstone’s media group to sell a stake in its Paramount movie studio to Jack Ma’s Alibaba to generate new funds and smooth the way for it to produce more films in China.
https://next.ft.com/content/8707d990-99db-11e5-987b-d6cdef1b205c
Google steps up its purchases of renewable energy: Google unveiled plans to buy electricity generated by a string of new wind and solar farms around the world, in one of the biggest renewable energy deals made by a company outside the utility sector.
https://next.ft.com/content/68e01302-99b2-11e5-9228-87e603d47bdc
Pfizer to cut 120 jobs with closure of Cambridge R&D centre: Pfizer is planning to close a research and development facility in Cambridge with the loss of up to 120 jobs, weakening its presence in the U.K. just over a year after its failed takeover bid for AstraZeneca.
https://next.ft.com/content/7ee22f58-99cd-11e5-987b-d6cdef1b205c
Anti-Uber ride-sharing alliance expands to include GrabTaxi: The global anti-Uber alliance has announced a major expansion, with new partnerships in India and Southeast Asia that will increase its coverage to nearly half of the world’s population.
https://next.ft.com/content/7b7d8de6-99ad-11e5-987b-d6cdef1b205c
Lex:
U.S. shale: calm before the storm: A year ago Saudi Arabia made a surprise decision at the Opec meeting: not cutting its oil production in the wake of softening commodity prices. One explanation was an unwillingness to cede market share. Its $700 billion reserve pile meant it could withstand low commodity prices in ways that U.S. shale producers could not. The demise of those American upstarts could then lead to a rally in oil prices and order restored.
https://next.ft.com/content/2455d6fa-99e3-11e5-987b-d6cdef1b205c
U.S. banks: apocalypse maybe: U.S. banks needed to become safer. Significant progress is being made. Well done, guys. Take this downgrade from Standard & Poor’s as your badge of success.
https://next.ft.com/content/55b1314e-99d5-11e5-9228-87e603d47bdc
Publicis: darker purposes: A shame that Maurice Lévy leads his kingdom, the advertising agency Publicis, from France, and will divide it into four. It makes the analogy less tidy. For those who view big ad groups from the top down, however, it still works. In their view the Boss matters hugely and the restructuring — which, like Lear’s, sets up a succession — matters hugely.
https://next.ft.com/content/7a691b34-99d8-11e5-9228-87e603d47bdc
Lombard:
Vampire’s quid a bet on blockchains unlocking animal spirits: A world where businesses create their own currencies, as Goldman Sachs has signalled it may do, would be a neoconservative’s wet dream. Uncontrolled, it could be a regulator’s nightmare. The credibility of pioneering cryptocurrency bitcoin has been sapped by its use in speculative scams and money laundering.
https://next.ft.com/content/85f60d08-99cf-11e5-987b-d6cdef1b205c
House of card: Corrugated cardboard in the warehouses of European packaging group DS Smith. Corrugated foreheads in the boardroom as the shares slide 5% after half-year results. Didn’t investors like the tie of Chief Executive Miles Roberts? Or had Chairman Gareth Davis been insufficiently avuncular with the younger analysts?
https://next.ft.com/content/85f60d08-99cf-11e5-987b-d6cdef1b205c
The Daily Telegraph
Mario Draghi riles Germany with QE overkill: The European Central Bank has cut the deposit rate to a record low of -0.3% and vowed to print money for as long as it takes to defeat deflation, pushing its radical stimulus measures to extremes never seen before in any major region in modern history.
Richard Branson to launch rockets into space using Boeing 747: Sir Richard Branson has revealed that he plans to launch commercial rockets into space using a Boeing 747-400.
Jaguar Land Rover workers ask for job assurances from Tata amid steel closures: Jaguar Land Rover’s staff have questioned their Indian Owner’s commitment to the U.K., after the Tata conglomerate cut thousands of jobs at its British steel-making operation as a result of the crisis in the industry.
Uber could be valued at $62 billion in latest fundraising: Uber is looking to raise as much as $2.1 billion in a financing round that would value the car-booking company at $62.5 billion, according to reports.
Antony Jenkins ‘surprised’ at Barclays sacking: Barclays’ ex-Chief Executive Antony Jenkins said his dismissal in July was “surprising” and “a source of regret.”
Horseracing ratchets up the pressure on bookies with Betfair deal: The horse racing industry sought to ratchet up the pressure on bookmakers by striking a three-year funding deal with Betfair under a controversial new partnership model.
