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Tuesday Papers: Venezuela devalues its currency by 95%

Tuesday Papers: Venezuela devalues its currency by 95%

Top stories

  • Financial Times: Venezuela has devalued its currency by 95% and tied it to state-run cryptocurrency to curb hyperinflation and arrest an economic collapse.
  • The Daily Telegraph: A chorus of analysts has warned that there will be serious trouble for emerging markets and the global credit system if the Federal Reserve continues to raise interest rates.
  • The Times: Tesla’s shares tumbled below $300 yesterday, with a drop of 6.7%, amid mounting concern for Elon Musk’s health and his ability to follow through with a pledge to take the company private.
  • Financial Times: PepsiCo has announced acquisition of Israel-based maker of home sparkling-water dispenser, SodaStream, for $3.2 billion.
  • Financial Times: Ant Financial, electronic payment affiliate of Alibaba, has decided to postpone its listing as it continues to burn cash and come under pressure from Beijing’s crackdown on non-traditional financial institutions.

Business and economics

  • The Daily Telegraph: The threat of US sanctions against Iran begins to take its toll as French oil major Total abandoned its billion-dollar plans to develop the world's biggest gas project in Middle Eastern state.
  • The Guardian: Greece finally exited its eight-year bailout programme and became “a normal” member of the single currency, European Union authorities in Brussels declared.
  • Financial Times: Trade secretary Liam Fox has launched a plan to increase Britian’s exports from 30% to 35% of GDP but failed to specify a time horizon or to commit new funds.
  • The Guardian: The luxury handbag maker Mulberry has warned that it faces a slump in profits after taking a £3 million hit from House of Fraser’s collapse into administration.
  • Daily Mail: The housing market continues to show signs of a slowdown as asking prices dropped 2.3% over the past month, according to new figures by property portal Rightmove.
  • The Times: Operating profits at the Mozambique-focused titanium minerals miner, Kenmare Resources, has doubled to $31.5 million in the first half of the year on the back of higher prices and record sales.
  • The Times: The US cosmetics company Estée Lauder bucked a slowdown in domestic retail by reporting a 29% jump in sales of skincare products from a year ago, boosted by the performance of its namesake brand and La Mer line.
  • Financial Times: BT’s next chief executive has been urged by some of the telecoms company's biggest shareholders to consider a break-up of the business to help boost its flagging share price.
  • The Daily Telegraph: Jetzt, an office supplies wholesaler, is urging landlords to reject a survival plan for stationery retailer Office Outlet in favour of a deal that will ensure all of its stores remain open.
  • The Times: A stand-off between the American transportation group XPO Logistics and Mike Ashley’s Sports Direct has put more than 600 jobs under threat at two House of Fraser warehouses.
  • The Guardian: Shareholder revolt has forced Countrywide to scrap a pay plan that could have handed its top executives more than £20 million.
  • Financial Times: Premier Oil has secured backing from infrastructure investors for development of one of the largest gas discoveries in the southern North Sea at Tolmount gasfield.
  • The Daily Telegraph: Communications regulator Ofcom has started an investigation into suspected market sharing and customer allocation deals in the business parcel delivery sector.
  • The Daily Telegraph: KPMG has been fined £3 million for misconduct over the way it handled its relationship with Ted Baker, dealing another blow to its reputation.
  • Financial Times: Qatar has agreed to a $3 billion currency swap deal to help Turkey shore up its financial system by providing liquidity.

Share tips, comment and bids

  • The Times: In a substantial blow to the London Stock Exchange, the British online fashion retailer Farfetch has filed papers to list in New York that could value the 11-year-old company at as much as $5 billion.
  • The Daily Telegraph: Emirates-based private hospital group NMC Health has acquired UK-based Aspen Healthcare that owns four hospitals.
  • Financial Times: Brussels has approved the creation of the world’s largest industrial gas supplier by clearing $80 billion merger between German chemicals group Linde and US rival Praxair.
  • The Guardian (Comment): Venezuela's plan to fight runaway inflation lacks key ingredients.
  • The Daily Telegraph (Comment): UK companies are ambassadors for international trade.

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