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Thursday Papers: Growing Corporate debt echoes 2008 crisis

And US threatens to bar EU banks from exchanges over Brussels’ attempt to impose oversight of clearing houses.

Thursday Papers: Growing Corporate debt echoes 2008 crisis

Top stories

  • The Daily Telegraph: Growth in borrowing by heavily indebted companies and those with 'junk' credit status is rising at levels seen in sub-prime mortgages before the financial crisis; the Bank of England fears it could build new vulnerabilities in the financial system.
  • Financial Times: The Commodity Futures Trading Commission has threatened to stop European banks from using US futures markets if the EU refuses to water down post-Brexit plans to oversee clearing houses.
  • The Times: Millions of jobs are at risk due to US President Donald Trump’s trade war with China, which could severely damage the global economy, the head of the World Trade Organisation has warned.
  • Financial Times: Rupert Murdoch’s six children would be direct beneficiaries of a family trust valued at $12 billion after the break-up of his media empire and the sale of his entertainment businesses to Walt Disney.
  • Financial Times: Shahid Khan has withdrawn his £600 million offer to buy Wembley Stadium.
  • Financial Times: Siemens’ hopes of winning a big contract to supply power to Iraq have been dashed after Trump’s administration intervened on behalf of US rival General Electric.

Business and economics

  • The Times: Barratt Developments has recorded a healthy increase in advance orders for its new homes, shrugging off the downturn in the property market; its book of forward sales had risen by 12.4% against the same point last year to stand at nearly £3.15 billion.
  • The Daily Telegraph: Jollibee, a multibillion-dollar Asian rival to KFC, will make its first foray into the UK on Thursday, opening in London’s Earl’s Court.
  • The Times: Client assets under management at Rathbone Brothers have risen to just over £47 billion after the acquisition of Speirs & Jeffrey.
  • The Daily Telegraph: The education publisher Pearson has insisted it is making progress in its battle to protect its lucrative US college business from an assault by Amazon after revealing higher education sales were down 3% on last year.
  • Financial Times: Segro has increased its new leasing deals by 43% in the nine months to September thanks to rising demand for warehouse space from online retailers.
  • The Guardian: The housebuilder Crest Nicholson has issued a profit warning due to slowing sales in London and the south-east.
  • The Guardian: About 40% was wiped off Flybe’s value in trading on Wednesday after the regional airline forecast 'softening' revenues over the next six months due to falling consumer demand.
  • The Times: Shares in leading international private hospital group Mediclinic hit new lows after it warned that its first-half results were likely to fall short of expectations and as it cut its full-year outlook.
  • The Guardian: In response to the threat of a new digital sales tax, Asos' boss has said that the government should focus on fixing business rates and corporation tax.
  • The Daily Telegraph: Globalisation and increasing demand for fast deliveries will mean more than 2,600 new cargo aircraft will be needed over the next 20 years, Boeing has said.
  • The Guardian: The Danish financial regulator has blocked Danske Bank's candidate from becoming chief executive, dealing another blow to the bank, which is still reeling from a €200 billion money-laundering scandal.
  • Daily Mail: Historic toy store Hamleys has ousted its finance director Alex Jablonowski after swinging to a loss last year.
  • The Times: Scisys, a British software business that provides space communication services and the BBC’s newscasting systems, is moving its headquarters to Dublin to avoid the 'potential adverse consequences' of Brexit.
  • The Times: Robert Tchenguiz has been asked by a judge to apologise to Grant Thornton for bringing a multimillion-pound claim against the professional services group and pay £9 million in legal fees.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY Taylor Wimpey.
  • The Times (Tempus share tips): BUY Netflix; HOLD Pearson.
  • Financial Times: Fujifilm Holdings hopes to resume talks with Xerox over its $6.1 billion bid for control in the US printer and photocopier maker.
  • Financial Times: Len Blavatnik owned DAZN Group has struck a $365 million deal with boxer Saul 'Canelo' Alvarez to screen his next 11 fights, in one of the largest deals for a single athlete in history.
  • The Daily Telegraph: The planned sale of Patisserie Valerie mogul Luke Johnson-owned Gail’s Artisan Bakery chain have been delayed by Brexit.
  • Financial Times: Samsung Electronics has acquired Spanish network data analysis firm Zhilabs to boost its 5G networks business.
  • The Guardian (Comment): It's time to worry when the Bank hears echoes of the sub-prime crisis.
  • The Daily Telegraph (Comment): Facial recognition: a huge business opportunity poses big ethical questions.
  • The Times (Comment): Brexiteers’ plan Bs are fantasies that do not solve the Irish border question.

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