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Monday Papers: Bankers in fight to lure Softbank float to City

Monday Papers: Bankers in fight to lure Softbank float to City

Top stories

  • The Daily Telegraph: Bankers are scrambling to attract an $18 billion telecoms flotation of Softbank Corp, a subsidiary of Softbank Group, to London amid hopes that the deal could generate a bonanza in advisory fees.
  • Financial Times: Germany took a big step towards forming a new government when the country’s Social Democrats voted in favour of formal coalition talks that could give Angela Merkel a fourth term in office and break a four-month political deadlock.
  • The Daily Telegraph: The boss of Serco has accused the Government of presiding over an outsourcing market where only the “dumb and desperate” want to compete for public sector contracts.
  • Financial Times: Tiger Global, the US hedge fund, has quietly invested more than $1 billion in Barclays in a bet that backs chief executive Jes Staley’s plans to turn the British bank from being one of the sector’s worst stock market performers to one of its best.
  • The Guardian: The development charity Oxfam has called for action to tackle the growing gap between rich and poor as it launched a new report showing that 42 people hold as much wealth as the 3.7 billion who make up the poorest half of the world’s population.
  • Financial Times: A year-long delay in Dublin recouping €13 billion of back taxes from Apple has left the maker of the iPhone facing an additional $1.7 billion tax bill in the US.
  • Financial Times: The big four US retail banks sustained a near 20% jump in losses from credit cards in 2017, raising doubts about the ability of consumers to fuel economic expansion.
  • Financial Times: The rally in financial markets that took US stocks to record heights this year has ricocheted across the $1.3 trillion high yield arena where riskier companies fund themselves, prompting warnings from several large investors who say the junk bond market is being propelled by the S&P 500’s “melt-up”.

Business and economics

  • The Guardian: Lloyd’s of London, the world’s oldest insurance market, has become the latest financial firm to announce that it plans to stop investing in coal companies.
  • Financial Times: Egerton Capital and TCI, two of the largest European hedge funds that invest in stocks, joined the list of the all-time top 20 best performers for the first time as stock pickers made a resounding comeback in 2017 after fears that they were being bested by computer algorithms.
  • The Daily Telegraph: A historic oil deal between Opec and Russia has been strengthened by a renewed commitment to restrict crude supplies throughout 2018 – and a new pledge to continue collaborating into 2019.
  • Daily Mail: A British engineering firm fighting off a hostile takeover bid has announced a surge in demand at its electric car arm; GKN said it now has a record £2 billion order book for its high-tech components, which power the hybrid BMW i8 (pictured) and Porsche 918 Spyder.
  • The Times: America’s big banks face further losses from the Steinhoff accounting scandal, even after unveiling $1.1 billion in writedowns on its loan.
  • The Daily Telegraph: New Look’s bondholders have drafted in expert restructuring lawyers to represent their interests amid growing concerns that the struggling fashion retailer will be forced into a costly ­financial overhaul.
  • Financial Times: The new chief executive of Carrefour is set to unveil a multimillion-euro cost-cutting programme and a ramped-up digital strategy as part of a long-awaited transformation plan to boost growth at the world’s second-largest retailer by revenues.
  • The Daily Telegraph: Marshall Wace, the hedge fund that made millions from Carillion’s collapse, has made a big bet against a Welsh technology company whose technology is used in the latest iPhone.
  • Daily Mail: Sebastian James, who has been at the helm of Dixons Carphone for six years, is leaving at the end of April to take charge of High Street chemist Boots.
  • Financial Times: SoFi, the online lender, is talking to Anthony Noto, chief operating officer at Twitter, about becoming the permanent replacement for Mike Cagney, the founder and former chief executive who left last year amid accusations he had fostered a boorish workplace culture.
  • The Daily Telegraph: The Bitcoin boom is set to boost hiring in the City this year as financial companies race to stay ahead of the game in developing Blockchain technology, a leading headhunter has predicted.

Share tips, comment and bids

  • Financial Times: Toshiba is considering an IPO of its memory chip business in the event that the agreed $18 billion sale of the prized unit to Bain Capital fails to gain antitrust approval by the end of March, say people familiar with the plans.
  • Daily Mail: Predators are sizing up Poundland as speculation mounts that its collapsing South African owner could be forced to sell it.
  • The Times: Trinity Mirror is set to press ahead with a £130 million-plus takeover of the Daily Express in a move that will increase the newspaper publisher’s debts and could raise fresh concerns over its yawning pension deficit.
  • The Times: Laguna Gold, a Chile-focused gold and zinc miner, is set to list its shares on the London Stock Exchange in a £24 million initial public offering.
  • The Times: Bosses at Dignity sold millions of pounds of shares before the funeral provider issued a profit warning that halved the company’s value.
  • The Times (Comment): Analysts’ winners turn out to be losers as ‘sell’ tips beat the ‘buys’.
  • The Times (Comment): Carillion shows dysfunctional market is in dire need of reform.
  • The Daily Telegraph (Comment): US economy can remain robust in the face of Trumpisms at Davos.
  • Financial Times (Comment): Fallout of Carillion collapse stretches far and wide.

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