Stansted Airport Owner pushes case for second runway: The case to expand London Stansted has been strengthened after the business behind the Essex airport posted a surge in revenues and profits, according to the company’s Chief Executive.
The Questor Column:
BT shares look good value: BT shares took a knock earlier this week after fears were raised that the regulator could get tough and force the sale of its Openreach infrastructure business, but the concerns look overdone and long-term investors are focusing on the increasingly strong position and steady dividend growth. BT’s £12.5 billion takeover of mobile group EE will give it about 30% of the U.K. mobile market. The deal follows the move into TV through the launch of BT Sport which covers Champions League football and Premier League. BT is also investing in super-fast fibre broadband to tempt customers. There is a considerable black cloud hanging over the future of BT with regards to Openreach, which runs and maintains the U.K. infrastructure from landlines to mobile masts. The regulator Ofcom is currently mid-way through a once-in-a-decade review. It is certainly a cash cow for the BT business – think of all those charges for connecting the internet – and rivals are lobbying hard for it to be separated. However, the regulator must decide whether Openreach is really better off as a standalone business without the support of the larger BT balance sheet for those big infrastructure projects. The underlying BT business is performing strongly with first-half pretax profits up 15% to £1.4 billion, on revenues that were down 1% to £8.6 billion. The company is enjoying good growth in broadband and TV subscriptions. The really impressive performance was a 7% increase in free cashflow to £569 million during the six months to September, and investors were rewarded with a 13% increase in the interim dividend. BT commands a strong position in the U.K., its major acquisition has been cleared, and the shares are well worth holding onto for the long-term due to the above inflation dividend increases. BTat 492.05p -0.2p. Questor says “Hold”.
The Guardian
European stocks slide after ECB dashes hopes of major QE expansion: Eurozone markets have plunged after the European Central Bank President dashed investors’ hopes of aggressive new measures to boost the flagging economy.
U.K. house prices set to rise further as demand outstrips supply: House prices in the U.K. are set to increase by between 4% and 6% in 2016, as increasing affordability problems and the prospects of an interest rate rise put the brakes on the property market, the country’s biggest mortgage lender has forecast.
John Lewis makes a big deal of Black Friday with record sales: Black Friday helped John Lewis record its biggest ever week of trading as sales via the department store’s website soared 15.5%.
Scottish firm becomes first U.K. call centre to pay living wage to all staff: A Scottish telemarketing company claims it will be Britain’s first call centre to give all employees the voluntary living wage, a move that will result in some staff getting a £3,100 a year pay rise.
Low fossil fuel prices hindering climate change fight, says IMF: The International Monetary Fund has issued a warning before a meeting of the Opec oil cartel that permanently low fossil fuels are choking off investment in renewable sources of energy and hindering the fight against climate change.
Daily Mail
Star fund Manager Neil Woodford says £120 million punt on U.S. biotech firm could still come good despite estimated £32 million loss: Star fund Manager Neil Woodford has launched a defence of his punt on a U.S. biotech firm that is estimated to have lost his investors £38 million.
France’s economy declines even further in wake of Paris attacks as hotels and restaurants report a wave of cancellations: France’s ‘moribund’ economy has slowed even further in the aftermath of the terrorist atrocities in Paris.
Grocer Morrison’s to check out of FTSE 100 after 14 years at the top as industry price war and falling sales take their toll: Supermarket group William Morrison has finally been relegated from the FTSE 100 index after 14 years as one of the U.K.’s premier blue chip stocks, having come close in the past two reshuffles.
Debenhams shares plunge 7% after experts warn customers are ‘cannibalising’ sales by shopping on its website instead of in-store: Debenhams shares plunged nearly 7% after experts warned that customers are shopping on its website instead of in its stores – ‘cannibalising’ sales rather than adding to them.
Financial services firm’s tax bill hits eight-year high contributing one ninth of all taxes collected: The financial-services sector had its biggest tax bill since 2007 last year, and contributed one ninth of all taxes collected.
Half of all bankers could lose their jobs over the next decade as they are replaced by technology, former Barclays Boss claims: Banks are facing their ‘Uber’ moment as up to half of jobs could be replaced by technology in the next decade, the former Boss of Barclays has warned.
