Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play CEO Tapes: ESG - we need to get better at the 'G'

CEO Tapes: ESG - we need to get better at the 'G'

In the second part of our CEO series, we explore the burgeoning ESG concept with fund bosses outlining how they try to make a difference.

Play 'They've done it before': Feeney on Quilter quitters

'They've done it before': Feeney on Quilter quitters

In the second part of our exclusive video interview with Paul Feeney, we hear the Quilter CEO's views on the investment managers leaving the firm, along with his promise to platform users.

Play CEO Tapes: women - ask what's in it for you?

CEO Tapes: women - ask what's in it for you?

In a new CEO series, a revealing film discusses the myth that asset management is a meritocracy and why men tend to be more pushy when it comes to pay rises and promotions.

Read More
Your Business: Cover Star Club

Profile: how millennials and Gulf cash are remaking this private office

Profile: how millennials and Gulf cash are remaking this private office

LJ Partnership is not your typical small family office: straddling four continents, the business boasts an interesting shareholder list.

Wealth Manager on Twitter