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Saturday Papers: US rate rise helps push FTSE to a new record

Saturday Papers: US rate rise helps push FTSE to a new record

Top stories

  • The Times: A “doveish” interest rate rise by the US Federal Reserve helped to push the FTSE 100 to a record high yesterday.
  • The Daily Telegraph: The Bank of England has paired up with artificial intelligence and blockchain specialists in a bid to keep up to date with the fast-growing financial technology sector.
  • Financial Times: Democrats on a congressional committee have accused Wells Fargo of stonewalling them as they investigate the US bank over sham customer accounts, hinting they may intensify their probe as a result.
  • Financial Times: The former chairman of Volkswagen, Ferdinand Piëch, is in talks to sell the vast majority of his shares in Porsche Automobil Holding SE, the holding company that controls the carmaker.
  • Financial Times: Havas, the French media agency, has joined the British government in pulling all of its digital ad spending from Google and YouTube in the UK, after it was revealed that government and corporate advertisements were being displayed alongside videos that advocate extremism.
  • Financial Times: UK bookmakers cheered as Sizing John stormed to an unfancied victory in the Gold Cup on Friday, capping off a week of upsets during the Cheltenham festival that left punters out of pocket.

Business and economics

  • The Daily Telegraph: The launch by British Airways’ owner of a low-cost long-haul airline could be a key staging post in the development of the growing trend for cheaper and longer flights.
  • The Daily Telegraph: Defence group Chemring has backed away from a new executive pay plan after 40% of shareholders objected to the proposed deal.
  • Financial Times: One of Africa’s biggest oil prospects is back in the hands of Royal Dutch Shell and Eni after a Nigerian court reversed an earlier decision to seize an offshore exploration and production block that has been the focus of corruption allegations.
  • Daily Mail: Reservations at housebuilder Berkeley Group have fallen by 16% since the end of June, with 'Brexit uncertainty' and April's stamp duty hike taking their toll.
  • Daily Mail: Shoppers are expected to spend less money this year as rising inflation begins to hit people's purse strings, a report by PwC claims.
  • The Daily Telegraph: Amec Foster Wheeler has won a $950 million (£770 million) contract with the US Air Force, days after agreeing to a £2.2 billion all-share takeover bid from rival Wood Group.
  • The Times: Driverless cars could lead to the end of car insurance as we know it; at least that is the conclusion of a Bank of England report on the impact that autonomous vehicles will have on insurers.
  • The Times: Royal Bank of Scotland has entered last-ditch talks to avert a High Court showdown in less than two months that would involve shareholders accusing the taxpayer-backed lender of holding back key financial information in the run-up to its near collapse.
  • Financial Times: The main lenders to Slater & Gordon, the struggling Australian law firm with operations in the UK, have sold 94% of their loans at heavy losses to a consortium of distressed debt investors that plans to restructure the business.

Share tips, comment and bids

  • The Times (Tempus share tips): Berkeley’s update has plenty to build on.
  • The Guardian: Bob Diamond, the former chief executive of Barclays, is staging a City comeback after agreeing to buy one of London’s oldest stockbroking firms.
  • The Daily Telegraph: Shares in Circassia, the British biotech minnow backed by Neil Woodford, surged by as much as 20% after it announced a deal with AstraZeneca in which the pharmaceuticals giant will take a 14% stake in the struggling business.
  • The Daily Telegraph: Tullow Oil is preparing to issue new shares in a bid to raise £607 million to help tackle its $4.8 billion (£3.9 billion) debts.
  • The Times: The sports shop chain controlled by Mike Ashley, the owner of Newcastle United, has raised its bet on shares in Debenhams for the second time in a week before an important strategy update from the department store’s new chief executive.
  • Financial Times (Lex): Index providers: further consolidation would be almost certain to hit regulatory trouble.
  • Financial Times (Lex): Panmure Gordon: the decline of independent research should be cause for concern.
  • Financial Times (Lex): Natural gas: burning gas, not coal, has helped the US reduce carbon emissions.
  • Financial Times (Lex): Hong Kong stocks: buying the territory’s stocks offers an easy route to diversification - and often a cheap one.

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