Brewer AB InBev puts Peroni, Grolsch and Meantime up for sale in bid to win over regulators for its £71 billion SABMiller merger: Peroni, Grolsch and London’s Meantime brewery could all be sold as beer giant Anheuser-Busch InBev looks to side step competition concerns over its £71billion takeover of FTSE-listed SABMiller.
Daily Express
Now EU bank announcement wipes £35BILLION off the value of British firms: Stock markets plunged and the euro rose sharply after the European Central Bank dashed hopes of a big expansion of stimulus measures to raise inflation and kickstart the Eurozone economy.
McDonald’s paid ‘NO TAX’ on British franchises for SIX years – thanks to Luxembourg deal: The U.S. company reaped royalties from the franchises, which represent about 75 percent of its outlets, but didn’t pay any corporate tax in Europe or America after making a tax deal with Luxembourg in 2009.
Holiday blow for Britons as pound plunges against the euro: Britain’s pound plummeted another two% against the euro, to take sterling to a three month year low against Europe’s single currency. The fall dents the spending power of British holidaymakers in Europe and is a huge blow for families heading to the continent during the festive season.
The Scottish Herald
Aberdeen Asset Management Executives sell more than £8 million of shares: Aberdeen Asset Management Chief Executive Martin Gilbert has sold almost £5.7 million of shares.
Contact sharing app puts IP assets up for sale: The intellectual property assets behind an app which was billed as the world’s first for contact sharing have been put up for sale. John Wilmot and Craig Bartholomew, who founded Glasgow-based Nameloop in October, made the move after attempting to raise $7.5 million from Silicon Valley venture capitalists earlier this year.
RBS said to be reviewing Irish strategy: Royal Bank of Scotland is to consider a possible early sale of its stand-alone Ulster Bank business in the Republic of Ireland, according to a report.
The Scotsman
Services sector vim aids ‘Goldilocks’ economy: Britain’s key services sector looks set to finish 2015 on the front foot after new data out showed it jumped to a four-month high in November.
University of Edinburgh in Carphone partnership: University of Edinburgh Business School has signed a “big data” partnership worth about £500,000 with retail chain Dixons Carphone to develop graduate knowledge and skills in data science and analytics.
Putting the fizz back into AG Barr’s sales: Irn-Bru maker AG Barr has “restored revenue momentum” in its latest quarter, analysts said, as the group stressed it was continuing to maintain a tight grip on costs.
Wood Group strikes £100 million deal for U.S. firm: Aberdeen-based Wood Group is to expand its presence in the United States with the acquisition of a Texas-based business for an initial sum of $150 million (£100 million).
City A.M.
U.K. house prices: repossessions drop by 55% as north-south divide narrows: Home repossessions have dropped by 55% year-on-year across England & Wales, new figures released show, thanks to the ongoing economic recovery.
Moody’s: U.S. and European tobacco industry poised for rise in operating profits in 2016: The U.S. and European tobacco industry will see a rise in operating profits in 2016 despite a drop in cigarette sales, according to the latest forecasts by Moody’s Investors Service.
House price growth to slow across the country in 2016: Annual house price growth nationally is expected to slow to between 4% and 6% by the end of 2016, according to economists at the Halifax.
U.K. banks lend £700 million to small businesses using government’s funding for lending scheme: U.K. banks lent £700 million to small businesses between July and September using the government’s funding for lending scheme (FLS), new figures from the Bank of England showed.
Market Tech Holdings sees Camden Market empire jump in value to £870 million: Camden Market Owner Market Tech Holdings said its sprawling 14-acre north London estate has jumped by 15% in value, in its first set of half-year results since floating on Aim in December last year.
JD Sports shares rise as King of Trainers hikes full-year profit guidance: JD Sports have climbed by more than two% after the sportswear retailer revealed that full-year profits are likely to beat current City expectations.
Financial Conduct Authority proposes last year’s insurance premium information should be published on renewal documents: The Financial Conduct Authority (FCA) published proposals that would require general insurance providers to include details of last year’s premium on customer’s renewal documents.
Profits drop by 26% for British packaging company DS Smith, causing share price to tumble too”: Profits have unraveled at DS Smith, as the packaging company announced a fall in profits before tax of 26% on a reported basis to £91 million for the six months ended 31 October 2015.
HSS share price jumps after media report suggests no merger with Speedy Hire: HSS Hire shares jumped after a report suggested talks for a £300 million merger with fellow tool and equipment hire group Speedy Hire had stalled.
