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Tuesday Papers: Cryptocurrency companies forced to bank outside UK

Tuesday Papers: Cryptocurrency companies forced to bank outside UK

Top stories

  • Financial Times: British banks are shunning companies that handle cryptocurrencies, forcing many to open accounts in Gibraltar, Poland and Bulgaria and prompting some to question the UK’s ambitions to be a global hub for the fast-growing fintech sector.
  • The Daily Telegraph: The Royal Bank of Scotland's turnaround unit mistreated customers but did not force them to go bust in order to profit, the City watchdog has said - though it has warned there could be grounds for further action.
  • The Times: Facebook is testing moving publishers’ posts out of people’s news feeds unless the companies pay thousands of dollars to reach their audience.
  • Financial Times: Oleg Deripaska, the metals tycoon, will seek to raise $1.5 billion for his aluminium and hydropower empire EN+ in the first Russian initial public offering in London since the Ukraine crisis, a key test of western investor sentiment in the heavily sanctioned country.
  • The Daily Telegraph: The escalating constitutional crisis in Spain poses a direct threat to the country’s fragile economic recovery, stoking worries that Madrid may ultimately need a fresh financial rescue from the EU bail-out fund.

Business and economics

  • The Daily Telegraph: The finance minister of Luxembourg has warned that punishing the City of London by forcing firms to shift operations out of the UK after Brexit would not benefit EU countries, but instead lead them to set up operations outside Europe.
  • The Daily Telegraph: Premier Oil’s cornerstone North Sea oil project Catcher has installed crucial floating production equipment ahead of winter, defying doubters who believe it will not start up before the end of the year.
  • The Guardian: Demand for Dr Martens boots is booming, helped by a craze in Asia and new, lighter versions of the traditional yellow-stitched boots.
  • The Times: Waning demand for new cars has sent shares in Britain’s biggest motor retailer crashing as Pendragon admitted that its profits had gone sharply into reverse.
  • The Times: Elon Musk’s electric carmaker has reached an agreement to build its own factory in Shanghai.
  • Financial Times: General Electric’s stock price sank as investors cast doubt on the dividend after weak earnings were lambasted as “unacceptable” by chief executive John Flannery.
  • The Times: Petra Diamonds, the South African miner that has been beset by labour difficulties and a row with the Tanzanian government, has revealed rising debt and falling sales.
  • The Times: The collapse of Toys R Us will hit toy sales in the run-up to Christmas and over the Thanksgiving holiday in the United States, Hasbro said yesterday.
  • Daily Mail: The Financial Conduct Authority has fined US bank Merrill Lynch £34.5 million for failing to report £68.5 million in exchange traded derivative transactions over a two year period.
  • The Daily Telegraph: The European Commission has widened its anti-trust probe into German car makers, raiding the headquarters of Daimler, Volkswagen and Audi.
  • The Daily Telegraph: A former HSBC currency trader has been found guilty of defrauding Cairn Energy over a $3.5 billion (£2.7 billion) client order, following a month-long trial in New York.
  • Daily Mail: Former Financial Services Authority boss Sir Hector Sants is due to appear in a High Court case to give crucial evidence about Lloyds’ disastrous HBOS takeover in secret – meaning details of the deal could remain hidden.
  • Financial Times: Arconic, the specialised metals company, has appointed a former General Electric manager John Plat as its new chief executive, as it seeks to capitalise on a wave of investment in new aero engines.
  • : ANZ Bank has agreed to a last-minute deal with Australia’s corporate regulator to settle a federal court action over allegations the lender rigged the country’s benchmark interbank borrowing rate.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL Woodford Patient Capital; HOLD Glaxosmithkline.
  • The Guardian: Arqiva, the owner of TV, radio and mobile phone masts across Britain, is to float with a projected market value of £6 billion in what will be the UK’s largest stock market listing so far this year; the listing is expected to value the company at about £6 billion including debt.
  • The Times: Mediclinic International was accused of launching an opportunistic takeover of Spire Healthcare yesterday after the British private hospitals chain rejected an approach.
  • The Times: Saudi Arabia’s plan to offer shares for sale in its national oil company remains on track, according to the oil giant’s chief executive, as he brushed away reports yesterday that the stock market listing could be delayed or shelved.
  • The Times: Noble Group is set to sell its Americas oil trading business for $582 million to cut debt, after it warned of a big loss for its third quarter.
  • Financial Times (Lex): Japanese stocks: North Korea may be a drag on valuations, but shares look cheap for their potential.
  • Financial Times (Lex): Mediclinic/Spire Healthcare: approach for UK group could not be more opportunistic - and needs treatment.
  • Financial Times (Lex): Noble/Vitol: impending sale of oil trading unit shows how the paths of the two traders have diverged.
  • Financial Times (Lex): UK capitalism: breaking up oligopolies such as in banking would benefit challengers.
  • Financial Times (Lex): US oil producers: industry’s focus on land grabs makes way for spending within cash flows.

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