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Monday Papers: Catastrophes wipe $35bn from insurers’ profits

And UK spymasters raise suspicions over Kaspersky software’s Russia links.

 
Monday Papers: Catastrophes wipe $35bn from insurers’ profits

Top stories

  • Financial Times: A string of natural disasters from Hurricane Harvey in the US to earthquakes in Mexico have left the insurance industry facing one of its most expensive years on record as the catastrophes have wiped more than $35 billion from insurers’ profits.
  • Financial Times: British spymasters fear that anti-virus software given away for free by Barclays to more than 2 million customers may be being used as an intelligence-gathering tool by the Russian government.
  • The Daily Telegraph: A multibillion-dollar investment in Uber by Japanese tech giant SoftBank was set to be signed last night following weeks of delays, after former chief executive Travis Kalanick and a combatant shareholder made peace.
  • The Times: Britain’s largest debt collector Cabot Credit Management could be worth a fraction of the £1 billion that its owners hope City fund managers will value the business at when it floats, critics have claimed.
  • Financial Times: Big US banks are drawing up “stop gap” Brexit plans in an attempt to avoid moving hundreds of jobs out of London once the UK leaves the EU and before they have had time to recruit specialist staff in the European bloc.
  • Financial Times: Impossible Foods, a company backed by Bill Gates that promises to make veggie burgers palatable for carnivores, has secured distribution from top US restaurant suppliers in deals that will test the ambitions of Silicon Valley start-ups to disrupt America’s meat industry.
  • Financial Times: The chief executive of Deutsche Bank has questioned European efforts to grab a bigger share of the business of clearing interest rate derivatives, one of the biggest flashpoints for EU policymakers since the UK voted to leave the bloc.

Business and economics

  • The Times: Politicians and investigators were given a “misleading” impression about Royal Bank of Scotland’s restructuring division, with companies in the unit three times more likely to end up going bust than the lender suggested.
  • The Guardian: Shoppers have spent more than $25 billion (168.2 billion yuan) during China’s annual Singles Day, smashing previous records for the world’s largest retail event.
  • Financial Times: The activist hedge fund that called for a break-up of Credit Suisse has stepped up demands for more aggressive cost-cutting at the bank, potentially backed by another round of capital raising, after meeting its chief executive.
  • Financial Times: One of the hedge fund industry’s few female stars Leda Braga, chief executive of Systematica, is launching a product in Europe aimed at retail investors, backed by $120 million from Old Mutual Global Investors, the asset management business run by Richard Buxton.
  • The Daily Telegraph: Andy Clarke, the former Asda boss, has taken his first director’s job since stepping down last year after two decades with the Walmart-owned grocer.
  • The Daily Telegraph: The long-running battle over the Stolichnaya vodka brand will come to a head this week as a court in the Netherlands prepares to rule on its European ownership.

Share tips, comment and bids

  • Daily Mail (Traders tips): BUY On the Beach; SELL Ultra Electronics.
  • The Guardian: The Co-op’s £143 million takeover of convenience chain Nisa is to go to the wire after a series of stormy shareholder meetings before a vote on Monday.
  • Daily Mail: Chemicals firm Ineos is expected to announce it has bought Swiss football club Lausanne-Sport.
  • Financial Times: The billionaire mogul Richard Desmond is stepping up plans to bid for the National Lottery as he moves beyond his media career to launch a rare challenge for control over the game played by millions of Britons each week.
  • The Daily Telegraph (Comment): The political turmoil over Brexit is at odds with the economic reality.

1 comment so far. Why not have your say?

david Jordan

Nov 13, 2017 at 10:48

My first name is Richard. If I sign any legal documentation then I'm legally bound to use my first name.

My friends call me david which is my second name.

thanks

report this

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